449 Lucerne Way
Gatlinburg, TN 37738
$899,900
3 bd · 2.5 ba · 3,600 sqft · Listed 1d ago
View on Realtor.com →Year built
1997
Sqft
3,600
Lot sqft
27,443
HOA / mo
$121
Furnished
No
List date
2026-10-22T16:15:56.000000Z
Revenue
Annual revenue
$63,380
ADR
$286
Occupancy
61%
Cleaning fees (12 mo)
$11,004
Confidence
Low (43.76), 49 comps
Comp revenue range (p25 / median / p75)
Median revenue of shown comps: $53,160
Resting Bears | Views, Fireplace, Pool, Hot Tub!
Cabin · 3 bd · 3 ba · sleeps 8 · 351 ft
Revenue $26,815ADR $2,538Occ ≈ 3%4.8★ (16)
Delisted
Find Your Bear-ings
Vacation home · 3 bd · 2 ba · sleeps 8 · 0.1 mi
Revenue $127,923ADR $460Occ ≈ 76%—
3 Bed Duplex on Golf Course
Condominium (condo) · 3 bd · 2.5 ba · sleeps 8 · 0.2 mi
Revenue $22,495ADR $121Occ ≈ 51%4.8★ (58)
| Listing | Size | Revenue (12 mo) | ADR | Occ ≈ | Rating | Distance | Links |
|---|---|---|---|---|---|---|---|
Breathtaking Mountain Views Cabin
| 3 bd · 2 ba · sleeps 8 | $50,059 | $249 | 55% | 4.8★ (165) | 279 ft | AirbnbVrbo |
Resting Bears | Views, Fireplace, Pool, Hot Tub! Cabin | 3 bd · 3 ba · sleeps 8 | $26,815 | $2,538 | 3% | 4.8★ (16) | 351 ft | Delisted |
Unobstructed Mtn View|Dual Suite|Hot Tub|Game Room Cabin
| 3 bd · 2.5 ba · sleeps 8 | $85,803 | $358 | 66% | 4.7★ (162) | 0.1 mi | AirbnbVrboBooking |
Free Attractions! Private, Gorgeous Views Hot Tub Cabin | 3 bd · 2.5 ba · sleeps 8 | $120,440 | $484 | 68% | 5★ (124) | 0.1 mi | AirbnbVrbo |
Find Your Bear-ings Vacation home | 3 bd · 2 ba · sleeps 8 | $127,923 | $460 | 76% | — | 0.1 mi | Booking |
Cabin with Fantastic Views, Hot Tub, Pool Access. Cabin
| 3 bd · 3.5 ba · sleeps 8 | $8,481 | $300 | 8% | 5★ (1) | 0.1 mi | AirbnbVrboBooking |
Pet-Friendly Cabin with Mt. LeConte Views! Cabin | 3 bd · 3.5 ba · sleeps 8 | $59,866 | $345 | 48% | 4.3★ (7) | 0.1 mi | AirbnbBooking |
Hot Tub • Fall Mtn View • 3 King Beds• Fire Pit Cabin | 3 bd · 2 ba · sleeps 6 | $85,869 | $312 | 75% | 5★ (254) | 0.2 mi | AirbnbVrbo |
Mountain View Cabin: Hot Tub & Game Room Cabin
| 3 bd · 3 ba · sleeps 10 | $73,109 | $298 | 67% | 4.9★ (248) | 0.2 mi | AirbnbVrboBooking |
3 Bed Duplex on Golf Course Condominium (condo) | 3 bd · 2.5 ba · sleeps 8 | $22,495 | $121 | 51% | 4.8★ (58) | 0.2 mi | Airbnb |
Show 35 more
Smoky Mountain Cabin with Stunning National Park Views
House · 3 bd · 3.5 ba · sleeps 6 · 0.2 mi
Revenue $53,349ADR $240Occ ≈ 61%5★ (85)
Blueberry Hill: Breathtaking Mountain Views! Cozy, Family Favorite, Hot Tub
Cabin · 3 bd · 2.5 ba · sleeps 7 · 0.3 mi
- Hot tub
- Pool
- A/C
- Free parking
- +4
Revenue $39,221ADR $249Occ ≈ 43%4.8★ (30)
Little Cub Cottage - Mtn Views & Community Pools
Vacation home · 3 bd · 2 ba · sleeps 6 · 0.3 mi
Revenue $46,349ADR $269Occ ≈ 47%4.2★ (24)
Cozy Cabin w/ Stone Fireplace & Smart TVs
Cabin · 3 bd · 2 ba · sleeps 6 · 0.3 mi
Revenue $47,137ADR $279Occ ≈ 46%4.8★ (80)
Three Little Bears By Avada Properties
Vacation home · 3 bd · 2 ba · sleeps 6 · 0.3 mi
Revenue $62,383ADR $215Occ ≈ 79%3.8★ (4)
NEW! Peace Portal 3-Bedroom Cabin with Pool and Mountain view - Pets Allowed
