Okanogan County presents a pricing-validation problem rather than a clean income case. Zillow’s 2026-06 median home value is $318,585, up 0.89% year over year, while FHFA’s 2025 repeat-transaction HPI fell 1.54%. These are different vintages and methods: the HPI is not a home value, and the measures should not be averaged. Price-sensitive buyers and appreciation-led cases warrant caution; income underwriters also lack published market rent.
Housing economics cannot support a gross-yield conclusion. HUD’s published two-bedroom Fair Market Rent is a payment standard, not asking market rent; it cannot replace rent, and gross yield cannot be computed. The effective property-tax rate is 0.76%, with median annual tax of $2,281. Those are carrying-cost inputs, but assessed value, insurance, repairs, vacancy and financing costs are not published; value and tax evidence do not establish net cash flow.
Realtor.com’s 2026-06 MLS listing-market evidence indicates more visible seller competition, not verified buyer demand: 306 active listings were up 37%, median listing price declined 2.3%, and 16.66% of listings had price reductions. These are asking-price, supply and concession measures, not closed sales. Tax-return migration shows arrivals exceeded departures and incoming movers had higher average AGI than outgoing movers, without identifying tenure or price-point demand. Investor/nonoccupant borrowers accounted for 15 of 341 purchases. QCEW’s 2025 annual data cover workplaces in the county—not resident employment—and identify natural resources and mining as the largest disclosed private supersector, not the whole economy.
Inland flood is the dominant hazard; modeled annual building-value loss is 0.46%, an expected-loss ratio rather than a property-specific damage estimate. Next checks are parcel flood exposure and elevation, insurance terms, and claims history. Missing lease and market-rent evidence blocks a yield conclusion; missing closed-sale comparables blocks a settled entry-price conclusion; and missing property-level operating expenses and tax details blocks a net-cash-flow conclusion.