Fond du Lac’s current Zillow measures frame a top-line rental case, not a net return: ZHVI places the typical city home value at $268,387, while ZORI puts typical observed market rent at $1,184 a month. The resulting gross yield is 5.3% before every operating cost. The home value equals 4.31x ACS median household income, and annual ZORI equals 22.8% of that income; these affordability ratios are citywide benchmarks, not measures of a specific borrower or tenant.
The city has 20,433 housing units, with a 6.9% citywide vacancy rate; renters occupy 41.8% of occupied units. ACS reports a $173,700 median home value and $913 median gross rent for surveyed occupied housing, with gross rent including selected utilities. Zillow instead tracks a typical home value and typical observed market rent using different measures and periods. These series should not be averaged or treated as competing appraisals.
Direct city evidence shows 45.1% of renting households are rent-burdened, while single-family homes make up 62.3% of housing units and large multifamily buildings account for 7.7%. Of vacant units, 36.3% are classified as for rent. These survey shares and the overall vacancy rate do not measure currently leasable or purchasable investment inventory. Population is 44,494, up 3.7% between overlapping ACS five-year vintages, a comparison that may reflect boundary change and is not an annual rate. Median household income is $62,260, with 4.4% unemployment and 12.4% poverty; these are descriptive demand constraints, not causes or tenant-screening results.
The county context for Fond du Lac County shows price reductions on 11.7% of active listings, useful for negotiation context but not city liquidity. The broader Fond du Lac metro reports 0.6% job growth, 3 months of supply and a 17.8% price-drop share; each metro measure has its own denominator and does not measure the city alone. The national Freddie Mac 30-year mortgage rate is 6.66%, a financing backdrop rather than a city demand measure.
Underwriting remains limited by citywide typicals, survey sampling, mismatched measurement periods and wider geographies. Before acting, verify the target’s purchase price, achievable unit rent, lease terms, utility responsibility, taxes, insurance and hazard exposure; inspect the roof, foundation, mechanicals and deferred maintenance; and price management, turnover, vacancy, repairs and capital reserves. Check title, zoning, permits, code status, rent roll, payment history and comparable signed leases and sales. Recalculate cash flow and financing sensitivity from property-specific evidence rather than the top-line gross yield.