Lewis County

Lewis County sits at a $292,123 median home price with 3.85% year-over-year appreciation, ranking first in Idaho out of 43 counties and in the 77th percentile nationally across the scored universe. Those are the positives. The cash-flow score is zero, and the cap rate and cash-on-cash return fields are both zero, which tells you what the rent-to-price relationship looks like: thin to nonexistent on a leveraged basis at a 6.85% rate. The appreciation score of 83 out of 100 is the dominant signal here. This is not a county where you underwrite to monthly income; it is a county where you underwrite to asset appreciation and hold for equity accumulation. The affordability index of 67 and an overall score of 68 out of 100 suggest a market that is reasonably priced relative to income but not one generating the rent-to-value ratios that produce positive cash flow at current financing costs.

The investor this market suits is an appreciation buyer with low leverage or a cash buyer who can absorb thin or negative monthly spreads in exchange for the 83-point appreciation trajectory. At $292,123 with 3.85% annual price growth, a buyer putting 20% down is starting from a relatively affordable entry point by Idaho standards, and any additional equity compression from continued appreciation directly benefits a low-leverage position. A cash-flow buyer running a standard 20% down, 30-year note at 6.85% should not expect this county to pencil without materially above-average rents or a value-add spread that compresses the acquisition cost, and even then the zero cash-flow score suggests the raw rent-to-price math is unfavorable. A value-add operator could potentially manufacture a return here, but the small population of 3,630 introduces execution risk: the exit pool for a renovated asset is narrow, and days-on-market sensitivity is higher in thin markets.

The tax and insurance picture is one genuine tailwind worth building into the underwrite. Idaho's state-average effective property tax rate of 0.69% is flagged as low, and at a $292,123 purchase price that translates to $2,016 in annual taxes. Combined with $555 in estimated annual insurance, the all-in monthly carry for taxes and insurance is $214. That is meaningfully below what you would pay on a similar-priced asset in a high-tax state, and it partially offsets the cash-flow drag from the mortgage. Treat the 0.69% as a directional estimate; county and township-level rates in Idaho can differ from the state average, so confirm the actual Lewis County millage before finalizing your numbers. Still, even with that caveat, a sub-0.7% tax rate is a real underwriting advantage compared to markets where the rate sits north of 1.5%.

The population of 3,630 is the most material risk factor the data surfaces. At that scale, Lewis County is a micro-market in every practical sense. Rental demand is structurally limited, tenant turnover is costly because the replacement tenant pool is small, and any economic disruption, whether an employer downsizing or demographic outflow, has an outsized impact on vacancy and pricing. The data does not include economic anchor employers, so no claims can be made about job base composition or employer stability, but a county this size almost certainly has concentrated employment exposure by default. Investors should independently verify what is driving local employment and whether that driver is durable before committing capital. Regulatory and demographic data are not provided here, so no further claims are warranted on those dimensions.

Compared to the five neighboring counties provided, Lewis County offers the lowest median home price and the highest overall score. Caribou County at $317,336 and an overall score of 67 is the closest competitor, but Lewis edges it on both affordability and score. Cassia County at $335,334 scores 64 overall, Custer at $356,330 scores 61, Nez Perce at $374,862 scores 60, and Fremont at $482,700 scores 62, making Lewis the clear value entry point on price-adjusted terms within this peer group. An investor should choose Lewis over these neighbors specifically when the thesis is appreciation at the lowest available acquisition cost, when the investor is a cash or low-leverage buyer who can carry thin monthly spreads, and when they have conviction on Idaho's broader price trajectory pulling smaller counties along with it. An investor who needs cash flow from day one, or who requires a liquid exit market, should look at Nez Perce County first, where the larger population base and higher price point suggest a more liquid resale and rental market, even at the cost of a lower overall score.