1640 Falls Way

Pigeon Forge, TN 37863

$579,000

4 bd · 2 ba · 1,504 sqft · Listed 1d ago

View on Realtor.com →

Est. land %

Year built

2020

Sqft

1,504

Lot sqft

8,712

HOA / mo

$180

Furnished

List date

2026-11-01T00:27:46.000000Z

Revenue

Annual revenue

$66,585

ADR

$345

Occupancy

53%

Cleaning fees (12 mo)

$10,034

Confidence

Low (47.48), 23 comps

Comp revenue range (p25 / median / p75)

$31,031$50,219$79,070

Median revenue of shown comps: $62,672

Dollywood | Hot Tub | Arcade | 3 Kings | Comm Pool
Cabin · 4 bd · 3 ba · sleeps 10 · 269 ft
- Hot tub
- Pool
- A/C
- Free parking
- +6
Revenue $104,617ADR $559Occ ≈ 51%4.9★ (258)
Airbnb Vrbo
4BD/2BH-Pool Community-Hottub-4xParking-Wifi
Cabin · 4 bd · 2 ba · sleeps 12 · 0.1 mi
- Hot tub
- Pool
- A/C
- Free parking
- +6
Revenue $82,861ADR $274Occ ≈ 83%4.9★ (276)
Airbnb Vrbo Booking
Starwood | By Bear Camp
Cabin · 4 bd · 2 ba · sleeps 12 · 0.1 mi
- Hot tub
- Pool
- A/C
- Free parking
- +3
Revenue $50,306ADR $282Occ ≈ 49%4★ (10)
Airbnb Vrbo Booking
Yourcation® Awaits in Stunning Cabin by Dollywood!
Cabin · 4 bd · 3 ba · sleeps 13 · 0.1 mi
- Pool
- A/C
- Free parking
- Pets OK
- +5
Revenue $77,712ADR $494Occ ≈ 43%5★ (223)
Airbnb Vrbo
It's a Wonderful Life Make Every Moment Count
Chalet · 4 bd · 2 ba · sleeps 9 · 0.2 mi
Revenue $62,672ADR $290Occ ≈ 59%4.5★ (1)
Booking
Smoky Mountain Retreat- Resort Cabin with modern amenities in the heart of PF
Vacation home · 4 bd · 3 ba · sleeps 10 · 0.2 mi
Revenue $45,211ADR $337Occ ≈ 37%5★ (9)
Booking
Saving Grace Where the Mountains Save the Day
Chalet · 4 bd · 3 ba · sleeps 10 · 0.5 mi
Revenue $53,924ADR $381Occ ≈ 39%4★ (1)
Booking
Sleeps 10-12 Close to Dollywood! Pet Friendly!
House · 4 bd · 3 ba · sleeps 12 · 0.5 mi
- A/C
- Free parking
- Pets OK
- Wifi
- +4
Revenue $32,645ADR $354Occ ≈ 25%4.8★ (67)
Airbnb Vrbo Booking
Private Hot Tub Games & Theater Rm Near Dollywood!
House · 4 bd · 3 ba · sleeps 12 · 0.6 mi
- Hot tub
- A/C
- Free parking
- Pets OK
- +5
Revenue $80,427ADR $323Occ ≈ 68%4.8★ (47)
Airbnb Vrbo
Large 4 Bedroom Home - In the Heart of Pigeon Forge
House · 4 bd · 3 ba · sleeps 12 · 0.6 mi
Revenue $4,185ADR $352Occ ≈ 3%—
Delisted

