Perry County presents a basis-versus-income tension. Zillow’s county median home value was $132,367 at 2026-06, down 5.33% year over year. That merits entry-basis investigation, not an assumption that affordability converts to returns. Market asking rent is not published, so gross yield cannot be computed; HUD two-bedroom Fair Market Rent is not a substitute. Rent-dependent buyers need lease evidence. No FHFA annual HPI observation is supplied, leaving no repeat-transaction index cross-check of Zillow’s direction.
Carrying costs require parcel-level work. HUD’s $803 two-bedroom FMR is a payment standard, not measured asking rent, and cannot support rent-to-price or yield calculations. The effective property-tax rate is 0.33%; check assessments, exemptions, and actual bills rather than applying it mechanically to the Zillow median value. Inland flood is the dominant hazard, and modeled expected annual building loss is 0.18% of building value. Flood zone, insurance terms, deductible, and replacement-cost diligence are therefore central; the ratio cannot be converted here into a dollar loss.
County workplace data raise a separate demand question. QCEW reports 1,777 annual average covered jobs in 2025, down 2.68%, and a $876 average weekly wage. These are jobs at county workplaces rather than resident employment or unemployment. Education and health services is the largest disclosed private supersector, not the whole economy. Tax-return migration shows 147 moving households entering and 174 leaving; entrants’ average income exceeded leavers’ by $6,897. This does not establish renter demand and warrants tenant, employer, and household-turnover verification.
Buyer competition appears thin but rests on a small count: 2 of 33 purchase mortgages were to non-occupants. This does not measure all-cash purchases or prove investor pricing power. Realtor.com’s source period is 2026-06, but listing price, active listings, days on market, and price-reduced share are not published; visible MLS supply, marketing time, and seller concessions cannot be assessed. Next checks are current market rents and lease terms, closed-sale comparables, flood and insurance quotes, tax bills, and property-specific condition.