1033 Spike Ln · Summit, MS 39666

$149,900

4 bd · 2.0 ba · 1,512 sqft · Manufactured public records · 180 Days on market

Built 2020 1.42 ac lot $99/sqft · 32% above area Est $126k · 19% over ↓ 11% 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 +25.8/30.0
• DSCR +8.6/10.0
• 1% rule +6.1/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to peaceful country living with modern comfort in this well-kept 2020 Southern double-wide mobile home, perfectly situated on 1.42 spacious acres at the end of a quiet dead-end street in Summit, MS. Located just minutes from Southwest Mississippi Community College and zoned for the highly regarded North Pike School District, this property offers both convenience and privacy. Step inside to an inviting open floor plan featuring a bright, airy living area that flows seamlessly into the kitchen and dining space—ideal for family living and entertaining. The home includes 4 generous bedrooms and 2 full bathrooms, providing plenty of room for everyone. The primary suite boasts a large walk-in closet and a comfortable ensuite bath. If you're looking for a move-in ready home with space, privacy, and a great location near schools and shopping, this Summit property is a must-see!

Key facts

• Open floor plan
• Modern comfort
• Spacious acres

Tags

• MODERN COMFORT
• SPACIOUS ACRES
• QUIET DEAD-END STREET
• OPEN FLOOR PLAN
• BRIGHT AIRY LIVING AREA
• KITCHEN AND DINING SPACE

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath manufactured listed at $150k.

Deal economics

• At list price, monthly cash flow is $296 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 62/100 on livability (#172 in MS) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing B+; Watch: health & safety C-, schools F, amenities F.
• North Pike School District (town): math 25% / reading 32% proficiency, ranked #69 of 130 in MS (top 53%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 79 active listings in the ZIP; 10 units permitted in Pike 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 $4k of value loss. Plan a longer hold.
• Pike County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 180 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $131,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 180 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 1.11% ✓
• Cap rate: 9.19%
• Cash-on-cash: 10.36%
• DSCR: 1.46
• GRM: 7.5

CMA / ARV

• ARV (median comp): $125,853
• List price: $149,900
• Delta: 19.11%
• Verdict: OVERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -3.4%
• Equity multiple: 0.87×
• Total profit: $-5,426
• Equity at exit: $22,351

10-year hold

• IRR: 6.3%
• Equity multiple: 1.47×
• Total profit: $19,606
• Equity at exit: $12,961

Cash invested: $41,972 (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 39666

• Home prices YoY: -34.3%
• Active inventory: 79
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,664 medium
• Mortgage (P&I): −$786
• Tax from tax record: −$103 /mo · $1,240/yr
• Insurance: −$62
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$349
• Net cashflow: $296

Break-even live

Break-even rent $1,289

Max offer price $149,900

Occupancy floor 77%

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-04-23
   price $149,900 896-char remark

   Show marketing remark (896 chars)

   Welcome to peaceful country living with modern comfort in this well-kept 2020 Southern double-wide mobile home, perfectly situated on 1.42 spacious acres at the end of a quiet dead-end street in Summit, MS. Located just minutes from Southwest Mississippi Community College and zoned for the highly regarded North Pike School District, this property offers both convenience and privacy. Step inside to an inviting open floor plan featuring a bright, airy living area that flows seamlessly into the kitchen and dining space—ideal for family living and entertaining. The home includes 4 generous bedrooms and 2 full bathrooms, providing plenty of room for everyone. The primary suite boasts a large walk-in closet and a comfortable ensuite bath. If you're looking for a move-in ready home with space, privacy, and a great location near schools and shopping, this Summit property is a must-see!

2. 2026-02-16
   price $152,000 896-char remark

   Show marketing remark (896 chars)

   Welcome to peaceful country living with modern comfort in this well-kept 2020 Southern double-wide mobile home, perfectly situated on 1.42 spacious acres at the end of a quiet dead-end street in Summit, MS. Located just minutes from Southwest Mississippi Community College and zoned for the highly regarded North Pike School District, this property offers both convenience and privacy. Step inside to an inviting open floor plan featuring a bright, airy living area that flows seamlessly into the kitchen and dining space—ideal for family living and entertaining. The home includes 4 generous bedrooms and 2 full bathrooms, providing plenty of room for everyone. The primary suite boasts a large walk-in closet and a comfortable ensuite bath. If you're looking for a move-in ready home with space, privacy, and a great location near schools and shopping, this Summit property is a must-see!

