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

180 Antler Way

180 Antler Way

Morganton, GA 30560

$859,900

4 bd · 3.5 ba · 3,000 sqft · Listed 27d ago

View on Realtor.com →
Rental historyNegative cash flow

Year built

2005

Sqft

3,000

Lot sqft

112,820

HOA / mo

None

Furnished

Yes

List date

2026-08-31T15:10:24.000000Z

Revenue

Annual revenue

$38,281

ADR

$283

Occupancy

37%

Cleaning fees (12 mo)

$6,893

Confidence

Low (43.66), 9 comps

Comp revenue range (p25 / median / p75)

$24,819$31,887$55,015

  • The Horny Buck Cabin

    Cabin · 4 bd · 3.5 ba · sleeps 11 · 266 ft

    Revenue $39,723ADR $232Occ ≈ 47%5★ (61)

    AirbnbVrbo

  • Wunder Bear Cabin

    Vacation home · 4 bd · 4 ba · sleeps 8 · 0.2 mi

    Revenue $31,887ADR $455Occ ≈ 19%—

    Booking

  • Blue Ridge Mountain Rustic Cabin

    Cabin · 4 bd · 4 ba · sleeps 8 · 0.3 mi

    Revenue $5,532ADR $614Occ ≈ 2%5★ (12)

    AirbnbVrbo

  • Wunder Bear Cabin -Dogs, Hot Tub, Views!

    House · 4 bd · 4 ba · sleeps 8 · 0.3 mi

    Revenue $29,603ADR $529Occ ≈ 15%3★ (1)

    AirbnbVrbo

  • Hidden Waters | Blue Ridge Cabin | Arcade | HotTub

    Cabin · 4 bd · 3.5 ba · sleeps 8 · 0.4 mi

    Revenue $74,252ADR $447Occ ≈ 46%5★ (46)

    AirbnbVrbo

  • CaBEARnet Creek - Great Deal! Creek, Hot Tub, Pets

    Cabin · 4 bd · 3 ba · sleeps 8 · 0.4 mi

    Revenue $55,015ADR $279Occ ≈ 54%4.9★ (71)

    AirbnbVrboBooking

  • Getaway Cabin with Hot Tub & New Putting Green!

    Cabin · 4 bd · 3 ba · sleeps 12 · 0.4 mi

    Revenue $58,374ADR $383Occ ≈ 42%5★ (89)

    AirbnbVrbo

  • Hillside Hideaway-Hot Tub, Game Rm, Outdoor Firepl

    Cabin · 4 bd · 3.5 ba · sleeps 10 · 0.7 mi

    Revenue $24,819ADR $548Occ ≈ 12%5★ (1)

    AirbnbVrbo

  • 4BR all-new with creek, decks, & firepit

    Cabin · 4 bd · 3.5 ba · sleeps 10 · 0.7 mi

    Revenue $21,328ADR $408Occ ≈ 14%4.9★ (25)

    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
Term

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

Est. revenue

$38,281

NOI

$11,823

Cash flow /mo

-$3,648

Cash needed

$249,371

Cash-on-cash

-17.6%

ROE (yr 1)

-5.0%

Cap rate

1.4%

DSCR

0.21

Year-1 write-off

$164,200

Year-1 tax shield @ 32%

$52,544

Year-1 return on equity

  • Cash flow (annual)-$43,781
  • Principal paydown$5,627
  • Appreciation at%$25,797
ROE-5.0%
ROE incl. year-1 tax savings (32% bracket, STR loophole)16.1%
Opex, cash-needed & tax-savings breakdown

Annual operating expenses

  • Management (20% of revenue)$7,656
  • Platform fees (3% of revenue)$1,148
  • Maintenance / capex (5% of revenue)$1,914
  • Utilities & supplies$4,200
  • HOA$0
  • Property tax$2,381
  • Insurance (STR-rated)$9,158

Cash needed to close

  • Down payment (25%)$214,975
  • Closing costs (4.0%)$34,396
  • Furnishing (conveyed with the sale)$0

Tax savings if the STR loophole applies

  • Tax shield @ 32%$52,544

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

$832,000

Short-life (5/15-yr)

$161,000 · 19%

Year-1 deduction

$164,000

Year-1 tax shield @ 32%

$53,000

Land 3% (county tax record, market value split) · building $672,000 over 39 years

Based on: 3,000 sq ft, built 2005, 4 bd / 3.5 ba, furnished, listing features (hot tub, deck, game room, fireplace, flooring types, appliance list, septic).

IRS-guide safe-harbor floor: $95,000 in year 1 (11% short-life, $31,000 tax shield), the conservative amount following the IRS audit guide's residential classification table.

5-year property$89,700

  • Kitchen cabinetsdefault

    $12,400 new × 40% good × 2.41 allocation

    $11,900

  • Kitchen countertopsdefault

    $10,100 new × 40% good × 2.41 allocation

    $9,700

  • Decorative trimdefault

    $5,300 new × 40% good × 2.41 allocation

    $5,100

  • Mirrorsdefault

    $500 new × 40% good × 2.41 allocation

    $400

  • Shelvingdefault

    $1,500 new × 40% good × 2.41 allocation

    $1,400

  • Window coverings (30)default

    $7,500 new × 40% good × 2.41 allocation

    $7,200

  • Carpet, vinyl & laminate (25% of floors)listing

    $4,800 new × 40% good × 2.41 allocation

    $4,600

  • Kitchen & laundry equipment plumbingdefault

    $9,600 new × 58% good × 2.41 allocation

    $13,400

  • Kitchen, laundry & data equipment electricaldefault

    $5,800 new × 58% good × 2.41 allocation

    $8,100

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

    $7,700 new × 40% good × 2.41 allocation

    $7,400

  • Hot tub (freestanding)listing

    $9,000 new × 40% good × 2.41 allocation

    $8,700

  • Furniture conveyed with the sale (used)listing

    $23,000 new × 40% good · out of the price

    $9,200

  • Game-room equipment (used)listing

    $6,000 new × 40% good · out of the price

    $2,400
15-year land improvements$70,900

  • Paving: driveway & walks (paved)default

    $11,400 new × 50% good × 2.41 allocation

    $13,700

  • Landscaping (typical)default

    $10,900 new × 50% good × 2.41 allocation

    $13,100

  • Patiosdefault

    $3,000 new × 50% good × 2.41 allocation

    $3,600

  • Decks & porches (attached)listing

    $33,800 new × 50% good × 2.41 allocation

    $40,600
Building, 39-year$671,800

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

    $325,800 new × 65% good × 2.41 allocation

    $509,500

  • Building plumbing & fixturesdefault

    $33,800 new × 58% good × 2.41 allocation

    $47,200

  • Building electrical & lightingdefault

    $35,300 new × 58% good × 2.41 allocation

    $49,200

  • HVACdefault

    $33,800 new × 40% good × 2.41 allocation

    $32,500

  • Hardwood & tile floorsdefault

    $14,500 new × 40% good × 2.41 allocation

    $13,900

  • Fireplaces (2)listing

    $5,300 new × 40% good × 2.41 allocation

    $5,100

  • Septic systemlisting

    $12,000 new × 50% good × 2.41 allocation

    $14,400

About the property

Depreciation schedule: typical cost seg study

Year5-yr15-yrBuildingTotal
1$89,700$70,900$3,600$164,200
2$0$0$17,200$17,200
3$0$0$17,200$17,200
4$0$0$17,200$17,200
5$0$0$17,200$17,200
6+$0$0$599,300$599,300
Total$89,700$70,900$671,800$832,400

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.