Emerald

Tightest vacancy in the scan at 0.7% (effectively full). 6.1% yield at $390k is genuinely positive cashflow. Emerald sits at the intersection of coking coal and agriculture, giving it more diversification than a pure mining town. Discovery status 'Unknown': no institutional attention yet.

Small population (14,000) limits liquidity and re-sale pool; agricultural water rights subject to regulatory review; coal transition headwinds long-term; limited property management options.

6.1% yield = $23,920 rent vs $20,280 interest = $3,640 positive pre-cost. 0.7% vacancy is near-impossible to find elsewhere. NG irrelevant at this yield. CGT indexation ideal for 5+ yr hold.