McNairy County’s underwriting tension is a rising county home-value signal without published market rent: yield-focused buyers should be cautious, while investigators able to collect lease evidence can test whether the price basis is supportable. Zillow’s county median home value was $177,053 at its 2026-06 observation, up 5.12% year over year. FHFA’s repeat-transaction HPI annual observation is labeled 2025 and shows 1.81% growth. Both point upward, but they use different methods and vintages; neither is a rental-income result, and they should not be merged into one appreciation rate.
Market rent is not published, so gross yield cannot be computed. The $925 two-bedroom HUD Fair Market Rent is a payment standard, not an estimate of asking rent and cannot substitute for it. Carrying-cost review starts with the 0.38% effective property-tax rate and $619 median annual tax, but the record lacks insurance, maintenance, vacancy, and property-specific assessment evidence. It therefore cannot establish net income or a defensible all-in cost basis.
Demand evidence is mixed rather than conclusive. Tax-return migration was positive and average incoming-mover AGI was higher than outgoing-mover AGI; that household-flow evidence does not demonstrate tenant depth. Among purchase mortgages, 9 of 221 went to non-occupants, a 4.07% investor share, a limited observed participation measure rather than total buyer demand. QCEW’s 2025 annual average counted 5,579 covered jobs at county workplaces, down 0.38%. Manufacturing, the largest disclosed private supersector, represented 28.01% of private covered employment; workplace data and industry concentration require employer and tenant-source checks.
Inland flood is the named dominant hazard, and modeled climate loss equals 0.16% of building value per year; it is a county-level model, not a parcel loss estimate or insurance quote. Realtor.com MLS listing price, active-listing, days-on-market, and price-reduction figures are not published, preventing a read on visible supply, marketing time, or seller concessions. Next checks are property-level flood zone and insurance terms, lease comparables, operating expenses, and listing-market evidence. Without them, neither cash flow nor exit liquidity can be underwritten.