513 Mccarter Rd Unit 4 M · Gatlinburg, TN 37738

$449,000

2 bd · 2.0 ba · 1,337 sqft · Condo · 19 Days on market

Built 2007 Good condition $336/sqft · 9% below area Est $494k · 9% under $300/mo HOA · 6% of rent

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Why this score? — see what drove the C grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +19.9/30.0
• ARV discount +11.6/15.0
• DSCR +6.3/10.0
• 1% rule +6.1/10.0
• Condition / age +3.8/5.0
• Livability +3.7/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Location Location Location. Appropriately named The Heart of Gatlinburg!. This walk to the Parkway 2/2 Luxury Gatlinburg condo is a limited opportunity with only 8 units so they don't come up for sale very often. The unit is facing the direction of the parkway and you have the whole level on this side of the building. The balconies are amazing. Beautiful interior and furnishings make this unit a winner for the person that wants to own an amazing property to use, as well as a come and park kind of vacation experience for all your guests and renters. ..

Key facts

• Heart of gatlinburg
• Amazing balconies
• Walk to the parkway

Tags

• HEART OF GATLINBURG
• WALK TO THE PARKWAY
• AMAZING BALCONIES

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $449k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $543 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $449k).
• Recommended offer: $442k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.7% vs local median 1.4% in Gatlinburg — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 73/100 on livability (#27 in TN) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A; Watch: crime F, amenities F, employment D-.
• Sevier County (rural): math 31% / reading 28% proficiency, ranked #62 of 139 in TN (top 45%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: New Center Elementary (math 32% / reading 28%, grade F, #415 of 952 statewide, top 44%, 855 students, 0% FRL); Seymour Junior High (math 40% / reading 30%, grade F, #65 of 333 statewide, top 20%, 766 students, 0% FRL); Sevier County High School (math 20% / reading 38%, grade F, #92 of 332 statewide, top 28%, 1,248 students, 0% FRL) — zoned schools average 0% FRL vs 52% district-wide (52 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 910 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,594 units permitted in Sevier County in 2024 (456 in 5+ unit buildings).
• At $4,995/mo this rent would consume 95% of the median local household income ($63k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Sevier County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($442k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 14y ago; this cycle's ask has dropped $50k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $224k; list at $449k implies a 101% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 8→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $442,265 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.11% ✓
• Cap rate: 7.74%
• Cash-on-cash: 5.18%
• DSCR: 1.23
• GRM: 7.5

CMA / ARV

• ARV (median comp): $493,776
• List price: $449,000
• Delta: -9.07%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
215 Woliss Ln #308	0.46mi	2/2.0	1,224 (-8%)	0mo	$420,000	$343	64
709 Spring Dr	1.03mi	2/2.0	1,336 (-0%)	4mo	$589,900	$442	62
215 Woliss Ln #406	0.46mi	2/2.0	1,224 (-8%)	4mo	$485,000	$396	61
824 Eagle Cove Way	0.21mi	2/2.0	1,048 (-22%)	7mo	$475,000	$453	60
536 Forest Springs Dr Dr	1.12mi	1/2.0 (-1)	1,267 (-5%)	2mo	$410,000	$324	50
215 Ski Mtn. Rd. Rd #103	0.55mi	2/2.0	1,113 (-17%)	1mo	$500,000	$449	48
210 Roaring Frk Ste 602	1.30mi	2/2.0	1,242 (-7%)	7mo	$425,000	$342	48
855 Campbell Lead Rd Unit 308	1.05mi	2/2.0	1,434 (+7%)	7mo	$773,750	$540	47
627 Red Bud Ln	1.35mi	2/1.5	1,242 (-7%)	8mo	$400,000	$322	45
260 Roaring Fork Rd #224	1.38mi	2/2.0	1,064 (-20%)	0mo	$240,000	$226	40
1435 Wiley Oakley Dr #173	1.42mi	2/2.0	1,078 (-19%)	2mo	$329,000	$305	38
658 Red Bud Ln	1.34mi	2/2.0	1,080 (-19%)	3mo	$390,000	$361	37

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -8.2%
• Equity multiple: 0.70×
• Total profit: $-37,906
• Equity at exit: $66,947

10-year hold

• IRR: 1.4%
• Equity multiple: 1.10×
• Total profit: $12,588
• Equity at exit: $38,821

Cash invested: $125,720 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Tennessee: 87 Strongly Landlord-Friendly · R+13
• County: — inherits STATE
• City: — inherits STATE

14-day notice (URLTA); generally landlord-favorable; Nashville court paced moderate.

