3215 Butler St
Pigeon Forge, TN 37863
$500,000
3 bd · 2 ba · 1,719 sqft · Listed today
View on Realtor.com →Year built
1968
Sqft
1,719
Lot sqft
15,682
HOA / mo
None
Furnished
No
List date
2026-10-30T04:28:02.000000Z
Revenue
Annual revenue
$41,562
ADR
$197
Occupancy
58%
Cleaning fees (12 mo)
$5,055
Confidence
Low (41.44), 49 comps
Comp revenue range (p25 / median / p75)
Median revenue of shown comps: $36,421
Townhome-Walk to parkway!
Townhouse · 3 bd · 2 ba · sleeps 7 · 0.1 mi
Revenue $35,007ADR $324Occ ≈ 30%4.9★ (17)
River Escape
Apartment · 3 bd · 2 ba · sleeps 6 · 0.2 mi
Revenue $25,035ADR $199Occ ≈ 34%4★ (1)
| Listing | Size | Revenue (12 mo) | ADR | Occ ≈ | Rating | Distance | Links |
|---|---|---|---|---|---|---|---|
Walk to Old Mill, The Island, 1.5mi to Dollywood! House | 3 bd · 1 ba · sleeps 6 | $63,474 | $224 | 78% | 5★ (62) | 509 ft | AirbnbVrboBooking |
Townhome-Walk to parkway! Townhouse | 3 bd · 2 ba · sleeps 7 | $35,007 | $324 | 30% | 4.9★ (17) | 0.1 mi | Airbnb |
The Ridge Row: Mountain Views, Fireplace & More! House | 3 bd · 2 ba · sleeps 6 | $1,115 | $278 | 1% | 5★ (1) | 0.1 mi | AirbnbVrboBooking |
Honeysuckle Hill….downtown Pigeon Forge House | 3 bd · 2 ba · sleeps 6 | $17,697 | $97 | 50% | 4.8★ (117) | 0.2 mi | AirbnbVrbo |
3BR Condo Near Ripken Experience & LeConte Center House | 3 bd · 3 ba · sleeps 6 | $52,770 | $318 | 45% | 4.8★ (6) | 0.2 mi | AirbnbVrbo |
3BR Condo Near Ripken Experience & LeConte Center House | 3 bd · 3 ba · sleeps 6 | $45,425 | $314 | 40% | 5★ (6) | 0.2 mi | AirbnbVrbo |
3BR Condo Near Ripken Experience & LeConte Center House | 3 bd · 3 ba · sleeps 6 | $53,168 | $312 | 47% | 4.8★ (11) | 0.2 mi | AirbnbVrbo |
River Escape Apartment | 3 bd · 2 ba · sleeps 6 | $25,035 | $199 | 34% | 4★ (1) | 0.2 mi | Booking |
Morning Glory: Mtn Views, Steps to Pigeon Forge Apartment | 3 bd · 2.5 ba · sleeps 7 | $2,849 | $200 | 4% | 5★ (1) | 0.2 mi | AirbnbVrbo |
Minutes from Dollywood, 1 mi from Island, Hot Tub! Cabin | 3 bd · 3 ba · sleeps 8 | $72,462 | $337 | 59% | 5★ (126) | 0.2 mi | AirbnbVrbo |
Show 40 more
3-bedroom townhome in charming Pigeon Forge with AC
House · 3 bd · 3 ba · sleeps 6 · 0.2 mi
Revenue $0ADR $0Occ ≈ ——
Luxury Condo in Pigeon Forge
Condominium (condo) · 3 bd · 3 ba · sleeps 8 · 0.2 mi
Revenue $71,908ADR $279Occ ≈ 71%4.7★ (25)
Luxury Condo in Pigeon Forge
Condominium (condo) · 3 bd · 3 ba · sleeps 8 · 0.2 mi
Revenue $67,950ADR $282Occ ≈ 66%5★ (41)
Luxury Condo in Pigeon Forge
Condominium (condo) · 3 bd · 3 ba · sleeps 8 · 0.2 mi
Revenue $71,090ADR $286Occ ≈ 68%4.9★ (33)
Luxury Condo in Pigeon Forge
Condominium (condo) · 3 bd · 3 ba · sleeps 8 · 0.2 mi
Revenue $70,342ADR $275Occ ≈ 70%4.8★ (37)
Luxury Condo in Pigeon Forge
Condominium (condo) · 3 bd · 3 ba · sleeps 8 · 0.2 mi
Revenue $72,815ADR $283Occ ≈ 70%4.8★ (29)
