Grant County presents a price-appreciation case without a cash-flow basis. Zillow’s median home value was $246,740 in 2026-06, up 11.65%, while FHFA’s repeat-transaction index rose 5.97% in 2025. These are different measures and source periods, so they should not be averaged. The decision tension is clear: an investor may see supportive appreciation evidence, but the absent rent series prevents an income test. Buyers focused on current yield should investigate first; appreciation-led underwriting should remain cautious.
Market rent is not published, so gross yield cannot be computed. HUD’s two-bedroom FMR is $929 per month, but it is a payment standard, not asking rent, and cannot substitute for a measured rent. The effective property-tax rate is 0.91%, with median annual tax of $1,557. That burden must be carried alongside insurance, repairs, vacancy, utilities, financing, and flood coverage, none of which is supplied. Price therefore cannot be reconciled to net cash flow from this record.
Demand evidence is mixed. QCEW covered employment fell 2.85% in 2025, while the covered-worker average weekly wage rose 3.63%; this is workplace employment, not resident employment or unemployment. Trade, transportation, and utilities was the largest disclosed private supersector, not the whole economy. Tax-return migration shows more households leaving than entering, and outbound movers’ average income exceeded inbound movers’ average by a calculated $23,799 gap. Purchases totaled 61, with 7 investor purchases, or 11.48%. That share indicates participation, not buyer demand, and the migration-income pattern does not establish tenant quality or resale depth.
Inland flood is the dominant hazard, while modeled annual building-value loss is 0.14%; that model is not a quote for a particular property. Next checks are parcel flood-zone and elevation, insurance and claims, drainage, deductibles, closed-sale comps, actual rents, lease-up, vacancy, condition, and financing. Realtor.com listing-market evidence is not supplied, so asking-price, visible-supply, marketing-time, and seller-concession signals cannot be assessed. The record’s missing market-rent evidence is the specific gap that prevents yield and cash-flow conclusions; it also leaves the price-to-income relationship unresolved.