37 Misty Mountain Overlook

Morganton, GA 30560

$689,000

3 bd · 3 ba · 2,244 sqft · Listed 25d ago

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Rental historyLow confidence

Year built

2003

Sqft

2,244

Lot sqft

61,855

HOA / mo

$21

Furnished

List date

2026-09-02T18:56:54.000000Z

Revenue

Annual revenue

$57,140

ADR

$289

Occupancy

54%

Cleaning fees (12 mo)

$15,122

Confidence

Low (46.7), 5 comps

Comp revenue range (p25 / median / p75)

$31,259$59,400$79,915

Misty Mountain Treehouse - Hot Tub, Pet Friendly
Cabin · 2 bd · 1 ba · sleeps 4 · 0.2 mi
Revenue $31,259ADR $214Occ ≈ 40%4.3★ (41)
Airbnb Vrbo Booking
Lake Cabin Sleeps 8: Kayak, Fireplace, Views, Deck
Cabin · 3 bd · 3.5 ba · sleeps 8 · 0.2 mi
Revenue $59,400ADR $261Occ ≈ 62%4.8★ (33)
Airbnb Vrbo Booking
Lake Blue Ridge. National Forest, hiking, lake
House · 3 bd · 2 ba · sleeps 7 · 0.2 mi
Revenue $79,915ADR $370Occ ≈ 59%4.9★ (74)
Airbnb Vrbo
Hideaway on the Hook - Cozy Lakefront Cabin
Cabin · 4 bd · 2 ba · sleeps 9 · 0.7 mi
Revenue $25,284ADR $384Occ ≈ 18%—
Airbnb Vrbo
Classic Lake Blue Ridge Cabin | Rustic and Elegant
Cabin · 3 bd · 2 ba · sleeps 8 · 0.8 mi
Revenue $99,143ADR $446Occ ≈ 61%5★ (120)
Airbnb Vrbo

Listing	Size	Revenue (12 mo)	ADR	Occ ≈	Rating	Distance	Links
Misty Mountain Treehouse - Hot Tub, Pet Friendly Cabin	2 bd · 1 ba · sleeps 4	$31,259	$214	40%	4.3★ (41)	0.2 mi	Airbnb Vrbo Booking
Lake Cabin Sleeps 8: Kayak, Fireplace, Views, Deck Cabin	3 bd · 3.5 ba · sleeps 8	$59,400	$261	62%	4.8★ (33)	0.2 mi	Airbnb Vrbo Booking
Lake Blue Ridge. National Forest, hiking, lake House	3 bd · 2 ba · sleeps 7	$79,915	$370	59%	4.9★ (74)	0.2 mi	Airbnb Vrbo
Hideaway on the Hook - Cozy Lakefront Cabin Cabin	4 bd · 2 ba · sleeps 9	$25,284	$384	18%	—	0.7 mi	Airbnb Vrbo
Classic Lake Blue Ridge Cabin \| Rustic and Elegant Cabin	3 bd · 2 ba · sleeps 8	$99,143	$446	61%	5★ (120)	0.8 mi	Airbnb 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

Purchase priceAlready furnishedTax bracket

Est. revenue

$57,140

NOI

$27,010

Cash flow /mo

$2,251

Cash needed

$742,060

Cash-on-cash (all cash)

3.6%

ROE (yr 1)

6.4%

Cap rate

3.9%

DSCR

—

Year-1 write-off

$133,563

Year-1 tax shield @ 32%

$42,740

Year-1 return on equity

Cash flow (annual)$27,010
Principal paydown (n/a, cash)$0
Appreciation at%$20,670

ROE6.4%

ROE incl. year-1 tax savings (32% bracket, STR loophole)12.2%

Opex, cash-needed & tax-savings breakdown

Annual operating expenses

Management (20% of revenue)$11,428
Platform fees (3% of revenue)$1,714
Maintenance / capex (5% of revenue)$2,857
Utilities & supplies$4,200
HOA$252
Property tax$2,341
Insurance (STR-rated)$7,338

Cash needed to close

Purchase price (all cash)$689,000
Closing costs (4.0%)$27,560
Furnishing (bought new)$25,500

Tax savings if the STR loophole applies

Tax shield @ 32%$42,740

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

$510,000

Short-life (5/15-yr)

$107,000 · 21%

Year-1 deduction

$134,000

Year-1 tax shield @ 32%

$43,000

Land 26% (county tax record, market value split) · building $403,000 over 39 years · new furniture $26,000

Based on: 2,244 sq ft, built 2003, 3 bd / 3 ba, unfurnished, listing features (hot tub, deck, patio, game room, fireplace, stone counters, flooring types, appliance list, septic).

IRS-guide safe-harbor floor: $86,000 in year 1 (12% short-life, $28,000 tax shield), the conservative amount following the IRS audit guide's residential classification table.

5-year property$77,500

Kitchen cabinetsdefault
$10,700 new × 40% good × 2.01 allocation
$8,600
Kitchen countertops (stone)listing
$11,000 new × 40% good × 2.01 allocation
$8,800
Decorative trimdefault
$3,900 new × 40% good × 2.01 allocation
$3,200
Mirrorsdefault
$500 new × 40% good × 2.01 allocation
$400
Shelvingdefault
$1,200 new × 40% good × 2.01 allocation
$1,000
Window coverings (22)default
$5,500 new × 40% good × 2.01 allocation
$4,400
Kitchen & laundry equipment plumbingdefault
$8,300 new × 54% good × 2.01 allocation
$9,000
Kitchen, laundry & data equipment electricaldefault
$5,000 new × 54% good × 2.01 allocation
$5,500
Appliances (microwave, dishwasher, refrigerator, dryer)listing
$4,900 new × 40% good × 2.01 allocation
$3,900
Hot tub (freestanding)listing
$9,000 new × 40% good × 2.01 allocation
$7,200
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$54,800

Paving: driveway & walks (paved)default
$9,800 new × 50% good × 2.01 allocation
$9,900
Landscaping (typical)default
$9,400 new × 50% good × 2.01 allocation
$9,500
Patioslisting
$10,100 new × 50% good × 2.01 allocation
$10,100
Decks & porches (attached)listing
$25,200 new × 50% good × 2.01 allocation
$25,300

Building, 39-year$402,800

Structure: foundation, framing, walls, windows, doors, roof, interior finishesdefault
$243,500 new × 62% good × 2.01 allocation
$301,400
Building plumbing & fixturesdefault
$25,300 new × 54% good × 2.01 allocation
$27,400
Building electrical & lightingdefault
$25,700 new × 54% good × 2.01 allocation
$27,900
HVACdefault
$25,300 new × 40% good × 2.01 allocation
$20,300
Hardwood & tile floorsdefault
$14,400 new × 40% good × 2.01 allocation
$11,600
Fireplacelisting
$2,600 new × 40% good × 2.01 allocation
$2,100
Septic systemlisting
$12,000 new × 50% good × 2.01 allocation
$12,000

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	$77,500	$54,800	$1,300	$133,600
2	$0	$0	$10,300	$10,300
3	$0	$0	$10,300	$10,300
4	$0	$0	$10,300	$10,300
5	$0	$0	$10,300	$10,300
6+	$0	$0	$360,200	$360,200
Total	$77,500	$54,800	$402,800	$535,000

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.