Chenango County presents a cash-flow-versus-liquidity tension: the record reports a $168,313 median home value and 7.22% gross yield based on published market asking rent, before expenses. At a 2.26% effective tax rate, gross yield does not establish net income. Operators able to underwrite expenses and lease-up should investigate; buyers relying on quick resale or generalized demand should be cautious. HUD Fair Market Rent is a payment standard, not market-rent evidence, and is not used for yield.
Zillow’s county observation labeled 2026-06 shows 7.78% home-value growth, while FHFA’s repeat-transaction HPI labeled 2025 increased 10.34% on its annual comparison. FHFA is an appreciation index, not a dollar value. Its different vintage and method corroborate direction but cannot be averaged with Zillow. Realtor.com’s MLS inventory carries Zillow’s label and showed 134 active listings, up 21.82%. That is visible asking-market supply, not closed sales or proof of buyer demand.
County workplace evidence is constructive but concentrated. In 2025 QCEW, annual covered employment grew 2.65%, and Manufacturing is the largest disclosed private supersector. This is jobs at county workplaces, not resident employment, unemployment, or a forecast. Migration counters it: net migration was -150 tax-return households, although incoming movers’ average AGI exceeded outgoing movers’ by $2,670. Investor purchase mortgages represented 5.41% of the stated 296 purchases, a limited buyer-competition signal rather than evidence of cash deals or rental demand.
Inland flood is the dominant hazard, and modeled annual climate loss equals 0.22% of building value. This is a modeled county loss ratio, not a parcel damage estimate, so it adds an insurance, resilience, and location screen to the yield-and-tax case. Missing closed-sale prices, property-level taxes and insurance, vacancy and collections, unit-type rents, and flood-zone or claims history prevent conclusions on all-in yield, purchase value, lease-up durability, and asset-specific hazard cost.