Cabin · 3 bd · 3 ba · sleeps 10 · 0.3 mi
Revenue $52,977ADR $372Occ ≈ 39%—
Smoky Mountain View! Cloudwalk Retreat Gatlinburg
Cabin · 3 bd · 3 ba · sleeps 8 · 0.3 mi
Revenue $20,147ADR $805Occ ≈ 7%4.2★ (4)
Delisted
Beautiful View Chalet 3/2.5 Gatlinburg
Chalet · 3 bd · 2.5 ba · sleeps 9 · 0.4 mi
- Pool
- A/C
- Free parking
- Wifi
- +4
Revenue $48,907ADR $275Occ ≈ 49%5★ (223)
Smoky Mountain Cabin w/ Hot Tub & Resort Amenities
Cabin · 3 bd · 2 ba · sleeps 6 · 0.4 mi
Revenue $25,457ADR $240Occ ≈ 29%4.3★ (3)
| Listing | Size | Revenue (12 mo) | ADR | Occ ≈ | Rating | Distance | Links |
|---|---|---|---|---|---|---|---|
Mountain View Cabin with Hot Tub & Game Room Cabin
| 3 bd · 3 ba · sleeps 8 | $88,100 | $334 | 72% | 4.8★ (245) | 0.2 mi | AirbnbVrboBooking |
Northern Dream-Spectacular views of the Smoky Mtns Cabin | 3 bd · 2.5 ba · sleeps 6 | $50,645 | $353 | 39% | 5★ (221) | 0.2 mi | AirbnbVrbo |
Smoky Mountain Cabin with Stunning National Park Views House | 3 bd · 3.5 ba · sleeps 6 | $53,349 | $240 | 61% | 5★ (85) | 0.2 mi | Vrbo |
3 King Suites | Hot Tub, Games & Pickleball Cabin | 3 bd · 3 ba · sleeps 10 | $80,476 | $260 | 85% | 4.8★ (182) | 0.2 mi | AirbnbVrbo |
Lazy Daisy Amazing view Cabin
| 3 bd · 2.5 ba · sleeps 8 | $70,149 | $352 | 55% | 5★ (307) | 0.2 mi | AirbnbVrboBooking |
Blueberry Hill: Breathtaking Mountain Views! Cozy, Family Favorite, Hot Tub Cabin
| 3 bd · 2.5 ba · sleeps 7 | $39,221 | $249 | 43% | 4.8★ (30) | 0.3 mi | Vrbo |
Spacious Rooms | Beautiful Views | Cozy Cabin Cabin
| 3 bd · 3.5 ba · sleeps 10 | $69,638 | $361 | 53% | 5★ (38) | 0.3 mi | AirbnbVrbo |
The Smoky Edit | 3 Decks | Hot Tub | Pool Table | Fire Pit Cabin | 3 bd · 3 ba · sleeps 8 | $1,142 | $380 | 1% | — | 0.3 mi | VrboBooking |
13.7 Mi to DT Gatlinburg・Spacious Cabin・Hot Tub Cabin
| 3 bd · 2 ba · sleeps 10 | $41,893 | $247 | 46% | 4.6★ (27) | 0.3 mi | AirbnbVrboBooking |
MtnView Luxury Cabin / G'Room + HotTub + Theater Cabin
| 3 bd · 2.5 ba · sleeps 8 | $11,112 | $336 | 9% | 5★ (74) | 0.3 mi | AirbnbVrboBooking |
Little Cub Cottage - Mtn Views & Community Pools Vacation home | 3 bd · 2 ba · sleeps 6 | $46,349 | $269 | 47% | 4.2★ (24) | 0.3 mi | Booking |
Cozy Cabin w/ Stone Fireplace & Smart TVs Cabin | 3 bd · 2 ba · sleeps 6 | $47,137 | $279 | 46% | 4.8★ (80) | 0.3 mi | Airbnb |
Charming 3BD w/ Hot Tub | Pool Access + Fireplace! Cabin
| 3 bd · 2 ba · sleeps 6 | $18,185 | $229 | 22% | 4.8★ (8) | 0.3 mi | AirbnbVrbo |
Mountain Views/Flat parking/Hot Tub/Arcade Cabin | 3 bd · 3 ba · sleeps 8 | $64,793 | $343 | 52% | 5★ (2) | 0.3 mi | AirbnbVrbo |
MtnView Luxury Cabin | G'Room+HotTub+Theater Cabin | 3 bd · 2.5 ba · sleeps 8 | $86,698 | $280 | 85% | 5★ (220) | 0.3 mi | AirbnbBooking |
3BR cabin with hot tub, shared heated pool & Wifi Cabin | 3 bd · 2 ba · sleeps 10 | $53,160 | $276 | 53% | 3.5★ (2) | 0.3 mi | AirbnbBooking |
Three Little Bears By Avada Properties Vacation home | 3 bd · 2 ba · sleeps 6 | $62,383 | $215 | 79% | 3.8★ (4) | 0.3 mi | Booking |
