2653 Black Walnut Flats Rd
Pigeon Forge, TN 37862
$789,900
3 bd · 3 ba · 1,920 sqft · Listed 5d ago
View on Realtor.com →Year built
1984
Sqft
1,920
Lot sqft
53,143
HOA / mo
$71
Furnished
No
List date
2026-09-22T17:44:24Z
Revenue
Annual revenue
$56,993
ADR
$290
Occupancy
54%
Cleaning fees (12 mo)
$7,031
Confidence
Low (46.31), 49 comps
Comp revenue range (p25 / median / p75)
Creekside Comfort by American Patriot Getaways
3 bd · 3 ba · sleeps 8 · 43 ft
Revenue —ADR $334Occ ≈ ——
—
Modern Cabin Rental for 8 with Hot Tub- Ideal for Glamping in the Great Smoky Mountains
3 bd · 2 ba · sleeps 8 · 0.2 mi
Revenue —ADR $617Occ ≈ ——
| Listing | Size | Revenue (12 mo) | ADR | Occ ≈ | Rating | Distance | Links |
|---|---|---|---|---|---|---|---|
Creekside Comfort by American Patriot Getaways | 3 bd · 3 ba · sleeps 8 | — | $334 | — | — | 43 ft | — |
Secluded Resort Setting | Wifi | Hot Tub | 3 bd · 3 ba · sleeps 8 | — | $293 | — | 4.8★ (4) | 210 ft | AirbnbVrbo |
Above & Beyond-amazing views & Pool! Pet friendly | 3 bd · 3 ba · sleeps 8 | — | $320 | — | 5★ (4) | 0.1 mi | AirbnbVrbo |
Cozy 3BD Home near CREEK | Hot tub + 24/7 Security | 3 bd · 2 ba · sleeps 6 | — | $252 | — | 5★ (3) | 0.2 mi | AirbnbVrbo |
View~Pool~Hot Tub~Arcade~Game Room~Disc Golf | 3 bd · 2 ba · sleeps 8 | — | $254 | — | 4.7★ (183) | 0.2 mi | AirbnbVrbo |
Great Views, Pool, Grill, Near Pkwy & Dollywood. | 3 bd · 3 ba · sleeps 10 | — | $348 | — | 4.8★ (129) | 0.2 mi | AirbnbVrbo |
New A-Frame + Hot Tub + Iconic Mountain View | 3 bd · 2 ba · sleeps 8 | — | $322 | — | 5★ (41) | 0.2 mi | AirbnbVrbo |
3BR | Mtn Views • Hot Tub • Game Room + Sports Pkg | 3 bd · 2.5 ba · sleeps 8 | — | $312 | — | 4.9★ (82) | 0.2 mi | AirbnbVrbo |
Modern Cabin Rental for 8 with Hot Tub- Ideal for Glamping in the Great Smoky Mountains | 3 bd · 2 ba · sleeps 8 | — | $617 | — | — | 0.2 mi | Vrbo |
Upscale Cabin w/ Mtn Views, Hot Tub, & Arcade | 3 bd · 3 ba · sleeps 8 | — | $331 | — | 5★ (229) | 0.2 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
Est. revenue
$56,993
NOI
$29,274
Cash flow /mo
$2,439
Cash needed
$840,996
Cash-on-cash (all cash)
3.5%
ROE (yr 1)
6.3%
Cap rate
3.7%
DSCR
—
Year-1 write-off
$177,725
Year-1 tax shield @ 32%
$56,872
Year-1 return on equity
- Cash flow (annual)$29,274
- Principal paydown (n/a, cash)$0
- Appreciation at%$23,697
Opex, cash-needed & tax-savings breakdown
Annual operating expenses
- Management (20% of revenue)$11,399
- Platform fees (3% of revenue)$1,710
- Maintenance / capex (5% of revenue)$2,850
- Utilities & supplies$4,200
- HOA$852
- Property tax$1,970
- Insurance (STR-rated)$4,739
Cash needed to close
- Purchase price (all cash)$789,900
- Closing costs (4.0%)$31,596
- Furnishing (bought new)$19,500
Tax savings if the STR loophole applies
- Tax shield @ 32%$56,872
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
$740,000
Short-life (5/15-yr)
$156,000 · 21%
Year-1 deduction
$178,000
Year-1 tax shield @ 32%
$57,000
Land 6% (county tax record, market value split) · building $584,000 over 39 years · new furniture $20,000
Based on: 1,920 sq ft, built 1984, 3 bd / 3 ba, unfurnished, listing features (hot tub, fireplace, stone counters, flooring types, septic, wooded lot).
