Queen Anne's County presents a split underwriting case: Zillow's 2026-06 county measures show asking rent rising faster than home value, but the separate 2025 FHFA repeat-transaction index moved the other way. Buyers able to verify property-level rent and flood exposure should investigate; buyers relying on headline yield should be cautious. Zillow reports a $530,449 median home value, up 1.74%, and $2,445 monthly median asking rent, up 9.81%. Its stated gross yield is 5.53% before operating costs.
The yield is based on measured market asking rent, not HUD's $1,857 two-bedroom Fair Market Rent payment standard; FMR cannot replace market rent in underwriting. The effective property-tax rate is 0.78%, so tax, insurance, maintenance, and vacancy must be deducted before calling the return viable. FHFA's annual HPI fell 0.12% year over year. It is a repeat-transaction appreciation index rather than a home value, and neither its method nor vintage should be averaged with Zillow's reading.
Listing and buyer evidence calls for selectivity, not a demand conclusion. In Realtor.com's 2026-06 MLS listing market, active listings rose and 22.45% had price reductions; these are visible asking supply and seller concessions, not closed-sale prices or proof of buyer demand. Net migration was 228 tax-return households, while movers in reported higher average AGI than movers out, a supportive household signal that does not establish tenant demand. Investor participation, measured as non-occupant purchase mortgages, was 4.47% of 805 purchases: limited recorded competition rather than a complete buyer census.
Inland flood is the dominant hazard, and modeled annual building-value loss is 0.07%; parcel-level insurance, elevation, deductible, and remediation review are needed rather than a countywide assumption. Vacancies, lease renewals, operating-insurance quotes, and transaction-level sale prices are not published here, preventing a stabilized cash-flow test, tenant-demand conclusion, and price-to-sale comparison. QCEW is annual covered employment at county workplaces, not resident employment, unemployment, or a forecast, so it cannot fill those gaps. Confirm flood maps, rent comps, taxes, and costs before treating gross yield as a property return.