178 Spalding Cir
Ellijay, GA 30540
$419,900
3 bd · 2 ba · Listed 16d ago
View on Realtor.com →Year built
2026
Sqft
—
Lot sqft
23,958
HOA / mo
None
Furnished
No
List date
2026-09-11T15:29:54.000000Z
Revenue
Annual revenue
$36,680
ADR
$221
Occupancy
45%
Cleaning fees (12 mo)
$7,301
Confidence
Low (42.49), 39 comps
Comp revenue range (p25 / median / p75)
3BR Dog Friendly | Pool | Fireplace | Deck
Cabin · 3 bd · 2.5 ba · sleeps 9 · 0.1 mi
Revenue $5,974ADR $273Occ ≈ 6%4.3★ (15)
Hardwood Hideaway
Vacation home · 3 bd · 2 ba · sleeps 7 · 0.3 mi
Revenue $33,118ADR $181Occ ≈ 50%4★ (1)
Mtn Retreat w/ fire pit & games
Cabin · 3 bd · 2 ba · sleeps 6 · 0.3 mi
Revenue $24,019ADR $185Occ ≈ 36%5★ (26)
| Listing | Size | Revenue (12 mo) | ADR | Occ ≈ | Rating | Distance | Links |
|---|---|---|---|---|---|---|---|
Dreamy Ellijay Resort Cabin w/ Game Room & Decks! Cabin | 3 bd · 3 ba · sleeps 8 | $20,608 | $207 | 27% | 4.8★ (80) | 348 ft | AirbnbVrboBooking |
3BR Dog Friendly | Pool | Fireplace | Deck Cabin | 3 bd · 2.5 ba · sleeps 9 | $5,974 | $273 | 6% | 4.3★ (15) | 0.1 mi | Airbnb |
Ellijay 3 BR in Resort w/ Hot Tub,Fire Pit, Decks Cabin | 3 bd · 2 ba · sleeps 6 | $7,048 | $274 | 7% | 4.8★ (29) | 0.2 mi | AirbnbVrboBooking |
Star Seasons Retreat| Breathe Relax Enjoy House | 3 bd · 2.5 ba · sleeps 9 | $20,395 | $166 | 34% | 4.2★ (8) | 0.2 mi | AirbnbVrboBooking |
Hillside Hideaway Cabin | 3 bd · 3 ba · sleeps 10 | $41,779 | $334 | 34% | 5★ (5) | 0.2 mi | AirbnbVrbo |
3 BR home with pool table and hot tub Cabin | 3 bd · 3 ba · sleeps 6 | $7,741 | $316 | 7% | 3.6★ (3) | 0.3 mi | AirbnbVrboBooking |
Hardwood Hideaway Vacation home | 3 bd · 2 ba · sleeps 7 | $33,118 | $181 | 50% | 4★ (1) | 0.3 mi | Booking |
Pet-Friendly Ellijay Cabin: Resort Perks + Hot Tub Cabin | 3 bd · 2 ba · sleeps 6 | $30,153 | $0 | — | 4.9★ (26) | 0.3 mi | AirbnbVrboBooking |
Mtn Retreat w/ fire pit & games Cabin | 3 bd · 2 ba · sleeps 6 | $24,019 | $185 | 36% | 5★ (26) | 0.3 mi | Airbnb |
Game Room + Hot Tub + Deck Slide + Deer + Sleeps 8 Cabin | 3 bd · 3 ba · sleeps 8 | $44,513 | $234 | 52% | 5★ (172) | 0.4 mi | AirbnbVrbo |
Show all 39 comps
A-Frame Creekside Retreat by EdgeWoods
Cabin · 3 bd · 2 ba · sleeps 8 · 0.4 mi
Revenue $6,003ADR $172Occ ≈ 10%5★ (4)
Rustic Sanctuary Cabin/3BR/2B
Cabin · 3 bd · 2 ba · sleeps 6 · 0.5 mi
Revenue $19,011ADR $205Occ ≈ 25%5★ (59)
Secluded Roaring River Escape w/Amazing Amenities!
