124 Plaza Dr Unit 5301
Pigeon Forge, TN 37863
$449,000
3 bd · 2 ba · 1,371 sqft · Listed 2d ago
View on Realtor.com →Year built
2008
Sqft
1,371
Lot sqft
—
HOA / mo
$340
Furnished
Yes
List date
2026-09-25T07:48:50Z
Revenue
Annual revenue
$36,671
ADR
$211
Occupancy
48%
Cleaning fees (12 mo)
$5,661
Confidence
Med (63.59), 50 comps
Comp revenue range (p25 / median / p75)
Great location!! Pool! Unit 5201- Mtn. View Condos, 3 Bed, 2 Bath
3 bd · 2 ba · sleeps 8 · 128 ft
Revenue —ADR $243Occ ≈ —4.9★ (108)
Simply Blessed Mountain View 1605
3 bd · 2 ba · sleeps 6 · 138 ft
Revenue —ADR $277Occ ≈ ——
—
MVC - Unit 3504 - Sweet Retreat
3 bd · 2 ba · sleeps 5 · 164 ft
Revenue —ADR $182Occ ≈ —3.9★ (16)
—
Unit 1606 - Mountain View Condos
3 bd · 2 ba · sleeps 6 · 233 ft
Revenue —ADR $184Occ ≈ —4.7★ (11)
Unit 1606 - Mountain View Condos
3 bd · 2 ba · sleeps 6 · 233 ft
Revenue —ADR $189Occ ≈ —4.6★ (23)
—
| Listing | Size | Revenue (12 mo) | ADR | Occ ≈ | Rating | Distance | Links |
|---|---|---|---|---|---|---|---|
Unit 1606 - Mountain View Condos | 3 bd · 2 ba · sleeps 6 | — | $189 | — | 5★ (18) | 72 ft | AirbnbVrbo |
Great location!! Pool! Unit 5201- Mtn. View Condos, 3 Bed, 2 Bath | 3 bd · 2 ba · sleeps 8 | — | $243 | — | 4.9★ (108) | 128 ft | Vrbo |
Simply Blessed Mountain View 1605 | 3 bd · 2 ba · sleeps 6 | — | $277 | — | — | 138 ft | — |
MVC - Unit 3504 - Sweet Retreat | 3 bd · 2 ba · sleeps 5 | — | $182 | — | 3.9★ (16) | 164 ft | — |
Sweet Bear - Unit 2701 - Mountain View Condos | 3 bd · 2 ba · sleeps 8 | — | $198 | — | 4.5★ (125) | 187 ft | AirbnbVrbo |
Whisper Leaf | Resort Amenities | POOLS + Hot Tub! | 3 bd · 2 ba · sleeps 6 | — | $235 | — | 4.8★ (14) | 217 ft | AirbnbVrbo |
Luxury mountain condo | 3 bd · 2 ba · sleeps 8 | — | $254 | — | 4.9★ (249) | 217 ft | AirbnbVrbo |
Unit 1606 - Mountain View Condos | 3 bd · 2 ba · sleeps 6 | — | $184 | — | 4.7★ (11) | 233 ft | Vrbo |
Unit 1606 - Mountain View Condos | 3 bd · 2 ba · sleeps 6 | — | $189 | — | 4.6★ (23) | 233 ft | — |
MVC - Unit 3207 - Happy Place | 3 bd · 2 ba · sleeps 8 | — | $257 | — | 5★ (221) | 243 ft | 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
$36,671
NOI
$13,741
Cash flow /mo
-$1,274
Cash needed
$130,210
Cash-on-cash
-11.7%
ROE (yr 1)
0.9%
Cap rate
3.1%
DSCR
0.47
Year-1 write-off
$66,372
Year-1 tax shield @ 32%
$21,239
Year-1 return on equity
- Cash flow (annual)-$15,293
- Principal paydown$2,938
- Appreciation at%$13,470
Opex, cash-needed & tax-savings breakdown
Annual operating expenses
- Management (20% of revenue)$7,334
- Platform fees (3% of revenue)$1,100
- Maintenance / capex (5% of revenue)$1,834
- Utilities & supplies$4,200
- HOA$4,080
- Property tax$1,688
- Insurance (STR-rated)$2,694
Cash needed to close
- Down payment (25%)$112,250
- Closing costs (4.0%)$17,960
- Furnishing (conveyed with the sale)$0
Tax savings if the STR loophole applies
- Tax shield @ 32%$21,239
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
$363,000
Short-life (5/15-yr)
$65,000 · 18%
Year-1 deduction
$66,000
Year-1 tax shield @ 32%
$21,000
Land 19% (county tax record, market value split) · building $298,000 over 39 years
Based on: 1,371 sq ft, built 2008, 3 bd / 2 ba, furnished, listing features (hot tub, deck, patio, fireplace, stone counters, flooring types, appliance list, wooded lot).
IRS-guide safe-harbor floor: $47,000 in year 1 (13% short-life, $15,000 tax shield), the conservative amount following the IRS audit guide's residential classification table.
- $7,900
Kitchen cabinetsdefault
$8,800 new × 40% good × 2.25 allocation
- $8,100
Kitchen countertops (stone)listing
$9,000 new × 40% good × 2.25 allocation
- $2,200
Decorative trimdefault
$2,400 new × 40% good × 2.25 allocation
- $300
Mirrorsdefault
$300 new × 40% good × 2.25 allocation
- $1,100
Shelvingdefault
$1,200 new × 40% good × 2.25 allocation
- $3,200
Window coverings (14)default
$3,500 new × 40% good × 2.25 allocation
- $4,000
Carpet, vinyl & laminate (50% of floors)listing
$4,400 new × 40% good × 2.25 allocation
- $9,900
Kitchen & laundry equipment plumbingdefault
$6,900 new × 64% good × 2.25 allocation
- $6,000
Kitchen, laundry & data equipment electricaldefault
$4,100 new × 64% good × 2.25 allocation
- $6,900
Appliances (range, microwave, dishwasher, refrigerator, washer, dryer)listing
$7,700 new × 40% good × 2.25 allocation
- $8,100
Hot tub (freestanding)listing
$9,000 new × 40% good × 2.25 allocation
- $7,800
Furniture conveyed with the sale (used)listing
$19,500 new × 40% good · out of the price
- $234,000
Structure: foundation, framing, walls, windows, doors, roof, interior finishesdefault
$148,300 new × 70% good × 2.25 allocation
- $22,200
Building plumbing & fixturesdefault
$15,400 new × 64% good × 2.25 allocation
- $21,100
Building electrical & lightingdefault
$14,700 new × 64% good × 2.25 allocation
- $13,900
HVACdefault
$15,400 new × 40% good × 2.25 allocation
- $4,000
Hardwood & tile floorsdefault
$4,400 new × 40% good × 2.25 allocation
- $2,400
Fireplacelisting
$2,600 new × 40% good × 2.25 allocation
About the property
Depreciation schedule: typical cost seg study
| Year | 5-yr | 15-yr | Building | Total |
|---|---|---|---|---|
| 1 | $65,400 | $0 | $1,000 | $66,400 |
| 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 | $266,100 | $266,100 |
| Total | $65,400 | $0 | $297,600 | $363,000 |
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
STR allowed in most of Sevier County; inside Gatlinburg city limits only in overnight-rental zones.