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737 Chickasaw Gap Way

737 Chickasaw Gap Way

Pigeon Forge, TN 37863

$874,900

5 bd · 5 ba · 2,392 sqft · Listed 3d ago

View on Realtor.com →
Rental historyEst. land %

Year built

2002

Sqft

2,392

Lot sqft

—

HOA / mo

$147

Furnished

No

List date

2026-09-24T15:41:39Z

Revenue

Annual revenue

$82,540

ADR

$440

Occupancy

51%

Cleaning fees (12 mo)

$14,243

Confidence

Med (61.61), 50 comps

Comp revenue range (p25 / median / p75)

$61,532$74,303$100,335

  • Blue Ridge Retreat - 5 Minutes from Parkway Fun!

    5 bd · 5 ba · sleeps 12 · 141 ft

    Revenue —ADR $429Occ ≈ —3.6★ (7)

    AirbnbVrbo

  • Unbeatable location!!! 5 bed/5 bath Luxury Cabin!

    5 bd · 5 ba · sleeps 12 · 236 ft

    Revenue —ADR $676Occ ≈ —4.5★ (2)

    Vrbo

  • License To Chill | Inside Pigeon Forge City Limits

    5 bd · 5 ba · sleeps 14 · 240 ft

    Revenue —ADR $472Occ ≈ —4.5★ (35)

    AirbnbVrbo

  • Enchanted Memories, Hot Tub, FREE Attraction tickets, Theater Room, WIFI!!!

    5 bd · 4 ba · sleeps 12 · 243 ft

    Revenue —ADR $422Occ ≈ —2.2★ (2)

    —

  • American Charm - Mountain Air Near the Parkway

    5 bd · 5 ba · sleeps 14 · 249 ft

    Revenue —ADR $435Occ ≈ —4.8★ (109)

    AirbnbVrbo

  • Less than a mile to Pigeon Forge! Home Theater!

    5 bd · 4 ba · sleeps 12 · 253 ft

    Revenue —ADR $398Occ ≈ —4★ (16)

    AirbnbVrbo

  • Smoky Mountain Getaway Leave the World Behind

    5 bd · 5 ba · sleeps 10 · 279 ft

    Revenue —ADR $472Occ ≈ ——

    —

  • Smoky Mountain Getaway: Leave the World Behind

    5 bd · 5 ba · sleeps 10 · 289 ft

    Revenue —ADR $566Occ ≈ —4.8★ (6)

    AirbnbVrbo

  • Labor Day Open | 5 BR, 5 Baths + Seasonal Decor

    5 bd · 5 ba · sleeps 14 · 322 ft

    Revenue —ADR $476Occ ≈ —4.9★ (35)

    AirbnbVrbo

  • Wilderness lodge.

    5 bd · 5 ba · sleeps 16 · 322 ft

    Revenue —ADR $688Occ ≈ —4.9★ (207)

    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

$82,540

NOI

$45,107

Cash flow /mo

$3,759

Cash needed

$942,396

Cash-on-cash (all cash)

4.8%

ROE (yr 1)

7.6%

Cap rate

5.2%

DSCR

—

Year-1 write-off

$188,276

Year-1 tax shield @ 32%

$60,248

Year-1 return on equity

  • Cash flow (annual)$45,107
  • Principal paydown (n/a, cash)$0
  • Appreciation at%$26,247
ROE7.6%
ROE incl. year-1 tax savings (32% bracket, STR loophole)14.0%
Opex, cash-needed & tax-savings breakdown

Annual operating expenses

  • Management (20% of revenue)$16,508
  • Platform fees (3% of revenue)$2,476
  • Maintenance / capex (5% of revenue)$4,127
  • Utilities & supplies$4,200
  • HOA$1,764
  • Property tax$3,108
  • Insurance (STR-rated)$5,249

Cash needed to close

  • Purchase price (all cash)$874,900
  • Closing costs (4.0%)$34,996
  • Furnishing (bought new)$32,500

Tax savings if the STR loophole applies

  • Tax shield @ 32%$60,248

No county tax record split for property tax, insurance rate and the land/building split, so those use market defaults — edit the price above; 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

$744,000

Short-life (5/15-yr)

$154,000 · 21%

Year-1 deduction

$188,000

Year-1 tax shield @ 32%

$60,000

Land 15% (market default, no usable tax-record split) · building $590,000 over 39 years · new furniture $33,000

Based on: 2,392 sq ft, built 2002, 5 bd / 5 ba, unfurnished, listing features (hot tub, deck, game room, fireplace, stone counters, flooring types, appliance list, wooded lot).

IRS-guide safe-harbor floor: $114,000 in year 1 (11% short-life, $37,000 tax shield), the conservative amount following the IRS audit guide's residential classification table.

5-year property$120,900

  • Kitchen cabinetsdefault

    $11,000 new × 40% good × 2.96 allocation

    $13,100

  • Kitchen countertops (stone)listing

    $11,300 new × 40% good × 2.96 allocation

    $13,400

  • Decorative trimdefault

    $4,200 new × 40% good × 2.96 allocation

    $4,900

  • Mirrorsdefault

    $800 new × 40% good × 2.96 allocation

    $900

  • Shelvingdefault

    $1,800 new × 40% good × 2.96 allocation

    $2,100

  • Window coverings (24)default

    $6,000 new × 40% good × 2.96 allocation

    $7,100

  • Carpet, vinyl & laminate (33% of floors)listing

    $5,100 new × 40% good × 2.96 allocation

    $6,100

  • Kitchen & laundry equipment plumbingdefault

    $8,600 new × 52% good × 2.96 allocation

    $13,200

  • Kitchen, laundry & data equipment electricaldefault

    $5,200 new × 52% good × 2.96 allocation

    $8,000

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

    $7,700 new × 40% good × 2.96 allocation

    $9,100

  • Hot tub (freestanding)listing

    $9,000 new × 40% good × 2.96 allocation

    $10,600

  • Furniture bought newlisting

    $26,500 new × 100% good · bought separately

    $26,500

  • Game-room equipment bought newlisting

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

    $6,000
15-year land improvements$65,400

  • Paving: driveway & walks (paved)listing

    $10,100 new × 50% good × 2.96 allocation

    $15,000

  • Landscaping (minimal)listing

    $4,900 new × 50% good × 2.96 allocation

    $7,200

  • Patiosdefault

    $2,400 new × 50% good × 2.96 allocation

    $3,500

  • Decks & porches (attached)listing

    $26,900 new × 50% good × 2.96 allocation

    $39,800
Building, 39-year$589,800

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

    $258,800 new × 60% good × 2.96 allocation

    $458,900

  • Building plumbing & fixturesdefault

    $26,900 new × 52% good × 2.96 allocation

    $41,400

  • Building electrical & lightingdefault

    $27,600 new × 52% good × 2.96 allocation

    $42,400

  • HVACdefault

    $26,900 new × 40% good × 2.96 allocation

    $31,900

  • Hardwood & tile floorsdefault

    $10,300 new × 40% good × 2.96 allocation

    $12,100

  • Fireplacelisting

    $2,600 new × 40% good × 2.96 allocation

    $3,100

About the property

Depreciation schedule: typical cost seg study

Year5-yr15-yrBuildingTotal
1$120,900$65,400$1,900$188,300
2$0$0$15,100$15,100
3$0$0$15,100$15,100
4$0$0$15,100$15,100
5$0$0$15,100$15,100
6+$0$0$527,400$527,400
Total$120,900$65,400$589,800$776,200

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.