Dickson County’s underwriting tension is that a reported gross yield can support initial screening while the visible resale market and flood exposure require conservative property-level work. Zillow’s 2026-06 county median home value was $366,270, up 2.19%, alongside a $1,716 median asking rent and a 5.62% gross yield. Buyers relying on rapid resale or a thin expense cushion merit the most caution. FHFA’s separately dated 2025 repeat-transaction HPI rose 1.72% annually; it confirms the same broad direction but is an index, not a home value, and cannot be blended with Zillow’s observation.
The rent is a measured monthly market asking rent, whereas HUD’s two-bedroom FMR is a payment standard, not evidence of achievable asking rent and not a substitute for the stated yield. The reported yield is gross annual market rent before vacancy, management, repairs, insurance and taxes. An effective property-tax rate of 0.47% belongs in acquisition underwriting, but the record lacks assessed value, insurance cost, utility responsibility, operating expense, lease-up, vacancy and collections data. Consequently, it does not establish net income, debt coverage or a property-specific carrying-cost margin.
Realtor.com’s 2026-06 MLS evidence shows 298 active listings, a 50-day median marketing time, 21.3% of listings reduced, and a 38.15% pending-to-active ratio. These are visible asking-market supply, marketing-time and seller-concession measures—not closed-sale prices or independent proof of buyer demand. Tax-return migration was net positive, and average AGI for movers in exceeded that for movers out, a favorable household-composition signal; it does not identify renters, owners or neighborhood destinations. The investor mortgage share was 5.07% of purchases, a limited observed nonoccupant-financed slice that excludes unobserved cash activity.
Labor evidence is also bounded: 2025 QCEW annual covered employment at county workplaces edged down while average weekly wage rose, and Trade, transportation, and utilities was the largest disclosed private supersector. It is neither resident employment nor an unemployment measure. Inland flood is the dominant hazard; the modeled annual building-value loss ratio is 0.12%, a county-level screen rather than an asset loss estimate. Next checks are lease comps and concessions, closed sales, insurance quotes and deductibles, elevation and flood-zone history, tax assessment, and property-level expenses; without them, neither resale liquidity nor net yield can be underwritten.