35 Wunder Bear Ridge Rd
Morganton, GA 30560
$645,900
3 bd · 3 ba · 2,152 sqft · Listed 1d ago
View on Realtor.com →Year built
2004
Sqft
2,152
Lot sqft
67,518
HOA / mo
None
Furnished
Yes
List date
2026-09-26T18:57:14.000000Z
Revenue
Annual revenue
$40,984
ADR
$253
Occupancy
44%
Cleaning fees (12 mo)
$8,184
Confidence
Low (35.68), 12 comps
Comp revenue range (p25 / median / p75)
| Listing | Size | Revenue (12 mo) | ADR | Occ ≈ | Rating | Distance | Links |
|---|---|---|---|---|---|---|---|
 Altitude Adjustment Amazing Mt View, Hot Tub Cabin | 3 bd · 3 ba · sleeps 6 | $58,548 | $258 | 62% | 4.9★ (17) | 420 ft | AirbnbVrboBooking |
 Fantastic Blue Ridge Area Views-Lily''s Lookout Cabin | 3 bd · 3 ba · sleeps 8 | $2,496 | $309 | 2% | 5★ (65) | 0.2 mi | AirbnbVrbo |
 Serene lake access/view 3 story all wood cabin. Cabin | 3 bd · 3.5 ba · sleeps 10 | $23,512 | $323 | 20% | 4.9★ (38) | 0.2 mi | AirbnbVrbo |
 Honey Hill - Gorgeous views, pool table + more! Cabin | 3 bd · 3 ba · sleeps 6 | $46,374 | $331 | 38% | 4.8★ (33) | 0.3 mi | AirbnbVrboBooking |
 Eagle Sky- Fenced Yard, Mountain View, Hot Tub Cabin | 3 bd · 3 ba · sleeps 6 | $60,453 | $329 | 50% | 4.8★ (16) | 0.3 mi | AirbnbVrboBooking |
 Hawksnest Vacation home | 3 bd · 3 ba · sleeps 8 | $25,860 | $318 | 22% | — | 0.3 mi | Booking |
 Blairsville, Blue Ridge, Hot Tub, Pet Friendly Cabin | 3 bd · 3 ba · sleeps 8 | $24,006 | $268 | 25% | 4.8★ (15) | 0.3 mi | AirbnbVrboBooking |
 Hawksnest- Mtn Views, Outdoor Fireplace, Hot Tub Cabin | 3 bd · 3 ba · sleeps 8 | $35,705 | $368 | 27% | 5★ (2) | 0.4 mi | AirbnbVrbo |
 Soaring Views - Hot Tub, Game Room, WiFi, Fire Pit Cabin | 3 bd · 3 ba · sleeps 10 | $21,176 | $300 | 19% | 5★ (15) | 0.4 mi | AirbnbVrboBooking |
 Blue Ridge Bliss! Hiking Trail, Hot Tub, Game Rm! Cabin | 3 bd · 3 ba · sleeps 8 | $64,469 | $274 | 64% | 5★ (222) | 0.5 mi | AirbnbVrbo |
Show all 12 comps
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
$40,984
NOI
$13,521
Cash flow /mo
-$2,354
Cash needed
$187,311
Cash-on-cash
-15.1%
ROE (yr 1)
-2.5%
Cap rate
2.1%
DSCR
0.32
Year-1 write-off
$115,947
Year-1 tax shield @ 32%
$37,103
Year-1 return on equity
- Cash flow (annual)-$28,246
- Principal paydown$4,227
- Appreciation at%$19,377
Opex, cash-needed & tax-savings breakdown
Annual operating expenses
- Management (20% of revenue)$8,197
- Platform fees (3% of revenue)$1,230
- Maintenance / capex (5% of revenue)$2,049
- Utilities & supplies$4,200
- HOA$0
- Property tax$4,909
- Insurance (STR-rated)$6,879
Cash needed to close
- Down payment (25%)$161,475
- Closing costs (4.0%)$25,836
- Furnishing (conveyed with the sale)$0
Tax savings if the STR loophole applies
- Tax shield @ 32%$37,103
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
$550,000
Short-life (5/15-yr)
$115,000 · 21%
Year-1 deduction
$116,000
Year-1 tax shield @ 32%
$37,000
Land 15% (market default, no usable tax-record split) · building $436,000 over 39 years
Based on: 2,152 sq ft, built 2004, 3 bd / 3 ba, furnished, listing features (hot tub, deck, fireplace, flooring types, appliance list, septic).
IRS-guide safe-harbor floor: $68,000 in year 1 (12% short-life, $22,000 tax shield), the conservative amount following the IRS audit guide's residential classification table.
- $9,200
Kitchen cabinetsdefault
$10,500 new × 40% good × 2.19 allocation
- $7,600
Kitchen countertopsdefault
$8,600 new × 40% good × 2.19 allocation
- $3,300
Decorative trimdefault
$3,800 new × 40% good × 2.19 allocation
- $400
Mirrorsdefault
$500 new × 40% good × 2.19 allocation
- $1,100
Shelvingdefault
$1,200 new × 40% good × 2.19 allocation
- $4,800
Window coverings (22)default
$5,500 new × 40% good × 2.19 allocation
- $10,100
Kitchen & laundry equipment plumbingdefault
$8,200 new × 56% good × 2.19 allocation
- $6,100
Kitchen, laundry & data equipment electricaldefault
$4,900 new × 56% good × 2.19 allocation
- $6,800
Appliances (range, microwave, dishwasher, refrigerator, washer, dryer)listing
$7,700 new × 40% good × 2.19 allocation
- $7,900
Hot tub (freestanding)listing
$9,000 new × 40% good × 2.19 allocation
- $7,800
Furniture conveyed with the sale (used)listing
$19,500 new × 40% good · out of the price
- $10,600
Paving: driveway & walks (paved)default
$9,600 new × 50% good × 2.19 allocation
- $10,200
Landscaping (typical)default
$9,300 new × 50% good × 2.19 allocation
- $2,300
Patiosdefault
$2,100 new × 50% good × 2.19 allocation
- $26,600
Decks & porches (attached)listing
$24,200 new × 50% good × 2.19 allocation
- $324,500
Structure: foundation, framing, walls, windows, doors, roof, interior finishesdefault
$233,500 new × 63% good × 2.19 allocation
- $29,800
Building plumbing & fixturesdefault
$24,200 new × 56% good × 2.19 allocation
- $30,200
Building electrical & lightingdefault
$24,600 new × 56% good × 2.19 allocation
- $21,300
HVACdefault
$24,200 new × 40% good × 2.19 allocation
- $12,200
Hardwood & tile floorsdefault
$13,800 new × 40% good × 2.19 allocation
- $4,600
Fireplaces (2)listing
$5,300 new × 40% good × 2.19 allocation
- $13,200
Septic systemlisting
$12,000 new × 50% good × 2.19 allocation
About the property
Depreciation schedule: typical cost seg study
| Year | 5-yr | 15-yr | Building | Total |
|---|---|---|---|---|
| 1 | $65,000 | $49,600 | $1,400 | $115,900 |
| 2 | $0 | $0 | $11,200 | $11,200 |
| 3 | $0 | $0 | $11,200 | $11,200 |
| 4 | $0 | $0 | $11,200 | $11,200 |
| 5 | $0 | $0 | $11,200 | $11,200 |
| 6+ | $0 | $0 | $389,600 | $389,600 |
| Total | $65,000 | $49,600 | $435,600 | $550,200 |
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.