6633 Alice St · Horn Lake, MS 38637

$175,000

2 bd · 1.0 ba · 856 sqft · SingleFamily public records · 113 Days on market

Built 1964 0.41 ac lot $204/sqft · at area comps Est $205k · 15% under

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Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +16.5/30.0
• ARV discount +14.2/15.0
• DSCR +5.1/10.0
• Schools +4.0/10.0
• 1% rule +3.4/10.0
• Livability +3.1/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome home to this move-in-ready 3 bed, 1 bath gem sitting on a spacious lot! The completely remodeled kitchen and bathroom shine with modern finishes and brand-new appliances. All new light fixtures, fresh paint and smooth ceilings throughout gives the home a bright, clean feel, while the new roof, siding, and spacious exterior deck add lasting value and curb appeal. Located just minutes from shopping and grocery stores--everything you need is right around the corner!

Key facts

• New siding
• Remodeled bathroom
• Remodeled kitchen

Tags

• REMODELED KITCHEN
• REMODELED BATHROOM
• NEW APPLIANCES
• NEW LIGHT FIXTURES
• NEW ROOF
• NEW SIDING

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $102 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $147k (16.0% below list).
• Recommended offer: $147k (16.0% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 61/100 on livability (#196 in MS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: employment D, schools F, amenities F.
• Desoto County School District (suburban): math 48% / reading 42% proficiency, ranked #20 of 130 in MS (top 15%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents soft (-0.7%/yr); 97 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 1,155 units permitted in DeSoto County in 2024 (0 in 5+ unit buildings).
• This rent runs 33% of the median local income ($53k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• DeSoto County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 113 days — a 9% lower offer ($159k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 22y ago; this cycle's ask has dropped $20k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: major flood risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $146,971 (16.0% below list)

Questions for the listing agent

1. It's been on market 113 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
2. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.84% ✗
• Cap rate: 7.00%
• Cash-on-cash: 2.51%
• DSCR: 1.11
• GRM: 9.9

CMA / ARV

• ARV (median comp): $205,475
• List price: $175,000
• Delta: -14.83%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -15.4%
• Equity multiple: 0.47×
• Total profit: $-26,209
• Equity at exit: $26,093

10-year hold

• IRR: -12.3%
• Equity multiple: 0.36×
• Total profit: $-31,351
• Equity at exit: $15,131

Cash invested: $49,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State Mississippi: 90 Strongly Landlord-Friendly · R+11
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; very landlord-favorable; no rent control.

Methodology + full state rankings →

ZIP-level market 38637

• Home prices YoY: -13.4%
• Rents YoY: -0.7%
• Active inventory: 97
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $1,470 high
• Mortgage (P&I): −$918
• Tax from tax record: −$68 /mo · $816/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$309
• Net cashflow: $102

Break-even live

Break-even rent $1,340

Max offer price $175,000

Occupancy floor 88%

Sensitivity live

Price	-10% $202	-5% $152	+0% $102	+5% $53	+10% $3
Rent	-10% $-14	-5% $44	+0% $102	+5% $161	+10% $219
Rate	-1.0pp $191	-0.5pp $147	base $102	+0.5pp $57	+1.0pp $11

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5229 Nail Rd Horn Lake, MS	3.0	1.0	912	$1,235	$1.35	24d	1	0.80mi
6270 Jamestown Ave Horn Lake, MS	3.0	2.0	1053	$1,523	$1.45	45d	1	0.87mi
5840 Gray Cv Horn Lake, MS	3.0	1.0	1070	$1,295	$1.21	45d	1	0.90mi
5565 Chapel Hill Dr Horn Lake, MS	3.0	2.0	1114	$1,543	$1.39	3d	1	1.01mi
6420 Sandhurst Rd Horn Lake, MS	3.0	2.0	1101	$1,623	$1.47	22d	1	1.07mi
4192 Anderton Blvd Horn Lake, MS	3.0	2.0	1100	$1,575	$1.43	24d	1	1.31mi
4192 Anderton Blvd Horn Lake, MS	3.0	2.0	1100	$1,575	$1.43	15d	1	1.31mi
6165 Forestgate Rd Horn Lake, MS	3.0	1.5	1079	$1,400	$1.30	45d	1	1.40mi
6420 Forestgate Rd Horn Lake, MS	3.0	2.0	1120	$1,573	$1.40	22d	1	1.43mi

