Iroquois County presents a split underwriting frame: Zillow’s 2026-06 county median home value was $152,115 and had increased year over year, while FHFA’s 2025 annual repeat-transaction HPI rose 7.38%. These are different methods and vintages: the HPI is not a home value, and neither measure establishes a closed-sale price. Investors needing a demonstrated income stream or deep local demand should be cautious; the record supports property-level investigation rather than a broad county conclusion.
Income underwriting is the central gap. No county market asking rent is published, so gross yield cannot be calculated. HUD’s $916 two-bedroom Fair Market Rent is a payment standard, not market rent, and cannot fill that gap. The effective property-tax rate is 1.82%, a carrying-cost input that should be tested against a parcel’s actual assessment and bill. Without market rent, vacancy, lease terms, and operating costs, the value measure cannot be translated into cash flow or rent coverage.
Visible MLS conditions do not independently establish buyer demand. In Realtor.com’s 2026-06 listing market, median listing price declined and 21.18% of listings carried a reduction; these are asking-price supply and seller-concession signals, not closed-sale evidence. QCEW’s 2025 annual covered workplace employment fell 4.87%, which is not resident employment or unemployment. Net tax-return migration was minus 115, and outbound movers reported higher average income than inbound movers. Non-occupant purchase mortgages were 14 of 208 total purchase mortgages, indicating a minority presence rather than a broad investor buyer base.
Inland flood is the dominant hazard; modeled expected annual climate loss equals 0.25% of building value, a modeled ratio rather than a quoted insurance loss. The record lacks market rent, vacancy, lease terms, closed-sale comparables, insurance premiums, parcel-level flood zones, debt terms, and property condition. Those omissions prevent a defensible yield, debt-coverage, exit-value, or property-specific resilience conclusion. Needed next checks are rent rolls and asking-rent comparables, parcel tax and insurance quotes, flood maps and claims history, condition records, and closed-sale evidence.