Fond du Lac County presents an income-versus-liquidity tension. Zillow’s 2026-06 median home value of $296,775 sits beside a monthly median asking rent of $1,173 and a stated 4.74% gross yield before costs. This is a county for operators who can verify unit rents, taxes and flood conditions, not buyers assuming rapid resale or using a county median as a property valuation. The decision case is current income against a potentially less forgiving listing environment.
Measured market rent, rather than HUD’s two-bedroom FMR payment standard, is the basis for the stated yield; FMR is not an asking-rent estimate and cannot replace it. The effective property-tax rate is 1.51%, with median annual tax of $3,365, so carrying-cost review must test the tax bill against the individual parcel and rent. Insurance, debt service, maintenance, vacancy, capital expenditures and unit-level rent are not published; their absence prevents a net-yield or cash-flow conclusion.
FHFA’s 2025 repeat-transaction HPI increased 7.81% over its annual comparison, supporting Zillow’s separately reported positive price direction but not producing a dollar value or a rate that can be combined with Zillow’s distinct vintage. Realtor.com’s 2026-06 MLS data show active listings up 52.54% year over year and median marketing time of 39 days. Those are visible-supply and asking-market evidence, not closed sales or standalone proof of demand; they warrant underwriting purchase terms and resale time rather than assuming competing buyers.
QCEW’s 2025 annual workplace series records 44,853 covered jobs, down 0.43%, while Manufacturing—the largest disclosed private supersector—holds 24.27% of private covered employment. That is not resident employment or an unemployment measure. Tax-return migration shows a net loss of 100 households, and average AGI of movers out exceeded movers in by $3,584, weakening a simple in-migration demand narrative. The reported investor share was 8.63% of 1,170 purchases, a limited but relevant buyer cohort. Inland flood is the dominant hazard; modeled annual building-value loss is 0.09%. Check parcel flood history, insurance quotes, lease comps, property taxes, sale comps and buyer financing before concluding that income offsets these risks.