Boundary County’s central tension is a $472,190 Zillow median home value at the 2026-06 county observation against $1,400 monthly measured market asking rent and a 3.56% gross yield before costs. This is a cautious cash-flow screen, not a rejection: buyers who can substantiate operating costs and property-specific rent may investigate, while leverage-dependent or yield-first underwriting lacks margin. The county record does not publish vacancy, concessions by rental type, or operating expenses, so net yield and debt coverage cannot be determined.
At that Zillow vintage, value was up 3.07% year over year. FHFA’s distinct annual 2025 repeat-transaction HPI rose 1.68% annually and 62.68% cumulatively over its five-year interval; it is an appreciation index, not a home value, and must not be combined with Zillow’s change. The effective property-tax rate is 0.39%, with $1,595 median annual tax. HUD FMR is a $973 monthly payment standard, not a market asking-rent estimate; measured rent is above it, but FMR cannot substitute in yield underwriting.
Realtor.com’s 2026-06 MLS evidence shows 88 active listings, 56 median days on market, a 20.39% price-reduced share, and an 18.18% pending-to-active ratio. These are active asking-market supply, marketing time and seller concessions—not closed sales or buyer-demand proof—but the combination requires local absorption and comparable-sale checks. QCEW reports annual covered jobs at county workplaces and average weekly wages increased; Trade, transportation, and utilities is the largest disclosed private supersector, not the entire economy or resident jobs. A small net migration gain paired with higher incoming than outgoing mover AGI is a composition signal, not tenant-demand proof. Investor participation was limited relative to 137 total purchases.
Inland flood is the dominant hazard; modeled annual building-value loss is 0.18%, an expected-loss ratio rather than a site-specific loss estimate. This exposure, alongside thin gross yield and listing concessions, makes flood-zone status, insurance quotes, deductibles, elevation, and prior claims gating checks. The record lacks property-level hazard maps and insurance, closed-sale prices, lease terms, vacancy, repair needs, financing terms, and tenant-income evidence; those omissions prevent a defensible net-return, resale-liquidity, or debt-service conclusion.