August 2026 metro indices, 7.75% financing and generic operating allowances. Changing financing changes cash flow and capital required; none of these counts verifies a profitable individual property.
Rentals can make money. This screen does not tell us which homes will.
The original result was narrower than the headline suggested: none of 29 metro proxies generated positive monthly cash flow with 25% down, a 7.75% loan and our generic cost allowances. That is a financing-and-cost scenario, not evidence that every rental in those cities loses money. Zillow's rent and value indices describe different housing stocks, not the same homes. Zillow definitions.
Income you can spend
Collected rent minus all costs and the entire loan payment. This determines whether you must add money each month.
Equity you build
The principal portion of loan payments reduces what you owe. It is part of your wealth, but it cannot pay today's repair bill. How amortization works.
Return when you sell
Rent cash flows plus sale proceeds, after loan payoff, acquisition and selling costs. Future prices and rents can rise or fall; tax and the return you could earn elsewhere also matter.
Our hypothetical duplex already has positive cash flow: about $403/month. It misses the report's stricter 6% cash-income target and loses $86/month under its operating stress. Failing those judgment-based hurdles is different from being unprofitable. The example is not an available listing.
Financing changes the answer, and the capital required
The same dated metro proxies produce the comparison below when only the down payment changes. All other original allowances stay fixed. More equity reduces debt payments but ties up more cash; positive cash flow alone does not establish a competitive return.
| Financing | Positive monthly cash flow | Annual cash-on-cash range |
|---|---|---|
| 25% down | 0 of 29 | -14.6% to -8.4% |
| 40% down | 0 of 29 | -7.8% to -3.6% |
| All cash | 29 of 29 | 1.2% to 3.1% |
Cash-on-cash divides annual after-cost cash flow by down payment, closing costs, initial repairs and opening reserves. These are modeled index combinations, not achievable property yields. Route status and market data remain those reviewed in the original edition.
Does this property produce income and build wealth?
Start with the hypothetical duplex or load a dated metro proxy. Replace its numbers with actual rent, financing and address-specific expenses. Then compare monthly income and a holding-period scenario. Inputs stay on this page and reset on reload.
Hypothetical two-unit property. Neither availability nor rent has been verified.
Full screen: your monthly cash-flow target, 1.25x debt coverage after reserves, 6% cash-on-cash, and nonnegative operating stress. Stress uses 10% lower rent, at least 10% vacancy, and 25% higher tax and insurance. The fixed-rate loan payment stays unchanged. The default case's limits are judgment-based research hurdles.
| Monthly amount | Calculation |
|---|
Initial cash includes down payment, closing costs, initial repairs and the selected reserve months of debt, tax, insurance, owner utilities and other fixed costs. Cash flow excludes appreciation, principal paydown benefits and income-tax effects. A model pass still requires rent, condition, legal use, taxes, financing and insurance verification.
What could you earn over the full holding period?
Start with flat prices, rents and expenses to isolate rental income and loan repayment. Then change each assumption. The three price paths below are scenarios with no assigned probability.
Fixed costs are property tax, insurance, owner utilities and other fixed expenses. Management, repairs, replacement and leasing allowances remain percentages of rent. Growth starts in year 2; sale price changes over the full holding period. The original fixed loan is paid to maturity; no refinance is assumed. Selling costs include your estimate for brokerage, transfer taxes, concessions and closing expenses.
The last card is net present value: it discounts annual cash flows and net exit proceeds at your comparison return, then subtracts initial cash. A positive dollar profit can still fall short of that return. The comparison rate is your opportunity-cost assumption, not a quoted or guaranteed alternative.
