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Rate 7.78% = 7.03% Freddie Mac 30-yr avg (Sep 24) + 0.75% investor premium

146 Mystic Dr

146 Mystic Dr

Ellijay, GA 30540

$589,000

4 bd · 4 ba · 3,000 sqft · Listed 6d ago

View on Realtor.com →
Negative cash flow

Year built

2026

Sqft

3,000

Lot sqft

47,916

HOA / mo

None

Furnished

No

List date

2026-09-21T18:25:51.000000Z

Revenue

Annual revenue

$45,684

ADR

$271

Occupancy

46%

Cleaning fees (12 mo)

$7,905

Confidence

Low (45.9), 12 comps

Comp revenue range (p25 / median / p75)

$21,465$51,901$59,618

  • Cohutta Farms

    Farm stay · 4 bd · 3 ba · sleeps 8 · 0.5 mi

    Revenue $3,630ADR $242Occ ≈ 4%—

    Airbnb

  • Enchanted Ridge Retreat

    House · 4 bd · 3.5 ba · sleeps 10 · 1.1 mi

    Revenue $66,466ADR $300Occ ≈ 61%5★ (100)

    AirbnbVrbo

  • A Great Escape, exterior fireplace, hot tub

    Cabin · 4 bd · 3.5 ba · sleeps 8 · 1.1 mi

    Revenue $54,447ADR $353Occ ≈ 42%4.9★ (36)

    AirbnbVrboBooking

  • Special! Private 7 acres pet friendly- Flat roads!

    Cabin · 4 bd · 3 ba · sleeps 10 · 1.4 mi

    Revenue $60,353ADR $238Occ ≈ 69%4.8★ (196)

    AirbnbVrbo

  • Crescent Moon on the River

    Vacation home · 4 bd · 3 ba · sleeps 10 · 1.6 mi

    Revenue $66,020ADR $515Occ ≈ 35%—

    Booking

  • Lakeview Lodge

    Cabin · 4 bd · 3 ba · sleeps 6 · 1.7 mi

    Revenue $21,784ADR $197Occ ≈ 30%4.5★ (62)

    AirbnbVrbo

  • *NEW*Deer Hart•Family•Game Room•Wineries •Hiking

    House · 4 bd · 3 ba · sleeps 14 · 1.7 mi

    Revenue $59,031ADR $351Occ ≈ 46%5★ (19)

    AirbnbVrbo

  • Sleeps 14 | Hot Tub, Game Room & 4 King Beds

    Cabin · 4 bd · 3 ba · sleeps 14 · 1.7 mi

    Revenue $16,195ADR $323Occ ≈ 14%5★ (5)

    AirbnbVrboBooking

  • Highland Harmony

    Vacation home · 4 bd · 3 ba · sleeps 8 · 1.9 mi

    Revenue $24,533ADR $306Occ ≈ 22%—

    Booking

  • Luxury Cabin with Mountain Views Near Downtown Ellijay, GA

    House · 4 bd · 5 ba · sleeps 10 · 2.0 mi

    Revenue $59,373ADR $354Occ ≈ 46%4.8★ (17)

    Vrbo

Show all 12 comps

  • Luxury Cabin | Hot Tub | Pool | Game Room

    House · 4 bd · 3 ba · sleeps 10 · 2.0 mi

    Revenue $49,355ADR $442Occ ≈ 31%5★ (13)

    AirbnbVrbo

  • Summit Comfort- Community Pool, Air Hockey, Views!

    Cabin · 4 bd · 3 ba · sleeps 8 · 2.0 mi

    Revenue $20,507ADR $373Occ ≈ 15%5★ (3)

    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

Financing
Term

Rate 7.78% = 7.03% Freddie Mac 30-yr avg (Sep 24) + 0.75% investor premium

Est. revenue

$45,684

NOI

$21,485

Cash flow /mo

-$1,383

Cash needed

$193,810

Cash-on-cash

-8.6%

ROE (yr 1)

