523 Buschman St · Hattiesburg, MS 39401

$45,000

3 bd · 1.0 ba · 1,904 sqft · SingleFamily public records · 559 Days on market

Built 1910 $24/sqft · 75% below area

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.1/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

ARE YOU LOOKING TO TAKE A HOME BUILT IN 1910 AND TURN IT INTO YOUR DREAM HOME ? THIS IS IT !!!! LOCATED IN DOWNTOWN AREA , WALKING DISTANCE TO ALL THAT DOWN TOWN HATTIESBURG HAS TO OFFER SOLD AS IS WILL SALE 517, 523, 525 AND 531 BUSCHMAN ST ALL TOGETHER FOR $175,000

Key facts

• Garage
• Built 1910
• Listed 558 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $45k.

Deal economics

• At list price, monthly cash flow is $837 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $45k).
• Recommended offer: $40k (12.0% below list) — sets the bar for market timing.
• Cap rate 28.6% vs local median 4.0% in Hattiesburg — 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 79/100 on livability (#5 in MS, #2,046 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, health & safety A+; Watch: schools D+, crime D+, employment F.
• Hattiesburg Public School District (urban): math 25% / reading 26% proficiency, ranked #81 of 130 in MS (top 62%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 88% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+6.6%/yr); 261 active listings in the ZIP; lower-income renter base — watch delinquency; 121 units permitted in Forrest County in 2024 (30 in 5+ unit buildings).
• This rent runs 41% of the median local income ($41k/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 $311 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Forrest County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 6.6% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 559 days — a 12% lower offer ($40k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $39,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 559 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 1910 — 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 D-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. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. 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.
8. 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.
9. 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: 3.11% ✓
• Cap rate: 28.62%
• Cash-on-cash: 79.76%
• DSCR: 4.55
• GRM: 2.7

CMA / ARV

• ARV (median comp): $181,521
• List price: $45,000
• Delta: -75.21%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 6.56% rent growth · sell at horizon

5-year hold

• IRR: 83.8%
• Equity multiple: 5.07×
• Total profit: $51,234
• Equity at exit: $6,710

10-year hold

• IRR: 87.8%
• Equity multiple: 11.81×
• Total profit: $136,211
• Equity at exit: $3,891

Cash invested: $12,600 (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 39401

• Rents YoY: 6.6%
• Active inventory: 261
• Price-to-rent: 2.7×

Monthly cashflow live

• Estimated rent: $1,400 medium
• Mortgage (P&I): −$236
• Tax from tax record: −$14 /mo · $168/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$294
• Net cashflow: $837

Break-even live

Break-even rent $340

Max offer price $45,000

Occupancy floor 35%

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: $11,250
• Closing costs: $1,350
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-19
   days on market $45,000 Active 559 DOM
2. 2026-06-18
   days on market $45,000 Active 558 DOM
3. 2026-06-17
   days on market $45,000 Active 557 DOM
4. 2026-06-16
   days on market $45,000 Active 556 DOM
5. 2026-06-15
   days on market $45,000 Active 555 DOM
6. 2026-06-14
   days on market $45,000 Active 553 DOM
7. 2026-06-13
   days on market $45,000 Active 552 DOM
8. 2026-06-10
   days on market $45,000 Active 550 DOM
9. 2026-06-09
   days on market $45,000 Active 549 DOM
10. 2026-06-08
    days on market $45,000 Active 548 DOM
11. 2026-06-07
    days on market $45,000 Active 547 DOM
12. 2026-06-05
    days on market $45,000 Active 544 DOM
13. 2026-06-03
    days on market $45,000 Active 543 DOM
14. 2026-06-02
    days on market $45,000 Active 542 DOM
15. 2026-06-01
    days on market $45,000 Active 541 DOM
16. 2026-05-31
    days on market $45,000 Active 540 DOM
17. 2026-05-30
    days on market $45,000 Active 539 DOM
18. 2026-02-13
    status Active 274-char remark

    Show marketing remark (274 chars)

    ARE YOU LOOKING TO TAKE A HOME BUILT IN 1910 AND TURN IT INTO YOUR DREAM HOME ? THIS IS IT !!!! LOCATED IN DOWNTOWN AREA , WALKING DISTANCE TO ALL THAT DOWN TOWN HATTIESBURG HAS TO OFFER SOLD AS IS WILL SALE 517, 523, 525 AND 531 BUSCHMAN ST ALL TOGETHER FOR $175,000

19. 2026-01-31
    status Pending 274-char remark

    Show marketing remark (274 chars)

