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

4126 Zion Hill Rd

Ellijay, GA 30540

$494,900

3 bd · 3.5 ba · 2,154 sqft · Listed 26d ago

View on Realtor.com →

Low confidenceNegative cash flow

Year built

1999

Sqft

2,154

Lot sqft

87,120

HOA / mo

None

Furnished

List date

2026-09-01T13:06:13.000000Z

Revenue

Annual revenue

$57,117

ADR

$325

Occupancy

48%

Cleaning fees (12 mo)

$13,290

Confidence

Low (35.96), 5 comps

Comp revenue range (p25 / median / p75)

$26,176$50,060$74,918

Heaven Bound - Pet Friendly
House · 3 bd · 3 ba · sleeps 6 · 1.3 mi
Revenue $15,404ADR $196Occ ≈ 22%4.9★ (11)
Airbnb Vrbo Booking
Heaven Bound
Cottage · 3 bd · 3 ba · sleeps 8 · 1.3 mi
Revenue $26,176ADR $215Occ ≈ 33%4.2★ (10)
Airbnb Vrbo
Bougie Bear ~ 3BR Luxury Cabin ~ Pets Considered!
Cabin · 3 bd · 3.5 ba · sleeps 8 · 2.1 mi
Revenue $50,060ADR $358Occ ≈ 38%4.8★ (26)
Airbnb Vrbo
Grandview | Views, Hot Tub, Fire Pit, Golden Tee
Cabin · 3 bd · 3.5 ba · sleeps 8 · 2.1 mi
Revenue $97,018ADR $463Occ ≈ 57%5★ (112)
Airbnb Vrbo
Red Stag Ridge ~ Mtn Views ~ Hot Tub ~ EV Charger
Cabin · 3 bd · 3.5 ba · sleeps 6 · 2.1 mi
Revenue $74,918ADR $461Occ ≈ 45%5★ (71)
Airbnb Vrbo

Listing	Size	Revenue (12 mo)	ADR	Occ ≈	Rating	Distance	Links
Heaven Bound - Pet Friendly House	3 bd · 3 ba · sleeps 6	$15,404	$196	22%	4.9★ (11)	1.3 mi	Airbnb Vrbo Booking
Heaven Bound Cottage	3 bd · 3 ba · sleeps 8	$26,176	$215	33%	4.2★ (10)	1.3 mi	Airbnb Vrbo
Bougie Bear ~ 3BR Luxury Cabin ~ Pets Considered! Cabin	3 bd · 3.5 ba · sleeps 8	$50,060	$358	38%	4.8★ (26)	2.1 mi	Airbnb Vrbo
Grandview \| Views, Hot Tub, Fire Pit, Golden Tee Cabin	3 bd · 3.5 ba · sleeps 8	$97,018	$463	57%	5★ (112)	2.1 mi	Airbnb Vrbo
Red Stag Ridge ~ Mtn Views ~ Hot Tub ~ EV Charger Cabin	3 bd · 3.5 ba · sleeps 6	$74,918	$461	45%	5★ (71)	2.1 mi	Airbnb Vrbo

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

Purchase priceDown payment %30-yr rate %Already furnishedTax bracket

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

Est. revenue

$57,117

NOI

$31,071

Cash flow /mo

-$78

Cash needed

$163,021

Cash-on-cash

-0.6%

ROE (yr 1)

10.5%

Cap rate

6.3%

DSCR

0.97

Year-1 write-off

$93,798

Year-1 tax shield @ 32%

$30,016

Year-1 return on equity

Cash flow (annual)-$931
Principal paydown$3,239
Appreciation at%$14,847

ROE10.5%

ROE incl. year-1 tax savings (32% bracket, STR loophole)28.9%

Opex, cash-needed & tax-savings breakdown

Annual operating expenses

Management (20% of revenue)$11,423
Platform fees (3% of revenue)$1,714
Maintenance / capex (5% of revenue)$2,856
Utilities & supplies$4,200
HOA$0
Property tax$508
Insurance (STR-rated)$5,345

