Madison County presents a carry-cost versus momentum tension: a $267,485 Zillow median home value and $1,127 monthly median asking rent support the published 5.06% gross yield before expenses, yet the 2.27% effective property-tax rate can absorb cash flow. Investors needing durable net income should investigate parcel assessments and operating costs; momentum-focused buyers should be cautious about relying on one price series.
Measured rent is asking rent, not HUD’s two-bedroom Fair Market Rent payment standard: it equals 81% of that standard and cannot be replaced by it in yield work. Zillow’s county value measure rose 6.66%. Separately, FHFA’s annual repeat-transaction HPI rose 8.26% and 62.93% cumulatively over its five-year horizon. That HPI is not a home value; its method and supplied period differ from Zillow’s, so the rates cannot be averaged.
Realtor.com’s MLS listing-market evidence points to more visible supply and weaker seller control: active listings rose 59.09%, median marketing time was 43 days, and 10.94% of listings had a price reduction. These are asking-market measures, not closed-sale prices or proof of buyer demand. QCEW’s annual workplace data show covered employment fell while average covered weekly wages rose; education and health services is the largest disclosed private supersector, not the entire economy. Net migration was negative 78, with incoming movers reporting lower average AGI than outgoing movers. Investor purchases were 4.91% of the 530 total purchases, limiting evidence of investor competition rather than measuring all buyer depth.
Modeled annual climate loss is 0.15% of building value, consistent with inland flood as the dominant hazard, but a county-level model does not establish a parcel’s exposure or insurability. Vacancy, achieved lease rents by unit, insurance, maintenance, debt terms, closing-price transactions, parcel assessments, and property-level flood data are not published here. Their absence prevents a net-yield calculation, verification of buyer depth, and asset-specific hazard underwriting.