Clatsop County presents an underwriting tension: Zillow’s value measure softened while measured asking rent increased, leaving a limited pre-cost income case. Investors seeking current income should investigate asset costs and lease comparables; buyers relying on appreciation or rapid resale should be cautious. Zillow’s 2026-06 county observation places median home value at $523,153, down 0.93% year over year, while median asking rent is $1,560. The supplied gross yield is 3.58% before costs. FHFA’s separate 2025 repeat-transaction HPI rose 2.76%; it neither confirms the Zillow value move nor shares its period or method, so no blended growth rate is valid.
Measured market rent, rather than HUD FMR, supports that yield calculation. The HUD FMR payment standard is $1,457; market asking rent is 7.10% above that standard. FMR is not an asking-rent estimate or a lease-underwriting substitute. The effective property-tax rate is 0.69%, but that statistic does not establish a particular asset’s bill. Insurance, repairs, vacancy, financing, utilities, and actual assessed value are not published, preventing a net-cash-flow conclusion.
Realtor.com’s MLS evidence is mixed, not a demand verdict. Visible supply narrowed to 286 active listings, yet median marketing time was 58 days and 20.56% of listings carried price reductions. These are asking-market supply, marketing-time, and seller-concession measures, not closed-sale prices or proof of buyer demand. Tax-return migration shows more households moving in than out and higher average income among arrivals, a constructive composition signal but without household-level housing-choice detail. Non-occupant mortgages accounted for 31 of 437 purchase mortgages, indicating limited measured investor competition rather than a complete count of buyers.
Earthquake is the named dominant hazard, and modeled climate loss equals 0.38% of building value annually; asset-level seismic condition, insurance availability, deductibles, and loss geography are absent. The annual QCEW record covers jobs at county workplaces, not resident employment, unemployment, or a forecast; leisure and hospitality is only the largest disclosed private supersector, not the whole economy. Next checks are property-specific rent rolls and lease comparables, assessed-tax and insurance quotes, seismic exposure, financing terms, and closed-sale comparables. Their absence prevents a defensible net-return, liquidity, and hazard-cost conclusion.