Top-Floor River & Mtn View Condo・Sleeps 6・Pool
Condominium (condo) · 3 bd · 2 ba · sleeps 6 · 0.2 mi
Revenue $17,475ADR $199Occ ≈ 24%1★ (1)
River Place Condos #610 3BD
Vacation home · 3 bd · 2 ba · sleeps 6 · 0.2 mi
Revenue $47,366ADR $208Occ ≈ 62%4.5★ (58)
River Place Condos #407 2BD
Vacation home · 3 bd · 2 ba · sleeps 6 · 0.2 mi
Revenue $10,801ADR $169Occ ≈ 18%4.7★ (45)
River Place Condos #605 2BD
Vacation home · 3 bd · 2 ba · sleeps 6 · 0.2 mi
Revenue $30,598ADR $195Occ ≈ 43%4.5★ (5)
River Place Condos #107 2BD
Vacation home · 3 bd · 2 ba · sleeps 6 · 0.2 mi
Revenue $41,910ADR $200Occ ≈ 57%4.3★ (10)
Luxury condo in the heart of Pigeon Forge
Apartment · 3 bd · 2 ba · sleeps 6 · 0.2 mi
Revenue $48,832ADR $251Occ ≈ 53%4.1★ (13)
Reese's Bearadise Your Sweet Mountain Escape
Vacation home · 3 bd · 2 ba · sleeps 6 · 0.2 mi
Revenue $28,694ADR $159Occ ≈ 49%5★ (1)
110 3bd Family Condo with Jacuzzi Tub
Condominium (condo) · 3 bd · 2 ba · sleeps 10 · 0.2 mi
Revenue $75,430ADR $260Occ ≈ 79%5★ (1)
City View 411 3bd Condo with Fireplace
Condominium (condo) · 3 bd · 2 ba · sleeps 8 · 0.2 mi
Revenue $28,930ADR $275Occ ≈ 29%—
Smoky Mountains 610 3br W/ Fireplace + Hot Tub
Condominium (condo) · 3 bd · 2 ba · sleeps 7 · 0.2 mi
Revenue $40,383ADR $288Occ ≈ 38%4★ (1)
City View 410 3bd Condo with Private Balcony
Condominium (condo) · 3 bd · 2 ba · sleeps 6 · 0.2 mi
Revenue $28,055ADR $271Occ ≈ 28%4.3★ (3)
111 3bd 3 Bedroom Condo
Condominium (condo) · 3 bd · 2 ba · sleeps 6 · 0.2 mi
Revenue $47,140ADR $310Occ ≈ 42%5★ (2)
Riverfront Retreat・1 mile to Pigeon Forge・Pool
Condominium (condo) · 3 bd · 2 ba · sleeps 6 · 0.3 mi
Revenue $9,899ADR $282Occ ≈ 10%5★ (2)
| Listing | Size | Revenue (12 mo) | ADR | Occ ≈ | Rating | Distance | Links |
|---|---|---|---|---|---|---|---|
Howdy Ya'll: Mountain-View Townhome Near Dollywood Apartment | 3 bd · 2.5 ba · sleeps 7 | $2,204 | $146 | 4% | 5★ (1) | 0.2 mi | AirbnbVrbo |
Relaxing 3BR | Free Attraction Tickets | Pool Condominium (condo) | 3 bd · 2 ba · sleeps 6 | $7,672 | $191 | 11% | 3.9★ (35) | 0.2 mi | AirbnbVrbo |
Darling 3BR with covered deck, Hot tub, WiFi & W/D Cabin | 3 bd · 2 ba · sleeps 8 | $22,396 | $253 | 24% | 3★ (56) | 0.2 mi | AirbnbVrboBooking |
3-bedroom townhome in charming Pigeon Forge with AC House | 3 bd · 3 ba · sleeps 6 | $0 | $0 | — | — | 0.2 mi | Vrbo |
Luxury Condo in Pigeon Forge Condominium (condo) | 3 bd · 3 ba · sleeps 8 | $71,908 | $279 | 71% | 4.7★ (25) | 0.2 mi | Vrbo |
Luxury Condo in Pigeon Forge Condominium (condo) | 3 bd · 3 ba · sleeps 8 | $67,950 | $282 | 66% | 5★ (41) | 0.2 mi | Vrbo |
Luxury Condo in Pigeon Forge Condominium (condo) | 3 bd · 3 ba · sleeps 8 | $71,090 | $286 | 68% | 4.9★ (33) | 0.2 mi | Vrbo |
