48 Woodleaf Rd
Morganton, GA 30560
$679,000
3 bd · 2.5 ba · 2,160 sqft · Listed 12d ago
View on Realtor.com →Year built
2026
Sqft
2,160
Lot sqft
97,139
HOA / mo
None
Furnished
No
List date
2026-09-15T00:49:09.000000Z
Revenue
Annual revenue
$29,286
ADR
$287
Occupancy
28%
Cleaning fees (12 mo)
$6,670
Confidence
Low (43.96), 5 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) | 0.6 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 |
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
$29,286
NOI
$4,494
Cash flow /mo
-$3,284
Cash needed
$216,410
Cash-on-cash
-18.2%
ROE (yr 1)
-6.7%
Cap rate
0.7%
DSCR
0.10
Year-1 write-off
$122,247
Year-1 tax shield @ 32%
$39,119
Year-1 return on equity
- Cash flow (annual)-$39,413
- Principal paydown$4,443
- Appreciation at%$20,370
Opex, cash-needed & tax-savings breakdown
Annual operating expenses
- Management (20% of revenue)$5,857
- Platform fees (3% of revenue)$879
- Maintenance / capex (5% of revenue)$1,464
- 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%$39,119
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)
$101,000 · 18%
Year-1 deduction
$122,000
Year-1 tax shield @ 32%
$39,000
Land 15% (market default, no usable tax-record split) · building $476,000 over 39 years · new furniture $20,000
Based on: 2,160 sq ft, built 2026, 3 bd / 2.5 ba, unfurnished, listing features (fireplace, flooring types, appliance list, septic, wooded lot).
IRS-guide safe-harbor floor: $84,000 in year 1 (11% short-life, $27,000 tax shield), the conservative amount following the IRS audit guide's residential classification table.
- $15,100
Kitchen cabinetsdefault
$10,500 new × 100% good × 1.43 allocation
- $12,300
Kitchen countertopsdefault
$8,600 new × 100% good × 1.43 allocation
- $5,400
Decorative trimdefault
$3,800 new × 100% good × 1.43 allocation
- $400
Mirrorsdefault
$300 new × 100% good × 1.43 allocation
- $1,700
Shelvingdefault
$1,200 new × 100% good × 1.43 allocation
- $7,900
Window coverings (22)default
$5,500 new × 100% good × 1.43 allocation
- $5,000
Carpet, vinyl & laminate (25% of floors)listing
$3,500 new × 100% good × 1.43 allocation
- $11,700
Kitchen & laundry equipment plumbingdefault
$8,200 new × 100% good × 1.43 allocation
- $7,100
Kitchen, laundry & data equipment electricaldefault
$5,000 new × 100% good × 1.43 allocation
- $8,100
Appliances (range, microwave, dishwasher, refrigerator)listing
$5,700 new × 100% good × 1.43 allocation
- $19,500
Furniture bought newlisting
$19,500 new × 100% good · bought separately
- $13,800
Paving: driveway & walks (paved)default
$9,600 new × 100% good × 1.43 allocation
- $6,600
Landscaping (minimal)listing
$4,600 new × 100% good × 1.43 allocation
- $3,000
Patiosdefault
$2,100 new × 100% good × 1.43 allocation
- $3,000
Decks & porches (attached)default
$2,100 new × 100% good × 1.43 allocation
- $335,300
Structure: foundation, framing, walls, windows, doors, roof, interior finishesdefault
$234,500 new × 100% good × 1.43 allocation
- $34,800
Building plumbing & fixturesdefault
$24,300 new × 100% good × 1.43 allocation
- $35,200
Building electrical & lightingdefault
$24,700 new × 100% good × 1.43 allocation
- $34,800
HVACdefault
$24,300 new × 100% good × 1.43 allocation
- $14,900
Hardwood & tile floorsdefault
$10,400 new × 100% good × 1.43 allocation
- $3,800
Fireplacelisting
$2,600 new × 100% good × 1.43 allocation
- $17,200
Septic systemlisting
$12,000 new × 100% good × 1.43 allocation
About the property
Depreciation schedule: typical cost seg study
| Year | 5-yr | 15-yr | Building | Total |
|---|---|---|---|---|
| 1 | $94,200 | $26,500 | $1,500 | $122,200 |
| 2 | $0 | $0 | $12,200 | $12,200 |
| 3 | $0 | $0 | $12,200 | $12,200 |
| 4 | $0 | $0 | $12,200 | $12,200 |
| 5 | $0 | $0 | $12,200 | $12,200 |
| 6+ | $0 | $0 | $425,600 | $425,600 |
| Total | $94,200 | $26,500 | $475,900 | $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.