Preble County presents a price-versus-executable-demand tension. In 2026-06, Zillow’s county median home value was $237,294, up 6.38% year over year, while Realtor.com’s median MLS listing price fell 4.03%. Investors able to verify rents and flood costs should investigate; those relying on appreciation headlines or payment standards should be cautious. FHFA’s repeat-transaction HPI rose 6.41% in its 2025 annual observation. It is an index, not a home value, and its method and vintage must not be averaged with Zillow’s change.
Market rent is not published, so gross yield cannot be computed. HUD’s two-bedroom FMR is $973 per month, but it is a payment standard—not market asking rent—and cannot replace the missing income input. Carrying-cost review should begin with the 1.04% effective property-tax rate and $1,883 median annual tax. Obtain achieved leases, vacancy, utilities, insurance, maintenance and parcel assessments before making a value-to-income or net-cash-flow conclusion.
Realtor.com’s MLS evidence includes 64 active listings, a 21.96% price-reduced share and an 87.40% pending-to-active ratio. These are visible supply, seller concessions and listing pipeline; they are neither closed-sale prices nor proof of buyer demand alone. Tax-return migration was net positive by 20 households, while inbound movers’ average AGI was $4,944 above outbound movers’; this is a small flow with a reported income difference, not a broad demand measure. Investor share was 6.63%, calculated from published investor and total purchase counts; participation does not reveal acquisition prices or terms.
Inland flood is dominant; modeled annual building-value loss is 0.12%. Test this county-level ratio against parcel flood zone, prior losses, elevation, insurance quotes and mitigation because it cannot set asset exposure. QCEW is annual covered employment at county workplaces, not resident employment, unemployment or a forecast; Manufacturing is the largest disclosed private supersector, not the entire economy. Missing closed-sale comparables, market rent, operating costs, financing terms, property-level flood history and insurance prevent conclusions about executable value, gross or net yield, and parcel-level climate risk.