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Rate 7.78% = 7.03% Freddie Mac 30-yr avg (Sep 24) + 0.75% investor premium

410 Hemptown Heights Dr

410 Hemptown Heights Dr

Morganton, GA 30560

$679,000

3 bd · 3 ba · 2,670 sqft · Listed 1d ago

View on Realtor.com →
Negative cash flow

Year built

2006

Sqft

2,670

Lot sqft

66,647

HOA / mo

$75

Furnished

No

List date

2026-09-26T03:48:30.000000Z

Revenue

Annual revenue

$34,516

ADR

$262

Occupancy

36%

Cleaning fees (12 mo)

$6,041

Confidence

Med (53.79), 9 comps

Comp revenue range (p25 / median / p75)

$27,439$33,246$40,745

  • 15% Off Summer Sale—Discount Already Applied!

    Cabin · 3 bd · 3.5 ba · sleeps 7 · 0.2 mi

    Revenue $15,925ADR $203Occ ≈ 21%4.3★ (16)

    AirbnbVrboBooking

  • Sunshine Ridge | Relax, Unwind & Reconnect

    House · 3 bd · 3 ba · sleeps 8 · 0.2 mi

    Revenue $3,669ADR $224Occ ≈ 4%5★ (1)

    Airbnb

  • Three Springs Lodge - Mountaintop Views w/ Hot Tub

    Cabin · 3 bd · 3.5 ba · sleeps 8 · 0.3 mi

    Revenue $50,763ADR $289Occ ≈ 48%5★ (108)

    AirbnbVrbo

  • NEW Cabin w/ Long Range Views / Hot Tub / Dog Friendly / Paved Access / EV Plug

    Cabin · 3 bd · 3 ba · sleeps 10 · 0.3 mi

    Revenue $33,246ADR $322Occ ≈ 28%5★ (152)

    Vrbo

  • Bear Hug- Secluded, Family Friendly, Sunsets!

    Cabin · 3 bd · 3 ba · sleeps 9 · 0.4 mi

    Revenue $27,439ADR $334Occ ≈ 23%4.8★ (13)

    AirbnbVrboBooking

  • Panoramic Paradise - Morganton, GA

    Cabin · 3 bd · 3 ba · sleeps 8 · 0.4 mi

    Revenue $41,754ADR $402Occ ≈ 28%3.4★ (5)

    AirbnbVrboBooking

  • New Exterior|Sleeps 8|Hot Tub|Games Galore|Nature

    Cabin · 3 bd · 3 ba · sleeps 8 · 0.5 mi

    Revenue $40,745ADR $302Occ ≈ 37%5★ (64)

    AirbnbVrbo

  • Above Expectations- Pet Friendly, Hot Tub, FirePit

    Cabin · 3 bd · 3 ba · sleeps 6 · 0.6 mi

    Revenue $28,320ADR $424Occ ≈ 18%4.8★ (10)

    AirbnbVrbo

  • Highland Nook -Pet Friendly, Mtn View, Sauna

    Cabin · 3 bd · 3.5 ba · sleeps 8 · 0.7 mi

    Revenue $38,902ADR $310Occ ≈ 34%4.5★ (4)

    AirbnbVrbo

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

Financing
Term

Rate 7.78% = 7.03% Freddie Mac 30-yr avg (Sep 24) + 0.75% investor premium

Est. revenue

$34,516

NOI

$10,387

Cash flow /mo

-$2,793

Cash needed

$222,410

Cash-on-cash

-15.1%

ROE (yr 1)

-3.9%

Cap rate

1.5%

DSCR

0.24

Year-1 write-off

$151,462

Year-1 tax shield @ 32%

$48,468

Year-1 return on equity

  • Cash flow (annual)-$33,520
  • Principal paydown$4,443
  • Appreciation at%$20,370
ROE-3.9%
ROE incl. year-1 tax savings (32% bracket, STR loophole)17.9%
Opex, cash-needed & tax-savings breakdown

Annual operating expenses

  • Management (20% of revenue)$6,903
  • Platform fees (3% of revenue)$1,035
  • Maintenance / capex (5% of revenue)$1,726
  • Utilities & supplies$4,200
  • HOA$900
  • Property tax$2,133
  • Insurance (STR-rated)$7,231

