San Miguel County presents a high-basis, incomplete-income case: investors needing current cash-flow evidence should investigate rather than treat price momentum as an underwriting case. Zillow’s county median home value was $1,596,776 in its supplied observation, up 5.65% year over year. Realtor.com’s MLS median listing-price change was 8.66%, but that is asking-price evidence rather than a closed-sale result. Together, the measures show upward direction without establishing an executable purchase price or rent support.
Measured market rent is not published, so gross yield cannot be computed. HUD FMR is a payment standard, not an asking-rent estimate, and cannot fill that gap. The effective property-tax rate is 0.26%, with a $1,900 median annual tax; these county figures inform carrying-cost diligence but do not identify the tax bill on a specific home. Property-specific insurance, maintenance, financing, and assessment data are not published in the record, preventing a net-cash-flow conclusion.
Visible MLS supply was 206 active listings, while median marketing time was 132 days; 7.91% of listings had price reductions and the pending-to-active ratio was 21.36%. This combination of visible supply, long exposure, and concessions warrants deal-specific liquidity testing, not a buyer-demand claim. Tax-return migration was net negative by 48 households, although the calculated inbound-versus-outbound average-income gap was $23,008. The record pairs 103 total purchases with a reported investor share of 15.53%, indicating participation but not control of the buyer pool.
Risk screening should start with inland flood: modeled annual climate loss equals 0.20% of building value, a county-level expectation rather than a parcel estimate. QCEW records 6,075 annual average covered jobs at workplaces in the county, not resident employment or unemployment; Leisure and hospitality is the largest disclosed private supersector, at 45.88% of private covered jobs. The supplied QCEW and housing observations have different vintages. FHFA annual repeat-transaction HPI is not published, so Zillow’s direction lacks that independent index cross-check. Next checks are property rent rolls, leases, flood and insurance quotes, tax assessment, and comparable closed sales.