Methodology + full state rankings →

ZIP-level market 37738

• Home prices YoY: -28.5%
• Active inventory: 910
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $4,995 medium
• Mortgage (P&I): −$2,355
• Tax est. 1.5%: −$561 /mo · $6,735/yr
• Insurance: −$187
• HOA: −$300
• Vacancy / Maint / Mgmt: −$1,049
• Net cashflow: $543

Break-even live

Break-even rent $4,308

Max offer price $449,000

Occupancy floor 84%

Sensitivity live

Price	-10% $853	-5% $698	+0% $543	+5% $388	+10% $233
Rent	-10% $149	-5% $346	+0% $543	+5% $740	+10% $938
Rate	-1.0pp $769	-0.5pp $657	base $543	+0.5pp $427	+1.0pp $308

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $112,250
• Closing costs: $13,470
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
327 E Holly Ridge Rd Gatlinburg, TN	3.0	3.0	1657	$4,995	$3.01	72d	1	0.39mi

Property features AI

Finance

• Other: Directions: Into Gatlinburg, left on Airport Road at the space needle, then left onto McCarter Rd.; second building on the right.
• HOA & community: Condominium common interestHOA fee $300 monthly

Exterior

• Parking: No dedicated parking listed
• Utilities: Public waterPublic sewerWater available
• Home design: Attached condominiumThree or more levels
• Exterior features: Has viewLot measures approximately 0.27 acres (calculated from plat)

Interior

• Kitchen: DishwasherElectric rangeMicrowaveRefrigerator
• Bedrooms: 2 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump heatingCooling (type: Other)
• Interior features: Gas fireplaces (2)Has heatingHas coolingHeat pump
• Laundry & utility: WasherDryer

HOA detail $300/mo · $3,600/yr condo

• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-08-08
   days on market $449,000 Active 19 DOM
2. 2026-08-07
   days on market $449,000 Active 18 DOM
3. 2026-08-06
   days on market $449,000 Active 17 DOM
4. 2026-08-05
   days on market $449,000 Active 16 DOM
5. 2026-08-04
   days on market $449,000 Active 15 DOM
6. 2026-08-03
   days on market $449,000 Active 14 DOM
7. 2026-07-31
   days on market $449,000 Active 11 DOM
8. 2026-07-30
   days on market $449,000 Active 9 DOM
9. 2026-07-27
   days on market $449,000 Active 7 DOM
10. 2026-07-25
    days on market $449,000 Active 5 DOM
11. 2026-07-24
    days on market $449,000 Active 4 DOM
12. 2026-07-23
    days on market $449,000 Active 3 DOM
13. 2026-07-22
    days on market $449,000 Active 2 DOM
14. 2026-07-21
    days on marketlisting id $449,000 Active 1 DOM
15. 2026-07-18
    days on market $449,000 Active 94 DOM
16. 2026-07-16
    days on market $449,000 Active 92 DOM
17. 2026-07-16
    days on market $449,000 Active 91 DOM
18. 2026-07-14
    days on market $449,000 Active 90 DOM
19. 2026-07-13
    days on market $449,000 Active 89 DOM
20. 2026-07-12
    days on market $449,000 Active 88 DOM
21. 2026-07-11
    days on market $449,000 Active 87 DOM
22. 2026-07-10
    days on market $449,000 Active 86 DOM
23. 2026-07-09
    days on market $449,000 Active 85 DOM
24. 2026-07-08
    days on market $449,000 Active 84 DOM
25. 2026-07-07
    days on market $449,000 Active 83 DOM
26. 2026-07-07
    days on market $449,000 Active 82 DOM
27. 2026-07-05
    days on market $449,000 Active 81 DOM
28. 2026-07-04
    days on market $449,000 Active 80 DOM
29. 2026-07-03
    days on market $449,000 Active 79 DOM
30. 2026-07-02
    days on market $449,000 Active 78 DOM
31. 2026-07-01
    days on market $449,000 Active 77 DOM
32. 2026-06-30
    days on market $449,000 Active 76 DOM
33. 2026-06-29
    days on market $449,000 Active 75 DOM
34. 2026-06-28
    days on market $449,000 Active 74 DOM
35. 2026-06-28
    days on market $449,000 Active 73 DOM
36. 2026-06-27
    days on market $449,000 Active 72 DOM
37. 2026-06-26
    days on market $449,000 Active 71 DOM
38. 2026-06-23
    days on market $449,000 Active 68 DOM
39. 2026-06-22
    days on market $449,000 Active 67 DOM
40. 2026-06-19
    days on market $449,000 Active 65 DOM
41. 2026-06-18
    days on market $449,000 Active 64 DOM
42. 2026-06-17
    days on market $449,000 Active 63 DOM
43. 2026-06-16
    days on market $449,000 Active 62 DOM
44. 2026-06-15
    days on market $449,000 Active 61 DOM
45. 2026-06-14
    days on market $449,000 Active 59 DOM
46. 2026-06-13
    days on market $449,000 Active 58 DOM
47. 2026-06-10
    days on market $449,000 Active 56 DOM
48. 2026-06-09
    days on market $449,000 Active 55 DOM
49. 2026-06-08
    days on market $449,000 Active 54 DOM
50. 2026-06-07
    pricedays on market $449,000 Active 53 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 8 d/yr ≥92°F today · 25 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $59,940
• − Mortgage interest: −$25,151
• − Property taxes: −$6,735
• − Insurance: −$2,245
• − Repairs & maintenance: −$4,795
• − Management: −$4,795
• − HOA: −$3,600
• − Depreciation: −$13,062
• Taxable loss: −$443
• Est. tax savings @ 24.0%: +$106
• After-tax cash flow: $6,624/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 6 photos

Good 75/100 Cosmetic rehab Est. rehab $6,685–$20,055 screening

This well-maintained and updated condo is in good condition with no visible repairs needed. It offers a great location and potential for further value through cosmetic updates.

