Clay County’s tension is a low reported entry value versus an income case that cannot yet be underwritten. Zillow’s 2026-06 median home value is $124,426, but county market rent is not published. Income-property buyers should verify actual leases and operating costs; risk-sensitive buyers should be cautious about earthquake exposure. Zillow’s value measure rose 2.75% year over year, while FHFA’s separate 2025 repeat-transaction HPI rose 9.68%. Those observations point in the same direction, but use different vintages and methods: FHFA is an appreciation index, not a home value, and the rates cannot be merged.
Without market rent, gross yield cannot be computed. HUD’s $880 monthly two-bedroom FMR is a payment standard, not an asking-rent estimate, so it cannot fill that gap. Against the reported median home value, the effective property-tax rate is 0.50%, and median annual property tax is $470. These are carrying-cost inputs rather than a tax bill for every property; parcel assessment, exemptions, insurance, repairs, and financing terms are not published. The price measure therefore does not establish net income or affordability.
The annual QCEW record shows covered workplace employment down 3.14%, while average weekly covered wages increased 1.73%. Trade, transportation, and utilities is the largest disclosed private supersector, with 35.08% of private covered jobs; it does not describe the whole economy. Net migration was 9 tax-return households, but incoming movers’ average AGI was $1,438 below outgoing movers’. The reported investor share was 20.83% across 120 purchases. That signals buyer participation, not bid intensity, ownership concentration, or renter demand.
Modeled climate loss equals 0.29% of building value expected each year and must be assessed alongside earthquake as the stated dominant hazard; it is neither an event forecast nor a parcel loss estimate. No Realtor.com MLS listing price, active-listing count, days on market, or price-reduction share is published, preventing a read on visible supply, marketing time, or seller concessions. Obtain current market asking rents and rent rolls, property-level taxes and insurance or earthquake terms, condition, and MLS or closed-sale comparables before setting income, exit-price, or hazard-cost assumptions.