466 Hoot Owl Hl
Morganton, GA 30560
$639,900
3 bd · 3 ba · 2,660 sqft · Listed 9d ago
View on Realtor.com →Year built
2004
Sqft
2,660
Lot sqft
74,488
HOA / mo
None
Furnished
Yes
List date
2026-09-18T02:54:04.000000Z
Revenue
Annual revenue
$53,589
ADR
$234
Occupancy
63%
Cleaning fees (12 mo)
$8,306
Confidence
Low (33.02), 5 comps
Comp revenue range (p25 / median / p75)
| Listing | Size | Revenue (12 mo) | ADR | Occ ≈ | Rating | Distance | Links |
|---|---|---|---|---|---|---|---|
 Hoot Owl | $199 Off Your Stay! Cabin | 3 bd · 3 ba · sleeps 6 | $67,138 | $291 | 63% | 5★ (139) | 282 ft | AirbnbVrboBooking |
 Painted Sky Lodge| Blue Ridge, GA Cabin | 3 bd · 3 ba · sleeps 8 | $259 | $259 | 0% | — | 0.1 mi | AirbnbVrbo |
 Treehouse Cabin | Hot Tub | Game Room | Deck Slide Cabin | 3 bd · 3 ba · sleeps 10 | $62,187 | $327 | 52% | 5★ (93) | 0.2 mi | AirbnbVrbo |
 Viva LaVista- Blue Ridge- Amazing Views- Hot Tub- Cabin | 3 bd · 3 ba · sleeps 6 | $43,323 | $347 | 34% | 5★ (6) | 0.2 mi | AirbnbVrboBooking |
 Hoot Owl View- Pet Friendly, Views, Fire Pit Cabin | 3 bd · 3 ba · sleeps 6 | $29,262 | $297 | 27% | 4★ (4) | 0.2 mi | AirbnbVrboBooking |
Revenue and nightly rate (ADR) are trailing-12-month figures per listing. Occupancy is estimated as revenue ÷ ADR ÷ 365 and can read high when revenue includes cleaning fees.
Cash flow calculator
Rate 7.78% = 7.03% Freddie Mac 30-yr avg (Sep 24) + 0.75% investor premium
Est. revenue
$53,589
NOI
$26,997
Cash flow /mo
-$1,198
Cash needed
$185,571
Cash-on-cash
-7.7%
ROE (yr 1)
4.9%
Cap rate
4.2%
DSCR
0.65
Year-1 write-off
$117,705
Year-1 tax shield @ 32%
$37,666
Year-1 return on equity
- Cash flow (annual)-$14,381
- Principal paydown$4,187
- Appreciation at%$19,197
Opex, cash-needed & tax-savings breakdown
Annual operating expenses
- Management (20% of revenue)$10,718
- Platform fees (3% of revenue)$1,608
- Maintenance / capex (5% of revenue)$2,679
- Utilities & supplies$4,200
- HOA$0
- Property tax$572
- Insurance (STR-rated)$6,815
Cash needed to close
- Down payment (25%)$159,975
- Closing costs (4.0%)$25,596
- Furnishing (conveyed with the sale)$0
Tax savings if the STR loophole applies
- Tax shield @ 32%$37,666
Property tax, insurance rate and the land/building split come from this listing's county tax record; other assumptions match the daily feed (see tasks/plan.md).
The write-off comes from the cost segregation estimate below. Not tax advice.
Cost segregation estimate
An estimate from the listing: every part of the home is priced from national construction costs, less wear for age, and the price (less land) is spread over the parts in proportion. The headline is what a typical cost seg study would claim for this property. The answers below are optional refinements.
Depreciable basis
$558,000
Short-life (5/15-yr)
$116,000 · 21%
Year-1 deduction
$118,000
Year-1 tax shield @ 32%
$38,000
Land 13% (county tax record, market value split) · building $442,000 over 39 years
Based on: 2,660 sq ft, built 2004, 3 bd / 3 ba, furnished, listing features (hot tub, deck, game room, fireplace, stone counters, flooring types, appliance list, septic).
