1341 Mull Rd
Morganton, GA 30560
$550,000
4 bd · 3 ba · 3,492 sqft · Listed 12d ago
View on Realtor.com →Year built
1999
Sqft
3,492
Lot sqft
128,502
HOA / mo
None
Furnished
No
List date
2026-09-15T13:12:11.000000Z
Revenue
Annual revenue
$49,849
ADR
$340
Occupancy
40%
Cleaning fees (12 mo)
$7,599
Confidence
Low (32.73), 12 comps
Comp revenue range (p25 / median / p75)
Mountain Meadow Lodge
Vacation home · 4 bd · 3 ba · sleeps 8 · 0.6 mi
Revenue $22,464ADR $440Occ ≈ 14%—
STUNNING mountain views facing sunset, hot tub, 3 king bedrooms + attached baths
Cabin · 3 bd · 3 ba · sleeps 8 · 0.6 mi
Revenue $47,394ADR $334Occ ≈ 39%5★ (155)
Majestic View - Mineral Bluff, GA - Take in Sweeping Mountain Views, Soak in the Hot Tub, Challenge Friends in the Arcade, and R
Vacation home · 3 bd · 3 ba · sleeps 9 · 0.6 mi
Revenue $90,993ADR $365Occ ≈ 68%—
Boundless Views
Vacation home · 3 bd · 3 ba · sleeps 8 · 0.7 mi
Revenue $88,863ADR $423Occ ≈ 58%—
| Listing | Size | Revenue (12 mo) | ADR | Occ ≈ | Rating | Distance | Links |
|---|---|---|---|---|---|---|---|
Fab-VIEW-lous, Outdoor Fireplace, Hot Tub, Theater Cabin | 4 bd · 3.5 ba · sleeps 8 | $76,426 | $437 | 48% | 5★ (130) | 0.4 mi | AirbnbVrbo |
Relax and Renew Cabin | 3 bd · 2 ba · sleeps 6 | $24,361 | $343 | 19% | 5★ (12) | 0.6 mi | AirbnbVrbo |
Mountain Meadow Lodge Vacation home | 4 bd · 3 ba · sleeps 8 | $22,464 | $440 | 14% | — | 0.6 mi | Booking |
STUNNING mountain views facing sunset, hot tub, 3 king bedrooms + attached baths Cabin | 3 bd · 3 ba · sleeps 8 | $47,394 | $334 | 39% | 5★ (155) | 0.6 mi | Vrbo |
Sunset Mountain Lodge House | 3 bd · 3 ba · sleeps 8 | $15,355 | $313 | 13% | 5★ (160) | 0.6 mi | AirbnbVrbo |
Mountain Meadow Lodge- Pet Friendly, King Beds! Cabin | 4 bd · 3 ba · sleeps 8 | $15,008 | $435 | 9% | 4★ (1) | 0.6 mi | AirbnbVrbo |
Cabin Near Blue Ridge | Hot Tub + Pet Friendly Cabin | 3 bd · 2 ba · sleeps 6 | $24,868 | $281 | 24% | 4.9★ (16) | 0.6 mi | AirbnbVrboBooking |
Majestic View - Mineral Bluff, GA - Take in Sweeping Mountain Views, Soak in the Hot Tub, Challenge Friends in the Arcade, and R Vacation home | 3 bd · 3 ba · sleeps 9 | $90,993 | $365 | 68% | — | 0.6 mi | Booking |
Majestic View- Mineral Bluff GA Cabin | 3 bd · 3 ba · sleeps 9 | $58,587 | $302 | 53% | 4.5★ (9) | 0.6 mi | AirbnbVrbo |
Boundless Views Vacation home | 3 bd · 3 ba · sleeps 8 | $88,863 | $423 | 58% | — | 0.7 mi | Booking |
Show all 12 comps
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
Rate 7.78% = 7.03% Freddie Mac 30-yr avg (Sep 24) + 0.75% investor premium
Est. revenue
$49,849
NOI
$23,955
Cash flow /mo
-$968
Cash needed
$182,500
Cash-on-cash
-6.4%
ROE (yr 1)
4.7%
Cap rate
4.4%
DSCR
0.67
Year-1 write-off
$131,765
Year-1 tax shield @ 32%
$42,165
Year-1 return on equity
- Cash flow (annual)-$11,610
- Principal paydown$3,599
- Appreciation at%$16,500
Opex, cash-needed & tax-savings breakdown
Annual operating expenses
- Management (20% of revenue)$9,970
- Platform fees (3% of revenue)$1,495
- Maintenance / capex (5% of revenue)$2,492
- Utilities & supplies$4,200
- HOA$0
- Property tax$1,879
- Insurance (STR-rated)$5,858
Cash needed to close
- Down payment (25%)$137,500
- Closing costs (4.0%)$22,000
- Furnishing (bought new)$23,000
Tax savings if the STR loophole applies
- Tax shield @ 32%$42,165
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
$533,000
Short-life (5/15-yr)
$107,000 · 20%
Year-1 deduction
$132,000
Year-1 tax shield @ 32%
$42,000
Land 3% (county tax record, market value split) · building $426,000 over 39 years · new furniture $23,000
Based on: 3,492 sq ft, built 1999, 4 bd / 3 ba, unfurnished, listing features (hot tub, deck, patio, fireplace, flooring types, appliance list, septic, wooded lot).