Listing history 21 events

1. 2026-06-21
   days on market $175,000 Active 113 DOM
2. 2026-06-18
   days on market $175,000 Active 110 DOM
3. 2026-06-17
   days on market $175,000 Active 109 DOM
4. 2026-06-16
   days on market $175,000 Active 108 DOM
5. 2026-06-15
   days on market $175,000 Active 107 DOM
6. 2026-06-13
   days on market $175,000 Active 105 DOM
7. 2026-06-10
   days on market $175,000 Active 102 DOM
8. 2026-06-09
   days on market $175,000 Active 101 DOM
9. 2026-06-08
   days on market $175,000 Active 100 DOM
10. 2026-06-07
    statusdays on market $175,000 Active 99 DOM
11. 2026-06-03
    status $175,000 Pending 97 DOM
12. 2026-06-02
    days on market $175,000 Active 97 DOM
13. 2026-06-01
    days on market $175,000 Active 96 DOM
14. 2026-05-31
    days on market $175,000 Active 95 DOM
15. 2026-02-25
    listed $195,000 Active 475-char remark

    Show marketing remark (475 chars)

    Welcome home to this move-in-ready 3 bed, 1 bath gem sitting on a spacious lot! The completely remodeled kitchen and bathroom shine with modern finishes and brand-new appliances. All new light fixtures, fresh paint and smooth ceilings throughout gives the home a bright, clean feel, while the new roof, siding, and spacious exterior deck add lasting value and curb appeal. Located just minutes from shopping and grocery stores--everything you need is right around the corner!

16. 2021-10-11
    historical
17. 2020-10-16
    soldstatus
18. 2008-02-04
    soldstatus
19. 2008-02-01
    soldstatus
20. 2007-11-29
    listed $65,000
21. 2004-10-22
    listed $83,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MS · Resets to sale price

• Current annual tax: $816 · $68/mo
• Projected year-2 tax: $1,383 · $115/mo
• Expected delta: +$567/yr (+$47/mo · 69.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 70% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥109°F today · 21 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 20% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,637
• − Mortgage interest: −$9,803
• − Property taxes: −$816
• − Insurance: −$875
• − Repairs & maintenance: −$1,411
• − Management: −$1,411
• − Depreciation: −$5,091
• Taxable loss: −$1,770
• Est. tax savings @ 24.0%: +$425
• After-tax cash flow: $1,654/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Desoto County School District
• NCES district ID: 2801320
• Math proficiency: 48% ▼ -13.00%
• Reading proficiency: 42% ▼ -6.00%
• Median HH income: $59,272
• Composite: 39.56/100
• National rank: #3933
• State rank: #20 of 130 in MS

Livability — Horn Lake

• Score: 61/100
• State rank: #196
• US rank: #17977

Category grades

Amenities F Commute F Cost of living A+ Crime A Employment D Housing A+ Health & safety F User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Horn Lake, MS
• County: DeSoto County · 176,513 people
• City population: 26,647
• Metro: Memphis, TN-MS-AR
• Population (ZIP): 26,647
• Household income: $53,311
• Rent vs Own: 41.9% rent · 58.1% own
• Severe rent burden: 1052.0

Population outlook (DeSoto County) Hauer SSP2

• Today (2025): 203,338 people
• By 2030: 217,692 · +7.1%
• By 2040: 245,320 · +20.6%
• By 2050: 270,133 · +32.8%
• By 2075: 323,341 · +59.0%
• By 2100: 348,742 · +71.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: Black 44% White 42% Hispanic / Latino 9% Two or more races 5% Asian 1%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Slovak 2% Lithuanian 1% Serbian 1%
• Foreign-born: 7% · Canada
• Languages at home: 91% English-only · Spanish 8%

Political lean MEDSL · DeSoto

• 2024 margin: Strong R (+24.1) · D 36.7% · R 60.8% · Other 2.5%
• 2008→2024 swing: +14.2pp toward D · 2008: -38.2pp · 2024: -24.1pp
• All cycles: 2024: R+24.1 2020: R+23.9 2016: R+34.8 2012: R+33.5 2008: R+38.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -32.08%
• Current HPI: 206.5542
• Rent YoY: ▼ -0.66%
• Metro: Memphis, TN-MS-AR
• State GDP YoY: —
• F500 in state: 0

Price history

+132.4% since first listed

7 events — show timeline

• 2026-02-25 Listed $195,000 MLSU
• 2021-10-11 Listing Removed — MLSU
• 2020-10-16 Sold (Public Records) — Public Records
• 2008-02-04 Sold (Public Records) — Public Records
• 2008-02-01 Sold (MLS) — MLSU
• 2007-11-29 Listed $65,000 MLSU
• 2004-10-22 Listed $83,900 MLSU

Property tax history

+1.7%/yr

Latest (2025): $816 · +10.6% YoY. Source: county tax records.