The Gatlinburg–Pigeon Forge core market operates 15,000+ STR units at compressed cap rates of 5–9% on acquisition costs exceeding $400,000–$700,000. The periphery — Wears Valley, Townsend, Cosby, Sevierville, Kodak — captures overflow from 12 million annual national park visitors at lower acquisition costs ($175,000–$650,000), thinner competition, and cap rates of 8–14%. Five distinct submarkets mapped with ADR ranges, occupancy benchmarks, seasonal calendar analysis, and yie