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

3521 Sandridge Way

3521 Sandridge Way

Pigeon Forge, TN 37863

$995,000

3 bd · 3.5 ba · 3,060 sqft · Listed 5d ago

View on Realtor.com →
Rental historyEst. land %Negative cash flow

Year built

2008

Sqft

3,060

Lot sqft

436

HOA / mo

$160

Furnished

No

List date

2026-09-22T17:34:36Z

Revenue

Annual revenue

$63,543

ADR

$314

Occupancy

55%

Cleaning fees (12 mo)

$11,088

Confidence

Med (53.2), 44 comps

Comp revenue range (p25 / median / p75)

$42,428$57,985$72,719

  • Location! 5 Mins to Dollywood/New Updates/Arcade

    3 bd · 3 ba · sleeps 10 · 59 ft

    Revenue —ADR $277Occ ≈ —4.8★ (132)

    AirbnbVrbo

  • Brentwood, Free Tickets, Near The Parkway

    3 bd · 3 ba · sleeps 8 · 59 ft

    Revenue —ADR $278Occ ≈ —4.5★ (38)

    AirbnbVrbo

  • Pebblestone Lodge -Luxurious 3 Bedroom Cabin in Pi

    3 bd · 3 ba · sleeps 8 · 115 ft

    Revenue —ADR $325Occ ≈ —5★ (32)

    AirbnbVrbo

  • Majestic Forest by Conley Properties, LLC

    3 bd · 3.5 ba · sleeps 13 · 138 ft

    Revenue —ADR $695Occ ≈ —4.8★ (94)

    AirbnbVrbo

  • Pet Friendly! Location! No Steep Roads

    3 bd · 3 ba · sleeps 10 · 151 ft

    Revenue —ADR $440Occ ≈ —4.9★ (163)

    AirbnbVrbo

  • Parkway Pigeon Forge Resort Cabin with Theater Roo

    3 bd · 3 ba · sleeps 10 · 220 ft

    Revenue —ADR $334Occ ≈ —4.8★ (118)

    AirbnbVrbo

  • Stonehouse Ridge By Avada Properties

    3 bd · 3 ba · sleeps 12 · 223 ft

    Revenue —ADR $339Occ ≈ —5★ (1)

    —

  • Pebblestone Lodge

    3 bd · 3 ba · sleeps 8 · 253 ft

    Revenue —ADR $265Occ ≈ —5★ (4)

    —

  • Hillside Haven by Avada Properties

    3 bd · 3 ba · sleeps 6 · 299 ft

    Revenue —ADR $255Occ ≈ —5★ (3)

    —

  • Pigeon Forge Cabin, Sleeps 10, Hot Tub, Pool Table

    3 bd · 3 ba · sleeps 10 · 325 ft

    Revenue —ADR $233Occ ≈ —4.4★ (29)

    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

$63,543

NOI

$29,874

Cash flow /mo

-$2,872

Cash needed

$314,050

Cash-on-cash

-11.0%

ROE (yr 1)

0.6%

Cap rate

3.0%

DSCR

0.46

Year-1 write-off

$168,554

Year-1 tax shield @ 32%

$53,937

Year-1 return on equity

  • Cash flow (annual)-$34,467
  • Principal paydown$6,511
  • Appreciation at%$29,850
ROE0.6%
ROE incl. year-1 tax savings (32% bracket, STR loophole)17.8%
Opex, cash-needed & tax-savings breakdown

Annual operating expenses

  • Management (20% of revenue)$12,709
  • Platform fees (3% of revenue)$1,906
  • Maintenance / capex (5% of revenue)$3,177
  • Utilities & supplies$4,200
  • HOA$1,920
  • Property tax$3,787
  • Insurance (STR-rated)$5,970

Cash needed to close

  • Down payment (25%)$248,750
  • Closing costs (4.0%)$39,800
  • Furnishing (bought new)$25,500

Tax savings if the STR loophole applies

  • Tax shield @ 32%$53,937

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

$846,000

Short-life (5/15-yr)

$141,000 · 17%

Year-1 deduction

$169,000

Year-1 tax shield @ 32%

$54,000

Land 15% (market default, no usable tax-record split) · building $705,000 over 39 years · new furniture $26,000

Based on: 3,060 sq ft, built 2008, 3 bd / 3.5 ba, unfurnished, listing features (hot tub, deck, game room, fireplace, stone counters, flooring types, wooded lot).

IRS-guide safe-harbor floor: $98,000 in year 1 (8% short-life, $31,000 tax shield), the conservative amount following the IRS audit guide's residential classification table.

5-year property$102,500

  • Kitchen cabinetsdefault

    $12,500 new × 40% good × 2.34 allocation

    $11,700

  • Kitchen countertops (stone)listing

    $12,800 new × 40% good × 2.34 allocation

    $12,000

  • Decorative trimdefault

    $5,400 new × 40% good × 2.34 allocation

    $5,000

  • Mirrorsdefault

    $500 new × 40% good × 2.34 allocation

    $400

  • Shelvingdefault

    $1,200 new × 40% good × 2.34 allocation

    $1,100

  • Window coverings (31)default

    $7,800 new × 40% good × 2.34 allocation

    $7,300

  • Kitchen & laundry equipment plumbingdefault

    $9,700 new × 64% good × 2.34 allocation

    $14,600

  • Kitchen, laundry & data equipment electricaldefault

    $5,900 new × 64% good × 2.34 allocation

    $8,800

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

    $8,100 new × 40% good × 2.34 allocation

    $7,600

  • Hot tub (freestanding)listing

    $9,000 new × 40% good × 2.34 allocation

    $8,400

  • Furniture bought newlisting

    $19,500 new × 100% good · bought separately

    $19,500

  • Game-room equipment bought newlisting

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

    $6,000
15-year land improvements$63,800

  • Paving: driveway & walks (paved)default

    $11,500 new × 50% good × 2.34 allocation

    $13,400

  • Landscaping (minimal)listing

    $5,500 new × 50% good × 2.34 allocation

    $6,500

  • Patiosdefault

    $3,000 new × 50% good × 2.34 allocation

    $3,500

  • Decks & porches (attached)listing

    $34,400 new × 50% good × 2.34 allocation

    $40,300
Building, 39-year$705,000

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

    $332,700 new × 70% good × 2.34 allocation

    $545,900

  • Building plumbing & fixturesdefault

    $34,500 new × 64% good × 2.34 allocation

    $51,800

  • Building electrical & lightingdefault

    $36,100 new × 64% good × 2.34 allocation

    $54,100

  • HVACdefault

    $34,500 new × 40% good × 2.34 allocation

    $32,300

  • Hardwood & tile floorsdefault

    $19,700 new × 40% good × 2.34 allocation

    $18,500

  • Fireplacelisting

    $2,600 new × 40% good × 2.34 allocation

    $2,500

About the property

Depreciation schedule: typical cost seg study

Year5-yr15-yrBuildingTotal
1$102,500$63,800$2,300$168,600
2$0$0$18,100$18,100
3$0$0$18,100$18,100
4$0$0$18,100$18,100
5$0$0$18,100$18,100
6+$0$0$630,400$630,400
Total$102,500$63,800$705,000$871,200

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.