Dee Dote Waterfall, a fairly picturesque spot 24 miles southeast of Mandalay (on the road to Pyin Oo Lwin), opened to foreigners several years ago. Water flows from the Shan highlands into the Myintnge River creating a turquoise pool good for a dip; locals jump into another pool higher up (reached with the help of a rope strung along the right side of the falls).
You can grab a simple meal or drink from basic huts set up by the falls.
A taxi for a half-day trip to the waterfall runs around K50,000, and it's about a 15-minute walk from the road, or can join up with a group from Ostello Bello for only K15,000 per person.