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124 Plaza Dr Unit 5301

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 →
Rental history

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)

$27,107$36,269$44,862

  • Unit 1606 - Mountain View Condos

    3 bd · 2 ba · sleeps 6 · 72 ft

    Revenue —ADR $189Occ ≈ —5★ (18)

    AirbnbVrbo

  • 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)

    Vrbo

  • 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)

    —

  • Sweet Bear - Unit 2701 - Mountain View Condos

    3 bd · 2 ba · sleeps 8 · 187 ft

    Revenue —ADR $198Occ ≈ —4.5★ (125)

    AirbnbVrbo

  • Whisper Leaf | Resort Amenities | POOLS + Hot Tub!

    3 bd · 2 ba · sleeps 6 · 217 ft

    Revenue —ADR $235Occ ≈ —4.8★ (14)

    AirbnbVrbo

  • Luxury mountain condo

    3 bd · 2 ba · sleeps 8 · 217 ft

    Revenue —ADR $254Occ ≈ —4.9★ (249)

    AirbnbVrbo

  • Unit 1606 - Mountain View Condos

    3 bd · 2 ba · sleeps 6 · 233 ft

    Revenue —ADR $184Occ ≈ —4.7★ (11)

    Vrbo

  • Unit 1606 - Mountain View Condos

    3 bd · 2 ba · sleeps 6 · 233 ft

    Revenue —ADR $189Occ ≈ —4.6★ (23)

    —

  • MVC - Unit 3207 - Happy Place

    3 bd · 2 ba · sleeps 8 · 243 ft

    Revenue —ADR $257Occ ≈ —5★ (221)

    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

Est. revenue

$36,671

NOI

$13,741

Cash flow /mo

$1,145

Cash needed

$466,960

Cash-on-cash (all cash)

2.9%

ROE (yr 1)

5.8%

Cap rate

3.1%

DSCR

—

Year-1 write-off

$66,372

Year-1 tax shield @ 32%

$21,239

Year-1 return on equity

  • Cash flow (annual)$13,741
  • Principal paydown (n/a, cash)$0
  • Appreciation at%$13,470
ROE5.8%
ROE incl. year-1 tax savings (32% bracket, STR loophole)10.4%
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

  • Purchase price (all cash)$449,000
  • 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.

5-year property$65,400

  • Kitchen cabinetsdefault

    $8,800 new × 40% good × 2.25 allocation

    $7,900

  • Kitchen countertops (stone)listing

    $9,000 new × 40% good × 2.25 allocation

    $8,100

  • Decorative trimdefault

    $2,400 new × 40% good × 2.25 allocation

    $2,200

  • Mirrorsdefault

    $300 new × 40% good × 2.25 allocation

    $300

  • Shelvingdefault

    $1,200 new × 40% good × 2.25 allocation

    $1,100

  • Window coverings (14)default

    $3,500 new × 40% good × 2.25 allocation

    $3,200

  • Carpet, vinyl & laminate (50% of floors)listing

    $4,400 new × 40% good × 2.25 allocation

    $4,000

  • Kitchen & laundry equipment plumbingdefault

    $6,900 new × 64% good × 2.25 allocation

    $9,900

  • Kitchen, laundry & data equipment electricaldefault

    $4,100 new × 64% good × 2.25 allocation

    $6,000

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

    $7,700 new × 40% good × 2.25 allocation

    $6,900

  • Hot tub (freestanding)listing

    $9,000 new × 40% good × 2.25 allocation

    $8,100

  • Furniture conveyed with the sale (used)listing

    $19,500 new × 40% good · out of the price

    $7,800
Building, 39-year$297,600

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

    $148,300 new × 70% good × 2.25 allocation

    $234,000

  • Building plumbing & fixturesdefault

    $15,400 new × 64% good × 2.25 allocation

    $22,200

  • Building electrical & lightingdefault

    $14,700 new × 64% good × 2.25 allocation

    $21,100

  • HVACdefault

    $15,400 new × 40% good × 2.25 allocation

    $13,900

  • Hardwood & tile floorsdefault

    $4,400 new × 40% good × 2.25 allocation

    $4,000

  • Fireplacelisting

    $2,600 new × 40% good × 2.25 allocation

    $2,400

About the property

Depreciation schedule: typical cost seg study

Year5-yr15-yrBuildingTotal
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.