48 Woodleaf Rd Unit 29
Morganton, GA 30560
$679,000
3 bd · 2.5 ba · Listed 12d ago
View on Realtor.com →Year built
2026
Sqft
—
Lot sqft
97,139
HOA / mo
$0
Furnished
No
List date
2026-09-15T01:43:21.000000Z
Revenue
Annual revenue
$29,501
ADR
$235
Occupancy
34%
Cleaning fees (12 mo)
$6,229
Confidence
Med (53.06), 7 comps
Comp revenue range (p25 / median / p75)
| Listing | Size | Revenue (12 mo) | ADR | Occ ≈ | Rating | Distance | Links |
|---|---|---|---|---|---|---|---|
 Stunning Escape w/ Loft, Hot Tub + Mtn Views! Cabin | 3 bd · 3 ba · sleeps 6 | $18,494 | $390 | 13% | 5★ (45) | 0.5 mi | AirbnbVrboBooking |
 Cozy Bear Lodge Log Cabin Blue Ridge Mtns Cabin | 3 bd · 3 ba · sleeps 10 | $44,906 | $307 | 40% | 5★ (84) | 0.5 mi | AirbnbVrboBooking |
 3 Fireplaces, Mtn Views & Dog Friendly House | 3 bd · 3.5 ba · sleeps 7 | $25,267 | $353 | 20% | 4.9★ (68) | 0.6 mi | AirbnbVrboBooking |
 15% Off Summer Sale—Discount Already Applied! Cabin | 3 bd · 3 ba · sleeps 6 | $28,899 | $197 | 40% | 4.8★ (21) | 0.6 mi | AirbnbVrboBooking |
 Mountain Cabin w/ Hot Tub in Morganton, GA Cabin | 3 bd · 3 ba · sleeps 7 | $6,962 | $341 | 6% | 5★ (1) | 0.6 mi | AirbnbVrbo |
 3BR mountain view cabin with deck & fireplace Cabin | 3 bd · 2 ba · sleeps 6 | $22,788 | $201 | 31% | 4.7★ (43) | 0.7 mi | AirbnbVrboBooking |
 Mountain Hideaway | Hot Tub | Gameroom Cabin | 3 bd · 3 ba · sleeps 6 | $37,068 | $202 | 50% | 5★ (107) | 0.7 mi | 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
Rate 7.78% = 7.03% Freddie Mac 30-yr avg (Sep 24) + 0.75% investor premium
Est. revenue
$29,501
NOI
$4,649
Cash flow /mo
-$3,271
Cash needed
$216,410
Cash-on-cash
-18.1%
ROE (yr 1)
-6.7%
Cap rate
0.7%
DSCR
0.11
Year-1 write-off
$119,574
Year-1 tax shield @ 32%
$38,264
Year-1 return on equity
- Cash flow (annual)-$39,258
- Principal paydown$4,443
- Appreciation at%$20,370
Opex, cash-needed & tax-savings breakdown
Annual operating expenses
- Management (20% of revenue)$5,900
- Platform fees (3% of revenue)$885
- Maintenance / capex (5% of revenue)$1,475
- Utilities & supplies$4,200
- HOA$0
- Property tax$5,160
- Insurance (STR-rated)$7,231
Cash needed to close
- Down payment (25%)$169,750
- Closing costs (4.0%)$27,160
- Furnishing (bought new)$19,500
Tax savings if the STR loophole applies
- Tax shield @ 32%$38,264
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)
$99,000 · 17%
Year-1 deduction
$120,000
Year-1 tax shield @ 32%
$38,000
Land 15% (market default, no usable tax-record split) · building $479,000 over 39 years · new furniture $20,000
Based on: ~1,900 sq ft (from beds), built 2026, 3 bd / 2.5 ba, unfurnished, listing features (fireplace, flooring types, appliance list, septic, wooded lot).
IRS-guide safe-harbor floor: $80,000 in year 1 (10% short-life, $26,000 tax shield), the conservative amount following the IRS audit guide's residential classification table.
- $16,100
Kitchen cabinetsdefault
$10,000 new × 100% good × 1.61 allocation
- $13,100
Kitchen countertopsdefault
$8,200 new × 100% good × 1.61 allocation
- $5,400
Decorative trimdefault
$3,300 new × 100% good × 1.61 allocation
- $500
Mirrorsdefault
$300 new × 100% good × 1.61 allocation
- $1,900
Shelvingdefault
$1,200 new × 100% good × 1.61 allocation
- $7,700
Window coverings (19)default
$4,800 new × 100% good × 1.61 allocation
- $12,500
Kitchen & laundry equipment plumbingdefault
$7,800 new × 100% good × 1.61 allocation
- $7,500
Kitchen, laundry & data equipment electricaldefault
$4,700 new × 100% good × 1.61 allocation
- $6,300
Appliances (microwave, dishwasher, refrigerator)listing
$3,900 new × 100% good × 1.61 allocation
- $19,500
Furniture bought newlisting
$19,500 new × 100% good · bought separately
- $14,600
Paving: driveway & walks (paved)default
$9,000 new × 100% good × 1.61 allocation
- $7,000
Landscaping (minimal)listing
$4,300 new × 100% good × 1.61 allocation
- $3,000
Patiosdefault
$1,900 new × 100% good × 1.61 allocation
- $3,000
Decks & porches (attached)default
$1,900 new × 100% good × 1.61 allocation
- $332,000
Structure: foundation, framing, walls, windows, doors, roof, interior finishesdefault
$206,100 new × 100% good × 1.61 allocation
- $34,400
Building plumbing & fixturesdefault
$21,400 new × 100% good × 1.61 allocation
- $34,400
Building electrical & lightingdefault
$21,400 new × 100% good × 1.61 allocation
- $34,500
HVACdefault
$21,400 new × 100% good × 1.61 allocation
- $19,700
Hardwood & tile floorsdefault
$12,200 new × 100% good × 1.61 allocation
- $4,200
Fireplacelisting
$2,600 new × 100% good × 1.61 allocation
- $19,300
Septic systemlisting
$12,000 new × 100% good × 1.61 allocation
About the property
Depreciation schedule: typical cost seg study
| Year | 5-yr | 15-yr | Building | Total |
|---|---|---|---|---|
| 1 | $90,400 | $27,600 | $1,500 | $119,600 |
| 2 | $0 | $0 | $12,300 | $12,300 |
| 3 | $0 | $0 | $12,300 | $12,300 |
| 4 | $0 | $0 | $12,300 | $12,300 |
| 5 | $0 | $0 | $12,300 | $12,300 |
| 6+ | $0 | $0 | $428,000 | $428,000 |
| Total | $90,400 | $27,600 | $478,600 | $596,600 |
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.