Cabin · 3 bd · 3 ba · sleeps 7 · 0.6 mi
Revenue $41,563ADR $235Occ ≈ 48%4.8★ (393)
NEW BUILD River view/access, Pool table, Hot Tub
Cabin · 3 bd · 3 ba · sleeps 10 · 0.7 mi
Revenue $55,281ADR $445Occ ≈ 34%5★ (14)
| Listing | Size | Revenue (12 mo) | ADR | Occ ≈ | Rating | Distance | Links |
|---|---|---|---|---|---|---|---|
Creekside Ellijay - Kid Friendly Escape Cabin | 3 bd · 3 ba · sleeps 9 | $72,327 | $326 | 61% | 5★ (37) | 0.4 mi | AirbnbVrbo |
Creekside Cabin | Zipline, Games, Near Apple Farms Cabin | 3 bd · 3 ba · sleeps 10 | $81,478 | $324 | 69% | 5★ (63) | 0.4 mi | AirbnbVrboBooking |
Modern Luxurious Mountain cabin w/resort amenities Cabin | 3 bd · 2 ba · sleeps 7 | $32,642 | $176 | 51% | 4.8★ (78) | 0.4 mi | AirbnbVrboBooking |
LOVE DOGSNoFee/FencedYard|HotTub|FirePit|GameRoom Cabin | 3 bd · 3 ba · sleeps 8 | $46,970 | $326 | 39% | 5★ (24) | 0.4 mi | AirbnbVrbo |
A-Frame Creekside Retreat by EdgeWoods Cabin | 3 bd · 2 ba · sleeps 8 | $6,003 | $172 | 10% | 5★ (4) | 0.4 mi | Airbnb |
Rustic Sanctuary Cabin/3BR/2B Cabin | 3 bd · 2 ba · sleeps 6 | $19,011 | $205 | 25% | 5★ (59) | 0.5 mi | Airbnb |
Secluded Cabin-Pool access/7Beds Cabin | 3 bd · 3 ba · sleeps 9 | $48,273 | $216 | 61% | 4.8★ (156) | 0.5 mi | AirbnbVrbo |
River of Dreams - Secluded River Cabin Cabin | 3 bd · 2.5 ba · sleeps 6 | $33,424 | $348 | 26% | 4.8★ (67) | 0.5 mi | AirbnbVrboBooking |
5-Star Cabin w/Hot Tub, Game Room, & Resort Perks! Cabin | 3 bd · 2.5 ba · sleeps 6 | $55,560 | $261 | 58% | 5★ (181) | 0.5 mi | AirbnbVrboBooking |
River Daze - A Beautiful River Front Brick House O Cabin | 3 bd · 2.5 ba · sleeps 10 | $23,549 | $357 | 18% | 4.7★ (77) | 0.5 mi | AirbnbVrboBooking |
Ellijay Luxe Cabin | Hot Tub~Sauna~Cold Plunge Cabin | 3 bd · 3 ba · sleeps 7 | $21,604 | $216 | 27% | 5★ (15) | 0.5 mi | AirbnbVrbo |
Deer Haven Cottage I Long Range Mountain View Cabin | 3 bd · 2 ba · sleeps 6 | $18,670 | $259 | 20% | 4.8★ (15) | 0.6 mi | AirbnbVrbo |
Modern Ellijay Cabin Rental w/ Outdoor Fireplace Cabin | 3 bd · 2 ba · sleeps 6 | $19,762 | $168 | 32% | 5★ (47) | 0.6 mi | AirbnbVrboBooking |
Cozy Ellijay Mountain Cabin • Hot Tub & Fireplace Cabin | 3 bd · 3 ba · sleeps 8 | $51,542 | $236 | 60% | 5★ (87) | 0.6 mi | AirbnbVrbo |
Sauna • Hot Tub • Cold Plunge | Luxe Cabin Cabin | 3 bd · 3 ba · sleeps 7 | $34,887 | $287 | 33% | 5★ (19) | 0.6 mi | AirbnbVrbo |
Ellijay Luxe Cabin | Hot Tub~Sauna~Cold Plunge Cabin | 3 bd · 3 ba · sleeps 7 | $5,955 | $258 | 6% | 5★ (2) | 0.6 mi | AirbnbVrbo |
River’s Echo - Riverfront Cabin in Ellijay Cabin | 3 bd · 3 ba · sleeps 6 | $71,765 | $299 | 66% | 5★ (330) | 0.6 mi | AirbnbVrbo |
Modern rustic cabin~ Hot Tub~ Pet Friendly House | 3 bd · 3 ba · sleeps 8 | $7,289 | $235 | 8% | 5★ (4) | 0.6 mi | AirbnbVrbo |
