208 Bullen Gap Rd

Blue Ridge, GA 30513

$475,000

2 bd · 2 ba · 1,320 sqft · Listed 29d ago

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Low confidence

Year built

1972

Sqft

1,320

Lot sqft

325,393

HOA / mo

None

Furnished

List date

2026-08-29T12:09:04.000000Z

Revenue

Annual revenue

$52,437

ADR

$233

Occupancy

62%

Cleaning fees (12 mo)

$9,634

Confidence

Med (60.9), 6 comps

Comp revenue range (p25 / median / p75)

$32,966$43,497$58,778

🍁WiFi, Hot tub, Fireplace, Fenced Yard, EV charger
Cabin · 2 bd · 2 ba · sleeps 6 · 0.1 mi
Revenue $69,454ADR $298Occ ≈ 64%4.9★ (429)
Airbnb Vrbo Booking
Beautiful Townhome at Willow Creek Falls Lodge
Townhouse · 2 bd · 1.5 ba · sleeps 4 · 0.6 mi
Revenue $32,051ADR $273Occ ≈ 32%4.9★ (50)
Airbnb Vrbo
Blue Ridge Barn Getaway w/ Hot Tub & Fire Pit
Cabin · 2 bd · 1 ba · sleeps 4 · 0.7 mi
Revenue $24,067ADR $204Occ ≈ 32%4.9★ (88)
Airbnb Vrbo Booking
Starlit Hot Tub Nights on a Private Ridge
House · 2 bd · 2 ba · sleeps 4 · 0.7 mi
Revenue $61,276ADR $215Occ ≈ 78%5★ (200)
Airbnb Vrbo Booking
Limelight Cottage, Walk to Downtown, No Mgmt Fees!
Cottage · 2 bd · 2.5 ba · sleeps 4 · 0.7 mi
Revenue $35,712ADR $262Occ ≈ 37%5★ (228)
Airbnb Vrbo
NEW! 2PM Check In! HotTub! 5 min drive to Downtown
Cabin · 2 bd · 1 ba · sleeps 6 · 0.7 mi
Revenue $51,282ADR $208Occ ≈ 68%5★ (284)
Airbnb Vrbo

Listing	Size	Revenue (12 mo)	ADR	Occ ≈	Rating	Distance	Links
🍁WiFi, Hot tub, Fireplace, Fenced Yard, EV charger Cabin	2 bd · 2 ba · sleeps 6	$69,454	$298	64%	4.9★ (429)	0.1 mi	Airbnb Vrbo Booking
Beautiful Townhome at Willow Creek Falls Lodge Townhouse	2 bd · 1.5 ba · sleeps 4	$32,051	$273	32%	4.9★ (50)	0.6 mi	Airbnb Vrbo
Blue Ridge Barn Getaway w/ Hot Tub & Fire Pit Cabin	2 bd · 1 ba · sleeps 4	$24,067	$204	32%	4.9★ (88)	0.7 mi	Airbnb Vrbo Booking
Starlit Hot Tub Nights on a Private Ridge House	2 bd · 2 ba · sleeps 4	$61,276	$215	78%	5★ (200)	0.7 mi	Airbnb Vrbo Booking
Limelight Cottage, Walk to Downtown, No Mgmt Fees! Cottage	2 bd · 2.5 ba · sleeps 4	$35,712	$262	37%	5★ (228)	0.7 mi	Airbnb Vrbo
NEW! 2PM Check In! HotTub! 5 min drive to Downtown Cabin	2 bd · 1 ba · sleeps 6	$51,282	$208	68%	5★ (284)	0.7 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

Purchase priceAlready furnishedTax bracket

Est. revenue

$52,437

NOI

$26,152

Cash flow /mo

$2,179

Cash needed

$510,000

Cash-on-cash (all cash)

5.1%

ROE (yr 1)

7.9%

Cap rate

5.5%

DSCR

—

Year-1 write-off

$56,449

Year-1 tax shield @ 32%

$18,064

Year-1 return on equity

Cash flow (annual)$26,152
Principal paydown (n/a, cash)$0
Appreciation at%$14,250

