Winona County presents a current-income-versus-durability tension: Zillow's 2026-06 median home value of $285,128 and median monthly market asking rent of $1,188 produce the published 5.00% gross yield before costs. Income-oriented buyers should investigate property-level expenses and flood exposure; buyers relying on appreciation or easy resale should be cautious because the record supplies no closed-sale evidence.
Market asking rent increased 18.57% year over year while Zillow value increased 3.29%, an observed spread that supports the stated yield but does not establish sustainable rent or net cash flow. The effective property-tax rate is 0.93%, requiring parcel-specific tax verification and inclusion with insurance, repairs, vacancy and management in underwriting. HUD's two-bedroom FMR is $1,066, a payment standard rather than market asking rent; it cannot substitute for the published market-rent measure or be used to re-estimate yield.
FHFA's annual 2025 repeat-transaction HPI increased 2.92%, not a home value; it has the same positive direction as the Zillow observation but a different method and period, so neither rate should be combined. QCEW covered employment at county workplaces declined 0.39%; Manufacturing is the largest disclosed private supersector, not the entire economy. Realtor.com's 2026-06 MLS evidence shows 75 active listings and a 15.56% price-reduced share. That is visible asking supply and seller concessions, not closed-sale pricing or buyer demand. Investor mortgages represented 10.91% alongside 504 total purchases, indicating a defined but not dominant competition channel.
Net migration was negative, and incoming movers had lower average income than outgoing movers; this tempers a simple demand reading but does not identify tenant demand. Modeled annual climate loss equals 0.16% of building value and accords with inland-flood as the dominant hazard, requiring parcel maps, elevation, claims, coverage and deductible checks. Missing insurance quotes, operating expenses, vacancy and turnover, lease comparables and closed-sale records prevent net-yield, affordability and exit-liquidity conclusions. County-level evidence also cannot establish neighborhood conditions or individual asset performance.