Luxury Condo in Pigeon Forge Condominium (condo) | 3 bd · 3 ba · sleeps 8 | $70,342 | $275 | 70% | 4.8★ (37) | 0.2 mi | Vrbo |
Luxury Condo in Pigeon Forge Condominium (condo) | 3 bd · 3 ba · sleeps 8 | $72,815 | $283 | 70% | 4.8★ (29) | 0.2 mi | Vrbo |
Top-Floor River & Mtn View Condo・Sleeps 6・Pool Condominium (condo) | 3 bd · 2 ba · sleeps 6 | $17,475 | $199 | 24% | 1★ (1) | 0.2 mi | Airbnb |
Riverfront Retreat Near Dollywood & Parkway・Pool Condominium (condo) | 3 bd · 2 ba · sleeps 6 | $18,514 | $206 | 25% | 4.2★ (7) | 0.2 mi | AirbnbVrboBooking |
Little Pigeon Hideaway House | 3 bd · 2 ba · sleeps 7 | $38,368 | $240 | 44% | 4.7★ (85) | 0.2 mi | AirbnbVrbo |
River Place Condos #610 3BD Vacation home | 3 bd · 2 ba · sleeps 6 | $47,366 | $208 | 62% | 4.5★ (58) | 0.2 mi | Booking |
River Place Condos #407 2BD Vacation home | 3 bd · 2 ba · sleeps 6 | $10,801 | $169 | 18% | 4.7★ (45) | 0.2 mi | Booking |
River Paradise Apartment | 3 bd · 2 ba · sleeps 6 | $28,241 | $272 | 28% | — | 0.2 mi | Booking |
River Recluse Apartment | 3 bd · 2 ba · sleeps 6 | $27,725 | $227 | 33% | — | 0.2 mi | Booking |
New! 407 2-Bedroom House | 3 bd · 2 ba · sleeps 6 | $47,286 | $1,622 | 8% | 4.5★ (1) | 0.2 mi | AirbnbBooking |
River Place Condos #605 2BD Vacation home | 3 bd · 2 ba · sleeps 6 | $30,598 | $195 | 43% | 4.5★ (5) | 0.2 mi | Booking |
River Place Condos #107 2BD Vacation home | 3 bd · 2 ba · sleeps 6 | $41,910 | $200 | 57% | 4.3★ (10) | 0.2 mi | Booking |
Luxury condo in the heart of Pigeon Forge Apartment | 3 bd · 2 ba · sleeps 6 | $48,832 | $251 | 53% | 4.1★ (13) | 0.2 mi | Booking |
Reese's Bearadise Your Sweet Mountain Escape Vacation home | 3 bd · 2 ba · sleeps 6 | $28,694 | $159 | 49% | 5★ (1) | 0.2 mi | Booking |
110 3bd Family Condo with Jacuzzi Tub Condominium (condo) | 3 bd · 2 ba · sleeps 10 | $75,430 | $260 | 79% | 5★ (1) | 0.2 mi | Airbnb |
3 BD Condo, Newly Renovated, Dollywood Condominium (condo) | 3 bd · 2 ba · sleeps 6 | $65,841 | $298 | 61% | 4.4★ (19) | 0.2 mi | AirbnbVrboBooking |
610 3-Bedroom Condo, Minutes from Dollywood Condominium (condo) | 3 bd · 2 ba · sleeps 6 | $46,433 | $282 | 45% | 4.5★ (4) | 0.2 mi | AirbnbVrbo |
3 Bedroom Condo, Middle of Pigeon Forge Condominium (condo) | 3 bd · 2 ba · sleeps 8 | $49,491 | $240 | 56% | 4.6★ (48) | 0.2 mi | AirbnbVrboBooking |
410 3-Bedroom Condo Condominium (condo) | 3 bd · 2 ba · sleeps 8 | $36,282 | $229 | 43% | 4.7★ (19) | 0.2 mi | AirbnbVrboBooking |
Smoky Mountains 711 - 3br Condo W/ Private Balcony Condominium (condo) | 3 bd · 2 ba · sleeps 6 | $34,086 | $353 | 26% | 3★ (5) | 0.2 mi | AirbnbVrbo |
3 Bedroom, Newly Renovated, Minutes from Dollywood Condominium (condo) | 3 bd · 2 ba · sleeps 6 | $41,471 | $311 | 37% | 4.8★ (12) | 0.2 mi | AirbnbBooking |
City View 611 3bd Condo-Jacuzzi Tub and Fireplace Condominium (condo) | 3 bd · 2 ba · sleeps 8 | $35,574 | $294 | 33% | 5★ (2) | 0.2 mi | AirbnbVrbo |
