Dodge County presents a carry-cost-versus-liquidity tension: published market rent supports a measurable, but thin, 3.94% gross yield on a $327,072 median Zillow home value, while MLS evidence shows more visible supply. It merits investigation for buyers who can validate parcel expenses; purchasers relying on quick resale or untested flood costs should be cautious. Zillow’s 2026-06 county value measure rose 6.60% year over year; FHFA’s 2025 repeat-transaction HPI rose 6.90%. They show similar direction, but not a common interval or method, and the HPI is not a home value.
Median asking rent is $1,073 per month. It is market rent, distinct from HUD’s $1,080 two-bedroom Fair Market Rent payment standard; FMR cannot establish asking rent or yield. The 1.48% effective property-tax rate is a carrying-cost input, but does not identify a target parcel’s tax bill. Insurance, maintenance, vacancy, utilities, financing terms and parcel assessment are not published, preventing a net-cash-flow conclusion from the gross yield.
Realtor.com’s MLS listing-market evidence complicates the value picture. Active listings were 175, up 42.45% year over year, while median listing price was 9.09% lower. These are visible supply and asking-price measures, not closed-sale prices. The record’s shorter median marketing time and price-reduced share add negotiation context, but neither independently establishes buyer demand. Review pending contracts, withdrawal activity and sold comparables before treating listing movement as executable pricing.
Buyer competition appears limited rather than absent: investors accounted for 72 of 902 purchases. Tax-return migration shows more moving households leaving than entering, although incoming movers had higher average AGI; that combination does not establish renter demand. QCEW measures annual covered jobs at county workplaces, with Manufacturing the largest disclosed private supersector, not resident employment or a forecast. Inland flood is the dominant hazard, with modeled annual building-value loss of 0.08%. Obtain flood-zone, insurance, condition and lease-comp evidence before concluding on net cash flow.