Franklin Parish has a valuation conflict. Zillow’s 2026-06 county observation puts median home value at $112,806, down 6.29% year over year; FHFA’s 2025 repeat-transaction HPI increased 36.52%. These are different vintages and methods: the HPI tracks repeat-sale price change, not a dollar home value, so they cannot be averaged or treated as one interval. The tension calls for parcel-level investigation where rents and flood costs can be verified; yield-led underwriting merits caution.
Market rent is not published. HUD’s $834 monthly FMR is a payment standard, not evidence of asking rent; gross yield therefore cannot be computed. The 0.31% effective property-tax rate is a carrying-cost input, but no parcel assessment or tax bill is supplied. The Zillow value is not a cash-flow measure until market rent, condition, insurance, and actual taxes are documented.
Tax-return migration shows 322 moved in and 361 moved out, a net loss of 39; inbound movers’ average income was $39,457 versus $40,632 for outbound movers. That weakens the turnover screen but does not measure tenant demand. In 2025 QCEW, annual covered employment at county workplaces rose 0.13%, while average covered-worker weekly wages rose 5.14% to $777. Trade, transportation, and utilities was the largest disclosed private supersector, not the whole economy. Four of 88 purchases were reported as investor purchases, a 4.55% share: limited evidence on buyer competition rather than total demand.
Inland flood is the dominant hazard. Modeled annual climate loss equals 0.11% of building value, consistent with flood exposure but not a property-specific loss estimate. Realtor.com MLS listing measures—asking price, active inventory, days on market, and price-reduced share—are not published in this record, so visible supply, seller concessions, and marketing time cannot be underwritten. Missing market rent, closed-sale evidence, parcel flood zone and insurance, condition, and assessment data prevents defensible cash-flow, entry-price, or risk-cost conclusions.