Fall Retreat-Pickleball/Pool/Sauna/Firepit/Hottub Cabin | 3 bd · 3 ba · sleeps 8 | $78,311 | $455 | 47% | 4.8★ (26) | 0.3 mi | AirbnbVrbo |
NEW! Peace Portal 3-Bedroom Cabin with Pool and Mountain view - Pets Allowed Cabin | 3 bd · 3 ba · sleeps 10 | $52,977 | $372 | 39% | — | 0.3 mi | Vrbo |
Fall Vacay~Pickleball~Pool/Sauna~Firepit~Smokies Cabin | 3 bd · 3 ba · sleeps 8 | $83,464 | $460 | 50% | 4.9★ (32) | 0.3 mi | AirbnbVrbo |
Serenity in Smokies• EPIC view •3K bed •area pool Condominium (condo)
| 3 bd · 3 ba · sleeps 8 | $32,096 | $274 | 32% | 5★ (27) | 0.3 mi | AirbnbVrbo |
THE Smoky Mountain View~LOVED~Games~Charm Cabin | 3 bd · 2 ba · sleeps 8 | $108,229 | $314 | 94% | 5★ (290) | 0.3 mi | AirbnbVrboBooking |
Smoky Mountain View! Cloudwalk Retreat Gatlinburg Cabin | 3 bd · 3 ba · sleeps 8 | $20,147 | $805 | 7% | 4.2★ (4) | 0.3 mi | Delisted |
Peace Portal: Spacious 3BR cabin with views Cabin | 3 bd · 3 ba · sleeps 10 | $22,507 | $271 | 23% | 5★ (1) | 0.3 mi | AirbnbVrboBooking |
2.5 Mi to Cobbly Nob Plaza・Serene Getaway・Hot Tub Cabin
| 3 bd · 3 ba · sleeps 10 | $33,978 | $269 | 35% | 4.5★ (14) | 0.3 mi | AirbnbVrboBooking |
Smokies cabin near DTGburg•HotTub•DOGs•VIEWS•Games Cabin
| 3 bd · 2.5 ba · sleeps 8 | $81,283 | $413 | 54% | 5★ (218) | 0.4 mi | AirbnbVrbo |
Beautiful View Chalet 3/2.5 Gatlinburg Chalet
| 3 bd · 2.5 ba · sleeps 9 | $48,907 | $275 | 49% | 5★ (223) | 0.4 mi | Airbnb |
Cobbly Nob Resort Cabin w/ Mtn-View Deck & Hot Tub Cabin | 3 bd · 3.5 ba · sleeps 9 | $28,438 | $295 | 26% | 5★ (25) | 0.4 mi | AirbnbVrboBooking |
3BR Mountainview Cabin w/ Free Attraction Tickets Cabin | 3 bd · 3 ba · sleeps 10 | $13,649 | $355 | 11% | 4.6★ (66) | 0.4 mi | AirbnbVrboBooking |
Fall SALE! Smoky Mtn. Views w/Game Room, Hot Tub Cabin | 3 bd · 2 ba · sleeps 10 | $95,739 | $346 | 76% | 5★ (194) | 0.4 mi | AirbnbVrboBooking |
Sweet Tennessee Whiskey- VIEWS, hot tub, pools! Cabin
| 3 bd · 3 ba · sleeps 10 | $91,871 | $360 | 70% | 4.1★ (9) | 0.4 mi | AirbnbVrbo |
Sensational Views - NEW hot tub - Sleeps 10 Cabin
| 3 bd · 3 ba · sleeps 10 | $66,317 | $326 | 56% | 4.5★ (16) | 0.4 mi | AirbnbVrbo |
Modern! Private! Amazing Views! Cabin
| 3 bd · 3.5 ba · sleeps 8 | $103,678 | $425 | 67% | 5★ (251) | 0.4 mi | AirbnbVrbo |
Smoky Mountain Cabin w/ Hot Tub & Resort Amenities Cabin | 3 bd · 2 ba · sleeps 6 | $25,457 | $240 | 29% | 4.3★ (3) | 0.4 mi | Airbnb |
Smoky Mountain Cabin w/ Hot Tub & Resort Amenities Cabin | 3 bd · 2 ba · sleeps 6 | $26,661 | $215 | 34% | 4★ (4) | 0.4 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 8.07% = 7.32% Freddie Mac 30-yr avg (Oct 22) + 0.75% investor premium
Est. revenue
$63,380
NOI
$31,922
Cash flow /mo
-$2,325
Cash needed
$286,471
Cash-on-cash
-9.7%
ROE (yr 1)
1.6%
Cap rate
3.5%
DSCR
0.53
Year-1 write-off
$170,701
Year-1 tax shield @ 32%
$54,624
Year-1 return on equity
- Cash flow (annual)-$27,902
- Principal paydown$5,560
- Appreciation at%$26,997
Tax savings aren't counted. Turn on “Count tax savings in returns” above if you can use the losses.