    ARE YOU LOOKING TO TAKE A HOME BUILT IN 1910 AND TURN IT INTO YOUR DREAM HOME ? THIS IS IT !!!! LOCATED IN DOWNTOWN AREA , WALKING DISTANCE TO ALL THAT DOWN TOWN HATTIESBURG HAS TO OFFER SOLD AS IS WILL SALE 517, 523, 525 AND 531 BUSCHMAN ST ALL TOGETHER FOR $175,000

20. 2025-02-23
    status Active 274-char remark

    Show marketing remark (274 chars)

    ARE YOU LOOKING TO TAKE A HOME BUILT IN 1910 AND TURN IT INTO YOUR DREAM HOME ? THIS IS IT !!!! LOCATED IN DOWNTOWN AREA , WALKING DISTANCE TO ALL THAT DOWN TOWN HATTIESBURG HAS TO OFFER SOLD AS IS WILL SALE 517, 523, 525 AND 531 BUSCHMAN ST ALL TOGETHER FOR $175,000

21. 2024-12-16
    status Pending 274-char remark

    Show marketing remark (274 chars)

    ARE YOU LOOKING TO TAKE A HOME BUILT IN 1910 AND TURN IT INTO YOUR DREAM HOME ? THIS IS IT !!!! LOCATED IN DOWNTOWN AREA , WALKING DISTANCE TO ALL THAT DOWN TOWN HATTIESBURG HAS TO OFFER SOLD AS IS WILL SALE 517, 523, 525 AND 531 BUSCHMAN ST ALL TOGETHER FOR $175,000

22. 2024-09-17
    listed $45,000 Active 274-char remark

    Show marketing remark (274 chars)

    ARE YOU LOOKING TO TAKE A HOME BUILT IN 1910 AND TURN IT INTO YOUR DREAM HOME ? THIS IS IT !!!! LOCATED IN DOWNTOWN AREA , WALKING DISTANCE TO ALL THAT DOWN TOWN HATTIESBURG HAS TO OFFER SOLD AS IS WILL SALE 517, 523, 525 AND 531 BUSCHMAN ST ALL TOGETHER FOR $175,000

ⓘ 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: $168 · $14/mo
• Projected year-2 tax: $356 · $30/mo
• Expected delta: +$187/yr (+$16/mo · 111.1%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (shaded) · 21% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 7/10 Severe 6 d/yr ≥106°F today · 17 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 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: $16,803
• − Mortgage interest: −$2,521
• − Property taxes: −$168
• − Insurance: −$225
• − Repairs & maintenance: −$1,344
• − Management: −$1,344
• − Depreciation: −$1,309
• Taxable income: $9,891
• Est. tax owed @ 24.0%: −$2,374
• After-tax cash flow: $7,675/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: Hattiesburg Public School District
• NCES district ID: 2801800
• Math proficiency: 25% ▼ -12.00%
• Reading proficiency: 26% ▼ -6.00%
• Median HH income: $28,058
• Composite: 20.38/100
• National rank: #8595
• State rank: #81 of 130 in MS

Livability — Hattiesburg

• Score: 79/100
• State rank: #5
• US rank: #2046

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hattiesburg, MS
• County: Forrest County · 65,413 people
• City population: 87,151
• Metro: Hattiesburg, MS
• Population (ZIP): 42,531
• Household income: $41,127
• Rent vs Own: 56.4% rent · 43.6% own
• Severe rent burden: 2534.0

Population outlook (Forrest County) Hauer SSP2

• Today (2025): 79,264 people
• By 2030: 80,822 · +2.0%
• By 2040: 82,979 · +4.7%
• By 2050: 84,324 · +6.4%
• By 2075: 84,942 · +7.2%
• By 2100: 80,616 · +1.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: Black 52% White 40% Two or more races 5% Hispanic / Latino 4%
• Common ancestry: Slovak 2% Lithuanian 2% Serbian 1%
• Foreign-born: 3% · Canada, China
• Languages at home: 96% English-only · Spanish 2%

Political lean MEDSL · Forrest

• 2024 margin: R (+17.9) · D 40.3% · R 58.2% · Other 1.4%
• 2008→2024 swing: -4.4pp toward R · 2008: -13.5pp · 2024: -17.9pp
• All cycles: 2024: R+17.9 2020: R+11.1 2016: R+14.2 2012: R+11.7 2008: R+13.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -148.93%
• Current HPI: 137.87
• Rent YoY: ▲ 6.56%
• Metro: Hattiesburg, MS
• State GDP YoY: —
• F500 in state: 0

Price history

5 events — show timeline

• 2026-02-13 Relisted — HAAR
• 2026-01-31 Pending — HAAR
• 2025-02-23 Relisted — HAAR
• 2024-12-16 Pending — HAAR
• 2024-09-17 Listed $45,000 HAAR

Property tax history

-6.2%/yr

Latest (2025): $168 · +19.1% YoY. Source: county tax records.