Dallas County, IA

Decision frame: Dallas County presents a valuation-versus-income tension that rent-focused underwriters should investigate, while buyers relying on a near-term resale case should be cautious. The Zillow county median home value at its 2026-06 label fell 0.67% year over year. Separately, the FHFA repeat-transaction HPI annual observation for 2025 rose 1.35%. These measures differ in vintage and method: the index neither establishes a current dollar value nor shares a growth interval with Zillow.

At the Zillow label, median asking market rent was $1,546 monthly, producing the supplied 5.21% gross yield before costs. HUD FMR is $1,318 monthly and is a payment standard, not an asking-rent estimate; it cannot replace market rent in yield work. The 1.41% effective property-tax rate is a material carrying-cost screen, but it must be reconciled to assessed value and the actual tax bill rather than mechanically applied to Zillow’s value.

QCEW covered employment rose 2.07% from its prior annual average; Financial activities is the largest disclosed private supersector, not the whole county economy. Net migration was 933 tax-return households, but movers-in had average AGI $7,435 below movers-out, a calculation from the supplied mover averages. Realtor.com MLS evidence shows active listings rose 9.9% and 17.66% of listings had price reductions. This is visible asking-market supply and seller-concession evidence, not closed-sale pricing or buyer-demand proof. Investors represented 9.62% of 2,224 purchase mortgages, indicating non-owner participation but not its effect on a specific property.

Modeled climate loss is 0.12% of building value per year and is consistent with inland-flood exposure; it is a county-level model, not a parcel loss estimate. The record lacks closed-sale comparables, vacancy and operating expenses, property-level assessments, flood zone or elevation information, and insurance quotes. Those omissions prevent a supported net-yield calculation, an all-in carrying-cost view, and a property-specific hazard conclusion. Verify leases and attainable rent, tax assessment and bill, flood and insurance terms, and recent closed transactions before setting an underwriting basis.