2.5%

Cap rate

3.6%

DSCR

0.56

Year-1 write-off

$79,575

Year-1 tax shield @ 32%

$25,464

Year-1 return on equity

  • Cash flow (annual)-$16,602
  • Principal paydown$3,854
  • Appreciation at%$17,670
ROE2.5%
ROE incl. year-1 tax savings (32% bracket, STR loophole)15.7%
Opex, cash-needed & tax-savings breakdown

Annual operating expenses

  • Management (20% of revenue)$9,137
  • Platform fees (3% of revenue)$1,371
  • Maintenance / capex (5% of revenue)$2,284
  • Utilities & supplies$4,200
  • HOA$0
  • Property tax$846
  • Insurance (STR-rated)$6,361

Cash needed to close

  • Down payment (25%)$147,250
  • Closing costs (4.0%)$23,560
  • Furnishing (bought new)$23,000

Tax savings if the STR loophole applies

  • Tax shield @ 32%$25,464

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

$352,000

Short-life (5/15-yr)

$56,000 · 16%

Year-1 deduction

$80,000

Year-1 tax shield @ 32%

$25,000

Land 40% (county tax record, market value split) · building $297,000 over 39 years · new furniture $23,000

Based on: 3,000 sq ft, built 2026, 4 bd / 4 ba, unfurnished, listing features (fireplace, flooring types, appliance list, septic).

IRS-guide safe-harbor floor: $59,000 in year 1 (10% short-life, $19,000 tax shield), the conservative amount following the IRS audit guide's residential classification table.

5-year property$60,500

  • Kitchen cabinetsdefault

    $12,400 new × 100% good × 0.64 allocation

    $7,900

  • Kitchen countertopsdefault

    $10,100 new × 100% good × 0.64 allocation

    $6,500

  • Decorative trimdefault

    $5,300 new × 100% good × 0.64 allocation

    $3,400

  • Mirrorsdefault

    $600 new × 100% good × 0.64 allocation

    $400

  • Shelvingdefault

    $1,500 new × 100% good × 0.64 allocation

    $1,000

  • Window coverings (30)default

    $7,500 new × 100% good × 0.64 allocation

    $4,800

  • Kitchen & laundry equipment plumbingdefault

    $9,600 new × 100% good × 0.64 allocation

    $6,200

  • Kitchen, laundry & data equipment electricaldefault

    $5,800 new × 100% good × 0.64 allocation

    $3,700

  • Appliances (range, microwave, dishwasher, refrigerator)listing

    $5,700 new × 100% good × 0.64 allocation

    $3,700

  • Furniture bought newlisting

    $23,000 new × 100% good · bought separately

    $23,000
15-year land improvements$18,100

  • Paving: driveway & walks (paved)default

    $11,400 new × 100% good × 0.64 allocation

    $7,300

  • Landscaping (typical)default

    $10,900 new × 100% good × 0.64 allocation

    $7,000

  • Patiosdefault

    $3,000 new × 100% good × 0.64 allocation

    $1,900

  • Decks & porches (attached)default

    $3,000 new × 100% good × 0.64 allocation

    $1,900
Building, 39-year$296,700

  • Structure: foundation, framing, walls, windows, doors, roof, interior finishesdefault

    $325,700 new × 100% good × 0.64 allocation

    $208,900

  • Building plumbing & fixturesdefault

    $33,800 new × 100% good × 0.64 allocation

    $21,700

  • Building electrical & lightingdefault

    $35,300 new × 100% good × 0.64 allocation

    $22,600

  • HVACdefault

    $33,800 new × 100% good × 0.64 allocation

    $21,700

  • Hardwood & tile floorsdefault

    $19,300 new × 100% good × 0.64 allocation

    $12,400

  • Fireplacelisting

    $2,600 new × 100% good × 0.64 allocation

    $1,700

  • Septic systemlisting

    $12,000 new × 100% good × 0.64 allocation

    $7,700

About the property

Depreciation schedule: typical cost seg study

Year5-yr15-yrBuildingTotal
1$60,500$18,100$1,000$79,600
2$0$0$7,600$7,600
3$0$0$7,600$7,600
4$0$0$7,600$7,600
5$0$0$7,600$7,600
6+$0$0$265,400$265,400
Total$60,500$18,100$296,700$375,400

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.