Opex, cash-needed & tax-savings breakdown
Annual operating expenses
- Management (20% of revenue)$12,676
- Platform fees (3% of revenue)$1,901
- Maintenance / capex (5% of revenue)$3,169
- Utilities & supplies$4,200
- HOA$1,452
- Property tax$2,660
- Insurance (STR-rated)$5,399
Cash needed to close
- Down payment (25%)$224,975
- Closing costs (4.0%)$35,996
- Furnishing (bought new)$25,500
Tax savings if the STR loophole applies
- Tax shield @ 32%$54,624
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
$740,000
Short-life (5/15-yr)
$145,000 · 20%
Year-1 deduction
$171,000
Year-1 tax shield @ 32%
$55,000
Land 18% (county tax record, market value split) · building $595,000 over 39 years · new furniture $26,000
Based on: 3,600 sq ft, built 1997, 3 bd / 2.5 ba, unfurnished, listing features (hot tub, deck, game room, fireplace, stone counters, flooring types, appliance list, septic).
Try the cost segregation calculator on any property →
IRS-guide safe-harbor floor: $95,000 in year 1 (9% short-life, $30,000 tax shield), the conservative amount following the IRS audit guide's residential classification table.
- $12,100
Kitchen cabinetsdefault
$13,700 new × 40% good × 2.20 allocation
- $12,300
Kitchen countertops (stone)listing
$14,000 new × 40% good × 2.20 allocation
- $5,600
Decorative trimdefault
$6,300 new × 40% good × 2.20 allocation
- $300
Mirrorsdefault
$300 new × 40% good × 2.20 allocation
- $1,100
Shelvingdefault
$1,200 new × 40% good × 2.20 allocation
- $7,900
Window coverings (36)default
$9,000 new × 40% good × 2.20 allocation
- $9,900
Kitchen & laundry equipment plumbingdefault
$10,700 new × 42% good × 2.20 allocation
- $6,000
Kitchen, laundry & data equipment electricaldefault
$6,400 new × 42% good × 2.20 allocation
- $6,200
Appliances (range, dishwasher, refrigerator, washer, dryer)listing
$7,000 new × 40% good × 2.20 allocation
- $7,900
Hot tub (freestanding)listing
$9,000 new × 40% good × 2.20 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
- $13,700
Paving: driveway & walks (paved)default
$12,400 new × 50% good × 2.20 allocation
- $13,200
Landscaping (typical)default
$12,000 new × 50% good × 2.20 allocation
- $3,900
Patiosdefault
$3,600 new × 50% good × 2.20 allocation
- $44,600
Decks & porches (attached)listing
$40,500 new × 50% good × 2.20 allocation
- $446,100
Structure: foundation, framing, walls, windows, doors, roof, interior finishesdefault
$391,900 new × 52% good × 2.20 allocation
- $37,600
Building plumbing & fixturesdefault
$40,600 new × 42% good × 2.20 allocation
- $39,700
Building electrical & lightingdefault
$42,900 new × 42% good × 2.20 allocation
- $35,700
HVACdefault
$40,600 new × 40% good × 2.20 allocation
- $20,400
Hardwood & tile floorsdefault
$23,200 new × 40% good × 2.20 allocation
- $2,300
Fireplacelisting
$2,600 new × 40% good × 2.20 allocation
- $13,200
Septic systemlisting
$12,000 new × 50% good × 2.20 allocation
About the property
Depreciation schedule: typical cost seg study
| Year | 5-yr | 15-yr | Building | Total |
|---|---|---|---|---|
| 1 | $94,600 | $75,400 | $600 | $170,700 |
| 2 | $0 | $0 | $15,300 | $15,300 |
| 3 | $0 | $0 | $15,300 | $15,300 |
| 4 | $0 | $0 | $15,300 | $15,300 |
| 5 | $0 | $0 | $15,300 | $15,300 |
| 6+ | $0 | $0 | $533,500 | $533,500 |
| Total | $94,600 | $75,400 | $595,100 | $765,200 |
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: California, Georgia and Wisconsin disallow bonus depreciation, Ohio adds back 5/6 of it, and Tennessee has no personal income tax. Not tax advice.
Market note
STR allowed in most of Sevier County; inside Gatlinburg city limits only in overnight-rental zones.