Bars show profit after sale, before income tax. Red bars indicate a loss. Only home price growth changes between rows; the selected rent and cost assumptions stay the same.
| Home price change / year | Profit after sale, before tax | Ahead / behind comparison return |
|---|
See the profit calculation and annual cash flows
| Component | Amount |
|---|
Loan repayment is counted once through the smaller balance paid off at sale. Returning your down payment or opening reserve is not profit. The opening reserve is held intact, earns no interest and is returned at sale; negative rental cash flow requires owner contributions. Monthly replacement allowances are assumed spent, with no second deduction or unused balance at sale. The model assumes immediate rentability and no automatic value gain from initial repairs.
| Year | Rent / month | Cash flow / year | Principal repaid | Loan remaining |
|---|
Would a larger down payment help this property?
| Down payment | Cash required initially | Cash flow / month | Annual cash-on-cash |
|---|
What else belongs in the decision?
| Factor | How to use it | Evidence needed |
|---|---|---|
| Purchase price and property type | Underwrite the actual house or legal 2-4-unit building. An attractive purchase can differ sharply from the metro proxy. | Address-level sold comparables, legal unit count, each unit's lease, inspection and repair quotes. |
| Local tax and insurance | Replace the generic 2% tax and insurance allowances; they can be too high or too low. | Post-purchase rental tax estimate, exemptions removed, landlord and flood/wind quotes with deductibles. |
| Rent growth and appreciation | Test them separately from today's income, including flat or falling prices and expenses outgrowing rents. | Comparable leases, household and job trends, rental supply, durable access and neighborhood sale history. Growth remains uncertain. |
| Improvements or additional units | Higher rent may justify renovation only after work, vacancy, permits and financing costs are included. | Contractor bids, legal approvals, realistic downtime and rental comparables. The calculator assumes immediate rentability and gives no automatic renovation gain. |
| Financing | Compare monthly liquidity with the return on all cash committed. A lower future rate is an optional scenario, not a condition for survival. | An investor loan quote including points, term, unit count and reserves. Investment loans have specific fees and requirements. Freddie Mac. |
| Management, liquidity and exit | Include remote-management costs, large repairs, negative cash-flow funding, selling costs and time to sell. | Local manager fee schedule, inspection, reserve plan, recent comparable sales and closing estimate. Direct flights make oversight easier; they do not improve a property's rent roll. |
Taxes matter, but a deduction is not rent
Rental expenses and eligible depreciation can reduce taxable rental income. Residential rental buildings are generally depreciated over 27.5 years under the general system; land is excluded. Passive-activity and other loss limits can prevent a current deduction against salary. A tax loss therefore does not automatically create an immediate refund. IRS Publication 527.
A later sale can incur capital-gains tax and tax attributable to prior depreciation. The calculator shows returns before income tax: it includes neither tax savings nor sale taxes. Add a property-specific tax projection with a qualified adviser before comparing after-tax alternatives. IRS guidance on capital gains.
Search recommendation: keep Pittsburgh and Cleveland as starting markets, with St. Louis next and the original conditions for Indianapolis and Houston. Those priorities are hypotheses for sourcing properties. We still need matched properties and rents to establish attainable returns. For an income goal, keep a cash-flow and stress requirement; for long-term wealth, also assess the after-sale scenario and the cash needed to carry it.
This review clarifies the original conclusion and adds scenario tools. It does not refresh the August market inputs, turn scenario growth into forecasts or establish a verified profitable listing. Read the original edition.
Where to begin the search
Start with Pittsburgh and Cleveland. Add St. Louis as a second search market. Keep Indianapolis conditional on local leasing evidence, and Houston conditional on insurance and flood costs. These are priorities for finding individual deals, not claims that the average property is a good investment.
We screened 29 selected U.S. metropolitan areas with currently listed SFO nonstop service using August 2026 single-family home-value and rent indices. Under the stated financing and cost assumptions, three pass rent minus mortgage and tax; none produces positive cash flow after the modeled operating costs. No qualifying property has yet been verified. [1] [2] [4] [5]
| Research priority | Why investigate | Main condition |
|---|---|---|
| Pittsburgh | Strongest inland rent/value screen | Parcel taxes, repairs and actual rent |
| Cleveland | Strong rent/value screen; rent index up | Lead compliance and local agent |
| St. Louis | Positive recent job reading | Find a cheaper, legal rental asset |
| Indianapolis | Useful rent levels and direct access | Payroll decline; verify leasing depth |
| Houston | Highest gross ratio in this screen | Written all-peril insurance costs |
The useful next move: source legal, rentable single-family homes or 2-4-unit buildings at prices that work with verified leases or comparable rents. The report includes a price ceiling, an example that fails a stress test, and a property checklist. Large metros include many municipalities; this is not a neighborhood recommendation.