Cash needed to close

Down payment (25%)$123,725
Closing costs (4.0%)$19,796
Furnishing (bought new)$19,500

Tax savings if the STR loophole applies

Tax shield @ 32%$30,016

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

$436,000

Short-life (5/15-yr)

$73,000 · 17%

Year-1 deduction

$94,000

Year-1 tax shield @ 32%

$30,000

Land 12% (county tax record, market value split) · building $363,000 over 39 years · new furniture $20,000

Based on: 2,154 sq ft, built 1999, 3 bd / 3.5 ba, unfurnished, listing features (fireplace, flooring types, appliance list, septic).

IRS-guide safe-harbor floor: $71,000 in year 1 (11% short-life, $23,000 tax shield), the conservative amount following the IRS audit guide's residential classification table.

5-year property$68,200

Kitchen cabinetsdefault
$10,500 new × 40% good × 2.12 allocation
$8,900
Kitchen countertopsdefault
$8,600 new × 40% good × 2.12 allocation
$7,300
Decorative trimdefault
$3,800 new × 40% good × 2.12 allocation
$3,200
Mirrorsdefault
$500 new × 40% good × 2.12 allocation
$400
Shelvingdefault
$1,200 new × 40% good × 2.12 allocation
$1,000
Window coverings (22)default
$5,500 new × 40% good × 2.12 allocation
$4,700
Carpet, vinyl & laminate (33% of floors)listing
$4,600 new × 40% good × 2.12 allocation
$3,900
Kitchen & laundry equipment plumbingdefault
$8,200 new × 46% good × 2.12 allocation
$8,000
Kitchen, laundry & data equipment electricaldefault
$4,900 new × 46% good × 2.12 allocation
$4,800
Appliances (range, microwave, dishwasher, refrigerator, washer, dryer)listing
$7,700 new × 40% good × 2.12 allocation
$6,500
Furniture bought newlisting
$19,500 new × 100% good · bought separately
$19,500

15-year land improvements$24,500

Paving: driveway & walks (paved)default
$9,600 new × 50% good × 2.12 allocation
$10,200
Landscaping (typical)default
$9,300 new × 50% good × 2.12 allocation
$9,800
Patiosdefault
$2,100 new × 50% good × 2.12 allocation
$2,300
Decks & porches (attached)default
$2,100 new × 50% good × 2.12 allocation
$2,300

Building, 39-year$362,900

Structure: foundation, framing, walls, windows, doors, roof, interior finishesdefault
$233,700 new × 55% good × 2.12 allocation
$272,000
Building plumbing & fixturesdefault
$24,300 new × 46% good × 2.12 allocation
$23,600
Building electrical & lightingdefault
$24,600 new × 46% good × 2.12 allocation
$23,900
HVACdefault
$24,300 new × 40% good × 2.12 allocation
$20,500
Hardwood & tile floorsdefault
$9,200 new × 40% good × 2.12 allocation
$7,800
Fireplacelisting
$2,600 new × 40% good × 2.12 allocation
$2,200
Septic systemlisting
$12,000 new × 50% good × 2.12 allocation
$12,700

About the property

Sold furnishedGame roomHot tubPoolDeckDrivewayLandscapingFencedIrrigationLong-term rental (27.5-yr)Carpet / vinyl / laminate %Placed in serviceClosing costs $ (adds to basis)Land %Bonus depreciation %

Depreciation schedule: typical cost seg study

Year	5-yr	15-yr	Building	Total
1	$68,200	$24,500	$1,200	$93,800
2	$0	$0	$9,300	$9,300
3	$0	$0	$9,300	$9,300
4	$0	$0	$9,300	$9,300
5	$0	$0	$9,300	$9,300
6+	$0	$0	$324,500	$324,500
Total	$68,200	$24,500	$362,900	$455,500

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.