Gogebic County’s underwriting tension is a $134,547 Zillow county median home value at 2026-06 that was 5.77% higher year over year, while the record has no market-rent observation to test income against price. This is a diligence case for buyers able to obtain unit-level leases and expense records; those needing a county-level yield screen should be cautious. FHFA’s annual 2025 repeat-transaction HPI rose 7.5%, directionally consistent with Zillow but not a home value or a comparable time frame, so the measures should not be merged.
Gross yield cannot be calculated because median asking market rent is not published. The $973 two-bedroom HUD FMR is a payment standard, not asking rent, and cannot fill that gap. Carrying costs require separate testing: the effective property-tax rate is 1.43%, and median annual property tax is $1,535. The published modeled annual building-loss ratio is 0.07%; paired with the inland-flood designation, it is a county-level modeled exposure rather than a parcel-specific loss estimate.
Annual 2025 QCEW reports 4,848 covered jobs at county workplaces, down 3.92% from the prior annual average; this is not resident employment or unemployment. Trade, transportation, and utilities is the largest disclosed private supersector. Tax-return inflows only narrowly exceeded outflows, while average income of incoming movers exceeded that of outgoing movers by $3,817. That limited migration evidence is not proof of tenant or buyer demand. Within 131 recorded purchase mortgages, 9 were non-occupant loans, a 6.87% investor share, indicating some investor participation but not the full competitive buyer set.
Risk limits remain material. Realtor.com listing price, active inventory, days on market, and price-reduced share are not published for its 2026-06 inventory period, preventing a read on MLS asking-price competition, visible supply, marketing time, and seller concessions. Even if available, those measures would not be closed-sale prices or demand proof. Next checks are property-level market rents, lease turnover, insurance quotes, flood-zone status, condition, and repair history; without them, operating costs, asset-level flood exposure, and rental feasibility remain unresolved.