Scope: U.S. long-term rentals, assumed $150,000-$500,000 search budget, 25% down. Seasonal/future routes and the Bay Area are shown separately. This is a selected-market screen, not every destination served by SFO. Routes were reviewed September 18, 2026; bookable dates and frequency must still be checked. [4] [5] [6]
Research judgment: the search order weighs the inland rent/value screen, recent jobs and identifiable operating hurdles. It is not a fitted return model. Cash-income hurdles answer whether the property funds itself; the holding-period calculator separately tests equity and resale scenarios.
What "covers the cost" means
Test 1: scheduled rent exceeds loan principal and interest plus property tax. Test 2: collected rent also covers insurance, management, maintenance, replacement reserves, leasing, owner utilities, fees and travel. The guide uses Test 2 for investment screening.
| Input | Base assumption |
|---|---|
| Loan | 25% down; 30-year amortization; 7.75% fixed rate |
| Property tax | 2.00% of assumed purchase price annually; scenario allowance |
| Insurance | Single-family: $200/month; duplex example: $225/month |
| Vacancy / nonpayment | 6% of scheduled rent |
| Management | 8% of collected rent after vacancy |
| Repairs / replacements | 5% of gross rent for each, 10% combined |
| Leasing / turnover | 3% of gross rent; separate from management and repairs |
| Owner utilities / HOA | Single-family: $0 / $0; duplex owner utilities: $100/month |
| Travel, licensing, admin | $75/month; replace with actual expected spending |
| Initial capital | Down payment + 4% closing costs + $10,000 initial repairs |
| Cash reserves | 6 months of debt, tax, insurance, utilities and other fixed costs |
These are modeling inputs, not observed local averages or quotes. In particular, 2% is not the actual tax rate in every city, and $200 is not an insurance quote. Replace both before judging a listing. A seller's homestead exemption or old assessment can understate a rental buyer's bill.
The 7.75% fixed rate is the original planning assumption, not an investor-loan quote. Obtain a current lender quote for the property, including points and fees. Freddie Mac investment-property guidance.
The rent series is Zillow's single-family asking-rent index (ZORI); the value series is its single-family home-value index (ZHVI). They match geography, property type and month, but measure different rental and ownership stocks. Their ratio is a screening proxy, not an observed return on the same house. We have not substituted apartment rents for house rents. [1] [2] [3]
A small surplus can disappear quickly
August 2026 metro indices; dollars per month unless marked otherwise. "After costs" includes every operating allowance in the preceding table. These are modeled comparisons, not measured landlord cash flows. [1] [2]
| Metro | Value proxy | Rent | P&I + tax | First test | After costs |
|---|---|---|---|---|---|
| Houston | $308,755 | $2,242 | $2,174 | +$69 | -$801 |
| Pittsburgh | $230,358 | $1,665 | $1,622 | +$43 | -$673 |
| New Orleans | $263,428 | $1,873 | $1,854 | +$19 | -$753 |
| Cleveland | $261,148 | $1,758 | $1,838 | -$80 | -$822 |
| Indianapolis | $298,425 | $1,923 | $2,101 | -$178 | -$963 |
| St. Louis | $281,928 | $1,697 | $1,985 | -$287 | -$1,012 |
Even a one-percentage-point reduction in the assumed tax rate would add only about $192/month to Pittsburgh, $218 to Cleveland and $235 to St. Louis at these value proxies. That alone would not close their modeled operating deficits. The correct tax bill still matters at the individual purchase price.
A lower purchase price does not automatically preserve the metro rent. A home may be cheaper because it is smaller, needs repairs, has a weak rental market or has restrictions. Every price ceiling later in this guide assumes the rent is independently supportable for that exact property.
