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Rate 8.15% = 7.40% Freddie Mac 30-yr avg (Oct 8) + 0.75% investor premium

3215 River Rd N Unit 307

3215 River Rd N Unit 307

Pigeon Forge, TN 37863

$320,000

2 bd · 2 ba · 992 sqft · Listed 1d ago

View on Realtor.com →
Negative cash flow

Year built

1990

Sqft

992

Lot sqft

—

HOA / mo

$250

Furnished

No

List date

2026-10-13T17:20:54.000000Z

Revenue

Annual revenue

$28,492

ADR

$172

Occupancy

45%

Cleaning fees (12 mo)

$5,693

Confidence

Med (54.17), 50 comps

Comp revenue range (p25 / median / p75)

$17,274$25,796$34,329

Median revenue of shown comps: $25,796

  • 2 BR condo with fireplace, balcony and river views

    Condominium (condo) · 2 bd · 2 ba · sleeps 6 · 36 ft

    Revenue $6,342ADR $192Occ ≈ 9%4.1★ (9)

    AirbnbVrboBooking

  • Riverfront Retreat | Balcony + Pool | Heart of Pig

    Condominium (condo) · 2 bd · 2 ba · sleeps 6 · 39 ft

    Revenue $2,300ADR $191Occ ≈ 3%4★ (1)

    AirbnbVrbo

  • Parkway Riverview 307

    Condominium (condo) · 2 bd · 2 ba · sleeps 6 · 52 ft

    Revenue $47,042ADR $204Occ ≈ 63%4.3★ (17)

    AirbnbVrboBooking

  • Near Pigeon Forge Events • LeConte • Car Shows

    Apartment · 2 bd · 2 ba · sleeps 4 · 52 ft

    Revenue $34,210ADR $133Occ ≈ 70%4.8★ (36)

    AirbnbVrbo

  • Stylish Riverview Corner Unit, Sleeps 4・Balcony

    Condominium (condo) · 2 bd · 2 ba · sleeps 4 · 52 ft

    Revenue $21,236ADR $161Occ ≈ 36%3.9★ (19)

    AirbnbVrboBooking

  • Cozy Riverfront Downtown Condo, Sleeps 6, Balcony

    Condominium (condo) · 2 bd · 2 ba · sleeps 6 · 52 ft

    Revenue $27,545ADR $164Occ ≈ 46%4.5★ (30)

    AirbnbVrboBooking

  • 1 King 1 Queen, 2 BR Suites, Pool, River View, DT

    Condominium (condo) · 2 bd · 2 ba · sleeps 6 · 59 ft

    Revenue $51,611ADR $189Occ ≈ 75%4.8★ (355)

    AirbnbVrbo

  • Riverfront 2 BR Condo Walk to the Island

    Condominium (condo) · 2 bd · 2 ba · sleeps 6 · 135 ft

    Revenue $39,814ADR $156Occ ≈ 70%4.8★ (170)

    AirbnbVrbo

  • 5 mins to Dollywood/Splash Country-Hideaway Waters

    House · 2 bd · 2 ba · sleeps 5 · 157 ft

    Revenue $30,651ADR $226Occ ≈ 37%4.7★ (45)

    AirbnbVrbo

  • Cozy Fireplace, River Views, Walk to Downtown

    Condominium (condo) · 2 bd · 2 ba · sleeps 6 · 184 ft

    Revenue $16,155ADR $154Occ ≈ 29%4.5★ (11)

    AirbnbVrboBooking

Show 40 more

  • Reese's Bearadise: Your Sweet Mountain Escape

    Condominium (condo) · 2 bd · 2 ba · sleeps 6 · 184 ft

    Revenue $36,630ADR $207Occ ≈ 48%4.6★ (29)

    AirbnbVrbo

  • Riverfront Condo, Pool Access, Near Dollywood

    Condominium (condo) · 2 bd · 2 ba · sleeps 6 · 184 ft

    Revenue $20,114ADR $174Occ ≈ 32%3.9★ (14)

    AirbnbVrboBooking

  • Private Balcony, Outdoor Pool, Fireplace Lounge

    Condominium (condo) · 2 bd · 2 ba · sleeps 4 · 184 ft

    Revenue $21,414ADR $139Occ ≈ 42%4.1★ (18)

    AirbnbVrboBooking

  • River Secret

    Apartment · 2 bd · 2 ba · sleeps 4 · 187 ft

    Revenue $11,619ADR $124Occ ≈ 26%—

    Booking

  • 206 2-Bedroom Condo

    Condominium (condo) · 2 bd · 2 ba · sleeps 6 · 197 ft

    Revenue $22,521ADR $240Occ ≈ 26%4.5★ (47)

    AirbnbVrboBooking

  • 2 BD Condo, Middle of Pigeon Forge, Dollywood

    Condominium (condo) · 2 bd · 2 ba · sleeps 6 · 233 ft

    Revenue $30,225ADR $206Occ ≈ 40%4.5★ (12)

    AirbnbVrboBooking

  • Pigeon Forge Condo with Indoor & Outdoor Pool!

