2515 Naples · Greenville, MS 38703

$90,000

4 bd · 1.0 ba · 2,816 sqft · SingleFamily public records · 350 Days on market

Built 1956 10,640 sqft lot

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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
• Appreciation +5.6/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.5/10.0

Listing remarks

Spacious 4bedroom/3 bath home with lots of amenities. Home office has a closet which can be converted into a bonus bedroom. Home has spacious Living Room with new laminate flooring, Spacious Master Bedroom, Master bath with double sinks, jacuzzi tub, laundry room, dining room, den, fireplace, kitchen island, wet bar, and exercise room. There is plenty of storage space with two storage buildings rear of property. Backyard is fenced in which is great for pets and children. Home is located on a closed end street which limits through traffic. Call Sherice to schedule an appointment today.

Key facts

• Exercise room
• Kitchen island
• Fenced backyard

Tags

• HOME OFFICE WITH CLOSET
• MASTER BATH WITH DOUBLE SINKS
• JACUZZI TUB
• KITCHEN ISLAND
• EXERCISE ROOM
• FENCED BACKYARD

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $124 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Recommended offer: $79k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.6% 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.

Location & tenants

• 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: schools F, amenities F, commute 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.
• Market conditions: 19 active listings in the ZIP; 10 units permitted in Washington County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($622 loan paydown + $1k appreciation (1.1% local appreciation)).
• Washington County population projected at -36% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (1.1% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 350 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $55k (38%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $29k; list at $90k implies a 213% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price; flood insurance adds $427/mo; built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); major wind risk, 35% 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 $79,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 350 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 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.79% ✓
• Cap rate: 13.63%
• Cash-on-cash: 26.22%
• DSCR: 2.17
• GRM: 4.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

1.13% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 8.1%
• Equity multiple: 1.42×
• Total profit: $10,497
• Equity at exit: $31,327

10-year hold

• IRR: 12.2%
• Equity multiple: 2.52×
• Total profit: $38,322
• Equity at exit: $42,100

Cash invested: $25,200 (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 38703

• Home prices YoY: 1.8%
• Active inventory: 19
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $1,607 medium
• Mortgage (P&I): −$472
• Tax from tax record: −$209 /mo · $2,511/yr
• Insurance: −$38
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$337
• Net cashflow: $124

Break-even live

Break-even rent $1,450

Max offer price $90,000

Occupancy floor 87%

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2025-09-12
   status Pending
2. 2025-09-12
   price $90,000
3. 2025-01-04
   status Active
4. 2024-11-02
   price $135,000
5. 2024-07-10
   listed $145,000 Active
6. 2022-04-07
   soldstatus $28,750

ⓘ 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: $2,511 · $209/mo
• Projected year-2 tax: $2,511 · $209/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 3/10 Moderate FEMA zone AE · 18% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥110°F today · 21 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 35% 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: $19,281
• − Mortgage interest: −$5,041
• − Property taxes: −$2,511
• − Insurance: −$5,568
• − Repairs & maintenance: −$1,542
• − Management: −$1,542
• − Depreciation: −$2,618
• Taxable income: $457
• Est. tax owed @ 24.0%: −$110
• After-tax cash flow: $1,379/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: Greenville Public Schools
• NCES district ID: 2801620
• Math proficiency: 4% ▼ -20.00%
• Reading proficiency: 11% ▼ -12.00%
• Median HH income: $26,432
• Composite: 5.27/100
• National rank: #10035
• State rank: #126 of 130 in MS

Livability — Greenville

• Score: 57/100
• State rank: #284
• US rank: #21778

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Greenville, MS
• Population (ZIP): 11,243

Population outlook (Washington County) Hauer SSP2

• Today (2025): 41,424 people
• By 2030: 38,061 · -8.1%
• By 2040: 31,752 · -23.3%
• By 2050: 26,394 · -36.3%
• By 2075: 17,180 · -58.5%
• By 2100: 12,936 · -68.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (79%)
• Race & ethnicity: Black 79% White 17% Two or more races 2%
• Common ancestry: Serbian 1%
• Foreign-born: 0%
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Washington

• 2024 margin: Solid D (+35.0) · D 67.0% · R 32.0% · Other 1.1%
• 2008→2024 swing: +0.2pp no change · 2008: 34.7pp · 2024: 35.0pp
• All cycles: 2024: D+35.0 2020: D+40.0 2016: D+36.4 2012: D+42.7 2008: D+34.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.13%
• Current HPI: 64.0754
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+213.0% since first listed

6 events — show timeline

• 2025-09-12 Pending — Greenville Area MLS
• 2025-09-12 Price Changed $90,000 Greenville Area MLS
• 2025-01-04 Relisted — Greenville Area MLS
• 2024-11-02 Price Changed $135,000 Greenville Area MLS
• 2024-07-10 Listed $145,000 Greenville Area MLS
• 2022-04-07 Sold (Public Records) $28,750 Public Records

Property tax history

+7.2%/yr

Latest (2025): $2,511 · +5.5% YoY. Source: county tax records.