City View 411 3bd Condo with Fireplace Condominium (condo) | 3 bd · 2 ba · sleeps 8 | $28,930 | $275 | 29% | — | 0.2 mi | Airbnb |
Smoky Mountains 610 3br W/ Fireplace + Hot Tub Condominium (condo) | 3 bd · 2 ba · sleeps 7 | $40,383 | $288 | 38% | 4★ (1) | 0.2 mi | Airbnb |
City View 410 3bd Condo with Private Balcony Condominium (condo) | 3 bd · 2 ba · sleeps 6 | $28,055 | $271 | 28% | 4.3★ (3) | 0.2 mi | Airbnb |
111 3bd 3 Bedroom Condo Condominium (condo) | 3 bd · 2 ba · sleeps 6 | $47,140 | $310 | 42% | 5★ (2) | 0.2 mi | Airbnb |
Modest home in Pigeon Forge w/ Hot Tub House | 3 bd · 2 ba · sleeps 6 | $17,567 | $169 | 28% | 4.3★ (24) | 0.3 mi | AirbnbVrbo |
1 Mi to The Island in Pigeon Forge: Condo w/ Pool Condominium (condo) | 3 bd · 2 ba · sleeps 6 | $36,560 | $243 | 41% | 4.7★ (3) | 0.3 mi | AirbnbVrboBooking |
Top-Floor River & Mtn View Condo・Sleeps 6・Pool Condominium (condo) | 3 bd · 2 ba · sleeps 6 | $21,682 | $231 | 26% | 4.2★ (8) | 0.3 mi | AirbnbVrboBooking |
110 3-Bedroom Condo Condominium (condo) | 3 bd · 2 ba · sleeps 6 | $79,208 | $241 | 90% | 4.8★ (22) | 0.3 mi | AirbnbVrboBooking |
Riverfront Retreat・1 mile to Pigeon Forge・Pool Condominium (condo) | 3 bd · 2 ba · sleeps 6 | $9,899 | $282 | 10% | 5★ (2) | 0.3 mi | Airbnb |
3BR 7th-Floor | Balcony | Free Attraction Tickets Condominium (condo) | 3 bd · 2 ba · sleeps 6 | $7,078 | $169 | 11% | 4.2★ (65) | 0.3 mi | AirbnbVrbo |
downtown pigeon forge House | 3 bd · 2 ba · sleeps 8 | $61,041 | $209 | 80% | 5★ (227) | 0.3 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 7.99% = 7.24% Freddie Mac 30-yr avg (Oct 29) + 0.75% investor premium
Est. revenue
$41,562
NOI
$21,688
Cash flow /mo
-$942
Cash needed
$164,500
Cash-on-cash
-6.9%
ROE (yr 1)
4.2%
Cap rate
4.3%
DSCR
0.66
Year-1 write-off
$128,754
Year-1 tax shield @ 32%
$41,201
Year-1 return on equity
- Cash flow (annual)-$11,300
- Principal paydown$3,139
- Appreciation at%$15,000
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)$8,312
- Platform fees (3% of revenue)$1,247
- Maintenance / capex (5% of revenue)$2,078
- Utilities & supplies$4,200
- HOA$0
- Property tax$1,037
- Insurance (STR-rated)$3,000
Cash needed to close
- Down payment (25%)$125,000
- Closing costs (4.0%)$20,000
- Furnishing (bought new)$19,500
Tax savings if the STR loophole applies
- Tax shield @ 32%$41,201
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
$411,000
Short-life (5/15-yr)
$109,000 · 27%
Year-1 deduction
$129,000
Year-1 tax shield @ 32%
$41,000
Land 18% (county tax record, market value split) · building $302,000 over 39 years · new furniture $20,000
Based on: 1,719 sq ft, built 1968, 3 bd / 2 ba, unfurnished, listing features (patio, fireplace, flooring types, appliance list).