3. 2025-11-27
   listed $157,500 Active 896-char remark

   Show marketing remark (896 chars)

   Welcome to peaceful country living with modern comfort in this well-kept 2020 Southern double-wide mobile home, perfectly situated on 1.42 spacious acres at the end of a quiet dead-end street in Summit, MS. Located just minutes from Southwest Mississippi Community College and zoned for the highly regarded North Pike School District, this property offers both convenience and privacy. Step inside to an inviting open floor plan featuring a bright, airy living area that flows seamlessly into the kitchen and dining space—ideal for family living and entertaining. The home includes 4 generous bedrooms and 2 full bathrooms, providing plenty of room for everyone. The primary suite boasts a large walk-in closet and a comfortable ensuite bath. If you're looking for a move-in ready home with space, privacy, and a great location near schools and shopping, this Summit property is a must-see!

4. 2025-11-19
   historical
5. 2025-08-20
   status Active
6. 2025-08-20
   price $159,000
7. 2025-08-06
   historical
8. 2025-04-17
   listed $167,500 Active
9. 2020-06-26
   soldstatus
10. 2017-11-13
    soldstatus
11. 2004-10-13
    soldstatus

ⓘ 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: $1,240 · $103/mo
• Projected year-2 tax: $1,240 · $103/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 7/10 Severe 7 d/yr ≥108°F today · 20 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: $19,964
• − Mortgage interest: −$8,397
• − Property taxes: −$1,240
• − Insurance: −$1,547
• − Repairs & maintenance: −$1,597
• − Management: −$1,597
• − Depreciation: −$4,361
• Taxable income: $1,225
• Est. tax owed @ 24.0%: −$294
• After-tax cash flow: $3,257/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: North Pike School District
• NCES district ID: 2803240
• Math proficiency: 25% ▼ -18.00%
• Reading proficiency: 32% ▼ -9.00%
• Median HH income: $41,558
• Composite: 24.13/100
• National rank: #7748
• State rank: #69 of 130 in MS

Livability — Summit

• Score: 62/100
• State rank: #172
• US rank: #16320

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 11,985

Population outlook (Pike County) Hauer SSP2

• Today (2025): 38,766 people
• By 2030: 37,874 · -2.3%
• By 2040: 35,743 · -7.8%
• By 2050: 33,276 · -14.2%
• By 2075: 26,799 · -30.9%
• By 2100: 18,562 · -52.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (62%)
• Race & ethnicity: White 62% Black 36% Two or more races 2%
• Common ancestry: Italian 2% Lithuanian 2% Serbian 1%
• Foreign-born: 0% · China

Political lean MEDSL · Pike

• 2024 margin: Toss-up / Even · D 47.8% · R 51.3%
• 2008→2024 swing: -7.0pp toward R · 2008: 3.5pp · 2024: -3.5pp
• All cycles: 2024: R+3.5 2020: D+1.0 2016: R+0.7 2012: D+7.6 2008: D+3.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -59.48%
• Current HPI: 113.9026
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-10.5% since first listed

11 events — show timeline

• 2026-04-23 Price Changed $149,900 MLSU
• 2026-02-16 Price Changed $152,000 MLSU
• 2025-11-27 Listed $157,500 MLSU
• 2025-11-19 Listing Removed — MLSU
• 2025-08-20 Relisted — MLSU
• 2025-08-20 Price Changed $159,000 MLSU
• 2025-08-06 Listing Removed — MLSU
• 2025-04-17 Listed $167,500 MLSU
• 2020-06-26 Sold (Public Records) — Public Records
• 2017-11-13 Sold (Public Records) — Public Records
• 2004-10-13 Sold (Public Records) — Public Records

Property tax history

+4.8%/yr

Latest (2025): $1,240 · +19121.1% YoY. Source: county tax records.