    Condominium (condo) · 2 bd · 2 ba · sleeps 6 · 233 ft

    Revenue $43,223ADR $189Occ ≈ 63%4.8★ (40)

    AirbnbVrbo

  • 103 2-Bedroom

    Condominium (condo) · 2 bd · 2 ba · sleeps 6 · 233 ft

    Revenue $16,824ADR $240Occ ≈ 19%5★ (2)

    Airbnb

  • Cozy Condo Steps from Pigeon Forge Strip

    Condominium (condo) · 2 bd · 2 ba · sleeps 6 · 233 ft

    Revenue $36,648ADR $174Occ ≈ 58%4.6★ (102)

    AirbnbVrboBooking

  • 605 2-Bedroom Condo

    House · 2 bd · 2 ba · sleeps 6 · 233 ft

    Revenue $49,238ADR $212Occ ≈ 64%—

    AirbnbVrbo

  • River Place Unit 303 Community Pool Near Parkway

    Condominium (condo) · 2 bd · 2 ba · sleeps 4 · 233 ft

    Revenue $39,122ADR $203Occ ≈ 53%4.8★ (94)

    AirbnbVrbo

  • *Cozy 2BD Condo Near TOWN! Pool Access + Jacuzzi*

    Condominium (condo) · 2 bd · 2 ba · sleeps 6 · 236 ft

    Revenue $13,638ADR $139Occ ≈ 27%4.7★ (7)

    AirbnbVrbo

  • Pigeon Forge Condo, Off the Parkway

    Condominium (condo) · 2 bd · 2 ba · sleeps 6 · 246 ft

    Revenue $26,898ADR $225Occ ≈ 33%4.3★ (37)

    AirbnbVrboBooking

  • Riverfront Condo | Pool + Balcony Views

    Condominium (condo) · 2 bd · 2 ba · sleeps 6 · 246 ft

    Revenue $46,752ADR $230Occ ≈ 56%4.5★ (88)

    AirbnbVrboBooking

  • 2 Bedroom Condo, Minutes from Dollywood

    Condominium (condo) · 2 bd · 2 ba · sleeps 6 · 246 ft

    Revenue $33,642ADR $224Occ ≈ 41%4.5★ (36)

    AirbnbVrboBooking

  • Little Pigeon River 508-2br W/fireplace & Jacuzzi

    Condominium (condo) · 2 bd · 2 ba · sleeps 6 · 246 ft

    Revenue $17,172ADR $261Occ ≈ 18%—

    Airbnb

  • River View, Close to Parkway, Dollywood

    Condominium (condo) · 2 bd · 2 ba · sleeps 6 · 246 ft

    Revenue $17,580ADR $224Occ ≈ 22%4.1★ (11)

    AirbnbVrboBooking

  • 2 Bedroom Condo | Minutes from Dollywood

    Condominium (condo) · 2 bd · 2 ba · sleeps 6 · 246 ft

    Revenue $18,727ADR $224Occ ≈ 23%4.6★ (35)

    AirbnbVrboBooking

  • Top Floor Riverfront Condo 603 | Balcony | Views

    Condominium (condo) · 2 bd · 2 ba · sleeps 4 · 246 ft

    Revenue $22,695ADR $198Occ ≈ 31%4.5★ (18)

    AirbnbVrboBooking

  • Smoky Mountains 107 2bd Condo with Fireplace

    Condominium (condo) · 2 bd · 2 ba · sleeps 6 · 246 ft

    Revenue $29,534ADR $250Occ ≈ 32%—

    Airbnb

  • 204 2-Bedroom

    House · 2 bd · 2 ba · sleeps 4 · 246 ft

    Revenue $13,917ADR $261Occ ≈ 15%—

    Airbnb

  • Charming Condo, River Views, Sleep 6, Fireplace, P

    Condominium (condo) · 2 bd · 2 ba · sleeps 6 · 246 ft

    Revenue $20,866ADR $159Occ ≈ 36%4.5★ (11)

