2515 Naples

Greenville, MS 38703

$90,000B

4 bd · 1.0 ba · 2,816 sqft · Built 1956 · SingleFamily · Pending · 350 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,607/mo
• Mortgage (P&I): −$472
• Tax + insurance: −$673
• HOA: −$0
• Vac / Maint / Mgmt: −$337
• Net cashflow: $124/mo
• Annual: $1,489/yr
• Cap rate: 13.63%
• Cash-on-cash: 26.22%
• DSCR: 2.17
• 1% rule: 1.79%
• Cash to close: $25,200

Investor read

• This is a 4-bed/1.0-bath single-family listed at $90k.
• 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).
• It's been on market 350 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $79k (12.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($622 loan paydown + $1k appreciation (1.1% local appreciation)).
• 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.
• Watch-outs: property tax is 2.8% of price; flood insurance adds $427/mo; built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 19 active listings in the ZIP; 10 units permitted in Washington County in 2024 (0 in 5+ unit buildings).
• Washington County population projected at -36% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 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.
• 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.
• 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.
• 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.

Questions for listing agent

• 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?
• Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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 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?
• 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.