Kewaunee County presents a price-momentum-versus-cash-flow-validation tension: investors seeking appreciation exposure should test whether lease income can cover acquisition and carrying costs, while cash-flow underwriting should remain cautious. Zillow’s county median home value was $326,118 in 2026-06, up 9.12% year over year. Separately, FHFA’s 2025 repeat-transaction HPI rose 10.28% annually and 75.39% cumulatively over five years. The index corroborates price direction but is not a home value; its method and vintage must not be merged with Zillow’s.
No median asking market rent is published, so gross yield cannot be computed. HUD’s two-bedroom FMR of $1,164 per month is a payment standard, not asking rent, and cannot substitute for rent in a yield calculation. Carrying costs still require property-level review: the effective property-tax rate is 1.44%, and median annual tax is $3,190. These county figures do not establish the tax bill or rent coverage for a particular house; insurance, maintenance, financing, vacancy, and utility evidence are not published.
Demand evidence is mixed rather than conclusive. Tax-return migration was negative 71 households, while inbound movers’ average AGI was $59,509, or $2,918 above outbound movers’ average. QCEW reports 6,860 annual average covered jobs located at county workplaces, up 1.75%, with a $1,026 average weekly covered-worker wage. Manufacturing, the largest disclosed private supersector, represented 27.52% of private covered employment, not the whole county economy. Investor purchases were 22 of 213 purchases, or 10.33%, showing a measurable financed investor presence but not cash-buyer or total-investor demand.
Inland flood is the dominant hazard, and modeled annual climate loss equals 0.06% of building value; this is not a dollar loss or a property-specific insurance quote. Realtor.com MLS listing measures—including median listing price, active listings, days on market, and price-reduced share—are not published in this record. That prevents testing visible supply, marketing time, seller concessions, or asking-price conditions; listing evidence would not be closed-sale evidence in any event. Next checks are property-level rent comps, tax and insurance bills, flood-zone and claims history, condition, and buyer financing composition.