Try the cost segregation calculator on any property →
IRS-guide safe-harbor floor: $99,000 in year 1 (19% short-life, $32,000 tax shield), the conservative amount following the IRS audit guide's residential classification table.
- $11,700
Kitchen cabinetsdefault
$9,600 new × 40% good × 3.06 allocation
- $9,600
Kitchen countertopsdefault
$7,800 new × 40% good × 3.06 allocation
- $3,700
Decorative trimdefault
$3,000 new × 40% good × 3.06 allocation
- $400
Mirrorsdefault
$300 new × 40% good × 3.06 allocation
- $1,500
Shelvingdefault
$1,200 new × 40% good × 3.06 allocation
- $5,200
Window coverings (17)default
$4,300 new × 40% good × 3.06 allocation
- $13,500
Carpet, vinyl & laminate (100% of floors)listing
$11,100 new × 40% good × 3.06 allocation
- $9,100
Kitchen & laundry equipment plumbingdefault
$7,400 new × 40% good × 3.06 allocation
- $5,500
Kitchen, laundry & data equipment electricaldefault
$4,500 new × 40% good × 3.06 allocation
- $8,600
Appliances (range, dishwasher, refrigerator, washer, dryer)listing
$7,000 new × 40% good × 3.06 allocation
- $19,500
Furniture bought newlisting
$19,500 new × 100% good · bought separately
- $13,100
Paving: driveway & walks (paved)default
$8,600 new × 50% good × 3.06 allocation
- $12,600
Landscaping (typical)default
$8,300 new × 50% good × 3.06 allocation
- $11,800
Patioslisting
$7,700 new × 50% good × 3.06 allocation
- $2,600
Decks & porches (attached)default
$1,700 new × 50% good × 3.06 allocation
- $228,000
Structure: foundation, framing, walls, windows, doors, roof, interior finishesdefault
$186,300 new × 40% good × 3.06 allocation
- $23,600
Building plumbing & fixturesdefault
$19,300 new × 40% good × 3.06 allocation
- $23,300
Building electrical & lightingdefault
$19,100 new × 40% good × 3.06 allocation
- $23,700
HVACdefault
$19,400 new × 40% good × 3.06 allocation
- $3,200
Fireplacelisting
$2,600 new × 40% good × 3.06 allocation
About the property
Depreciation schedule: typical cost seg study
| Year | 5-yr | 15-yr | Building | Total |
|---|---|---|---|---|
| 1 | $88,200 | $40,200 | $300 | $128,800 |
| 2 | $0 | $0 | $7,700 | $7,700 |
| 3 | $0 | $0 | $7,700 | $7,700 |
| 4 | $0 | $0 | $7,700 | $7,700 |
| 5 | $0 | $0 | $7,700 | $7,700 |
| 6+ | $0 | $0 | $270,600 | $270,600 |
| Total | $88,200 | $40,200 | $301,900 | $430,300 |
The building's share of the price ($411,000) is 3.1x our depreciated replacement cost of the home ($134,000). The IRS guide treats a gap this size as a reason to review the land share: if land is worth more than the county ratio says, the basis and the write-off are smaller.
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.