Rapid Retreat-Coosawattee Cabin | 3 bd · 3 ba · sleeps 8 | $66,832 | $286 | 64% | 4.8★ (90) | 0.6 mi | AirbnbVrboBooking |
Rapids’ Echo - Riverfront Cabin in Ellijay Cabin | 3 bd · 3 ba · sleeps 8 | $70,888 | $296 | 66% | 5★ (290) | 0.6 mi | AirbnbVrbo |
Secluded Roaring River Escape w/Amazing Amenities! Cabin | 3 bd · 3 ba · sleeps 7 | $41,563 | $235 | 48% | 4.8★ (393) | 0.6 mi | Airbnb |
Shady River Retreat House | 3 bd · 3 ba · sleeps 6 | $34,514 | $203 | 47% | 4.9★ (211) | 0.7 mi | AirbnbVrbo |
Edgewater ideal for large group, river, basketball Cabin | 3 bd · 3 ba · sleeps 14 | $48,775 | $708 | 19% | 4.8★ (49) | 0.7 mi | AirbnbVrboBooking |
Fireside Cabin with Friendly Deer Cabin | 3 bd · 3 ba · sleeps 10 | $48,391 | $244 | 54% | 5★ (181) | 0.7 mi | AirbnbVrboBooking |
Mountain Creek Lodge- Lovely Custom Cabin, Hot Tub Cabin | 3 bd · 3 ba · sleeps 6 | $39,630 | $280 | 39% | 4.5★ (33) | 0.7 mi | AirbnbVrboBooking |
Creekfront Cabin with Waterfall, Hot Tub, Fire Pit House | 3 bd · 2 ba · sleeps 6 | $41,373 | $223 | 51% | 5★ (130) | 0.7 mi | AirbnbVrbo |
NEW BUILD River view/access, Pool table, Hot Tub Cabin | 3 bd · 3 ba · sleeps 10 | $55,281 | $445 | 34% | 5★ (14) | 0.7 mi | Airbnb |
Deer Dreaming Cabin on the Coosawattee River Cabin | 3 bd · 3 ba · sleeps 6 | $55,121 | $232 | 65% | 5★ (102) | 0.7 mi | AirbnbVrbo |
Luxury River Cabin/pool table/ lit b-ball/ p. pong Cabin | 3 bd · 3 ba · sleeps 14 | $79,315 | $667 | 33% | 4.8★ (70) | 0.8 mi | AirbnbVrboBooking |
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
$36,680
NOI
$17,567
Cash flow /mo
-$799
Cash needed
$141,271
Cash-on-cash
-6.8%
ROE (yr 1)
4.1%
Cap rate
4.2%
DSCR
0.65
Year-1 write-off
$91,817
Year-1 tax shield @ 32%
$29,382
Year-1 return on equity
- Cash flow (annual)-$9,586
- Principal paydown$2,748
- Appreciation at%$12,597
Opex, cash-needed & tax-savings breakdown
Annual operating expenses
- Management (20% of revenue)$7,336
- Platform fees (3% of revenue)$1,100
- Maintenance / capex (5% of revenue)$1,834
- Utilities & supplies$4,200
- HOA$0
- Property tax$108
- Insurance (STR-rated)$4,535
Cash needed to close
- Down payment (25%)$104,975
- Closing costs (4.0%)$16,796
- Furnishing (bought new)$19,500
Tax savings if the STR loophole applies
- Tax shield @ 32%$29,382
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
$357,000
Short-life (5/15-yr)
$71,000 · 20%
Year-1 deduction
$92,000
Year-1 tax shield @ 32%
$29,000
Land 15% (market default, no usable tax-record split) · building $286,000 over 39 years · new furniture $20,000
Based on: ~1,900 sq ft (from beds), built 2026, 3 bd / 2 ba, unfurnished, listing features (fireplace, flooring types, appliance list, septic).
