Elk River Falls is just inside the North Carolina state line west of Blowing Rock, near the town of (shockingly enough) Elk River. There are some moderately elaborate signs in the town which will send you out along the Elk River. The road ends at a parking lot and from there the top of the falls are just about visible downstream. It’s a steep hike down to the bottom but it’s worth it as it’s the only real view and it’s a good one. This appears to be a fantastic swimming hole (or several swimming holes) in warmer weather. In October it was rather chilly.
If you’re up for a second waterfall it’s about a two mile hike each way to Jones Falls. There are numerous blogs that list the instructions but I’ll repeat them here anyway. Follow the forest road around the gate. It meanders up and down a few hills and in 3/4 of a mile you’ll reach a ford at the Elk River. Do not cross. Instead follow the river downstream across a meadow and along a very small goat path. It will look about like this once the path opens up again. From here the Elk River makes a hard right turn. Continue to follow the left bank which means crossing a tributary (this is Jones Creek) and following a steep connector trail to the A.T. Once you reach the A.T. (should be obvious, white blazes, etc..) turn left (north bound) and hike about 0.6 miles to the side trail to Jones Falls.
There was good signage to Jones Falls when we visited, but it is also the first blue blazed side trail (to the left) that you come to. The trail ends at Jones Falls which is a high tiered drop. It’s difficult to see the entire falls from any one location and the bottom portions of it disappear into rhododendron thickets. This would probably be very impressive at high water levels.