Listing	Size	Revenue (12 mo)	ADR	Occ ≈	Rating	Distance	Links
Dollywood \| Hot Tub \| Arcade \| 3 Kings \| Comm Pool Cabin Hot tub Pool A/C Free parking +6	4 bd · 3 ba · sleeps 10	$104,617	$559	51%	4.9★ (258)	269 ft	Airbnb Vrbo
4BD/2BH-Pool Community-Hottub-4xParking-Wifi Cabin Hot tub Pool A/C Free parking +6	4 bd · 2 ba · sleeps 12	$82,861	$274	83%	4.9★ (276)	0.1 mi	Airbnb Vrbo Booking
Starwood \| By Bear Camp Cabin Hot tub Pool A/C Free parking +3	4 bd · 2 ba · sleeps 12	$50,306	$282	49%	4★ (10)	0.1 mi	Airbnb Vrbo Booking
Yourcation® Awaits in Stunning Cabin by Dollywood! Cabin Pool A/C Free parking Pets OK +5	4 bd · 3 ba · sleeps 13	$77,712	$494	43%	5★ (223)	0.1 mi	Airbnb Vrbo
It's a Wonderful Life Make Every Moment Count Chalet	4 bd · 2 ba · sleeps 9	$62,672	$290	59%	4.5★ (1)	0.2 mi	Booking
Smoky Mountain Retreat- Resort Cabin with modern amenities in the heart of PF Vacation home	4 bd · 3 ba · sleeps 10	$45,211	$337	37%	5★ (9)	0.2 mi	Booking
Saving Grace Where the Mountains Save the Day Chalet	4 bd · 3 ba · sleeps 10	$53,924	$381	39%	4★ (1)	0.5 mi	Booking
Sleeps 10-12 Close to Dollywood! Pet Friendly! House A/C Free parking Pets OK Wifi +4	4 bd · 3 ba · sleeps 12	$32,645	$354	25%	4.8★ (67)	0.5 mi	Airbnb Vrbo Booking
Private Hot Tub Games & Theater Rm Near Dollywood! House Hot tub A/C Free parking Pets OK +5	4 bd · 3 ba · sleeps 12	$80,427	$323	68%	4.8★ (47)	0.6 mi	Airbnb Vrbo
Large 4 Bedroom Home - In the Heart of Pigeon Forge House	4 bd · 3 ba · sleeps 12	$4,185	$352	3%	—	0.6 mi	Delisted

Show 3 more

Mountain Views! Hot Tub| Close to Dollywood! Game
Cabin · 4 bd · 3 ba · sleeps 12 · 0.6 mi
- Hot tub
- A/C
- Free parking
- Pets OK
- +6
Revenue $99,330ADR $382Occ ≈ 71%4.9★ (196)
Airbnb
A Splash Country #2445
Vacation home · 4 bd · 2 ba · sleeps 10 · 0.7 mi
Revenue $42,555ADR $442Occ ≈ 26%—
Booking
Bryan's Brookside Bungalow w/ Hot tub & Pet Area
House · 4 bd · 3 ba · sleeps 12 · 0.7 mi
- Hot tub
- A/C
- Free parking
- Pets OK
- +6
Revenue $84,615ADR $479Occ ≈ 48%4.9★ (171)
Airbnb Vrbo

Listing	Size	Revenue (12 mo)	ADR	Occ ≈	Rating	Distance	Links
Mountain Views! Hot Tub\| Close to Dollywood! Game Cabin Hot tub A/C Free parking Pets OK +6	4 bd · 3 ba · sleeps 12	$99,330	$382	71%	4.9★ (196)	0.6 mi	Airbnb
A Splash Country #2445 Vacation home	4 bd · 2 ba · sleeps 10	$42,555	$442	26%	—	0.7 mi	Booking
Bryan's Brookside Bungalow w/ Hot tub & Pet Area House Hot tub A/C Free parking Pets OK +6	4 bd · 3 ba · sleeps 12	$84,615	$479	48%	4.9★ (171)	0.7 mi	Airbnb Vrbo

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

Purchase priceAlready furnishedTax bracketCount tax savings in returnsOnly if you can use the losses (STR loophole)

Est. revenue

$66,585

NOI

$35,454

Cash flow /mo

$2,955

Cash needed

$625,160

Cash-on-cash (all cash)

5.7%

ROE (yr 1)

8.4%

Cap rate

6.1%

DSCR

—

Year-1 write-off

$142,249

Year-1 tax shield @ 32%

$45,520

Year-1 return on equity

Cash flow (annual)$35,454
Principal paydown (n/a, cash)$0
Appreciation at%$17,370