    AirbnbVrboBooking

  • Riverfront Condo, Sleeps 6・Shared Pool・Fireplace

    Condominium (condo) · 2 bd · 2 ba · sleeps 6 · 246 ft

    Revenue $18,947ADR $149Occ ≈ 35%3.5★ (21)

    AirbnbVrboBooking

  • 2 Bedroom Condo, Right off the Parkway

    Condominium (condo) · 2 bd · 2 ba · sleeps 6 · 246 ft

    Revenue $24,693ADR $223Occ ≈ 30%4★ (53)

    AirbnbVrboBooking

  • Pigeon Forge Condo, Minutes from Dollywood

    Condominium (condo) · 2 bd · 2 ba · sleeps 6 · 246 ft

    Revenue $43,665ADR $230Occ ≈ 52%5★ (8)

    AirbnbVrbo

  • River View Near Parkway & Dollywood

    House · 2 bd · 2 ba · sleeps 4 · 246 ft

    Revenue $23,217ADR $215Occ ≈ 30%4.8★ (6)

    AirbnbVrbo

  • Renovated 102 2bd Condo with Riverview Balcony

    Condominium (condo) · 2 bd · 2 ba · sleeps 4 · 246 ft

    Revenue $10,131ADR $316Occ ≈ 9%3★ (1)

    Airbnb

  • 2 Bedroom Condo, Middle of Pigeon Forge

    Condominium (condo) · 2 bd · 2 ba · sleeps 6 · 246 ft

    Revenue $28,616ADR $222Occ ≈ 35%4.3★ (34)

    AirbnbVrboBooking

  • Ground Floor Condo 101 | Walk to Parkway

    Condominium (condo) · 2 bd · 2 ba · sleeps 6 · 246 ft

    Revenue $28,817ADR $232Occ ≈ 34%4.3★ (40)

    AirbnbVrboBooking

  • Smoky Mountains 603 2bd W/ Balcony & Jacuzzi Tub

    Condominium (condo) · 2 bd · 2 ba · sleeps 4 · 246 ft

    Revenue $14,598ADR $210Occ ≈ 19%5★ (2)

    Airbnb

  • Riverfront Condo w/ Balcony, Mins to Parkway

    Condominium (condo) · 2 bd · 2 ba · sleeps 4 · 246 ft

    Revenue $35,421ADR $184Occ ≈ 53%4.8★ (352)

    AirbnbVrboBooking

  • Amazing River views, near all Pigeon Forge Offers!

    Condominium (condo) · 2 bd · 2 ba · sleeps 6 · 246 ft

    Revenue $36,202ADR $175Occ ≈ 57%4.8★ (295)

    AirbnbVrbo

  • Little Pigeon River 501. 2br W/ Mt. View & Balcony

    Condominium (condo) · 2 bd · 2 ba · sleeps 4 · 246 ft

    Revenue $29,792ADR $254Occ ≈ 32%5★ (1)

    Airbnb

  • Smoky Mountains 304 2br Condo W/balcony &Fireplace

    Condominium (condo) · 2 bd · 2 ba · sleeps 4 · 246 ft

    Revenue $30,994ADR $235Occ ≈ 36%5★ (275)

    AirbnbVrbo

  • Attractive 504 2bd Condo W/ Balcony & Jacuzzi Tub

    Condominium (condo) · 2 bd · 2 ba · sleeps 6 · 246 ft

    Revenue $8,365ADR $379Occ ≈ 6%3★ (1)

    Airbnb

  • Little Pigeon River 602 2br Condo W/ Balcony

    Condominium (condo) · 2 bd · 2 ba · sleeps 6 · 246 ft

    Revenue $8,889ADR $236Occ ≈ 10%5★ (1)

    AirbnbVrbo

  • Little Pigeon River 401 2bd Condo with Jacuzzi Tub

    Condominium (condo) · 2 bd · 2 ba · sleeps 6 · 246 ft

    Revenue $32,642ADR $250Occ ≈ 36%—

    Airbnb

  • Smoky Mountains 101-2br Condo W/fireplace& Balcony

    Condominium (condo) · 2 bd · 2 ba · sleeps 6 · 246 ft

    Revenue $22,746ADR $249Occ ≈ 25%—

    Airbnb

  • Smoky Mountains 205 2bd Condo with Private Balcony

    Condominium (condo) · 2 bd · 2 ba · sleeps 6 · 246 ft

    Revenue $10,965ADR $256Occ ≈ 12%—

    Airbnb

  • 2Bedroom Condo Right in the Heart of Pigeon Forge!

