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151 Old South Dr

151 Old South Dr

Ellijay, GA 30540

$392,500

3 bd · 2 ba · 1,322 sqft · Listed 26d ago

View on Realtor.com →
Rental historyLow confidence

Year built

2021

Sqft

1,322

Lot sqft

33,541

HOA / mo

$0

Furnished

No

List date

2026-09-01T18:55:55.000000Z

Revenue

Annual revenue

$40,173

ADR

$241

Occupancy

46%

Cleaning fees (12 mo)

$10,448

Confidence

Med (57.91), 7 comps

Comp revenue range (p25 / median / p75)

$25,416$39,319$46,973

  • MTN Views | Hot Tub | Games | Dog Friendly

    House · 3 bd · 2 ba · sleeps 7 · 2.1 mi

    Revenue $30,790ADR $199Occ ≈ 42%5★ (17)

    AirbnbVrboBooking

  • 5-Star Cabin w/Hot Tub, Game Room, & Resort Perks!

    Cabin · 3 bd · 2.5 ba · sleeps 6 · 2.2 mi

    Revenue $55,560ADR $261Occ ≈ 58%5★ (181)

    AirbnbVrboBooking

  • Sweet Tea Retreat, Ellijay

    Cabin · 3 bd · 2 ba · sleeps 6 · 2.2 mi

    Revenue $20,042ADR $249Occ ≈ 22%4.9★ (47)

    AirbnbVrbo

  • Secluded Cabin-Pool access/7Beds

    Cabin · 3 bd · 3 ba · sleeps 9 · 2.2 mi

    Revenue $48,273ADR $216Occ ≈ 61%4.8★ (156)

    AirbnbVrbo

  • New Build Rustic Stay! Hot Tub|Fire Pit|Game Room

    Cabin · 3 bd · 2.5 ba · sleeps 10 · 2.2 mi

    Revenue $45,673ADR $320Occ ≈ 39%5★ (94)

    AirbnbVrboBooking

  • Coos Moose

    House · 3 bd · 2 ba · sleeps 9 · 2.3 mi

    Revenue $14,132ADR $186Occ ≈ 21%—

    AirbnbBooking

  • Peaceful & Spacious Modern Cabin w/ Hot Tub

    Chalet · 3 bd · 2.5 ba · sleeps 6 · 2.3 mi

    Revenue $39,319ADR $232Occ ≈ 46%5★ (106)

    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

Financing

Est. revenue

$40,173

NOI

$18,403

Cash flow /mo

$1,534

Cash needed

$427,700

Cash-on-cash (all cash)

4.3%

ROE (yr 1)

7.1%

Cap rate

4.7%

DSCR

—

Year-1 write-off

$106,599

Year-1 tax shield @ 32%

$34,112

Year-1 return on equity

  • Cash flow (annual)$18,403
  • Principal paydown (n/a, cash)$0
  • Appreciation at%$11,775
ROE7.1%
ROE incl. year-1 tax savings (32% bracket, STR loophole)15.0%
Opex, cash-needed & tax-savings breakdown

Annual operating expenses

  • Management (20% of revenue)$8,035
  • Platform fees (3% of revenue)$1,205
  • Maintenance / capex (5% of revenue)$2,009
  • Utilities & supplies$4,200
  • HOA$0
  • Property tax$2,083
  • Insurance (STR-rated)$4,239

Cash needed to close

  • Purchase price (all cash)$392,500
  • Closing costs (4.0%)$15,700
  • Furnishing (bought new)$19,500

Tax savings if the STR loophole applies

  • Tax shield @ 32%$34,112

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

$362,000

Short-life (5/15-yr)

$86,000 · 24%

Year-1 deduction

$107,000

Year-1 tax shield @ 32%

$34,000

Land 8% (county tax record, market value split) · building $276,000 over 39 years · new furniture $20,000

Based on: 1,322 sq ft, built 2021, 3 bd / 2 ba, unfurnished, listing features (fence, fireplace, stone counters, flooring types, appliance list, septic).

IRS-guide safe-harbor floor: $79,000 in year 1 (16% short-life, $25,000 tax shield), the conservative amount following the IRS audit guide's residential classification table.

5-year property$77,600

  • Kitchen cabinetsdefault

    $8,700 new × 80% good × 1.53 allocation

    $10,700

  • Kitchen countertops (stone)listing

    $8,900 new × 80% good × 1.53 allocation

    $10,900

  • Decorative trimdefault

    $2,300 new × 80% good × 1.53 allocation

    $2,800

  • Mirrorsdefault

    $300 new × 58% good × 1.53 allocation

    $300

  • Shelvingdefault

    $1,200 new × 80% good × 1.53 allocation

    $1,500

  • Window coverings (13)default

    $3,300 new × 50% good × 1.53 allocation

    $2,500

  • Carpet, vinyl & laminate (100% of floors)listing

    $8,500 new × 58% good × 1.53 allocation

    $7,600

  • Kitchen & laundry equipment plumbingdefault

    $6,800 new × 90% good × 1.53 allocation

    $9,300

  • Kitchen, laundry & data equipment electricaldefault

    $4,100 new × 90% good × 1.53 allocation

    $5,600

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

    $7,700 new × 58% good × 1.53 allocation

    $6,900

  • Furniture bought newlisting

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

    $19,500
15-year land improvements$28,100

  • Paving: driveway & walks (paved)default

    $7,500 new × 80% good × 1.53 allocation

    $9,200

  • Landscaping (typical)default

    $7,300 new × 80% good × 1.53 allocation

    $8,900

  • Patiosdefault

    $1,300 new × 80% good × 1.53 allocation

    $1,600

  • Decks & porches (attached)default

    $1,300 new × 75% good × 1.53 allocation

    $1,500

  • Fencinglisting

    $6,000 new × 75% good × 1.53 allocation

    $6,900
Building, 39-year$275,600

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

    $142,900 new × 92% good × 1.53 allocation

    $200,800

  • Building plumbing & fixturesdefault

    $14,800 new × 90% good × 1.53 allocation

    $20,500

  • Building electrical & lightingdefault

    $14,000 new × 90% good × 1.53 allocation

    $19,300

  • HVACdefault

    $14,900 new × 75% good × 1.53 allocation

    $17,100

  • Fireplacelisting

    $2,600 new × 80% good × 1.53 allocation

    $3,200

  • Septic systemlisting

    $12,000 new × 80% good × 1.53 allocation

    $14,700

About the property

Depreciation schedule: typical cost seg study

Year5-yr15-yrBuildingTotal
1$77,600$28,100$900$106,600
2$0$0$7,100$7,100
3$0$0$7,100$7,100
4$0$0$7,100$7,100
5$0$0$7,100$7,100
6+$0$0$246,500$246,500
Total$77,600$28,100$275,600$381,300

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.