Each question maps directly to a number that drives your Year-1 bonus depreciation. Most listing agents won't have rehearsed answers — that's fine. Ask anyway, note what they say, verify in due diligence. City-specific context for Williams / Grand Canyon, AZ throughout.
The total tax assessment splits into land + improvements. A lower land ratio means more of your purchase price is depreciable structure (5-year and 15-year property under IRS §168(k)) instead of non-depreciable land. In Williams / Grand Canyon, the median land ratio is around 22% — meaning a typical Williams / Grand Canyon STR has 78¢ of every purchase dollar going to depreciable improvements. If the listing agent doesn't know the split, pull the county assessor's public records — the assessed land and improvement values are separated. This is the single most impactful number for your Year-1 bonus depreciation, more than square footage or amenity mix combined.
Fully-furnished STR sales convey furniture, art, kitchenware, and electronics as 5-year personal property under IRS §168(k) — typically 4–8% of purchase price in additional Year-1 bonus depreciation. On the median Williams / Grand Canyon STR ($492K), that's roughly $$25K in extra deduction. Get a written FF&E list in your offer with itemized values; a verbal "included with the house" doesn't survive closing. If the seller can also provide original purchase receipts for high-value items (Sub-Zero, Wolf, Sonos, Lutron systems), your CPA can use those to substantiate the cost segregation entries — especially important if the property is later selected for IRS review.
HVAC, roof, and water heater default to 39-year structural property — not bonus-eligible. But if they were recently replaced with documented cost basis, portions can be reclassified as 5-year or 15-year property. Without receipts, they stay structural. On the median Williams / Grand Canyon STR ($492K), a documented recent HVAC + roof + water-heater replacement can add roughly 1-2 percentage points to your bonus-eligible % — meaningful on the tax math. Ask for the original invoices, not just the seller's word. Receipts also help your CPA defend the cost-segregation study if the IRS ever questions the classification.
Outdoor amenities — pools, hot tubs, fire pits, pergolas, outdoor kitchens, landscaping, decks — are 15-year land improvements under IRS §168(k) and are 100% bonus-eligible in Year 1 if you can substantiate the cost basis. Permitted amenities with a clear cost basis are easier to depreciate; unpermitted work creates risk for both cost segregation and STR licensing. Pull the parcel's permit history from the Williams / Grand Canyon building/permit portal before closing. If the property has significant unpermitted outdoor work, verify with the local STR licensing authority that it won't disqualify your STR permit application after transfer.
STR permit caps and waitlists exist in many jurisdictions — a transferable STR permit is real value, often 5–15% of purchase price implied for constrained markets. A non-transferable permit means going on the waitlist after closing, which in some markets is a multi-year wait with no revenue. Verify permit transferability with the local Williams / Grand Canyon STR office directly, not just the listing agent (agents are frequently wrong on the specifics). Also request trailing 12-month gross revenue (T12) with monthly breakdown, cleaning fees separated, and booking-source split (Airbnb, VRBO, direct). This gives your CPA and your underwriter real numbers instead of "market rent estimates."
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