1626 Coretta Cv

Greenville, MS 38701

$53,500B-

3 bd · 0.5 ba · 1,125 sqft · Built 1987 · Other · Pending · 91 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $991/mo
• Mortgage (P&I): −$281
• Tax + insurance: −$516
• HOA: −$0
• Vac / Maint / Mgmt: −$208
• Net cashflow: $-14/mo
• Annual: $-162/yr
• Cap rate: 15.56%
• Cash-on-cash: 33.08%
• DSCR: 2.47
• 1% rule: 1.85%
• Cash to close: $14,980

Investor read

• This is a 3-bed/0.5-bath other listed at $54k.
• At list price, monthly cash flow is $-14 ($-162/yr) — negative.
• To cash-flow at today's rent, offer at most $52k (3.7% below list).
• Meets the 1% rule at list price ($991 rent vs $54k).
• It's been on market 91 days — a 9% lower offer ($49k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $49k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $370 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 57/100 on livability (#284 in MS) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A; Watch: amenities F, commute F, employment F.
• Greenville Public Schools (town): math 4% / reading 11% proficiency, ranked #126 of 130 in MS (top 97%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 93% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Weddington Elementary School (math 8% / reading 17%, grade F, #296 of 375 statewide, top 82%, 244 students, 100% FRL); Coleman Middle School (math 0% / reading 3%, grade F, #179 of 179 statewide, top 100%, 373 students, 100% FRL); Greenville High School (math 3% / reading 12%, grade F, #184 of 197 statewide, top 94%, 871 students, 100% FRL).
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: 128 active listings in the ZIP; 10 units permitted in Washington County in 2024 (0 in 5+ unit buildings).
• Washington County population projected at -36% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 15.6% vs local median 4.5% in Greenville — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 91 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.