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Rate 7.78% = 7.03% Freddie Mac 30-yr avg (Sep 24) + 0.75% investor premium

2864 Pine Haven Dr

2864 Pine Haven Dr

Sevierville, TN 37862

$475,000

2 bd · 2 ba · 1,148 sqft · Listed 4d ago

View on Realtor.com →
Rental history

Year built

2004

Sqft

1,148

Lot sqft

18,731

HOA / mo

None

Furnished

No

List date

2026-09-23T11:24:48Z

Revenue

Annual revenue

$57,843

ADR

$242

Occupancy

65%

Cleaning fees (12 mo)

$11,843

Confidence

Med (54.17), 50 comps

Comp revenue range (p25 / median / p75)

$36,204$54,899$69,648

  • Scenic Mtn View Cabin with Hot Tub

    2 bd · 2 ba · sleeps 6 · 92 ft

    Revenue —ADR $227Occ ≈ —4.8★ (234)

    AirbnbVrbo

  • Views Close Fun Games King Beds Easy Roads Coaster

    2 bd · 2 ba · sleeps 6 · 171 ft

    Revenue —ADR $270Occ ≈ —4.9★ (41)

    AirbnbVrbo

  • Pets Stay Free|King Suites|Hot Tub|3 mi to PForge!

    2 bd · 2 ba · sleeps 6 · 318 ft

    Revenue —ADR $260Occ ≈ —5★ (91)

    AirbnbVrbo

  • Great Location! Family nest!

    2 bd · 2 ba · sleeps 8 · 0.1 mi

    Revenue —ADR $280Occ ≈ —4.3★ (7)

    Airbnb

  • This historic cabin is nestled in the woods only minutes from town. Privacy!

    2 bd · 2 ba · sleeps 6 · 0.1 mi

    Revenue —ADR $194Occ ≈ —4.9★ (383)

    Vrbo

  • Good Location Fast Wi-Fi Hottub

    2 bd · 2 ba · sleeps 10 · 0.1 mi

    Revenue —ADR $379Occ ≈ —4.1★ (94)

    AirbnbVrbo

  • Hot Tub | Fire Pit | Games | Pond | Dollywood |BBQ

    2 bd · 2 ba · sleeps 8 · 0.1 mi

    Revenue —ADR $260Occ ≈ —5★ (7)

    AirbnbVrbo

  • Pigeon Forge Gem - Location, HT, GR

    2 bd · 2 ba · sleeps 6 · 0.1 mi

    Revenue —ADR $224Occ ≈ —5★ (94)

    Airbnb

  • Cozy Bear Cabin.

    2 bd · 2 ba · sleeps 6 · 0.1 mi

    Revenue —ADR $185Occ ≈ —4.8★ (114)

    AirbnbVrbo

  • SMOKY MOUNTAIN LIVIN’ Enjoy birds singing all day!

    2 bd · 2 ba · sleeps 8 · 0.2 mi

    Revenue —ADR $245Occ ≈ —5★ (130)

    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
Term

Rate 7.78% = 7.03% Freddie Mac 30-yr avg (Sep 24) + 0.75% investor premium

Est. revenue

$57,843

NOI

$33,274

Cash flow /mo

$213

Cash needed

$159,750

Cash-on-cash

1.6%

ROE (yr 1)

12.5%

Cap rate

7.0%

DSCR

1.08

Year-1 write-off

$132,674

Year-1 tax shield @ 32%

$42,456

Year-1 return on equity

  • Cash flow (annual)$2,559
  • Principal paydown$3,108
  • Appreciation at%$14,250
ROE12.5%
ROE incl. year-1 tax savings (32% bracket, STR loophole)39.0%
Opex, cash-needed & tax-savings breakdown

Annual operating expenses

  • Management (20% of revenue)$11,569
  • Platform fees (3% of revenue)$1,735
  • Maintenance / capex (5% of revenue)$2,892
  • Utilities & supplies$4,200
  • HOA$0
  • Property tax$1,323
  • Insurance (STR-rated)$2,850