Five markets, five distinct hurdles
Pittsburgh / PIT - first search
Value proxy $230,358; rent $1,665; gross rent/value ratio 8.7%. Its rent index rose 3.1% over the year. BLS August payrolls were flat year over year. United appears on SFO's route list. [1] [2] [5] [8]
Before proceeding: Confirm the municipality, school district and assessed value. Pittsburgh's published 2026 combined millage is 26.557 per $1,000 of assessed value; that is not 2.6557% of every purchase price. Pittsburgh also has a 5% total transfer tax, with the buyer/seller split determined in the transaction. Get a closing estimate instead of assuming the generic 4% covers it. Inspect roof, sewer, drainage and any retaining structures. [13] [14]
Cleveland / CLE - first search
Value proxy $261,148; rent $1,758; gross ratio 8.1%. Rent index growth was 5.4%; August payrolls rose 0.4% year over year. SFO lists United. [1] [2] [5] [9]
Before proceeding: For Cleveland city, verify annual rental registration, a qualifying local agent for a California owner, and required lead certification or exemption for pre-1978 rentals. Registration currently lists $70/unit. Budget actual remediation separately from routine repairs. The county tax rate depends on municipality and school district. These city rules do not automatically apply to every Cleveland-area suburb. [15] [16] [17]
St. Louis / STL - second search
Value proxy $281,928; rent $1,697; gross ratio 7.2%. August payrolls rose 0.7% year over year. SFO lists Southwest and United. The weaker price/rent screen means the purchase price must improve materially. [1] [2] [5] [10]
Before proceeding: Verify legal unit count and occupancy documentation. St. Louis city requires a Certificate of Inspection before rental occupancy; other municipalities have their own rules. The metropolitan area crosses Missouri and Illinois, so a metro average cannot supply the correct tax or landlord-law assumptions for an address. [18]
Conditional markets and alternatives
Indianapolis / IND - conditional
Value proxy $298,425; rent $1,923; gross ratio 7.7%. Rent index growth was 4.0%. August payrolls fell 1.1% year over year. SFO lists United. Require evidence of recent signed leases and limited downtime in the chosen submarket. [1] [2] [5] [11]
Before proceeding: Indiana generally places non-homestead residential property in its 2% tax-cap category, but referendum taxes can exceed the cap. Do not use the 1% owner-occupied category for an investment property. Verify the parcel bill and local registration requirements before an offer. [19]
Houston / IAH - insurance-dependent
Value proxy $308,755; rent $2,242; gross ratio 8.7%. August payrolls rose 1.3% year over year. SFO lists United. It leads this screen's gross ratio, yet has modeled after-cost cash flow of -$801/month. [1] [2] [5] [12]
Before proceeding: Get address-specific landlord, wind/hail and flood quotes, coverage exclusions, replacement valuation and deductibles. Texas regulators distinguish home, flood and wind coverage; standard property coverage does not establish flood protection. A low asking price cannot compensate for unknown insurability or unbudgeted flood loss. [20] [21]
BLS figures above are August 2026 preliminary, non-seasonally-adjusted total nonfarm year-over-year changes. They describe metro jobs, not a particular rental neighborhood or guaranteed tenant demand. Source geography vintages can differ from Zillow; employment is separate context.
Why not simply pick the largest gross ratio? New Orleans passes the thin mortgage-plus-tax test but loses money after even the generic cost allowances. It stays outside the initial shortlist until property-specific insurance, condition and operating evidence resolve the uncertainty. Chicago and Detroit also need parcel-specific tax and operating review; their gross ratios alone do not qualify them.
Other familiar candidates: Columbus, Kansas City, Charlotte and Raleigh all have current listed SFO access in this screen, but their typical single-family rent/value ratios leave less room for the modeled costs. Keep a compelling individual deal if it passes the same tests; do not assume a popular growth market will cover its mortgage. No appreciation forecast is being made. [1] [2] [4] [5]
A $220,000 duplex is still not an automatic buy
Hypothetical example only: two legal units renting for $1,600 each, $220,000 purchase, 25% down, and the stated costs. No available property or attainable rent has been verified. The national single-family indices do not establish duplex values or rents.
| Monthly item | Amount |
|---|---|
| Scheduled rent | $3,200 |
| Vacancy / nonpayment | -$192 |
| Property management | -$241 |
| Repairs | -$160 |
| Replacement reserve | -$160 |
| Leasing / turnover | -$96 |
| Property tax | -$367 |
| Insurance | -$225 |
| Owner utilities | -$100 |
| Travel / licensing / administration | -$75 |
| Loan principal and interest | -$1,182 |
| Monthly cash flow after reserves | +$403 |
The simple rent-minus-mortgage-and-tax test shows +$1,651/month. After costs, it is +$403/month. Required initial cash is about $85,492: $55,000 down, $8,800 closing, $10,000 repairs and $11,692 reserves. Modeled annual cash-on-cash return is 5.7%. Initial reserves are part of invested cash, not recurring expenses.
