856 Saint Joseph St · Waveland, MS 39576

$180,000

3 bd · 2.0 ba · 1,561 sqft · SingleFamily public records · 384 Days on market

Built 1978 0.52 ac lot Est $234k · 23% under ↓ 10% since listing

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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 +22.3/30.0
• ARV discount +15.0/15.0
• DSCR +7.1/10.0
• 1% rule +5.8/10.0
• Schools +3.9/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Prime Location in Waveland, MS! Now's your chance to live just minutes from the beach, casinos, dining, and shopping in a highly sought-after area. Take advantage of golf cart access to Old Town Bay St. Louis, perfect for enjoying vibrant festivals, a leisurely shopping spree, or a relaxing day by the shore. This home is ideally situated just 0.1 miles from the Waveland Police Department, offering peace of mind. Plus, it's within walking distance of Waveland Elementary School—just 0.4 miles away, making it a convenient choice for families! Spacious Corner Homesite - 3 Lots! This large corner property spans Lots 39-41, offering plenty of space and potential! The 3-bedroom, 2-b

Key facts

• Golf cart access
• 0.52 acre lot
• 4 parking spots

Tags

• GOLF CART ACCESS
• SPACIOUS CORNER HOMESITE

Property features AI

Exterior

• Parking: 2 covered carport spaces; 4 total parking spaces
• Utilities: Public water; Public sewer; Electricity connected; Sewer connected; Water connected
• Home design: Single-family house; One level; Living area per public records
• Construction: Brick and siding exterior; Slab foundation; Built in public records (year built from public records)
• Exterior features: Private yard; Shingle roof

Interior

• Kitchen: Built-in electric range; Built-in refrigerator; Microwave
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Fireplace in the living room; Move-in ready condition
• Laundry & utility: Water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $297 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Recommended offer: $158k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.3% vs local median 2.5% in Waveland — 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.

Location & tenants

• Location reads 61/100 on livability (#199 in MS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment D-.
• Bay St Louis Waveland School District (suburban): math 51% / reading 43% proficiency, ranked #21 of 130 in MS (top 16%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 74% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Waveland Elementary School (425 students, 100% FRL) — zoned schools average 100% FRL vs 74% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 227 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 248 units permitted in Hancock County in 2024 (0 in 5+ unit buildings).

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.
• Hancock County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 384 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $19k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $158,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 384 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1978 — 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: 1.08% ✓
• Cap rate: 8.27%
• Cash-on-cash: 7.06%
• DSCR: 1.31
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $234,150
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
640 Fellgrass St	0.07mi	3/2.0	1,416 (-9%)	6mo	$299,900	$212	76
413 Old Spanish Trl	0.39mi	3/2.0	1,598 (+2%)	4mo	$239,500	$150	75
515 Amelda St	0.40mi	3/2.5	1,581 (+1%)	4mo	$329,000	$208	74
638 Fellgrass St	0.07mi	4/2.0 (+1)	1,700 (+9%)	4mo	$349,900	$206	74
221 Music St	0.35mi	3/2.5	1,650 (+6%)	2mo	$239,000	$145	70
126 Spanish Cv	0.34mi	3/3.0	1,707 (+9%)	1mo	$217,000	$127	64
415 Old Spanish Trl	0.39mi	3/2.0	1,733 (+11%)	0mo	$249,900	$144	63
117 Spanish Cv	0.37mi	3/2.0	1,403 (-10%)	3mo	$189,500	$135	63
608 Hogan St	0.60mi	4/2.0 (+1)	1,521 (-3%)	0mo	$258,000	$170	62
1017 Longo St	0.62mi	3/2.0	1,517 (-3%)	8mo	$219,000	$144	60
230 Music St	0.36mi	3/2.0	1,334 (-14%)	2mo	$199,000	$149	57
103 Spanish Cv	0.42mi	3/2.0	1,786 (+14%)	7mo	$295,000	$165	50

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -5.5%
• Equity multiple: 0.80×
• Total profit: $-10,250
• Equity at exit: $26,839

10-year hold

• IRR: 4.2%
• Equity multiple: 1.31×
• Total profit: $15,515
• Equity at exit: $15,563