IRS-guide safe-harbor floor: $125,000 in year 1 (14% short-life, $40,000 tax shield), the conservative amount following the IRS audit guide's residential classification table.
- $19,300
Kitchen cabinetsdefault
$10,000 new × 40% good × 4.82 allocation
- $19,700
Kitchen countertops (stone)listing
$10,200 new × 40% good × 4.82 allocation
- $6,500
Decorative trimdefault
$3,400 new × 40% good × 4.82 allocation
- $900
Mirrorsdefault
$500 new × 40% good × 4.82 allocation
- $2,300
Shelvingdefault
$1,200 new × 40% good × 4.82 allocation
- $9,200
Window coverings (19)default
$4,800 new × 40% good × 4.82 allocation
- $15,000
Kitchen & laundry equipment plumbingdefault
$7,800 new × 40% good × 4.82 allocation
- $9,100
Kitchen, laundry & data equipment electricaldefault
$4,700 new × 40% good × 4.82 allocation
- $15,600
Appliances (range, microwave, dishwasher, disposal, refrigerator, washer, dryer)default
$8,100 new × 40% good × 4.82 allocation
- $17,300
Hot tub (freestanding)listing
$9,000 new × 40% good × 4.82 allocation
- $19,500
Furniture bought newlisting
$19,500 new × 100% good · bought separately
- $21,900
Paving: driveway & walks (paved)default
$9,100 new × 50% good × 4.82 allocation
- $10,500
Landscaping (minimal)listing
$4,400 new × 50% good × 4.82 allocation
- $4,600
Patiosdefault
$1,900 new × 50% good × 4.82 allocation
- $4,600
Decks & porches (attached)default
$1,900 new × 50% good × 4.82 allocation
- $401,000
Structure: foundation, framing, walls, windows, doors, roof, interior finishesdefault
$208,100 new × 40% good × 4.82 allocation
- $41,600
Building plumbing & fixturesdefault
$21,600 new × 40% good × 4.82 allocation
- $41,600
Building electrical & lightingdefault
$21,600 new × 40% good × 4.82 allocation
- $41,700
HVACdefault
$21,600 new × 40% good × 4.82 allocation
- $23,800
Hardwood & tile floorsdefault
$12,400 new × 40% good × 4.82 allocation
- $5,100
Fireplacelisting
$2,600 new × 40% good × 4.82 allocation
- $28,900
Septic systemlisting
$12,000 new × 50% good × 4.82 allocation
About the property
Depreciation schedule: typical cost seg study
| Year | 5-yr | 15-yr | Building | Total |
|---|---|---|---|---|
| 1 | $134,300 | $41,500 | $1,900 | $177,700 |
| 2 | $0 | $0 | $15,000 | $15,000 |
| 3 | $0 | $0 | $15,000 | $15,000 |
| 4 | $0 | $0 | $15,000 | $15,000 |
| 5 | $0 | $0 | $15,000 | $15,000 |
| 6+ | $0 | $0 | $522,000 | $522,000 |
| Total | $134,300 | $41,500 | $583,700 | $759,500 |
The building's share of the price ($740,000) is 4.8x our depreciated replacement cost of the home ($154,000). 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.