Operating income before debt and replacement reserves is $1,745/month. After the replacement reserve, it covers loan payments 1.34 times. This is our cash coverage measure, not a lender's DSCR qualification formula. Loan principal reduction and appreciation are not spendable cash flow.
For a 2-4-unit building, inspect each unit's lease, concessions, collection history, deposits, utilities and legal status. A vacant unit has no collected rent. Do not multiply a metro single-family rent by the unit count or count an unpermitted unit.
Set an offer ceiling before touring
Suggested research hurdles: at least $250/month after reserves, at least 1.25 times loan-payment coverage after reserves, at least 6% annual cash-on-cash on all initial cash, and nonnegative cash flow in the operating stress below. These are adjustable editorial thresholds, not universal investment standards or proven outcome predictors.
The duplex fails the complete screen. Its 5.7% base cash-on-cash misses 6%. If rent falls 10%, vacancy becomes 10%, and tax and insurance rise 25%, cash flow falls to -$86/month. Debt stays fixed in this operating stress. Separately, a rate of 8.75% before closing reduces base cash flow to +$287/month. These are illustrative shocks, not probabilities or worst cases.
| Verified total monthly rent | Ceiling for $250/month | Ceiling for all four hurdles |
|---|---|---|
| $2,600 | $179,000 | $157,000 |
| $3,000 | $220,000 | $191,000 |
| $3,200 | $241,000 | $208,000 |
| $3,600 | $283,000 | $242,000 |
| $4,000 | $325,000 | $275,000 |
Ceilings use the duplex insurance/utilities inputs and are rounded down to $1,000. At verified rent of $3,200/month, the full-screen ceiling is about $208,000, not the roughly $241,000 ceiling produced by the $250 cash-flow rule alone. Offer below the ceiling when quotations, condition or collection history are uncertain. Any additional fixed cost lowers the ceiling.
More down payment can improve monthly cash flow while tying up more capital. Recalculate cash-on-cash rather than calling a property attractive simply because a large cash contribution makes it positive. Likewise, lower-priced properties may need more than the assumed $10,000 initial work or 10% ongoing repair/replacement allowance.
Before financing a 2-4-unit property, obtain a lender quote for its occupancy and unit count, including points, reserves and rent qualification. This report does not assume an owner-occupied loan or loan approval.
What else determines whether a rental works
Actual rent and tenant demand. Collect at least three recent, genuinely comparable signed leases or property-manager rent opinions supported by leased comparables. Match bedrooms, size, condition, parking and utilities. Record concessions, time to lease and collection losses. Asking rent is not collected rent.
Durable local demand. Check multiple employer sectors, local payroll direction, household/population history, nearby rental supply and commute access. The guide verifies recent metro payrolls; neighborhood vacancy, population and new-supply measures remain property-search work. Avoid relying on one employer or a promised project.
Condition and insurability. Inspect roof, foundation, HVAC, sewer, water intrusion and any required lead work. Obtain written landlord and relevant flood/wind quotes, including deductibles and rental-loss coverage. Price known work with contractors before treating an allowance as sufficient.
Legal rentability and costs. Confirm title, zoning, permitted unit count, occupancy certificates, registration, HOA rental restrictions, special assessments and post-sale rental taxes. Review local lease, deposit and eviction requirements with local counsel. This guide is a financial screen, not a legal opinion.
Management from California. Interview at least two managers. Verify licensing where required, fee schedules, leasing markups, renewal fees, maintenance procurement, vacancy reporting, inspection evidence and emergency response. Confirm door-to-door travel time, flight frequency and backup travel options.
Exit and capital resilience. Compare recent sales of similar legal rental properties, expected selling costs and likely time to sell. Keep cash outside the down payment for vacancies and deductibles. The original cash-flow example below excludes sale proceeds. The added holding-period calculator includes a sale and loan payoff; neither anticipated appreciation nor a refinance supplies cash for an operating deficit today.
