Madison County presents a yield-versus-liquidity tension: Zillow’s 2026-06 county median home value was $316,248, median asking rent was $1,371 monthly, and supplied gross yield was 5.20% before costs. Buyers able to validate submarket rents and flood costs should investigate; those dependent on fast resale or a narrow operating cushion should be cautious. County figures do not establish every neighborhood’s pricing or rent.
That rent is measured market asking rent. HUD’s two-bedroom Fair Market Rent is a payment standard, not an asking-rent estimate, and cannot replace Zillow rent in the yield calculation. The 0.40% effective property-tax rate is a carrying-cost input, but parcel assessments, insurance, maintenance, vacancy, financing, and utilities are not published. Gross yield therefore is not net cash flow.
Visible-market and demand signals are mixed. In Realtor.com’s 2026-06 MLS listing market, median listing price declined 2.14%, active listings rose, and 19.75% of listings had price reductions—asking-price and seller-concession evidence, not sale prices or proof of buyer demand. Tax-return migration was net positive by 2,493 households, but incoming movers averaged $3,802 less AGI than outgoing movers. Investors represented 8.99% of 6,739 purchases, showing participation rather than dominance. QCEW’s 2025 annual workplace series showed covered employment up; Professional and business services was the largest disclosed private supersector, not the whole economy.
FHFA’s annual 2025 repeat-transaction HPI increased 1.22% over the year and 52.99% across the reported five-year interval. It is an appreciation index, not a dollar home value, and cannot be averaged with Zillow’s level because the methods and source labels differ. Modeled expected annual building-value loss of 0.17% aligns with inland flood as the dominant hazard, but does not replace parcel flood-zone, elevation, insurance, and deductible review. Missing closed-sale comparables, property operating data, lease roll, and flood-insurance quotes prevent a supportable net-yield, exit-price, or hazard-cost conclusion.