Franklin County’s decision tension is a softer current-value signal against a still-positive transaction index, leaving cash-flow and near-term exit underwriting cautious. Zillow’s county median home value was $182,220 in 2026-06, down 5.35% year over year. FHFA’s 2025 repeat-transaction HPI rose 0.96% over its annual measure and 49.09% cumulatively over five years. These are different vintages and methods: FHFA is not a home value, and the series cannot be blended into one appreciation rate.
Housing economics are incomplete. The effective property-tax rate is 0.32%, a carrying cost to test against a parcel’s assessment and tax bill. County market asking rent is not published, so gross yield cannot be computed. The supplied HUD FMR is a payment standard, not measured market rent, and cannot substitute for it. Missing insurance, maintenance, vacancy, financing, and parcel-level tax evidence prevents a net-cash-flow conclusion.
Realtor.com’s 2026-06 MLS market showed 73 active listings, 81 median days on market, 23.75% with price reductions, and a 40% pending-to-active ratio. These are visible asking-market supply, marketing time, concessions, and listing status—not closed sales or buyer-demand proof. QCEW’s 2025 annual average reports 10,994 covered jobs at county workplaces; Manufacturing is the largest disclosed private supersector, not the whole economy or resident employment. Tax-return movers produced a net outflow of 104, while outbound movers’ average AGI was $4,936 higher. Investor participation was 8.21% of 207 purchase mortgages, a limited buyer-competition signal rather than evidence of pricing power.
The dominant hazard is inland flood, and modeled climate loss equals 0.14% of building value per year. That model should alter parcel screening, but it does not identify a property’s flood zone, deductible, premium, condition, or mitigation. Closed-sale comparables, market-rent comps, lease-up and turnover data, insurance quotes, flood claims, and assessment records are not published here; without them, neither achievable income nor a defensible exit price can be underwritten.