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

357 Wise Rd

357 Wise Rd

Morganton, GA 30560

$239,900

5 bd · 2 ba · Listed 20d ago

View on Realtor.com →
Rental historyLow confidence

Year built

1997

Sqft

—

Lot sqft

130,680

HOA / mo

None

Furnished

No

List date

2026-09-07T18:53:49.000000Z

Revenue

Annual revenue

$48,946

ADR

$342

Occupancy

39%

Cleaning fees (12 mo)

$10,450

Confidence

Low (35.79), 6 comps

Comp revenue range (p25 / median / p75)

$24,509$52,085$71,362

  • A Touch of Heaven

    Cabin · 5 bd · 4 ba · sleeps 14 · 0.3 mi

    Revenue $16,278ADR $418Occ ≈ 11%4.7★ (78)

    AirbnbVrbo

  • Family Cabin, Blue Ridge Mountains GA

    Cabin · 5 bd · 4 ba · sleeps 14 · 0.4 mi

    Revenue $15,997ADR $358Occ ≈ 12%—

    AirbnbVrboBooking

  • Blue Ridge Cabin: 3 Master Suites, Sauna & Hot Tub

    Cabin · 4 bd · 3.5 ba · sleeps 12 · 0.4 mi

    Revenue $76,827ADR $424Occ ≈ 50%5★ (210)

    AirbnbVrbo

  • Sunset Fires & Pizza Nights | Hidden Hills

    Cabin · 4 bd · 3 ba · sleeps 10 · 0.4 mi

    Revenue $54,968ADR $256Occ ≈ 59%4.8★ (206)

    AirbnbVrbo

  • Pet Friendly-Fenced Yard-Jacuzzi-Firepit-Game Room

    House · 5 bd · 4 ba · sleeps 10 · 0.5 mi

    Revenue $49,201ADR $378Occ ≈ 36%4.4★ (13)

    AirbnbVrbo

  • Private Lake | Kayaks | Fishing | Hot Tub | Cabin

    Cabin · 4 bd · 3.5 ba · sleeps 12 · 0.7 mi

    Revenue $101,813ADR $768Occ ≈ 36%4.9★ (43)

    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

$48,946

NOI

$28,338

Cash flow /mo

$1,069

Cash needed

$96,071

Cash-on-cash

13.3%

ROE (yr 1)

22.5%

Cap rate

11.8%

DSCR

1.83

Year-1 write-off

$55,721

Year-1 tax shield @ 32%

$17,831

Year-1 return on equity

  • Cash flow (annual)$12,825
  • Principal paydown$1,570
  • Appreciation at%$7,197
ROE22.5%
ROE incl. year-1 tax savings (32% bracket, STR loophole)41.0%
Opex, cash-needed & tax-savings breakdown

Annual operating expenses

  • Management (20% of revenue)$9,789
  • Platform fees (3% of revenue)$1,468
  • Maintenance / capex (5% of revenue)$2,447
  • Utilities & supplies$4,200
  • HOA$0
  • Property tax$148
  • Insurance (STR-rated)$2,555

Cash needed to close

  • Down payment (25%)$59,975
  • Closing costs (4.0%)$9,596
  • Furnishing (bought new)$26,500

Tax savings if the STR loophole applies

  • Tax shield @ 32%$17,831

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

$190,000

Short-life (5/15-yr)

$29,000 · 15%

Year-1 deduction

$56,000

Year-1 tax shield @ 32%

$18,000

Land 21% (county tax record, market value split) · building $161,000 over 39 years · new furniture $27,000

Based on: ~2,900 sq ft (from beds), built 1997, 5 bd / 2 ba, unfurnished, listing features (flooring types, appliance list, septic).

IRS-guide safe-harbor floor: $46,000 in year 1 (10% short-life, $15,000 tax shield), the conservative amount following the IRS audit guide's residential classification table.

5-year property$44,800

  • Kitchen cabinetsdefault

    $12,200 new × 40% good × 0.75 allocation

    $3,700

  • Kitchen countertopsdefault

    $9,900 new × 40% good × 0.75 allocation

    $3,000

  • Decorative trimdefault

    $5,100 new × 40% good × 0.75 allocation

    $1,500

  • Mirrorsdefault

    $300 new × 40% good × 0.75 allocation

    $100

  • Shelvingdefault

    $1,800 new × 40% good × 0.75 allocation

    $500

  • Window coverings (29)default

    $7,300 new × 40% good × 0.75 allocation

    $2,200

  • Carpet, vinyl & laminate (33% of floors)listing

    $6,200 new × 40% good × 0.75 allocation

    $1,900

  • Kitchen & laundry equipment plumbingdefault

    $9,500 new × 42% good × 0.75 allocation

    $3,000

  • Kitchen, laundry & data equipment electricaldefault

    $5,700 new × 42% good × 0.75 allocation

    $1,800

  • Appliances (refrigerator)listing

    $2,200 new × 40% good × 0.75 allocation

    $700

  • Furniture bought newlisting

    $26,500 new × 100% good · bought separately

    $26,500
15-year land improvements$10,400

  • Paving: driveway & walks (paved)default

    $11,200 new × 50% good × 0.75 allocation

    $4,200

  • Landscaping (typical)default

    $10,700 new × 50% good × 0.75 allocation

    $4,000

  • Patiosdefault

    $2,900 new × 50% good × 0.75 allocation

    $1,100

  • Decks & porches (attached)default

    $2,900 new × 50% good × 0.75 allocation

    $1,100
Building, 39-year$161,500

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

    $314,800 new × 52% good × 0.75 allocation

    $122,300

  • Building plumbing & fixturesdefault

    $32,700 new × 42% good × 0.75 allocation

    $10,300

  • Building electrical & lightingdefault

    $34,000 new × 42% good × 0.75 allocation

    $10,700

  • HVACdefault

    $32,700 new × 40% good × 0.75 allocation

    $9,800

  • Hardwood & tile floorsdefault

    $12,400 new × 40% good × 0.75 allocation

    $3,700

  • Septic systemlisting

    $12,000 new × 50% good × 0.75 allocation

    $4,500

About the property

Depreciation schedule: typical cost seg study

Year5-yr15-yrBuildingTotal
1$44,800$10,400$500$55,700
2$0$0$4,100$4,100
3$0$0$4,100$4,100
4$0$0$4,100$4,100
5$0$0$4,100$4,100
6+$0$0$144,400$144,400
Total$44,800$10,400$161,500$216,700

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.