Washington County presents an underwriting tension: price movement is positive, but income return is unmeasured. Zillow’s county observation labeled 2026-06 puts median home value at $405,754, up 2.28% year over year. Separately, FHFA’s annual 2025 repeat-transaction HPI rose 1.92% year over year and 50.05% cumulatively over five years. The series point in the same direction, but Zillow is a value estimate and FHFA is an index; their vintages and methods cannot be combined. Income-focused underwriting should remain cautious until property-level rents are verified.
No median asking market rent is published, so gross yield cannot be computed. The $1,368 HUD two-bedroom FMR is a payment standard, not asking rent, and cannot substitute for market rent or support a yield estimate. Carrying-cost review also matters: the reported effective property-tax rate is 1.39%, with median annual property tax of $4,142. Parcel assessments, exemptions, insurance, and maintenance costs are not published, preventing an all-in operating-expense screen.
Realtor.com’s supplied MLS listing-market evidence shows median listing price rose 11.23% and active listings increased. A 17.61% price-reduced share signals observable seller concessions, while the pending-to-active ratio was 63.06%; neither is a closed-sale measure or standalone proof of buyer demand. Tax-return migration shows a net outflow of 76 households, although inbound movers’ average income exceeded outbound movers’ by $760. Investors represented 6.11% of purchase mortgages to nonoccupants, documenting some investor participation but not all buyer activity or cash competition.
Inland flood is the dominant hazard, and the modeled climate-loss ratio is an expected annual loss of 0.17% of building value, not a parcel-specific loss estimate. The annual QCEW record shows covered workplace employment declined; its largest disclosed private supersector is Trade, transportation, and utilities. QCEW is not resident employment, unemployment, or a demand forecast. Next checks are achieved rents, vacancy and lease turnover, closed-sale comparables, parcel flood-zone and insurance evidence, tax bills, and property condition. Without them, rent coverage, flood expense exposure, and acquisition-price support cannot be underwritten.