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124 Plaza Dr Unit 5406

124 Plaza Dr Unit 5406

Pigeon Forge, TN 37863

$419,000

2 bd · 2 ba · 1,036 sqft · Listed 2d ago

View on Realtor.com →
Rental history

Year built

2008

Sqft

1,036

Lot sqft

—

HOA / mo

$300

Furnished

Yes

List date

2026-09-25T06:12:43Z

Revenue

Annual revenue

$35,137

ADR

$176

Occupancy

55%

Cleaning fees (12 mo)

$6,012

Confidence

Low (47.82), 50 comps

Comp revenue range (p25 / median / p75)

$22,381$30,552$39,546

  • Lois' Luxury Lodge w/ Hot tub, Pools, Mountain Views, Fireplace, and Balcony

    2 bd · 2 ba · sleeps 6 · 33 ft

    Revenue —ADR $174Occ ≈ —4.9★ (180)

    Vrbo

  • BEAUTIFUL NEWLY REMODELED COZY AND COMFORTABLE UNIT

    2 bd · 2 ba · sleeps 6 · 92 ft

    Revenue —ADR $199Occ ≈ —5★ (181)

    Vrbo

  • Beautiful Luxury 2bd/2ba Condo in a Great Location with Mt. Views!

    2 bd · 2 ba · sleeps 6 · 92 ft

    Revenue —ADR $176Occ ≈ —4.9★ (180)

    Vrbo

  • Two bedroom, two bathroom condo in the heart of Pigeon Forge

    2 bd · 2 ba · sleeps 6 · 95 ft

    Revenue —ADR $213Occ ≈ ——

    Vrbo

  • Two bedroom condo at Mt View Resort in PF|Sleeps 6

    2 bd · 2 ba · sleeps 6 · 102 ft

    Revenue —ADR $172Occ ≈ ——

    Airbnb

  • Condo w/Balcony, Views, Indoor/outdoor Pools

    2 bd · 2 ba · sleeps 6 · 125 ft

    Revenue —ADR $220Occ ≈ —4.7★ (89)

    AirbnbVrbo

  • Mountain View

    2 bd · 2 ba · sleeps 6 · 135 ft

    Revenue —ADR $223Occ ≈ —3★ (3)

    AirbnbVrbo

  • Family Condo w/ Indoor Pool + Views | Sleeps 9

    2 bd · 2 ba · sleeps 9 · 148 ft

    Revenue —ADR $261Occ ≈ —5★ (49)

    AirbnbVrbo

  • Close to Heaven - Hot tub and pool table!

    2 bd · 2 ba · sleeps 6 · 154 ft

    Revenue —ADR $228Occ ≈ —4★ (15)

    AirbnbVrbo

  • The Cove - Unit 1302 - Mountain View Condos

    2 bd · 2 ba · sleeps 6 · 174 ft

    Revenue —ADR $158Occ ≈ —4.6★ (159)

    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

$35,137

NOI

$13,602

Cash flow /mo

$1,133

Cash needed

$435,760

Cash-on-cash (all cash)

3.1%

ROE (yr 1)

6.0%

Cap rate

3.2%

DSCR

—

Year-1 write-off

$65,270

Year-1 tax shield @ 32%

$20,886

Year-1 return on equity

  • Cash flow (annual)$13,602
  • Principal paydown (n/a, cash)$0
  • Appreciation at%$12,570
ROE6.0%
ROE incl. year-1 tax savings (32% bracket, STR loophole)10.8%
Opex, cash-needed & tax-savings breakdown

Annual operating expenses

  • Management (20% of revenue)$7,027
  • Platform fees (3% of revenue)$1,054
  • Maintenance / capex (5% of revenue)$1,757
  • Utilities & supplies$4,200
  • HOA$3,600
  • Property tax$1,383
  • Insurance (STR-rated)$2,514

Cash needed to close

  • Purchase price (all cash)$419,000
  • Closing costs (4.0%)$16,760
  • Furnishing (conveyed with the sale)$0

Tax savings if the STR loophole applies

  • Tax shield @ 32%$20,886

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

$321,000

Short-life (5/15-yr)

$64,000 · 20%

Year-1 deduction

$65,000

Year-1 tax shield @ 32%

$21,000

Land 24% (county tax record, market value split) · building $256,000 over 39 years

Based on: 1,036 sq ft, built 2008, 2 bd / 2 ba, furnished, listing features (hot tub, pool, deck, patio, fireplace, flooring types, appliance list, wooded lot).

IRS-guide safe-harbor floor: $47,000 in year 1 (14% short-life, $15,000 tax shield), the conservative amount following the IRS audit guide's residential classification table.

5-year property$64,400

  • Kitchen cabinetsdefault

    $8,100 new × 40% good × 2.58 allocation

    $8,300

  • Kitchen countertopsdefault

    $6,600 new × 40% good × 2.58 allocation

    $6,800

  • Decorative trimdefault

    $1,800 new × 40% good × 2.58 allocation

    $1,900

  • Mirrorsdefault

    $300 new × 40% good × 2.58 allocation

    $300

  • Shelvingdefault

    $900 new × 40% good × 2.58 allocation

    $900

  • Window coverings (10)default

    $2,500 new × 40% good × 2.58 allocation

    $2,600

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

    $3,300 new × 40% good × 2.58 allocation

    $3,400

  • Kitchen & laundry equipment plumbingdefault

    $6,300 new × 64% good × 2.58 allocation

    $10,400

  • Kitchen, laundry & data equipment electricaldefault

    $3,800 new × 64% good × 2.58 allocation

    $6,300

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

    $7,700 new × 40% good × 2.58 allocation

    $7,900

  • Hot tub (freestanding)listing

    $9,000 new × 40% good × 2.58 allocation

    $9,300

  • Furniture conveyed with the sale (used)listing

    $16,000 new × 40% good · out of the price

    $6,400
Building, 39-year$256,400

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

    $112,000 new × 70% good × 2.58 allocation

    $201,900

  • Building plumbing & fixturesdefault

    $11,600 new × 64% good × 2.58 allocation

    $19,100

  • Building electrical & lightingdefault

    $10,400 new × 64% good × 2.58 allocation

    $17,200

  • HVACdefault

    $11,700 new × 40% good × 2.58 allocation

    $12,000

  • Hardwood & tile floorsdefault

    $3,300 new × 40% good × 2.58 allocation

    $3,400

  • Fireplacelisting

    $2,600 new × 40% good × 2.58 allocation

    $2,700

About the property

Depreciation schedule: typical cost seg study

Year5-yr15-yrBuildingTotal
1$64,400$0$800$65,300
2$0$0$6,600$6,600
3$0$0$6,600$6,600
4$0$0$6,600$6,600
5$0$0$6,600$6,600
6+$0$0$229,200$229,200
Total$64,400$0$256,400$320,800

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.