Fremont County

Fremont County sits at a median home price of $189,900 with year-over-year appreciation of 9.76%, which is the most consequential number in this dataset. The appreciation score of 81 out of 100 confirms this is where the market earns its keep. The cash flow score, however, is zero, and the cap rate and cash-on-cash return fields are both zeroed out in the underlying data, which tells you something plainly: this is not a market where the rent check covers the mortgage and leaves money on the table. With an interest rate environment at 6.85% and a purchase price near $190,000, the debt service alone will compress margins on any conventional leveraged buy. The affordability index of 89 and an overall national percentile rank of 91st out of 1,000 counties suggest the market is well-regarded on a composite basis, but investors need to separate the appreciation story from the income story before writing a check.

The buyer this market suits is someone playing the appreciation angle with a long hold period, not a cash-flow operator looking for day-one yield. A 9.76% price gain over the trailing year on a $190,000 asset represents roughly $18,500 in equity growth, which is meaningful, but only if that trajectory has legs and only if you can absorb the carry in the interim. A value-add operator could find opportunity here given the entry price, but the cash-flow score of zero is a hard signal that rents relative to prices are thin. If your underwriting model requires a cap rate north of 6% or positive monthly cash flow from month one, Fremont County does not currently offer that on market-rate acquisitions at this price point.

The tax and insurance picture deserves serious attention in any underwrite. The combined monthly tax and insurance load is $296, based on Iowa's state-average effective property tax rate of 1.53% and an insurance rate of 0.34%. At 1.53%, the property tax rate is high enough to deserve its own line on your pro forma, and it will materially affect net operating income on lower-rent rural properties. On a $189,900 asset, annual property taxes alone run approximately $2,905, and insurance adds another $646, totaling $3,551 per year before you touch debt service, maintenance, or vacancy. Worth noting: the 1.53% figure is a state-average estimate from Tax Foundation 2024 data, and county or township-level assessments in Fremont County may differ, so pull the actual tax bill on any target property before finalizing your numbers.

On demographic and stability risk, the population of 6,639 is the figure that demands the most scrutiny. Small-county rural markets carry concentration risk that larger metros do not. A single employer contraction, a broader agricultural downturn, or continued rural outmigration can shift vacancy and rent levels faster than in a diversified urban market. The stability score of 50 out of 100 reflects this directly. No economic anchor data was provided, so employer-level demand drivers cannot be assessed here, but at 6,639 residents the tenant pool is narrow by definition. Lease-up risk on a vacancy is real, and days-on-market for rentals in thin markets can be long. An investor who needs reliable occupancy to cover carry costs should stress-test vacancy assumptions hard before committing.

Compared to the neighboring counties in the dataset, Fremont's $189,900 median sits in the middle of the range. Audubon County comes in cheaper at $149,990 with an overall score of 75, and Crawford County is similarly priced at $174,920 with a score of 75. Both neighbors score marginally higher overall while offering lower entry prices, which means they may present better value for a price-sensitive buyer. Benton County at $261,616 and Allamakee County at $243,455 are priced notably higher with comparable or slightly lower scores, making them harder to justify on a cost-basis. O'Brien County at $180,344 and a score of 75 is perhaps the closest comparable, offering a slightly lower price and a one-point advantage in overall score. Fremont stands out from this peer group primarily on its appreciation score of 81, which is not matched by the neighbor data provided. If appreciation momentum is the primary thesis, Fremont's trailing performance is the differentiator. If cash flow or population depth is the priority, Audubon or Crawford deserve a parallel underwrite before committing to Fremont.