Llano County’s tension is a high entry value against modest headline income: Zillow’s county median home value was $459,156, and the published gross yield was 4.77% before costs. That makes it a market for buyers who can test property-level operating costs and rent durability, not for underwriting from appreciation alone. Zillow’s county value measure fell 4.87% year over year, while FHFA’s separately dated annual repeat-transaction HPI fell 3.64%. These sources have different vintages and methods, so their declines support directionally softer pricing but are not one comparable growth rate or a home value.
The measured median asking rent is $1,825 per month, which supports the stated gross yield but does not establish net income. HUD’s two-bedroom FMR is a payment standard, not a market-rent estimate and must not substitute for this asking-rent measure. The effective property-tax rate is 0.75%, with median annual tax of $2,658; these are material carrying-cost inputs beside price and rent. Insurance, repairs, vacancy, utilities, management, financing, and property-specific assessments are not published here, preventing a net-yield conclusion.
Realtor.com’s MLS evidence shows 706 active listings, 21.02% with price reductions, and a 6.73% pending-to-active ratio. Those are visible supply, seller-concession, and pipeline measures—not closed-sale prices or proof of buyer demand—yet they warrant testing list-to-sale conversion and final concessions. Net migration was 214 tax-return households, while the incoming-versus-outgoing mover AGI gap was $54,426; that combination shows a positive, higher-income mover mix but not tenant demand. Investors accounted for 51 of 329 purchase mortgages, or 15.50%, making non-owner competition relevant but not determinative for an individual asset.
Inland flood is the dominant hazard, and modeled expected annual climate loss equals 0.21% of building value. This model is a loss ratio rather than a parcel insurance quote; flood zone, elevation, claims history, replacement cost, and coverage terms can change the underwriting result. QCEW is annual covered employment at county workplaces, not resident employment or a forecast. Next checks are parcel flood and insurance evidence, current rent comps and lease terms, operating statements, debt terms, and closed-sale comps; without them, neither net cash flow nor achievable exit value can be established.