Make the recommendation falsifiable
Before buying, freeze the address, inspection, quotes, rent evidence, expected lease-up date, every cost input and the maximum offer. For each acquired rental, record collected rent, vacancy days, management, taxes, insurance, repairs, capital work and debt every month. Compare actual cash flow with the original base and stress cases at 3, 6 and 12 months. Preserve the original forecast when revising assumptions.
Also retain rejected deals and why they failed. If properties near a city's target prices cannot earn the assumed rent, lower the rent or remove that city from the shortlist. If operating costs exceed the model, revise the allowances before evaluating more deals. This edition registers a screening method; it makes no city appreciation forecast and claims no historical prediction accuracy.
29 currently listed nonstop markets
August 2026 single-family indices; same assumptions for all rows. Ranked by gross rent/value proxy, not overall investment merit. A positive first-test number is conditional on the 2% tax allowance. All after-cost results are negative in the original 25%-down scenario; this is not a conclusion about every property or other financing structures. [1] [2] [4]
| Metro | Value | Rent/mo | Gross ratio | First test/mo | After costs/mo |
|---|---|---|---|---|---|
| Houston | $308,755 | $2,242 | 8.7% | +$69 | -$801 |
| Pittsburgh | $230,358 | $1,665 | 8.7% | +$43 | -$673 |
| New Orleans | $263,428 | $1,873 | 8.5% | +$19 | -$753 |
| Chicago | $377,573 | $2,556 | 8.1% | -$103 | -$1,055 |
| Cleveland | $261,148 | $1,758 | 8.1% | -$80 | -$822 |
| San Antonio | $278,210 | $1,845 | 8.0% | -$113 | -$878 |
| Dallas | $363,024 | $2,371 | 7.8% | -$184 | -$1,088 |
| Indianapolis | $298,425 | $1,923 | 7.7% | -$178 | -$963 |
| Tampa | $374,706 | $2,410 | 7.7% | -$227 | -$1,142 |
| Detroit | $266,540 | $1,680 | 7.6% | -$197 | -$917 |
| Albuquerque | $352,454 | $2,191 | 7.5% | -$291 | -$1,147 |
| Orlando | $399,887 | $2,452 | 7.4% | -$363 | -$1,288 |
| Minneapolis | $401,449 | $2,448 | 7.3% | -$378 | -$1,302 |
| Baltimore | $412,229 | $2,502 | 7.3% | -$400 | -$1,338 |
| Louisville | $285,071 | $1,728 | 7.3% | -$279 | -$1,012 |
The remaining current-route markets
Same August 2026 indices and assumptions. Negative first-test amounts mean rent does not cover modeled principal, interest and tax, even before operating costs. [1] [2] [4]
| Metro | Value | Rent/mo | Gross ratio | First test/mo | After costs/mo |
|---|---|---|---|---|---|
| St. Louis | $281,928 | $1,697 | 7.2% | -$287 | -$1,012 |
| Atlanta | $384,253 | $2,296 | 7.2% | -$409 | -$1,293 |
| Columbus | $354,289 | $2,081 | 7.1% | -$413 | -$1,240 |
| Philadelphia | $399,087 | $2,314 | 7.0% | -$495 | -$1,384 |
| Richmond | $397,568 | $2,279 | 6.9% | -$519 | -$1,399 |
| Charlotte | $388,423 | $2,214 | 6.8% | -$521 | -$1,383 |
| Kansas City | $330,440 | $1,817 | 6.6% | -$509 | -$1,266 |
| Tucson | $348,799 | $1,888 | 6.5% | -$567 | -$1,343 |
| Nashville | $459,688 | $2,387 | 6.2% | -$850 | -$1,757 |
| Las Vegas | $443,565 | $2,270 | 6.1% | -$852 | -$1,730 |
| Phoenix | $452,125 | $2,302 | 6.1% | -$880 | -$1,766 |
| Denver | $585,489 | $2,981 | 6.1% | -$1,140 | -$2,206 |
| Raleigh | $435,815 | $2,130 | 5.9% | -$938 | -$1,778 |
| Salt Lake City | $578,834 | $2,539 | 5.3% | -$1,535 | -$2,484 |
Denver and Salt Lake City exceed the assumed $500,000 budget at the value proxy and serve as comparison markets. Individual listings can differ. The same applies to the separately shown San Francisco reference. Tax and insurance allowances are intentionally held constant here; they must be replaced for every actual address.
