Killeen’s Zillow ZHVI typical home value is $220,742, down 1.0% year over year, while ZORI typical observed market rent is $1,254 a month, down 1.7%. Those inputs imply a 6.8% gross yield before vacancy, management, maintenance, insurance, taxes, financing and capital spending. The value equals 3.6x city median household income, and annualized ZORI equals 24.7% of that income; these broad affordability ratios are screening tools, not a property cash flow.
The city has 65,793 housing units; 50.5% of occupied units are renter-occupied, while the citywide vacancy rate is 9.2%. ACS surveyed occupied housing reports a $215,400 median home value and $1,208 median gross rent, which includes contract rent plus selected utilities. These ACS measures cover different populations and periods than Zillow’s typical value and observed market rent, so they should be compared for context, never averaged or substituted.
Direct city evidence shows 53.3% of renter households are cost-burdened. Single-family units make up 65.2% of housing units and large multifamily units 4.8%; among vacant units, 37.4% are classified as for rent. Population was 8.6% higher across overlapping ACS five-year vintages, a vintage-to-vintage change that may include boundary effects and is not an annual rate. Median household income is $60,977, while poverty is 17.4% and unemployment 9.7%. Together these describe citywide demand constraints and stock, but cannot identify available investment inventory or prove that a particular unit will lease quickly.
At the county scope, Bell County’s property-tax rate was 1.442%, a planning input rather than the subject parcel’s bill. In the broader Killeen metro, 4.7 months of supply and a 98.35% sale-to-list ratio indicate buyers generally closed below asking, without describing Killeen alone. The national Freddie Mac 30-year mortgage rate was 6.58%, a financing benchmark rather than a local borrowing quote.
The principal underwriting gap is property specificity: city averages do not supply achievable rent, concessions, lease-up time, taxes, insurance, utilities, repairs, management or capital needs for an asset. Next, verify the subject’s rent roll and comparable leases, physical condition, title and zoning, flood and hazard exposure, insurance quote, tax bill, utility responsibility and financing terms. Also test vacancy, turnover and exit assumptions against property-level evidence rather than treating city, county, metro or national context as a guarantee.