    Condominium (condo) · 2 bd · 2 ba · sleeps 6 · 246 ft

    Revenue $34,369ADR $175Occ ≈ 54%4.9★ (274)

    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
Management
Term

Rate 8.15% = 7.40% Freddie Mac 30-yr avg (Oct 8) + 0.75% investor premium

Est. revenue

$28,492

NOI

$10,337

Cash flow /mo

-$925

Cash needed

$108,800

Cash-on-cash

-10.2%

ROE (yr 1)

0.4%

Cap rate

3.2%

DSCR

0.48

Year-1 write-off

$64,525

Year-1 tax shield @ 32%

$20,648

Year-1 return on equity

  • Cash flow (annual)-$11,097
  • Principal paydown$1,946
  • Appreciation at%$9,600
ROE0.4%

Tax savings aren't counted. Turn on “Count tax savings in returns” above if you can use the losses.

Opex, cash-needed & tax-savings breakdown

Annual operating expenses

  • Management (20% of revenue)$5,698
  • Platform fees (3% of revenue)$855
  • Maintenance / capex (5% of revenue)$1,425
  • Utilities & supplies$4,200
  • HOA$3,000
  • Property tax$1,057
  • Insurance (STR-rated)$1,920

Cash needed to close

  • Down payment (25%)$80,000
  • Closing costs (4.0%)$12,800
  • Furnishing (bought new)$16,000

Tax savings if the STR loophole applies

  • Tax shield @ 32%$20,648

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

$220,000

Short-life (5/15-yr)

$48,000 · 22%

Year-1 deduction

$65,000

Year-1 tax shield @ 32%

$21,000

Land 31% (county tax record, market value split) · building $172,000 over 39 years · new furniture $16,000

Based on: 992 sq ft, built 1990, 2 bd / 2 ba, unfurnished, listing features (pool, deck, fireplace, flooring types, appliance list).

Try the cost segregation calculator on any property →

IRS-guide safe-harbor floor: $44,000 in year 1 (13% short-life, $14,000 tax shield), the conservative amount following the IRS audit guide's residential classification table.

5-year property$64,300

  • Kitchen cabinetsdefault

    $8,000 new × 40% good × 2.96 allocation

    $9,500

  • Kitchen countertopsdefault

    $6,500 new × 40% good × 2.96 allocation

    $7,700

  • Decorative trimdefault

    $1,700 new × 40% good × 2.96 allocation

    $2,100

  • Mirrorsdefault

    $300 new × 40% good × 2.96 allocation

    $400

  • Shelvingdefault

    $900 new × 40% good × 2.96 allocation

    $1,100

  • Window coverings (10)default

    $2,500 new × 40% good × 2.96 allocation

    $3,000

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

    $3,200 new × 40% good × 2.96 allocation

    $3,800

  • Kitchen & laundry equipment plumbingdefault

    $6,200 new × 40% good × 2.96 allocation

    $7,400

  • Kitchen, laundry & data equipment electricaldefault

    $3,800 new × 40% good × 2.96 allocation

    $4,400

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

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

    $9,100

  • Furniture bought newlisting

    $16,000 new × 100% good · bought separately

    $16,000
Building, 39-year$172,000

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

    $107,200 new × 40% good × 2.96 allocation

    $127,100

  • Building plumbing & fixturesdefault

    $11,100 new × 40% good × 2.96 allocation

    $13,200

  • Building electrical & lightingdefault

    $9,800 new × 40% good × 2.96 allocation

    $11,700

  • HVACdefault

    $11,200 new × 40% good × 2.96 allocation

    $13,200

  • Hardwood & tile floorsdefault

    $3,200 new × 40% good × 2.96 allocation

    $3,800

  • Fireplacelisting

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

    $3,100

About the property

Depreciation schedule: typical cost seg study

Year5-yr15-yrBuildingTotal
1$64,300$0$200$64,500
2$0$0$4,400$4,400
3$0$0$4,400$4,400
4$0$0$4,400$4,400
5$0$0$4,400$4,400
6+$0$0$154,200$154,200
Total$64,300$0$172,000$236,400

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: California, Georgia and Wisconsin disallow 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.