ROE7.9%

ROE incl. year-1 tax savings (32% bracket, STR loophole)11.5%

Opex, cash-needed & tax-savings breakdown

Annual operating expenses

Management (20% of revenue)$10,487
Platform fees (3% of revenue)$1,573
Maintenance / capex (5% of revenue)$2,622
Utilities & supplies$4,200
HOA$0
Property tax$2,344
Insurance (STR-rated)$5,059

Cash needed to close

Purchase price (all cash)$475,000
Closing costs (4.0%)$19,000
Furnishing (bought new)$16,000

Tax savings if the STR loophole applies

Tax shield @ 32%$18,064

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

$166,000

Short-life (5/15-yr)

$40,000 · 24%

Year-1 deduction

$56,000

Year-1 tax shield @ 32%

$18,000

Land 65% (county tax record, market value split) · building $126,000 over 39 years · new furniture $16,000

Based on: 1,320 sq ft, built 1972, 2 bd / 2 ba, unfurnished, listing features (fireplace, flooring types, septic).

IRS-guide safe-harbor floor: $44,000 in year 1 (16% short-life, $14,000 tax shield), the conservative amount following the IRS audit guide's residential classification table.

5-year property$42,700

Kitchen cabinetsdefault
$8,700 new × 40% good × 1.50 allocation
$5,200
Kitchen countertopsdefault
$7,100 new × 40% good × 1.50 allocation
$4,300
Decorative trimdefault
$2,300 new × 40% good × 1.50 allocation
$1,400
Mirrorsdefault
$300 new × 40% good × 1.50 allocation
$200
Shelvingdefault
$900 new × 40% good × 1.50 allocation
$500
Window coverings (13)default
$3,300 new × 40% good × 1.50 allocation
$2,000
Carpet, vinyl & laminate (33% of floors)listing
$2,800 new × 40% good × 1.50 allocation
$1,700
Kitchen & laundry equipment plumbingdefault
$6,800 new × 40% good × 1.50 allocation
$4,100
Kitchen, laundry & data equipment electricaldefault
$4,100 new × 40% good × 1.50 allocation
$2,500
Appliances (range, microwave, dishwasher, disposal, refrigerator, washer, dryer)default
$8,100 new × 40% good × 1.50 allocation
$4,900
Furniture bought newlisting
$16,000 new × 100% good · bought separately
$16,000

15-year land improvements$13,100

Paving: driveway & walks (paved)default
$7,500 new × 50% good × 1.50 allocation
$5,700
Landscaping (typical)default
$7,200 new × 50% good × 1.50 allocation
$5,500
Patiosdefault
$1,300 new × 50% good × 1.50 allocation
$1,000
Decks & porches (attached)default
$1,300 new × 50% good × 1.50 allocation
$1,000

Building, 39-year$126,400

Structure: foundation, framing, walls, windows, doors, roof, interior finishesdefault
$143,000 new × 40% good × 1.50 allocation
$86,100
Building plumbing & fixturesdefault
$14,800 new × 40% good × 1.50 allocation
$8,900
Building electrical & lightingdefault
$14,000 new × 40% good × 1.50 allocation
$8,400
HVACdefault
$14,900 new × 40% good × 1.50 allocation
$9,000
Hardwood & tile floorsdefault
$5,700 new × 40% good × 1.50 allocation
$3,400
Fireplacelisting
$2,600 new × 40% good × 1.50 allocation
$1,600
Septic systemlisting
$12,000 new × 50% good × 1.50 allocation
$9,000

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	$42,700	$13,100	$700	$56,400
2	$0	$0	$3,200	$3,200
3	$0	$0	$3,200	$3,200
4	$0	$0	$3,200	$3,200
5	$0	$0	$3,200	$3,200
6+	$0	$0	$112,800	$112,800
Total	$42,700	$13,100	$126,400	$182,200

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.