Cash needed to close

  • Down payment (25%)$118,750
  • Closing costs (4.0%)$19,000
  • Furnishing (bought new)$22,000

Tax savings if the STR loophole applies

  • Tax shield @ 32%$42,456

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

$428,000

Short-life (5/15-yr)

$110,000 · 26%

Year-1 deduction

$133,000

Year-1 tax shield @ 32%

$42,000

Land 10% (county tax record, market value split) · building $319,000 over 39 years · new furniture $22,000

Based on: 1,148 sq ft, built 2004, 2 bd / 2 ba, unfurnished, listing features (hot tub, deck, game room, fireplace, flooring types).

IRS-guide safe-harbor floor: $90,000 in year 1 (16% short-life, $29,000 tax shield), the conservative amount following the IRS audit guide's residential classification table.

5-year property$88,100

  • Kitchen cabinetsdefault

    $8,300 new × 40% good × 3.13 allocation

    $10,400

  • Kitchen countertopsdefault

    $6,800 new × 40% good × 3.13 allocation

    $8,500

  • Decorative trimdefault

    $2,000 new × 40% good × 3.13 allocation

    $2,500

  • Mirrorsdefault

    $300 new × 40% good × 3.13 allocation

    $400

  • Shelvingdefault

    $900 new × 40% good × 3.13 allocation

    $1,100

  • Window coverings (11)default

    $2,800 new × 40% good × 3.13 allocation

    $3,400

  • Kitchen & laundry equipment plumbingdefault

    $6,500 new × 56% good × 3.13 allocation

    $11,400

  • Kitchen, laundry & data equipment electricaldefault

    $3,900 new × 56% good × 3.13 allocation

    $6,900

  • Appliances (range, microwave, dishwasher, disposal, refrigerator, washer, dryer)default

    $8,100 new × 40% good × 3.13 allocation

    $10,200

  • Hot tub (freestanding)listing

    $9,000 new × 40% good × 3.13 allocation

    $11,300

  • Furniture bought newlisting

    $16,000 new × 100% good · bought separately

    $16,000

  • Game-room equipment bought newlisting

    $6,000 new × 100% good · bought separately

    $6,000
15-year land improvements$43,600

  • Paving: driveway & walks (paved)default

    $7,000 new × 50% good × 3.13 allocation

    $11,000

  • Landscaping (typical)default

    $6,800 new × 50% good × 3.13 allocation

    $10,600

  • Patiosdefault

    $1,100 new × 50% good × 3.13 allocation

    $1,800

  • Decks & porches (attached)listing

    $12,900 new × 50% good × 3.13 allocation

    $20,200
Building, 39-year$318,600

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

    $124,200 new × 63% good × 3.13 allocation

    $246,500

  • Building plumbing & fixturesdefault

    $12,900 new × 56% good × 3.13 allocation

    $22,600

  • Building electrical & lightingdefault

    $11,800 new × 56% good × 3.13 allocation

    $20,700

  • HVACdefault

    $12,900 new × 40% good × 3.13 allocation

    $16,200

  • Hardwood & tile floorsdefault

    $7,400 new × 40% good × 3.13 allocation

    $9,300

  • Fireplacelisting

    $2,600 new × 40% good × 3.13 allocation

    $3,300

About the property

Depreciation schedule: typical cost seg study

Year5-yr15-yrBuildingTotal
1$88,100$43,600$1,000$132,700
2$0$0$8,200$8,200
3$0$0$8,200$8,200
4$0$0$8,200$8,200
5$0$0$8,200$8,200
6+$0$0$284,900$284,900
Total$88,100$43,600$318,600$450,200

The building's share of the price ($428,000) is 3.1x our depreciated replacement cost of the home ($137,000). 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: 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.