ROE8.4%

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)$13,317
Platform fees (3% of revenue)$1,998
Maintenance / capex (5% of revenue)$3,329
Utilities & supplies$4,200
HOA$2,160
Property tax$2,653
Insurance (STR-rated)$3,474

Cash needed to close

Purchase price (all cash)$579,000
Closing costs (4.0%)$23,160
Furnishing (bought new)$23,000

Tax savings if the STR loophole applies

Tax shield @ 32%$45,520

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

$492,000

Short-life (5/15-yr)

$119,000 · 24%

Year-1 deduction

$142,000

Year-1 tax shield @ 32%

$46,000

Land 15% (market default, no usable tax-record split) · building $373,000 over 39 years · new furniture $23,000

Based on: 1,504 sq ft, built 2020, 4 bd / 2 ba, unfurnished, listing features (hot tub, deck, fireplace, appliance list).

Try the cost segregation calculator on any property →

IRS-guide safe-harbor floor: $89,000 in year 1 (13% short-life, $28,000 tax shield), the conservative amount following the IRS audit guide's residential classification table.

5-year property$93,800

Kitchen cabinetsdefault
$9,100 new × 76% good × 1.93 allocation
$13,300
Kitchen countertopsdefault
$7,400 new × 76% good × 1.93 allocation
$10,900
Decorative trimdefault
$2,600 new × 76% good × 1.93 allocation
$3,900
Mirrorsdefault
$300 new × 50% good × 1.93 allocation
$300
Shelvingdefault
$1,500 new × 76% good × 1.93 allocation
$2,200
Window coverings (15)default
$3,800 new × 40% good × 1.93 allocation
$2,900
Carpet, vinyl & laminate (40% of floors)default
$3,900 new × 50% good × 1.93 allocation
$3,700
Kitchen & laundry equipment plumbingdefault
$7,100 new × 88% good × 1.93 allocation
$12,000
Kitchen, laundry & data equipment electricaldefault
$4,300 new × 88% good × 1.93 allocation
$7,300
Appliances (range, microwave, dishwasher, refrigerator, washer, dryer)listing
$7,700 new × 50% good × 1.93 allocation
$7,400
Hot tub (freestanding)listing
$9,000 new × 40% good × 1.93 allocation
$6,900
Furniture bought newlisting
$23,000 new × 100% good · bought separately
$23,000

15-year land improvements$48,100

Paving: driveway & walks (paved)default
$8,000 new × 76% good × 1.93 allocation
$11,800
Landscaping (typical)default
$7,700 new × 76% good × 1.93 allocation
$11,300
Patiosdefault
$1,500 new × 76% good × 1.93 allocation
$2,200
Decks & porches (attached)listing
$16,900 new × 70% good × 1.93 allocation
$22,800

Building, 39-year$373,300

Structure: foundation, framing, walls, windows, doors, roof, interior finishesdefault
$162,500 new × 90% good × 1.93 allocation
$281,800
Building plumbing & fixturesdefault
$16,900 new × 88% good × 1.93 allocation
$28,600
Building electrical & lightingdefault
$16,300 new × 88% good × 1.93 allocation
$27,700
HVACdefault
$16,900 new × 70% good × 1.93 allocation
$22,800
Hardwood & tile floorsdefault
$5,800 new × 76% good × 1.93 allocation
$8,500
Fireplacelisting
$2,600 new × 76% good × 1.93 allocation
$3,900

About the property

Sold furnishedGame roomHot tubPoolDeckDrivewayLandscapingFencedIrrigationLong-term rental (27.5-yr)Carpet / vinyl / laminate %Placed in serviceClosing costs $ (adds to basis)Land %Bonus depreciation %

Depreciation schedule: typical cost seg study

Year	5-yr	15-yr	Building	Total
1	$93,800	$48,100	$400	$142,200
2	$0	$0	$9,600	$9,600
3	$0	$0	$9,600	$9,600
4	$0	$0	$9,600	$9,600
5	$0	$0	$9,600	$9,600
6+	$0	$0	$334,600	$334,600
Total	$93,800	$48,100	$373,300	$515,100

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.