IRS-guide safe-harbor floor: $69,000 in year 1 (12% short-life, $22,000 tax shield), the conservative amount following the IRS audit guide's residential classification table.
- $8,500
Kitchen cabinetsdefault
$11,600 new × 40% good × 1.83 allocation
- $8,700
Kitchen countertops (stone)listing
$11,900 new × 40% good × 1.83 allocation
- $3,400
Decorative trimdefault
$4,700 new × 40% good × 1.83 allocation
- $300
Mirrorsdefault
$500 new × 40% good × 1.83 allocation
- $900
Shelvingdefault
$1,200 new × 40% good × 1.83 allocation
- $4,900
Window coverings (27)default
$6,800 new × 40% good × 1.83 allocation
- $4,200
Carpet, vinyl & laminate (33% of floors)listing
$5,700 new × 40% good × 1.83 allocation
- $9,300
Kitchen & laundry equipment plumbingdefault
$9,000 new × 56% good × 1.83 allocation
- $5,600
Kitchen, laundry & data equipment electricaldefault
$5,500 new × 56% good × 1.83 allocation
- $4,900
Appliances (range, microwave, dishwasher, refrigerator, dryer)listing
$6,700 new × 40% good × 1.83 allocation
- $6,600
Hot tub (freestanding)listing
$9,000 new × 40% good × 1.83 allocation
- $7,800
Furniture conveyed with the sale (used)listing
$19,500 new × 40% good · out of the price
- $2,400
Game-room equipment (used)listing
$6,000 new × 40% good · out of the price
- $9,800
Paving: driveway & walks (paved)listing
$10,700 new × 50% good × 1.83 allocation
- $9,400
Landscaping (typical)default
$10,300 new × 50% good × 1.83 allocation
- $2,400
Patiosdefault
$2,600 new × 50% good × 1.83 allocation
- $27,300
Decks & porches (attached)listing
$29,900 new × 50% good × 1.83 allocation
- $334,300
Structure: foundation, framing, walls, windows, doors, roof, interior finishesdefault
$289,000 new × 63% good × 1.83 allocation
- $30,700
Building plumbing & fixturesdefault
$30,000 new × 56% good × 1.83 allocation
- $31,700
Building electrical & lightingdefault
$31,000 new × 56% good × 1.83 allocation
- $21,900
HVACdefault
$30,000 new × 40% good × 1.83 allocation
- $8,300
Hardwood & tile floorsdefault
$11,400 new × 40% good × 1.83 allocation
- $3,800
Fireplaces (2)listing
$5,300 new × 40% good × 1.83 allocation
- $11,000
Septic systemlisting
$12,000 new × 50% good × 1.83 allocation
About the property
Depreciation schedule: typical cost seg study
| Year | 5-yr | 15-yr | Building | Total |
|---|---|---|---|---|
| 1 | $67,400 | $48,900 | $1,400 | $117,700 |
| 2 | $0 | $0 | $11,300 | $11,300 |
| 3 | $0 | $0 | $11,300 | $11,300 |
| 4 | $0 | $0 | $11,300 | $11,300 |
| 5 | $0 | $0 | $11,300 | $11,300 |
| 6+ | $0 | $0 | $394,900 | $394,900 |
| Total | $67,400 | $48,900 | $441,600 | $557,900 |
Model-based estimate, not an engineered cost segregation study. The IRS doesn’t approve studies; get a professional study before filing. Using these losses against W-2 income needs the short-term rental exception (average stay ≤7 days + material participation). The 39-year building life applies because stays average under 30 days, a separate test (27.5 years for a long-term rental). Federal only: Georgia disallows bonus depreciation, Ohio adds back 5/6 of it, and Tennessee has no personal income tax. Not tax advice.
Market note
Fannin and Gilmer counties require STR registration and lodging tax; no cap found. Blue Ridge and Ellijay city limits have their own rules; most cabins are in unincorporated county.