Keep flight access and evidence dates visible
| Separate comparison | Access status | Value / rent per month |
|---|---|---|
| Cincinnati / CVG | Breeze seasonal; United announced October 25, 2026 | $319,294 / $2,044 |
| Omaha / OMA | United seasonal | $309,562 / $2,027 |
| San Francisco | Home-market reference | $1,213,538 / $4,220 |
Cincinnati and Omaha do not count as current year-round recommendations. SFO's general list and carrier list differ in detail; the future United launch is not counted as operating today. Confirm any selected travel dates. The main shortlist's PIT, CLE, STL, IND and IAH routes appear on SFO's carrier list. [4] [5] [6]
Reproduction: calculations use retained, hashed CSV files and exact Zillow RegionIDs, with single-family definitions and an August 31, 2026 period end. Full precision drives every calculation; only presentation is rounded. The latest revised release is not a historical point-in-time backtest. Values refer to metros, not municipal boundaries. Numerical files and SFO pages are archived with this edition; BLS and mortgage figures are source-reviewed notes rather than independently archived source captures.
Not yet verified: actual qualifying listings, signed comparable rents, current local vacancy, address-level hazards, insurer/lender quotes, acquisition taxes, repair budgets and exit values. The guide intentionally does not label a metro as an approved purchase.
Sources reviewed September 18, 2026
[1] Zillow single-family home values, August 2026
https://files.zillowstatic.com/research/public_csvs/zhvi/Metro_zhvi_uc_sfr_tier_0.33_0.67_sm_sa_month.csv
[2] Zillow single-family asking rents, August 2026
https://files.zillowstatic.com/research/public_csvs/zori/Metro_zori_uc_sfr_sm_month.csv
[3] Zillow data definitions
https://www.zillow.com/research/data/
[4] SFO nonstop destination list, September 2026
https://www.flysfo.com/nonstop
[5] SFO domestic routes and carriers
https://www.flysfo.com/nonstop/where-we-fly-united-states
[6] Cincinnati airport route announcements
https://www.cvgairport.com/business/newsroom/
[7] Freddie Mac mortgage survey, September 17, 2026
https://www.freddiemac.com/pmms
[8] BLS Pittsburgh metro employment
https://www.bls.gov/eag/eag.pa_pittsburgh_msa.htm
[9] BLS Cleveland metro employment
https://www.bls.gov/eag/eag.oh_cleveland_msa.htm
[10] BLS St. Louis metro employment
https://www.bls.gov/eag/eag.mo_stlouis_msa.htm
[11] BLS Indianapolis metro employment
https://www.bls.gov/eag/eag.in_indianapolis_msa.htm
[12] BLS Houston metro employment
https://www.bls.gov/eag/eag.tx_houston_msa.htm
[13] Pittsburgh assessed-value tax rates
https://apps.alleghenycounty.us/website/pittsburgh.asp
[14] Allegheny County realty transfer taxes
https://www.alleghenycounty.us/Services/Property-Assessments-and-Real-Estate/Realty-Transfer-Taxes
[15] Cuyahoga County property-tax definitions
https://www.cuyahogacounty.gov/treasury/pay-your-taxes/tax-rates-by-community
[16] Cleveland rental registration and local agent
https://www.clevelandohio.gov/city-hall/departments/building-housing/divisions/records-administration/rental-registration
[17] Cleveland lead certification
https://www.clevelandohio.gov/city-hall/departments/public-health/programs-services/lead-safe/submit-application
[18] St. Louis residential occupancy inspections
https://www.stlouis-mo.gov/government/departments/public-safety/building/permits/occupancy-permits/residential-occupancy.cfm
[19] Indiana tax caps and referendum exceptions
https://www.in.gov/dlgf/referendum-information/
[20] Texas insurance department: home, flood and wind cover
https://www.tdi.texas.gov/consumer/storms/home-flood-wind.html
[21] National Flood Insurance Program
https://www.floodsmart.gov/get-insured/buy-a-policy
Sources for the financial review
CFPB: How does paying down a mortgage work?
IRS Publication 527: Residential Rental Property
IRS Topic 409: Capital gains and losses