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

235 W Conasauga Crk

Ellijay, GA 30540

$699,000

2 bd · 2 ba · 1,643 sqft · Listed 25d ago

View on Realtor.com →

Rental historyLow confidenceEst. land %Negative cash flow

Year built

2022

Sqft

1,643

Lot sqft

131,551

HOA / mo

$100

Furnished

List date

2026-09-02T18:39:46.000000Z

Revenue

Annual revenue

$19,299

ADR

$267

Occupancy

20%

Cleaning fees (12 mo)

$752

Confidence

High (73.47), 5 comps

Comp revenue range (p25 / median / p75)

$16,486$20,707$23,666

Fairytale SQUIRREL'S NEST cabin at Mulberry Gap in Ellijay!
Cabin · 2 bd · 2 ba · sleeps 6 · 0.5 mi
Revenue $23,806ADR $314Occ ≈ 21%3.5★ (2)
Vrbo
B Glamping in the heart of the Mountains!
Bed & Breakfast · 2 bd · 1 ba · sleeps 6 · 0.6 mi
Revenue $11,840ADR $320Occ ≈ 10%—
Airbnb
C Hike/Ride the Trailsfrom a Mulberry Gap CABIN!
Nature lodge · 2 bd · 2 ba · sleeps 5 · 0.6 mi
Revenue $16,486ADR $213Occ ≈ 21%5★ (1)
Airbnb
A Your very own Hilltop Cottage!
Cabin · 2 bd · 1 ba · sleeps 5 · 0.6 mi
Revenue $23,666ADR $372Occ ≈ 17%—
Airbnb Vrbo
Charming 2-bedroom POND NOOK cabin at Mulberry Gap with AC, WiFi, & Kitchenette!
Cabin · 2 bd · 2 ba · sleeps 5 · 0.7 mi
Revenue $20,707ADR $208Occ ≈ 27%5★ (1)
Vrbo

Listing	Size	Revenue (12 mo)	ADR	Occ ≈	Rating	Distance	Links
Fairytale SQUIRREL'S NEST cabin at Mulberry Gap in Ellijay! Cabin	2 bd · 2 ba · sleeps 6	$23,806	$314	21%	3.5★ (2)	0.5 mi	Vrbo
B Glamping in the heart of the Mountains! Bed & Breakfast	2 bd · 1 ba · sleeps 6	$11,840	$320	10%	—	0.6 mi	Airbnb
C Hike/Ride the Trailsfrom a Mulberry Gap CABIN! Nature lodge	2 bd · 2 ba · sleeps 5	$16,486	$213	21%	5★ (1)	0.6 mi	Airbnb
A Your very own Hilltop Cottage! Cabin	2 bd · 1 ba · sleeps 5	$23,666	$372	17%	—	0.6 mi	Airbnb Vrbo
Charming 2-bedroom POND NOOK cabin at Mulberry Gap with AC, WiFi, & Kitchenette! Cabin	2 bd · 2 ba · sleeps 5	$20,707	$208	27%	5★ (1)	0.7 mi	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

Term

Purchase priceDown payment %30-yr rate %Already furnishedTax bracket

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

Est. revenue

$19,299

NOI

-$2,292

Cash flow /mo

-$3,958

Cash needed

$218,710

Cash-on-cash

-21.7%

ROE (yr 1)

-10.0%

Cap rate

-0.3%

DSCR

-0.05

Year-1 write-off

$141,177

Year-1 tax shield @ 32%

$45,177

Year-1 return on equity

Cash flow (annual)-$47,492
Principal paydown$4,574
Appreciation at%$20,970

ROE-10.0%

ROE incl. year-1 tax savings (32% bracket, STR loophole)10.6%

Opex, cash-needed & tax-savings breakdown

Annual operating expenses

Management (20% of revenue)$3,860
Platform fees (3% of revenue)$579
Maintenance / capex (5% of revenue)$965
Utilities & supplies$4,200
HOA$1,200
Property tax$3,238
Insurance (STR-rated)$7,549

Cash needed to close

Down payment (25%)$174,750
Closing costs (4.0%)$27,960
Furnishing (bought new)$16,000

Tax savings if the STR loophole applies

Tax shield @ 32%$45,177

No county tax record split for property tax, insurance rate and the land/building split, so those use market defaults — edit the price above; 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

$594,000

Short-life (5/15-yr)

$124,000 · 21%

Year-1 deduction

$141,000

Year-1 tax shield @ 32%

$45,000

Land 15% (market default, no usable tax-record split) · building $470,000 over 39 years · new furniture $16,000

Based on: 1,643 sq ft, built 2022, 2 bd / 2 ba, unfurnished, listing features (hot tub, fireplace, stone counters, flooring types, appliance list, septic).

IRS-guide safe-harbor floor: $100,000 in year 1 (14% short-life, $32,000 tax shield), the conservative amount following the IRS audit guide's residential classification table.

5-year property$106,300

Kitchen cabinetsdefault
$9,400 new × 84% good × 2.02 allocation
$15,900
Kitchen countertops (stone)listing
$9,600 new × 84% good × 2.02 allocation
$16,300
Decorative trimdefault
$2,900 new × 84% good × 2.02 allocation
$4,900
Mirrorsdefault
$300 new × 67% good × 2.02 allocation
$400
Shelvingdefault
$900 new × 84% good × 2.02 allocation
$1,500
Window coverings (16)default
$4,000 new × 60% good × 2.02 allocation
$4,800
Carpet, vinyl & laminate (33% of floors)listing
$3,500 new × 67% good × 2.02 allocation
$4,700
Kitchen & laundry equipment plumbingdefault
$7,300 new × 92% good × 2.02 allocation
$13,600
Kitchen, laundry & data equipment electricaldefault
$4,400 new × 92% good × 2.02 allocation
$8,200
Appliances (range, microwave, refrigerator, washer, dryer)listing
$6,700 new × 67% good × 2.02 allocation
$9,000
Hot tub (freestanding)listing
$9,000 new × 60% good × 2.02 allocation
$10,900
Furniture bought newlisting
$16,000 new × 100% good · bought separately
$16,000

15-year land improvements$33,300

Paving: driveway & walks (paved)default
$8,400 new × 84% good × 2.02 allocation
$14,200
Landscaping (typical)default
$8,100 new × 84% good × 2.02 allocation
$13,700
Patiosdefault
$1,600 new × 84% good × 2.02 allocation
$2,800
Decks & porches (attached)default
$1,600 new × 80% good × 2.02 allocation
$2,600

Building, 39-year$470,500

Structure: foundation, framing, walls, windows, doors, roof, interior finishesdefault
$178,300 new × 93% good × 2.02 allocation
$335,900
Building plumbing & fixturesdefault
$18,500 new × 92% good × 2.02 allocation
$34,300
Building electrical & lightingdefault
$18,100 new × 92% good × 2.02 allocation
$33,600
HVACdefault
$18,500 new × 80% good × 2.02 allocation
$29,900
Hardwood & tile floorsdefault
$7,000 new × 84% good × 2.02 allocation
$12,000
Fireplacelisting
$2,600 new × 84% good × 2.02 allocation
$4,500
Septic systemlisting
$12,000 new × 84% good × 2.02 allocation
$20,300

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	$106,300	$33,300	$1,500	$141,200
2	$0	$0	$12,100	$12,100
3	$0	$0	$12,100	$12,100
4	$0	$0	$12,100	$12,100
5	$0	$0	$12,100	$12,100
6+	$0	$0	$420,700	$420,700
Total	$106,300	$33,300	$470,500	$610,200

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.