Marinette County’s underwriting tension is a recent county-value gain against a loosening visible listing market. Buyers able to verify property-level rents and carrying costs should investigate; thin-margin, exit-sensitive cases warrant caution. Zillow’s median home value was $220,536, up 10.06% year over year, while Realtor.com’s same-period MLS evidence showed active listings up 60.15% and median listing price down 2.05%. Those measures reflect asking prices and visible supply, not closed-sale prices or proof of buyer demand; they require deal-level exit testing.
The record publishes a $1,010 monthly median asking rent and a 5.50% gross yield, representing annual market rent before operating and financing costs. HUD’s $973 two-bedroom FMR is a payment standard, not an asking-rent estimate, so it cannot replace market rent. The 1.20% effective property-tax rate and $1,907 median annual tax put carrying costs at center, but county medians cannot set a subject bill. Insurance, utilities, vacancy, operating expenses and lease terms are not published; net yield and debt coverage cannot be determined.
Demand evidence is supportive but narrow. QCEW annual workplace data identify Manufacturing as the largest disclosed private supersector; this is covered employment at county workplaces, not resident employment, unemployment or a forecast. Tax-return migration was net positive by 159 households, and average income of inbound movers exceeded outbound movers by $4,750. Nonoccupants took 33 of 509 purchase mortgages, a calculated 6.48% investor share. This suggests higher-income mover inflow but limited measured investor participation; it does not identify cash buyers, renter demand or submarket absorption.
Inland flood is the dominant hazard. The modeled climate-loss ratio is 0.12% annually, a county-level expected-loss metric; check parcel flood exposure and insurance rather than convert it into a property loss estimate. FHFA’s repeat-transaction HPI rose 8.19% in its annual data, directionally consistent with Zillow’s later observation but not the same vintage or method, so the rates should not be averaged. Missing flood-zone and insurance records, property condition, sale comparables and neighborhood vacancy prevent conclusions on insurability, resale execution and net cash flow.