STR Yield
← Back to deals
MortgageCash

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

2703 Highway 382W

2703 Highway 382W

Ellijay, GA 30540

$679,000

3 bd · 2 ba · 2,276 sqft · Listed 24d ago

View on Realtor.com →
Low confidenceEst. land %Negative cash flow

Year built

2016

Sqft

2,276

Lot sqft

130,680

HOA / mo

$0

Furnished

No

List date

2026-09-03T14:09:03.000000Z

Revenue

Annual revenue

$44,632

ADR

$223

Occupancy

55%

Cleaning fees (12 mo)

$6,531

Confidence

Med (58.14), 7 comps

Comp revenue range (p25 / median / p75)

$37,709$53,719$61,214

  • Golf, hot tub, pets, arcade, mountain, relaxation!

    House · 3 bd · 3 ba · sleeps 6 · 374 ft

    Revenue $37,131ADR $204Occ ≈ 50%4.6★ (17)

    Airbnb

  • Heart of Ellijay | Dining| Shops | Hikes| Wineries

    Cottage · 3 bd · 3 ba · sleeps 6 · 0.1 mi

    Revenue $55,028ADR $243Occ ≈ 62%5★ (183)

    AirbnbVrbo

  • Mountainview Lake Retreat

    Vacation home · 3 bd · 2 ba · sleeps 6 · 0.1 mi

    Revenue $14,337ADR $276Occ ≈ 14%4.8★ (2)

    Booking

  • BumbleBeeCottage historicEllijay

    House · 3 bd · 2 ba · sleeps 6 · 0.3 mi

    Revenue $74,028ADR $347Occ ≈ 58%—

    AirbnbVrbo

  • Cabin in Ellijay w/ Hot Tub & Fire Pit

    Cabin · 3 bd · 2 ba · sleeps 6 · 0.4 mi

    Revenue $38,287ADR $283Occ ≈ 37%4.8★ (7)

    AirbnbVrboBooking

  • AJ's Lake House w/ kayaks and a custom fire pit

    Cabin · 3 bd · 2 ba · sleeps 6 · 0.5 mi

    Revenue $53,719ADR $308Occ ≈ 48%4.8★ (15)

    Airbnb

  • Riverfront Modern Cabin/hot tub, 1 min to Ellijay

    Cabin · 3 bd · 2.5 ba · sleeps 7 · 0.6 mi

    Revenue $67,399ADR $482Occ ≈ 38%5★ (86)

    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

$44,632

NOI

$19,738

Cash flow /mo

-$2,014

Cash needed

$222,410

Cash-on-cash

-10.9%

ROE (yr 1)

0.3%

Cap rate

2.9%

DSCR

0.45

Year-1 write-off

$109,808

Year-1 tax shield @ 32%

$35,139

Year-1 return on equity

  • Cash flow (annual)-$24,169
  • Principal paydown$4,443
  • Appreciation at%$20,370
ROE0.3%
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)$8,926
  • Platform fees (3% of revenue)$1,339
  • Maintenance / capex (5% of revenue)$2,232
  • Utilities & supplies$4,200
  • HOA$0
  • Property tax$864
  • Insurance (STR-rated)$7,333

Cash needed to close

  • Down payment (25%)$169,750
  • Closing costs (4.0%)$27,160
  • Furnishing (bought new)$25,500

Tax savings if the STR loophole applies

  • Tax shield @ 32%$35,139

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

$577,000

Short-life (5/15-yr)

$83,000 · 14%

Year-1 deduction

$110,000

Year-1 tax shield @ 32%

$35,000

Land 15% (market default, no usable tax-record split) · building $494,000 over 39 years · new furniture $26,000

Based on: 2,276 sq ft, built 2016, 3 bd / 2 ba, unfurnished, listing features (fence, game room, fireplace, stone counters, flooring types, appliance list, septic, wooded lot).

IRS-guide safe-harbor floor: $79,000 in year 1 (9% short-life, $25,000 tax shield), the conservative amount following the IRS audit guide's residential classification table.

5-year property$83,000

  • Kitchen cabinetsdefault

    $10,800 new × 60% good × 1.77 allocation

    $11,500

  • Kitchen countertops (stone)listing

    $11,000 new × 60% good × 1.77 allocation

    $11,700

  • Decorative trimdefault

    $4,000 new × 60% good × 1.77 allocation

    $4,200

  • Mirrorsdefault

    $300 new × 40% good × 1.77 allocation

    $200

  • Shelvingdefault

    $1,200 new × 60% good × 1.77 allocation

    $1,300

  • Window coverings (23)default

    $5,800 new × 40% good × 1.77 allocation

    $4,100

  • Kitchen & laundry equipment plumbingdefault

    $8,400 new × 80% good × 1.77 allocation

    $11,900

  • Kitchen, laundry & data equipment electricaldefault

    $5,100 new × 80% good × 1.77 allocation

    $7,200

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

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

    $5,500

  • Furniture bought newlisting

    $19,500 new × 100% good · bought separately

    $19,500

  • Game-room equipment bought newlisting

    $6,000 new × 100% good · bought separately

    $6,000
15-year land improvements$25,200

  • Paving: driveway & walks (paved)listing

    $9,900 new × 60% good × 1.77 allocation

    $10,500

  • Landscaping (minimal)listing

    $4,800 new × 60% good × 1.77 allocation

    $5,100

  • Patiosdefault

    $2,200 new × 60% good × 1.77 allocation

    $2,400

  • Decks & porches (attached)default

    $2,200 new × 50% good × 1.77 allocation

    $2,000

  • Fencinglisting

    $6,000 new × 50% good × 1.77 allocation

    $5,300
Building, 39-year$494,400

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

    $247,200 new × 83% good × 1.77 allocation

    $364,600

  • Building plumbing & fixturesdefault

    $25,600 new × 80% good × 1.77 allocation

    $36,300

  • Building electrical & lightingdefault

    $26,100 new × 80% good × 1.77 allocation

    $37,000

  • HVACdefault

    $25,600 new × 50% good × 1.77 allocation

    $22,700

  • Hardwood & tile floorsdefault

    $14,600 new × 60% good × 1.77 allocation

    $15,600

  • Fireplaces (2)listing

    $5,300 new × 60% good × 1.77 allocation

    $5,600

  • Septic systemlisting

    $12,000 new × 60% good × 1.77 allocation

    $12,700

About the property

Depreciation schedule: typical cost seg study

Year5-yr15-yrBuildingTotal
1$83,000$25,200$1,600$109,800
2$0$0$12,700$12,700
3$0$0$12,700$12,700
4$0$0$12,700$12,700
5$0$0$12,700$12,700
6+$0$0$442,100$442,100
Total$83,000$25,200$494,400$602,600

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.