Value-add opportunities

• Both Painting the exterior and interior — Fresh paint can enhance the curb appeal and interior aesthetics. ↑
• Both Updating the flooring — New flooring can improve the overall look and feel of the home. ↑
• Both Updating the kitchen and bathrooms — Modernizing the kitchen and bathrooms can attract more buyers and renters. ↑
• Both Upgrading the HVAC system — A new HVAC system can improve comfort and energy efficiency. ↑
• Both Landscaping improvements — Enhancing the landscaping can increase curb appeal and attract more buyers and renters. ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 27/100

Zoned Schools

Elementary Pi Beta Phi Elementary F TN #496/952 Nat'l #28,475/41,679 Middle Sevierville Middle School F TN #116/333 Nat'l #9,545/14,009 High Gatlinburg Pittman High F TN #117/332 Nat'l #12,251/17,239

Schools (NCES district)

• District: Sevier County
• NCES district ID: 4703780
• Math proficiency: 31% ▼ -6.00%
• Reading proficiency: 28% ▼ -4.00%
• Median HH income: $42,730
• Composite: 25.12/100
• National rank: #7527
• State rank: #62 of 139 in TN

B Composite livability gradescore 73/100

Livability — Gatlinburg

• Score: 73/100
• State rank: #27
• US rank: #5524

Category grades

Amenities F Commute A+ Cost of living A Crime F Employment D- Housing B- Health & safety B- User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gatlinburg, TN
• County: Sevier · 107,903 people
• Population (ZIP): 5,269
• Household income: $63,133
• Rent vs Own: 31.2% rent · 68.8% own
• Severe rent burden: 8% of renters

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Population outlook (Sevier County) Hauer SSP2

• Today (2025): 107,903 people
• By 2030: 113,633 · +5.3%
• By 2040: 123,969 · +14.9%
• By 2050: 132,123 · +22.4%
• By 2075: 148,524 · +37.6%
• By 2100: 153,436 · +42.2%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Hispanic / Latino 12% Two or more races 4% Black 3% Asian 3%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Slovak 6% Serbian 5% Romanian 3%
• Foreign-born: 12% · Canada, China
• Languages at home: 86% English-only · Spanish 10% Other Indo-European 2% Chinese 1%

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Political lean MEDSL · Sevier

• 2024 margin: Solid R (+61.1) · D 18.9% · R 80.1% · Other 1.0%
• 2008→2024 swing: -13.1pp toward R · 2008: -48.1pp · 2024: -61.1pp
• All cycles: 2024: R+61.1 2020: R+57.6 2016: R+61.7 2012: R+54.8 2008: R+48.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -118.02%
• Current HPI: 296.203
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.78%
• F500 in state: 22

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Industry mix (Fortune 500 HQ in TN)

Industry	F500 HQs	Revenue
▸Healthcare	3	$91B
▸Retail	3	$72B
▸Transportation / Logistics	1	$88B
▸Paper / Packaging	1	$19B
▸Insurance	1	$13B
▸Energy	1	$12B

Property features AI

Finance

• Other: Directions: Into Gatlinburg, left on Airport Road at the space needle, then left onto McCarter Rd.; second building on the right.
• HOA & community: Condominium common interestHOA fee $300 monthly

Exterior

• Parking: No dedicated parking listed
• Utilities: Public waterPublic sewerWater available
• Home design: Attached condominiumThree or more levels
• Exterior features: Has viewLot measures approximately 0.27 acres (calculated from plat)

Interior

• Kitchen: DishwasherElectric rangeMicrowaveRefrigerator
• Bedrooms: 2 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump heatingCooling (type: Other)
• Interior features: Gas fireplaces (2)Has heatingHas coolingHeat pump
• Laundry & utility: WasherDryer

Price history

+142.8% since first listed

9 events — show timeline

• 2026-06-05 Price Changed $449,000 GSMAR
• 2026-06-05 Price Changed $449,000 Knoxville MLS
• 2026-04-06 Listed $499,000 Knoxville MLS
• 2026-04-02 Listed $499,000 GSMAR
• 2026-04-02 Listed $449,000 REALTRACS as Distributed by MLS Grid
• 2018-11-30 Sold (MLS) $223,900 GSMAR
• 2015-12-11 Sold (MLS) $174,500 TVRMLS
• 2014-04-25 Listed $185,000 TVRMLS
• 2012-11-14 Listed $184,900 GSMAR