212 Capri Pl #212

Ocean Springs, MS 39564

$235,000C-

3 bd · 2.5 ba · 2,182 sqft · Built 2007 · Condo · Active · 111 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,236/mo
• Mortgage (P&I): −$1,232
• Tax + insurance: −$392
• HOA: −$205
• Vac / Maint / Mgmt: −$470
• Net cashflow: $-63/mo
• Annual: $-753/yr
• Cap rate: 5.97%
• Cash-on-cash: -1.14%
• DSCR: 0.95
• 1% rule: 0.95%
• Cash to close: $65,800

Investor read

• This is a 3-bed/2.5-bath condo listed at $235k. Condition is rated good.
• At list price, monthly cash flow is $-63 ($-753/yr) — negative.
• To cash-flow at today's rent, offer at most $226k (3.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $224k (4.9% below list).
• It's been on market 111 days — a 9% lower offer ($214k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $214k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 86/100 on livability (#2 in MS, #420 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, cost of living A+; Watch: commute F.
• Ocean Springs School District (suburban): math 64% / reading 59% proficiency, ranked #1 of 130 in MS (top 1%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Pecan Park Elementary School (math 62% / reading 57%, grade B-, #27 of 375 statewide, top 8%, 530 students, 99% FRL); Ocean Springs Upper Elementary Scho (math 59% / reading 56%, grade B, #12 of 179 statewide, top 6%, 1,332 students, 100% FRL); Ocean Springs High School (math 77% / reading 64%, grade B+, #1 of 197 statewide, top 0%, 1,899 students, 100% FRL) — zoned schools average 100% FRL vs 33% district-wide (67 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.3%/yr); 1063 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 7d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 516 units permitted in Jackson County in 2024 (6 in 5+ unit buildings).
• 2 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.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.0% vs local median 4.2% in Ocean Springs — 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.
• This rent runs 34% of the median local income ($79k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 111 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?