Franklin County presents a split underwriting case: price direction and listing indicators are firm, but rental income is unmeasured and migration is negative. Zillow’s June 2026 median home value was $182,179, up 7.4%. FHFA’s 2025 repeat-transaction HPI also rose; it is an index, not a home value, and a different vintage from Zillow’s. The HPI can corroborate direction, not support a blended growth rate. Investors requiring gross yield should be cautious: appreciation warrants investigation, not substitution for income.
Carrying costs make missing rent evidence decisive. Market rent is not published, so gross yield cannot be computed. HUD’s two-bedroom FMR is $1,044 per month, a payment standard rather than an asking-rent estimate, and cannot substitute for rent. The effective property-tax rate is 1.68%; it is county context, not a property-specific bill. Without achievable rent, insurance, repairs, vacancy, utilities, and financing terms, the record cannot show cash flow after costs.
Demand evidence is mixed, not conclusive. QCEW counted 17,535 annual average covered jobs located in the county; average weekly wage was $1,385. Education and health services represented 39.00% of disclosed private covered jobs, so employer and tenant concentration need checking; this is not a whole-economy measure. Realtor.com MLS evidence shows active supply fell 6.48%, marketing time shortened, and price reductions were present. These are asking-market signals, not closed-sale prices or proof of demand. Tax-return data show net migration of -58, while incoming movers’ average income exceeded outgoing movers’ by the $1,135 AGI gap; that offset does not erase the outflow. Investor mortgages were 12 of 205 purchase mortgages, but the sample does not capture every buyer.
Risk limits are material. Inland flood is the dominant hazard, and modeled annual building-value loss is 0.12%; this is not an insurance quote or parcel determination. Obtain flood-zone, elevation, claims, deductible, and insurance evidence. Verify closed sales, achievable rent, property condition, and operating costs. Missing property-level facts prevent a defensible net yield or downside case; county aggregates do not settle property selection.