299 Greenfield Rd
Morganton, GA 30560
$599,000
3 bd · 2 ba · 1,636 sqft · Listed 30d ago
View on Realtor.com →Year built
2026
Sqft
1,636
Lot sqft
42,689
HOA / mo
$79
Furnished
No
List date
2026-08-28T01:31:28.000000Z
Revenue
Annual revenue
$22,787
ADR
$156
Occupancy
40%
Cleaning fees (12 mo)
$3,739
Confidence
Low (—), 4 comps
Comp revenue range (p25 / median / p75)
The perfect mountain trip
House · 3 bd · 3 ba · sleeps 6 · 0.3 mi
Revenue $16,505ADR $194Occ ≈ 23%5★ (179)
Waterfront Cabin in Blue Ridge Mountain w/ Hot tub
Cabin · 3 bd · 2 ba · sleeps 5 · 0.4 mi
Revenue $32,228ADR $239Occ ≈ 37%5★ (48)
| Listing | Size | Revenue (12 mo) | ADR | Occ ≈ | Rating | Distance | Links |
|---|---|---|---|---|---|---|---|
The perfect mountain trip House | 3 bd · 3 ba · sleeps 6 | $16,505 | $194 | 23% | 5★ (179) | 0.3 mi | Vrbo |
Waterfront Cabin in Blue Ridge Mountain w/ Hot tub Cabin | 3 bd · 2 ba · sleeps 5 | $32,228 | $239 | 37% | 5★ (48) | 0.4 mi | Airbnb |
Cozy Blue Ridge Tiny Home-Views, Patio & Fire Pit Tiny house | 3 bd · 1 ba · sleeps 6 | $20,468 | $184 | 30% | 5★ (65) | 0.7 mi | AirbnbVrbo |
Blue Ridge Tiny Home | Gated Community Near Lake Tiny house | 3 bd · 1 ba · sleeps 6 | $22,182 | $145 | 42% | 4.5★ (21) | 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
$22,787
NOI
$327
Cash flow /mo
-$3,201
Cash needed
$199,210
Cash-on-cash
-19.3%
ROE (yr 1)
-8.3%
Cap rate
0.1%
DSCR
0.01
Year-1 write-off
$144,577
Year-1 tax shield @ 32%
$46,265
Year-1 return on equity
- Cash flow (annual)-$38,407
- Principal paydown$3,920
- Appreciation at%$17,970
Opex, cash-needed & tax-savings breakdown
Annual operating expenses
- Management (20% of revenue)$4,557
- Platform fees (3% of revenue)$684
- Maintenance / capex (5% of revenue)$1,139
- Utilities & supplies$4,200
- HOA$948
- Property tax$4,552
- Insurance (STR-rated)$6,379
Cash needed to close
- Down payment (25%)$149,750
- Closing costs (4.0%)$23,960
- Furnishing (bought new)$25,500
Tax savings if the STR loophole applies
- Tax shield @ 32%$46,265
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
$509,000
Short-life (5/15-yr)
$117,000 · 23%
Year-1 deduction
$145,000
Year-1 tax shield @ 32%
$46,000
Land 15% (market default, no usable tax-record split) · building $392,000 over 39 years · new furniture $26,000
Based on: 1,636 sq ft, built 2026, 3 bd / 2 ba, unfurnished, listing features (deck, game room, fireplace, flooring types, appliance list, septic).
IRS-guide safe-harbor floor: $85,000 in year 1 (11% short-life, $27,000 tax shield), the conservative amount following the IRS audit guide's residential classification table.
- $14,200
Kitchen cabinetsdefault
$9,400 new × 100% good × 1.51 allocation
- $11,600
Kitchen countertopsdefault
$7,700 new × 100% good × 1.51 allocation
- $4,300
Decorative trimdefault
$2,900 new × 100% good × 1.51 allocation
- $500
Mirrorsdefault
$300 new × 100% good × 1.51 allocation
- $1,800
Shelvingdefault
$1,200 new × 100% good × 1.51 allocation
- $6,000
Window coverings (16)default
$4,000 new × 100% good × 1.51 allocation
- $11,000
Kitchen & laundry equipment plumbingdefault
$7,300 new × 100% good × 1.51 allocation
- $6,700
Kitchen, laundry & data equipment electricaldefault
$4,400 new × 100% good × 1.51 allocation
- $5,900
Appliances (microwave, dishwasher, refrigerator)listing
$3,900 new × 100% good × 1.51 allocation
- $19,500
Furniture bought newlisting
$19,500 new × 100% good · bought separately
- $6,000
Game-room equipment bought newlisting
$6,000 new × 100% good · bought separately
- $12,700
Paving: driveway & walks (paved)default
$8,400 new × 100% good × 1.51 allocation
- $12,200
Landscaping (typical)default
$8,100 new × 100% good × 1.51 allocation
- $2,400
Patiosdefault
$1,600 new × 100% good × 1.51 allocation
- $27,800
Decks & porches (attached)listing
$18,400 new × 100% good × 1.51 allocation
- $267,500
Structure: foundation, framing, walls, windows, doors, roof, interior finishesdefault
$177,300 new × 100% good × 1.51 allocation
- $27,700
Building plumbing & fixturesdefault
$18,400 new × 100% good × 1.51 allocation
- $27,200
Building electrical & lightingdefault
$18,000 new × 100% good × 1.51 allocation
- $27,800
HVACdefault
$18,400 new × 100% good × 1.51 allocation
- $15,900
Hardwood & tile floorsdefault
$10,500 new × 100% good × 1.51 allocation
- $7,900
Fireplaces (2)listing
$5,300 new × 100% good × 1.51 allocation
- $18,100
Septic systemlisting
$12,000 new × 100% good × 1.51 allocation
About the property
Depreciation schedule: typical cost seg study
| Year | 5-yr | 15-yr | Building | Total |
|---|---|---|---|---|
| 1 | $87,400 | $55,000 | $2,100 | $144,600 |
| 2 | $0 | $0 | $10,100 | $10,100 |
| 3 | $0 | $0 | $10,100 | $10,100 |
| 4 | $0 | $0 | $10,100 | $10,100 |
| 5 | $0 | $0 | $10,100 | $10,100 |
| 6+ | $0 | $0 | $349,900 | $349,900 |
| Total | $87,400 | $55,000 | $392,200 | $534,700 |
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.