Cash invested: $50,400 (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 39576

• Active inventory: 227
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,950 medium
• Mortgage (P&I): −$944
• Tax est. 1.5%: −$225 /mo · $2,700/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$410
• Net cashflow: $297

Break-even live

Break-even rent $1,575

Max offer price $180,000

Occupancy floor 80%

Sensitivity live

Price	-10% $421	-5% $359	+0% $297	+5% $234	+10% $172
Rent	-10% $143	-5% $220	+0% $297	+5% $374	+10% $451
Rate	-1.0pp $387	-0.5pp $342	base $297	+0.5pp $250	+1.0pp $202

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
912 Maple St Waveland, MS	4.0	2.0	1702	$1,950	$1.15	3d	1	1.41mi

Listing history 19 events

1. 2026-06-21
   days on market $180,000 Active 384 DOM
2. 2026-06-18
   days on market $180,000 Active 382 DOM
3. 2026-06-17
   days on market $180,000 Active 381 DOM
4. 2026-06-16
   days on market $180,000 Active 380 DOM
5. 2026-06-15
   days on market $180,000 Active 379 DOM
6. 2026-06-13
   days on market $180,000 Active 377 DOM
7. 2026-06-12
   days on market $180,000 Active 376 DOM
8. 2026-06-09
   days on market $180,000 Active 373 DOM
9. 2026-06-08
   days on market $180,000 Active 372 DOM
10. 2026-06-07
    days on market $180,000 Active 370 DOM
11. 2026-06-04
    days on market $180,000 Active 367 DOM
12. 2026-06-02
    days on market $180,000 Active 366 DOM
13. 2026-06-01
    days on market $180,000 Active 365 DOM
14. 2026-05-31
    days on market $180,000 Active 364 DOM
15. 2025-12-03
    status Active
16. 2025-12-03
    price $180,000
17. 2025-11-30
    historical
18. 2025-05-28
    listed $199,000 Active
19. 1989-06-16
    soldstatus

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (shaded) · 21% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 21 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,400
• − Mortgage interest: −$10,083
• − Property taxes: −$2,700
• − Insurance: −$900
• − Repairs & maintenance: −$1,872
• − Management: −$1,872
• − Depreciation: −$5,236
• Taxable income: $737
• Est. tax owed @ 24.0%: −$177
• After-tax cash flow: $3,382/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: Bay St Louis Waveland School District
• NCES district ID: 2800570
• Math proficiency: 51% ▲ 4.00%
• Reading proficiency: 43% ▼ -3.00%
• Median HH income: $38,774
• Composite: 39.27/100
• National rank: #3998
• State rank: #21 of 130 in MS

Livability — Waveland

• Score: 61/100
• State rank: #199
• US rank: #18110

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waveland, MS
• City population: 6,249
• Population (ZIP): 6,249

Population outlook (Hancock County) Hauer SSP2

• Today (2025): 52,161 people
• By 2030: 54,753 · +5.0%
• By 2040: 59,242 · +13.6%
• By 2050: 62,417 · +19.7%
• By 2075: 68,168 · +30.7%
• By 2100: 69,212 · +32.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Black 13% Two or more races 8% Hispanic / Latino 4%
• Common ancestry: Lithuanian 8% Italian 1% Russian 1%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · French/Haitian/Cajun 2% Spanish 2% Arabic 1%

Political lean MEDSL · Hancock

• 2024 margin: Solid R (+58.7) · D 20.1% · R 78.8% · Other 1.1%
• 2008→2024 swing: -4.4pp toward R · 2008: -54.2pp · 2024: -58.7pp
• All cycles: 2024: R+58.7 2020: R+55.5 2016: R+59.4 2012: R+52.8 2008: R+54.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -144.70%
• Current HPI: 218.6299
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-9.5% since first listed

5 events — show timeline

• 2025-12-03 Relisted — MLSU
• 2025-12-03 Price Changed $180,000 MLSU
• 2025-11-30 Listing Removed — MLSU
• 2025-05-28 Listed $199,000 MLSU
• 1989-06-16 Sold (Public Records) — Public Records

Property tax history

+3.9%/yr

Latest (2025): $305 · +0.0% YoY. Source: county tax records.