Keokuk County presents a valuation-versus-underwriting tension: Zillow’s county median home value is $153,085, up 10.22% at its supplied vintage, yet an investor lacks the income evidence needed to test a purchase. It merits investigation only for buyers able to verify property-level rents, flood exposure, and resale liquidity; appreciation alone is insufficient. FHFA’s repeat-transaction HPI rose 7.37% in its separate annual observation. That supports Zillow’s positive direction, but the measures and vintages differ and must not be averaged.
No county market asking rent is published, so gross yield cannot be computed. HUD’s two-bedroom FMR of $919 per month is a payment standard, not an estimate of asking rent. The supplied effective property-tax rate is 1.26%; without market rent, vacancy, or operating costs, its carrying burden cannot be tested against income. Zillow’s value measure is a median home value, not a purchase comp or closed-sale price.
Realtor.com MLS evidence reports a 45-day median marketing time, 9.04% longer year over year, and a 16.19% price-reduced share among listings. These are visible asking-market, marketing-time, and seller-concession indicators—not closed-sale prices or proof of buyer demand by themselves. Tax returns show net migration of -32 households; movers in had average AGI $493 higher than movers out, a calculation from the supplied averages and only a limited compositional offset. Non-occupant investors accounted for 4 of 58 purchase mortgages, with a supplied investor share of 6.9%, providing limited evidence of investor buyer competition. QCEW annual covered employment at county workplaces declined 0.52%; Trade, transportation, and utilities is the largest disclosed private supersector at 35.87% of private covered jobs.
Inland flood is the dominant hazard, and modeled climate loss equals 0.15% of building value per year. This county-level model does not establish a parcel’s flood zone, claims record, deductible, or insurance availability. Verify those items alongside property condition, rent comps, vacancy, utility responsibility, operating costs, and closed-sale comps. Their absence prevents a cash-flow, yield, insurance, and exit-liquidity conclusion; county evidence cannot substitute for asset-level diligence.