Morgan County poses a valuation-versus-income test. Zillow’s county median home value was $312,650 in 2026-06, up 3.26% year over year; FHFA’s repeat-transaction HPI rose 19.45% in its 2025 annual observation. The observations use different vintages and methods. FHFA is an appreciation index, not a home value, so they cannot be blended into one growth measure. Cash-flow underwriters should verify rents; appreciation-dependent cases warrant caution.
Market asking rent is not published, so gross yield cannot be computed. HUD’s two-bedroom FMR of $961 per month is a payment standard, not asking rent, and cannot be substituted into yield. The 0.47% effective property-tax rate is a carrying-cost input, but does not establish ownership cost or rent coverage. Property-specific taxes, insurance, utilities, condition and operating expenses are needed; absent them, net cash flow cannot be determined.
Realtor.com’s 2026-06 MLS view showed 83 active listings, unchanged from a year earlier, 55 median days on market, a 19.91% price-reduced share and a 58.79% pending-to-active ratio. Listing prices are asks; active listings are visible supply; days on market are marketing time; and reductions are seller concessions. None supplies a closed-sale price or proves demand alone. Net tax-return migration was 126, while average AGI was higher for in-movers than out-movers. Investor mortgages were 14 of 278 purchases, or 5.04%, identifying non-occupant mortgage participation rather than cash buyers or total competition.
Inland flood is dominant, and modeled annual climate loss equals 0.18% of building value. Test that model against parcel flood exposure, insurance availability and deductibles, rather than treating it as realized loss. QCEW measures annual covered employment at county workplaces, not resident employment, unemployment or a forecast; Trade, transportation, and utilities is only the largest disclosed private supersector, not the whole economy. Obtain closed-sale and sale-to-list records, unit rent comps, flood and insurance documentation and property expense records. Without them, price execution, gross yield, net income and hazard-adjusted returns cannot be validated.