233 Estate Dr
Sevierville, TN 37862
$399,900
4 bd · 2 ba · 2,146 sqft · Listed 2d ago
View on Realtor.com →Year built
1960
Sqft
2,146
Lot sqft
16,988
HOA / mo
None
Furnished
No
List date
2026-09-25T15:34:48Z
Revenue
Annual revenue
$37,521
ADR
$202
Occupancy
51%
Cleaning fees (12 mo)
$5,729
Confidence
Med (62.86), 50 comps
Comp revenue range (p25 / median / p75)
Cozy 4-bedroom cabin in lovely Pigeon Forge with WiFi, AC, fitness room
4 bd · 2 ba · sleeps 10 · 0.4 mi
Revenue —ADR $233Occ ≈ ——
Close to Town-Outdoor Pool Access-Stocked Fishing Pond Access-private Putt Putt
3 bd · 2 ba · sleeps 8 · 0.4 mi
Revenue —ADR $205Occ ≈ —3.9★ (26)
2 Mins Pkwy | Hot Tub•Fire Pit•Game Room•Pets
3 bd · 2 ba · sleeps 6 · 0.5 mi
Revenue —ADR $207Occ ≈ —4.8★ (83)
Majestic Bear Retreat
3 bd · 2 ba · sleeps 6 · 0.5 mi
Revenue —ADR $209Occ ≈ ——
—
| Listing | Size | Revenue (12 mo) | ADR | Occ ≈ | Rating | Distance | Links |
|---|---|---|---|---|---|---|---|
Cozy 4-bedroom cabin in lovely Pigeon Forge with WiFi, AC, fitness room | 4 bd · 2 ba · sleeps 10 | — | $233 | — | — | 0.4 mi | Vrbo |
Close to Town-Outdoor Pool Access-Stocked Fishing Pond Access-private Putt Putt | 3 bd · 2 ba · sleeps 8 | — | $205 | — | 3.9★ (26) | 0.4 mi | Vrbo |
Lazy Bear in Pigeon Forge | 4 bd · 3 ba · sleeps 12 | — | $383 | — | 3.8★ (49) | 0.4 mi | Vrbo |
Pigeon Forge Hideaway | 4 bd · 2 ba · sleeps 8 | — | $213 | — | 4.8★ (199) | 0.4 mi | Airbnb |
Brother Bear - Unit 3107 - Mountain View Condos | 3 bd · 2 ba · sleeps 8 | — | $202 | — | 4.2★ (59) | 0.5 mi | AirbnbVrbo |
Making Memories - Unit 3301 - Mountain View Condos | 3 bd · 2 ba · sleeps 8 | — | $185 | — | 4.7★ (172) | 0.5 mi | AirbnbVrbo |
Hawks Nest - Unit 5707 - Mountain View Condos | 3 bd · 2 ba · sleeps 8 | — | $220 | — | 4.8★ (104) | 0.5 mi | AirbnbVrbo |
Mountain View Zodiac - Unit 3201 | 3 bd · 2 ba · sleeps 8 | — | $184 | — | 4.3★ (22) | 0.5 mi | AirbnbVrbo |
2 Mins Pkwy | Hot Tub•Fire Pit•Game Room•Pets | 3 bd · 2 ba · sleeps 6 | — | $207 | — | 4.8★ (83) | 0.5 mi | Airbnb |
Majestic Bear Retreat | 3 bd · 2 ba · sleeps 6 | — | $209 | — | — | 0.5 mi | — |
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
$37,521
NOI
$19,365
Cash flow /mo
-$541
Cash needed
$138,971
Cash-on-cash
-4.7%
ROE (yr 1)
5.8%
Cap rate
4.8%
DSCR
0.75
Year-1 write-off
$103,824
Year-1 tax shield @ 32%
$33,224
Year-1 return on equity
- Cash flow (annual)-$6,494
- Principal paydown$2,617
- Appreciation at%$11,997
Opex, cash-needed & tax-savings breakdown
Annual operating expenses
- Management (20% of revenue)$7,504
- Platform fees (3% of revenue)$1,126
- Maintenance / capex (5% of revenue)$1,876
- Utilities & supplies$4,200
- HOA$0
- Property tax$1,051
- Insurance (STR-rated)$2,399
Cash needed to close
- Down payment (25%)$99,975
- Closing costs (4.0%)$15,996
- Furnishing (bought new)$23,000
Tax savings if the STR loophole applies
- Tax shield @ 32%$33,224
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
$336,000
Short-life (5/15-yr)
$80,000 · 24%
Year-1 deduction
$104,000
Year-1 tax shield @ 32%
$33,000
Land 16% (county tax record, market value split) · building $256,000 over 39 years · new furniture $23,000
Based on: 2,146 sq ft, built 1960, 4 bd / 2 ba, unfurnished, listing features (patio, fireplace, flooring types, appliance list, septic).
IRS-guide safe-harbor floor: $82,000 in year 1 (17% short-life, $26,000 tax shield), the conservative amount following the IRS audit guide's residential classification table.
- $8,300
Kitchen cabinetsdefault
$10,500 new × 40% good × 1.98 allocation
- $6,800
Kitchen countertopsdefault
$8,600 new × 40% good × 1.98 allocation
- $3,000
Decorative trimdefault
$3,800 new × 40% good × 1.98 allocation
- $200
Mirrorsdefault
$300 new × 40% good × 1.98 allocation
- $1,200
Shelvingdefault
$1,500 new × 40% good × 1.98 allocation
- $4,200
Window coverings (21)default
$5,300 new × 40% good × 1.98 allocation
- $11,000
Carpet, vinyl & laminate (100% of floors)listing
$13,800 new × 40% good × 1.98 allocation
- $6,500
Kitchen & laundry equipment plumbingdefault
$8,200 new × 40% good × 1.98 allocation
- $3,900
Kitchen, laundry & data equipment electricaldefault
$4,900 new × 40% good × 1.98 allocation
- $4,500
Appliances (range, microwave, refrigerator, dryer)listing
$5,700 new × 40% good × 1.98 allocation
- $23,000
Furniture bought newlisting
$23,000 new × 100% good · bought separately
- $9,500
Paving: driveway & walks (paved)default
$9,600 new × 50% good × 1.98 allocation
- $9,200
Landscaping (typical)default
$9,200 new × 50% good × 1.98 allocation
- $9,600
Patioslisting
$9,700 new × 50% good × 1.98 allocation
- $2,100
Decks & porches (attached)default
$2,100 new × 50% good × 1.98 allocation
- $184,700
Structure: foundation, framing, walls, windows, doors, roof, interior finishesdefault
$232,700 new × 40% good × 1.98 allocation
- $19,200
Building plumbing & fixturesdefault
$24,200 new × 40% good × 1.98 allocation
- $19,400
Building electrical & lightingdefault
$24,500 new × 40% good × 1.98 allocation
- $19,200
HVACdefault
$24,200 new × 40% good × 1.98 allocation
- $2,100
Fireplacelisting
$2,600 new × 40% good × 1.98 allocation
- $11,900
Septic systemlisting
$12,000 new × 50% good × 1.98 allocation
About the property
Depreciation schedule: typical cost seg study
| Year | 5-yr | 15-yr | Building | Total |
|---|---|---|---|---|
| 1 | $72,600 | $30,400 | $800 | $103,800 |
| 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 | $229,300 | $229,300 |
| Total | $72,600 | $30,400 | $256,500 | $359,500 |
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.