Kosciusko County presents a narrow underwriting tension: the supplied Zillow county median home value in 2026-06 is $294,500 after 5.40% year-over-year growth, while reported gross yield is 4.57% before costs. That combination merits investigation by buyers who can verify property-level expenses, but warrants caution where dependable employment and flood-cost clarity are essential. FHFA’s 2025 repeat-transaction HPI increased 4.64% in its supplied annual observation, confirming a similar directional price signal; it is an index rather than a home value, and its different period and method must not be averaged with Zillow.
Measured median asking market rent is $1,122 per month, and the reported gross yield uses annual market rent before operating costs. HUD’s two-bedroom FMR is $1,142 per month, but it is a payment standard—not an asking-rent estimate—and cannot substitute for market rent or yield. The effective property-tax rate is 0.60%; that carrying cost sits below the gross-yield line, so county figures do not establish net cash flow or a parcel’s tax bill.
Realtor.com’s MLS listing-market evidence shows marketing friction: 20.67% of listings had price reductions, and a 60.27% pending-to-active ratio describes visible pipeline relative to supply, not closed-sale pricing or proof of buyer demand by itself. Days on market measures marketing time rather than buyer demand. Annual QCEW covered workplace employment fell 1.23%, and Manufacturing—the largest disclosed private supersector—represented 37.25% of private covered jobs; neither is resident employment or a forecast. Net tax-return-household migration was -197, with incoming movers’ average AGI $2,138 below outgoing movers’. Investor purchase mortgages were 5.49% of 1,056 total purchase mortgages, indicating limited recorded non-owner competition while not describing cash buyers.
Inland flood is the dominant hazard. The modeled climate loss ratio is 0.08% of building value expected lost per year, a county-level model rather than a parcel result. No vacancy, turnover, operating-expense, insurance-premium, financing, closed-sale, property-condition, or parcel flood-zone evidence is published. Those gaps prevent a net-yield, closed-sale valuation, or property-specific flood-cost conclusion; next checks are leases, tax assessments, insurance quotes, flood maps, and comparable closed sales.