IRS-guide safe-harbor floor: $81,000 in year 1 (11% short-life, $26,000 tax shield), the conservative amount following the IRS audit guide's residential classification table.
- $8,300
Kitchen cabinetsdefault
$13,500 new × 40% good × 1.55 allocation
- $6,800
Kitchen countertopsdefault
$11,000 new × 40% good × 1.55 allocation
- $3,800
Decorative trimdefault
$6,100 new × 40% good × 1.55 allocation
- $300
Mirrorsdefault
$500 new × 40% good × 1.55 allocation
- $900
Shelvingdefault
$1,500 new × 40% good × 1.55 allocation
- $5,400
Window coverings (35)default
$8,800 new × 40% good × 1.55 allocation
- $3,500
Carpet, vinyl & laminate (25% of floors)listing
$5,600 new × 40% good × 1.55 allocation
- $7,400
Kitchen & laundry equipment plumbingdefault
$10,500 new × 46% good × 1.55 allocation
- $4,500
Kitchen, laundry & data equipment electricaldefault
$6,300 new × 46% good × 1.55 allocation
- $4,300
Appliances (range, dishwasher, refrigerator, washer, dryer)listing
$7,000 new × 40% good × 1.55 allocation
- $5,600
Hot tub (freestanding)listing
$9,000 new × 40% good × 1.55 allocation
- $23,000
Furniture bought newlisting
$23,000 new × 100% good · bought separately
- $9,500
Paving: driveway & walks (paved)listing
$12,300 new × 50% good × 1.55 allocation
- $4,600
Landscaping (minimal)listing
$5,900 new × 50% good × 1.55 allocation
- $12,100
Patioslisting
$15,700 new × 50% good × 1.55 allocation
- $30,400
Decks & porches (attached)listing
$39,300 new × 50% good × 1.55 allocation
- $322,800
Structure: foundation, framing, walls, windows, doors, roof, interior finishesdefault
$379,600 new × 55% good × 1.55 allocation
- $28,000
Building plumbing & fixturesdefault
$39,400 new × 46% good × 1.55 allocation
- $29,500
Building electrical & lightingdefault
$41,500 new × 46% good × 1.55 allocation
- $24,300
HVACdefault
$39,300 new × 40% good × 1.55 allocation
- $10,400
Hardwood & tile floorsdefault
$16,900 new × 40% good × 1.55 allocation
- $1,600
Fireplacelisting
$2,600 new × 40% good × 1.55 allocation
- $9,300
Septic systemlisting
$12,000 new × 50% good × 1.55 allocation
About the property
Depreciation schedule: typical cost seg study
| Year | 5-yr | 15-yr | Building | Total |
|---|---|---|---|---|
| 1 | $73,800 | $56,600 | $1,400 | $131,800 |
| 2 | $0 | $0 | $10,900 | $10,900 |
| 3 | $0 | $0 | $10,900 | $10,900 |
| 4 | $0 | $0 | $10,900 | $10,900 |
| 5 | $0 | $0 | $10,900 | $10,900 |
| 6+ | $0 | $0 | $381,000 | $381,000 |
| Total | $73,800 | $56,600 | $426,100 | $556,500 |
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.