Tyler’s current Zillow ZHVI typical city home value is $255,430, while Zillow ZORI typical observed market rent is $1,372 per month. Together they imply a 6.4% gross yield before every operating cost, debt service and tax. The ZHVI is 3.78x ACS median household income, while annual ZORI equals 24.4% of that income. These citywide screening measures frame affordability and rent scale but do not establish achievable rent, financing terms or property-level net return.
Tyler has 46,019 housing units; 44.6% of occupied units are renter-occupied, and 16.3% of all units are vacant. ACS surveyed occupied housing reports a $235,300 median home value and $1,252 median gross rent, with gross rent including contract rent plus selected utilities. Those measures differ in concept and period from Zillow’s typical city value and observed market rent. Averaging the series, or treating either pair as property-specific economics, would obscure the underwriting question.
ACS shows 49.0% of renter households spend at least 30% of income on gross rent, while single-family units represent 66.1% of housing and large multifamily units 9.2%. Among vacant units, 53.8% are classified as for rent; that survey reason share is not available investment inventory or proof of slow lease-up. Population increased 4.2% between overlapping ACS five-year vintages, which should not be annualized and may reflect boundary changes. Median household income is $67,486, the poverty rate is 12.5%, and the unemployment rate is 4.5%; these describe demand constraints, not causes or tenant performance.
The county context for Smith County shows a 59-day median listing time and 21.2% of active listings price-reduced, useful for gauging broad resale conditions but not Tyler property liquidity. The broader Tyler metro reports 5.2 months of supply and price drops on 29.6% of listings; separate metro employment grew 1.5% year over year. Each metro measure has its own denominator and cannot be converted into a city result. The national Freddie Mac 30-year mortgage rate is 6.58%, a financing benchmark rather than a quote for a particular borrower.
Underwriting is limited by citywide typicals, surveyed medians, broad vacancy categories and wider-geography indicators. Verify the subject’s purchase price, current leases, achievable rent from comparable properties, concessions, occupancy history, taxes, insurance, utilities, management, maintenance, near-term capital work and association charges. Inspect condition and confirm legal use, title, flood exposure and financing with property-specific documents and quotes. Build a cash-flow case using these inputs, including downtime and reserves, rather than assuming the city gross yield will carry through.