Cash needed to close

  • Down payment (25%)$169,750
  • Closing costs (4.0%)$27,160
  • Furnishing (bought new)$25,500

Tax savings if the STR loophole applies

  • Tax shield @ 32%$48,468

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

$606,000

Short-life (5/15-yr)

$124,000 · 21%

Year-1 deduction

$151,000

Year-1 tax shield @ 32%

$48,000

Land 11% (county tax record, market value split) · building $481,000 over 39 years · new furniture $26,000

Based on: 2,670 sq ft, built 2006, 3 bd / 3 ba, unfurnished, listing features (hot tub, deck, patio, game room, fireplace, flooring types, appliance list, septic).

IRS-guide safe-harbor floor: $102,000 in year 1 (12% short-life, $33,000 tax shield), the conservative amount following the IRS audit guide's residential classification table.

5-year property$87,500

  • Kitchen cabinetsdefault

    $11,700 new × 40% good × 1.90 allocation

    $8,900

  • Kitchen countertopsdefault

    $9,500 new × 40% good × 1.90 allocation

    $7,300

  • Decorative trimdefault

    $4,700 new × 40% good × 1.90 allocation

    $3,600

  • Mirrorsdefault

    $500 new × 40% good × 1.90 allocation

    $300

  • Shelvingdefault

    $1,200 new × 40% good × 1.90 allocation

    $900

  • Window coverings (27)default

    $6,800 new × 40% good × 1.90 allocation

    $5,100

  • Carpet, vinyl & laminate (50% of floors)listing

    $8,600 new × 40% good × 1.90 allocation

    $6,500

  • Kitchen & laundry equipment plumbingdefault

    $9,100 new × 60% good × 1.90 allocation

    $10,400

  • Kitchen, laundry & data equipment electricaldefault

    $5,500 new × 60% good × 1.90 allocation

    $6,300

  • Appliances (range, microwave, dishwasher, refrigerator, washer, dryer)listing

    $7,700 new × 40% good × 1.90 allocation

    $5,900

  • Hot tub (freestanding)listing

    $9,000 new × 40% good × 1.90 allocation

    $6,900

  • Furniture bought newlisting

    $19,500 new × 100% good · bought separately

    $19,500

  • Game-room equipment bought newlisting

    $6,000 new × 100% good · bought separately

    $6,000
15-year land improvements$62,400

  • Paving: driveway & walks (paved)listing

    $10,700 new × 50% good × 1.90 allocation

    $10,200

  • Landscaping (typical)default

    $10,300 new × 50% good × 1.90 allocation

    $9,800

  • Patioslisting

    $12,000 new × 50% good × 1.90 allocation

    $11,400

  • Decks & porches (attached)listing

    $30,000 new × 50% good × 1.90 allocation

    $28,600

  • Site lightinglisting

    $2,500 new × 50% good × 1.90 allocation

    $2,400
Building, 39-year$481,100

  • Structure: foundation, framing, walls, windows, doors, roof, interior finishesdefault

    $290,100 new × 67% good × 1.90 allocation

    $368,300

  • Building plumbing & fixturesdefault

    $30,100 new × 60% good × 1.90 allocation

    $34,400

  • Building electrical & lightingdefault

    $31,100 new × 60% good × 1.90 allocation

    $35,600

  • HVACdefault

    $30,100 new × 40% good × 1.90 allocation

    $22,900

  • Hardwood & tile floorsdefault

    $8,600 new × 40% good × 1.90 allocation

    $6,500

  • Fireplacelisting

    $2,600 new × 40% good × 1.90 allocation

    $2,000

  • Septic systemlisting

    $12,000 new × 50% good × 1.90 allocation

    $11,400

About the property

Depreciation schedule: typical cost seg study

Year5-yr15-yrBuildingTotal
1$87,500$62,400$1,500$151,500
2$0$0$12,300$12,300
3$0$0$12,300$12,300
4$0$0$12,300$12,300
5$0$0$12,300$12,300
6+$0$0$430,200$430,200
Total$87,500$62,400$481,100$631,000

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.