IRS-guide safe-harbor floor: $68,000 in year 1 (13% short-life, $22,000 tax shield), the conservative amount following the IRS audit guide's residential classification table.
- $9,700
Kitchen cabinetsdefault
$10,000 new × 100% good × 0.97 allocation
- $7,900
Kitchen countertopsdefault
$8,200 new × 100% good × 0.97 allocation
- $3,200
Decorative trimdefault
$3,300 new × 100% good × 0.97 allocation
- $300
Mirrorsdefault
$300 new × 100% good × 0.97 allocation
- $1,200
Shelvingdefault
$1,200 new × 100% good × 0.97 allocation
- $4,600
Window coverings (19)default
$4,800 new × 100% good × 0.97 allocation
- $5,900
Carpet, vinyl & laminate (50% of floors)listing
$6,100 new × 100% good × 0.97 allocation
- $7,500
Kitchen & laundry equipment plumbingdefault
$7,800 new × 100% good × 0.97 allocation
- $4,600
Kitchen, laundry & data equipment electricaldefault
$4,700 new × 100% good × 0.97 allocation
- $5,500
Appliances (range, microwave, dishwasher, refrigerator)listing
$5,700 new × 100% good × 0.97 allocation
- $19,500
Furniture bought newlisting
$19,500 new × 100% good · bought separately
- $8,800
Paving: driveway & walks (paved)default
$9,000 new × 100% good × 0.97 allocation
- $8,500
Landscaping (typical)default
$8,700 new × 100% good × 0.97 allocation
- $1,800
Patiosdefault
$1,900 new × 100% good × 0.97 allocation
- $1,800
Decks & porches (attached)default
$1,900 new × 100% good × 0.97 allocation
- $200,400
Structure: foundation, framing, walls, windows, doors, roof, interior finishesdefault
$206,100 new × 100% good × 0.97 allocation
- $20,800
Building plumbing & fixturesdefault
$21,400 new × 100% good × 0.97 allocation
- $20,800
Building electrical & lightingdefault
$21,400 new × 100% good × 0.97 allocation
- $20,800
HVACdefault
$21,400 new × 100% good × 0.97 allocation
- $5,900
Hardwood & tile floorsdefault
$6,100 new × 100% good × 0.97 allocation
- $5,100
Fireplaces (2)listing
$5,300 new × 100% good × 0.97 allocation
- $11,700
Septic systemlisting
$12,000 new × 100% good × 0.97 allocation
About the property
Depreciation schedule: typical cost seg study
| Year | 5-yr | 15-yr | Building | Total |
|---|---|---|---|---|
| 1 | $70,000 | $20,900 | $900 | $91,800 |
| 2 | $0 | $0 | $7,300 | $7,300 |
| 3 | $0 | $0 | $7,300 | $7,300 |
| 4 | $0 | $0 | $7,300 | $7,300 |
| 5 | $0 | $0 | $7,300 | $7,300 |
| 6+ | $0 | $0 | $255,300 | $255,300 |
| Total | $70,000 | $20,900 | $285,500 | $376,400 |
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.