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257 Pen Dr

257 Pen Dr

Ellijay, GA 30540

$264,900

2 bd · 1.5 ba · 768 sqft · Listed 25d ago

View on Realtor.com →
Rental history

Year built

2017

Sqft

768

Lot sqft

43,560

HOA / mo

None

Furnished

Yes

List date

2026-09-02T16:16:43.000000Z

Revenue

Annual revenue

$30,457

ADR

$119

Occupancy

70%

Cleaning fees (12 mo)

$4,689

Confidence

Med (52.16), 8 comps

Comp revenue range (p25 / median / p75)

$16,932$23,370$32,152

  • Woodsy 1 br Cabin/Hot Tub/Fire Pit/Pets Welcome!

    House · 1 bd · 1 ba · sleeps 5 · 449 ft

    Revenue $25,156ADR $207Occ ≈ 33%—

    Airbnb

  • Cozy Cabin•Hot Tub•Fireplace Deck• 7 Min2Downtown

    Cabin · 1 bd · 1 ba · sleeps 4 · 0.1 mi

    Revenue $49,160ADR $203Occ ≈ 66%4.9★ (46)

    AirbnbVrbo

  • Woodsy 1br Cabin | Hot Tub | Pets Welcome!

    Cabin · 1 bd · 1 ba · sleeps 5 · 0.2 mi

    Revenue $31,743ADR $191Occ ≈ 46%4.9★ (332)

    Airbnb

  • Studio B - Nested - Cottage 4 Blue Cactus Cottages

    House · 1 bd · 1 ba · sleeps 2 · 0.6 mi

    Revenue $12,508ADR $120Occ ≈ 29%4.8★ (35)

    AirbnbVrbo

  • Thistle Patch @ Blue Cactus Cottages

    Cabin · 3 bd · 2 ba · sleeps 6 · 0.6 mi

    Revenue $33,378ADR $115Occ ≈ 80%4.8★ (14)

    AirbnbVrbo

  • Studio A Nested Cottage 4 @Blue Cactus Cottages

    Cabin · 1 bd · 1 ba · sleeps 2 · 0.6 mi

    Revenue $21,584ADR $110Occ ≈ 54%4.9★ (29)

    AirbnbVrbo

  • Sunny Side Up Cottage 2 @ Blue Cactus Cottages

    Cottage · 2 bd · 2 ba · sleeps 4 · 0.7 mi

    Revenue $13,165ADR $158Occ ≈ 23%4.8★ (55)

    AirbnbVrbo

  • La Petite Maison – Cottage 5@ Blue Cactus Cottages

    Cottage · 2 bd · 1 ba · sleeps 4 · 0.7 mi

    Revenue $18,188ADR $164Occ ≈ 30%4.7★ (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

Est. revenue

$30,457

NOI

$13,554

Cash flow /mo

$1,130

Cash needed

$275,496

Cash-on-cash (all cash)

4.9%

ROE (yr 1)

7.8%

Cap rate

5.1%

DSCR

—

Year-1 write-off

$72,392

Year-1 tax shield @ 32%

$23,166

Year-1 return on equity

  • Cash flow (annual)$13,554
  • Principal paydown (n/a, cash)$0
  • Appreciation at%$7,947
ROE7.8%
ROE incl. year-1 tax savings (32% bracket, STR loophole)16.2%
Opex, cash-needed & tax-savings breakdown

Annual operating expenses

  • Management (20% of revenue)$6,091
  • Platform fees (3% of revenue)$914
  • Maintenance / capex (5% of revenue)$1,523
  • Utilities & supplies$4,200
  • HOA$0
  • Property tax$1,314
  • Insurance (STR-rated)$2,861

Cash needed to close

  • Purchase price (all cash)$264,900
  • Closing costs (4.0%)$10,596
  • Furnishing (conveyed with the sale)$0

Tax savings if the STR loophole applies

  • Tax shield @ 32%$23,166

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

$247,000

Short-life (5/15-yr)

$72,000 · 29%

Year-1 deduction

$72,000

Year-1 tax shield @ 32%

$23,000

Land 7% (county tax record, market value split) · building $175,000 over 39 years

Based on: 768 sq ft, built 2017, 2 bd / 1.5 ba, furnished, listing features (hot tub, deck, fireplace, flooring types, appliance list, septic, wooded lot).

IRS-guide safe-harbor floor: $46,000 in year 1 (18% short-life, $15,000 tax shield), the conservative amount following the IRS audit guide's residential classification table.

5-year property$52,900

  • Kitchen cabinetsdefault

    $7,500 new × 64% good × 1.77 allocation

    $8,500

  • Kitchen countertopsdefault

    $6,100 new × 64% good × 1.77 allocation

    $6,900

  • Decorative trimdefault

    $1,300 new × 64% good × 1.77 allocation

    $1,500

  • Mirrorsdefault

    $200 new × 40% good × 1.77 allocation

    $100

  • Shelvingdefault

    $900 new × 64% good × 1.77 allocation

    $1,000

  • Window coverings (8)default

    $2,000 new × 40% good × 1.77 allocation

    $1,400

  • Carpet, vinyl & laminate (50% of floors)listing

    $2,500 new × 40% good × 1.77 allocation

    $1,700

  • Kitchen & laundry equipment plumbingdefault

    $5,800 new × 82% good × 1.77 allocation

    $8,400

  • Kitchen, laundry & data equipment electricaldefault

    $3,500 new × 82% good × 1.77 allocation

    $5,100

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

    $7,700 new × 40% good × 1.77 allocation

    $5,400

  • Hot tub (freestanding)listing

    $9,000 new × 40% good × 1.77 allocation

    $6,400

  • Furniture conveyed with the sale (used)listing

    $16,000 new × 40% good · out of the price

    $6,400
15-year land improvements$18,900

  • Paving: driveway & walks (paved)default

    $5,700 new × 64% good × 1.77 allocation

    $6,500

  • Landscaping (minimal)listing

    $2,800 new × 64% good × 1.77 allocation

    $3,100

  • Patiosdefault

    $800 new × 64% good × 1.77 allocation

    $900

  • Decks & porches (attached)listing

    $8,600 new × 55% good × 1.77 allocation

    $8,400
Building, 39-year$174,800

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

    $82,900 new × 85% good × 1.77 allocation

    $124,500

  • Building plumbing & fixturesdefault

    $8,600 new × 82% good × 1.77 allocation

    $12,400

  • Building electrical & lightingdefault

    $7,000 new × 82% good × 1.77 allocation

    $10,200

  • HVACdefault

    $8,700 new × 55% good × 1.77 allocation

    $8,400

  • Hardwood & tile floorsdefault

    $2,500 new × 64% good × 1.77 allocation

    $2,800

  • Fireplacelisting

    $2,600 new × 64% good × 1.77 allocation

    $3,000

  • Septic systemlisting

    $12,000 new × 64% good × 1.77 allocation

    $13,600

About the property

Depreciation schedule: typical cost seg study

Year5-yr15-yrBuildingTotal
1$52,900$18,900$600$72,400
2$0$0$4,500$4,500
3$0$0$4,500$4,500
4$0$0$4,500$4,500
5$0$0$4,500$4,500
6+$0$0$156,300$156,300
Total$52,900$18,900$174,800$246,700

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.