928 Courthouse Rd #22 · Gulfport, MS 39507

$139,900

2 bd · 2.5 ba · 1,148 sqft · Condo public records · 14 Days on market

Built 1972

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Cash flow +7.3/30.0
• 1% rule +4.9/10.0
• Livability +3.7/5.0
• Rent growth +3.6/5.0
• Schools +3.4/10.0
• Condition / age +2.5/5.0
• DSCR +1.5/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great location in Bayou View area! Sold ''As-Is''. Needs repair but has great potential.

Key facts

• One car garage
• Convenient location
• Garage

Tags

• PRIVATE BACKYARD SPACE
• ONE CAR GARAGE
• CONVENIENT LOCATION

Property features AI

Finance

• HOA & community: Has association

Exterior

• Parking: Assigned parking; 1 garage space; 2 total parking spaces
• Utilities: Public water; Public sewer; Cable available; Electricity available; Phone available
• Home design: Condominium; Lowrise (1-2 floors); Two levels; Pets allowed
• Construction: Vinyl and brick veneer exterior; Slab foundation; Assessor-listed year built
• Exterior features: Courtyard; Rain gutters; Metal roof

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Water heater
• Flooring: Carpet; Ceramic tile; Laminate
• Bathrooms: 2 full bathrooms; 1 half bathroom (2.5 total)
• Heating & cooling: Central heating; Central air; Ceiling fans
• Interior features: Bar; Crown molding; Fireplace in living room (see remarks); Move-in ready
• Laundry & utility: In-unit laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath condo listed at $140k.

Deal economics

• At list price, monthly cash flow is $-253 ($-3k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $139k (0.7% below list).
• Recommended offer: $139k (0.7% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 73/100 on livability (#15 in MS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D, amenities F, commute F.
• Gulfport School District (urban): math 41% / reading 42% proficiency, ranked #37 of 130 in MS (top 28%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 67% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+4.3%/yr); 301 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 52% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,194 units permitted in Harrison County in 2024 (0 in 5+ unit buildings).
• This rent runs 30% of the median local income ($55k/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 $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Harrison County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 15y 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.
• Current owner paid $85k; list at $140k implies a 65% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 29% of rent.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $138,902 (0.7% below list)

Questions for the listing agent

1. 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?
2. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.99% ✗
• Cap rate: 4.69%
• Cash-on-cash: -5.72%
• DSCR: 0.75
• GRM: 8.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.26% rent growth · sell at horizon

5-year hold

• IRR: -27.5%
• Equity multiple: 0.06×
• Total profit: $-36,752
• Equity at exit: $20,860

10-year hold

• IRR: -19.5%
• Equity multiple: -0.13×
• Total profit: $-44,214
• Equity at exit: $12,096

Cash invested: $39,172 (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 39507

• Home prices YoY: -27.1%
• Rents YoY: 4.3%
• Active inventory: 301
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $1,389 high
• Mortgage (P&I): −$734
• Tax from tax record: −$92 /mo · $1,105/yr
• Insurance: −$58
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA est. from 3 same-building comps: −$400
• Vacancy / Maint / Mgmt: −$292
• Net cashflow: $-253

Break-even live

Break-even rent $1,709

Max offer price $95,183

Occupancy floor —

Sensitivity live

Price	-10% $-174	-5% $-214	+0% $-253	+5% $-293	+10% $-332
Rent	-10% $-363	-5% $-308	+0% $-253	+5% $-198	+10% $-143
Rate	-1.0pp $-183	-0.5pp $-218	base $-253	+0.5pp $-289	+1.0pp $-326

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
980 Courthouse Rd Unit 0409 Gulfport, MS	1.0	1.0	892	$1,139	$1.28	14d	1	0.07mi
980 Courthouse Rd Unit 0426 Gulfport, MS	1.0	1.0	892	$1,539	$1.73	44d	1	0.07mi
980 Courthouse Rd Unit 0829 Gulfport, MS	1.0	1.0	892	$1,160	$1.30	44d	1	0.07mi
980 Courthouse Rd Apt 512 Gulfport, MS	1.0	1.0	892	$1,209	$1.36	21d	1	0.07mi
980 Courthouse Rd Unit 1605 Gulfport, MS	2.0	2.0	1227	$1,355	$1.10	21d	1	0.07mi
200 Commerce St Gulfport, MS	2.0	1.0	900	$1,100	$1.22	21d	1	0.32mi
1400 Mill Rd Gulfport, MS	2.0	2.5	1290	$2,550	$1.98	44d	1	0.51mi
3503 Hancock Ave Gulfport, MS	2.0	2.5	1100	$1,100	$1.00	21d	1	0.62mi
477 Tegarden Rd Unit D Gulfport, MS	3.0	2.0	1300	$1,300	$1.00	14d	1	0.68mi
1114 Washington Ave Gulfport, MS	3.0	2.0	1200	$1,350	$1.12	21d	1	0.68mi
1618 Courthouse Rd Gulfport, MS	3.0	1.0	1168	$1,400	$1.20	44d	1	0.76mi
4801 Jefferson Ave Gulfport, MS	3.0	2.0	1072	$1,800	$1.68	21d	1	0.83mi
3209 F Ave Gulfport, MS	2.0	1.0	1000	$850	$0.85	44d	1	1.01mi
696 Hunters Glen Ln Gulfport, MS	3.0	1.5	1000	$1,800	$1.80	21d	1	1.04mi
124 30th 1/2 St Gulfport, MS	2.0	1.5	1007	$1,100	$1.09	44d	1	1.10mi
1525 E Pass Rd Gulfport, MS	1.0–3.0	1.0–2.0	1070	$1,369	$1.28	21d	1	1.11mi
986 Waterford Ln Gulfport, MS	3.0	1.5	1000	$1,650	$1.65	44d	1	1.13mi
229 Milray Ln Gulfport, MS	2.0	2.5	889	$1,795	$2.02	21d	1	1.14mi
1229 Century Oaks Dr Gulfport, MS	3.0	3.0	1200	$2,600	$2.17	21d	1	1.18mi
1270 Century Oaks Dr Gulfport, MS	3.0	3.0	1158	$1,950	$1.68	44d	1	1.22mi
1131 Century Oaks Dr Gulfport, MS	3.0	3.0	1156	$1,800	$1.56	44d	1	1.22mi
1276 Century Oaks Dr Gulfport, MS	3.0	3.0	1283	$2,100	$1.64	44d	1	1.25mi
1101 Century Oaks Dr Gulfport, MS	3.0	3.0	1330	$1,700	$1.28	44d	1	1.25mi
1100 Century Oaks Dr Unit A Gulfport, MS	3.0	3.0	1156	$2,200	$1.90	44d	1	1.26mi
1339 Foxwood Pl Gulfport, MS	3.0	2.0	1100	$1,375	$1.25	44d	1	1.41mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 12 events

1. 2026-06-18
   days on market $139,900 Active 14 DOM
2. 2026-06-17
   days on market $139,900 Active 13 DOM
3. 2026-06-16
   days on market $139,900 Active 12 DOM
4. 2026-06-15
   days on market $139,900 Active 11 DOM
5. 2026-06-14
   days on market $139,900 Active 9 DOM
6. 2026-06-13
   days on market $139,900 Active 8 DOM
7. 2026-06-10
   days on market $139,900 Active 6 DOM
8. 2026-06-09
   days on market $139,900 Active 5 DOM
9. 2026-06-08
   days on market $139,900 Active 4 DOM
10. 2026-06-07
    days on market $139,900 Active 3 DOM
11. 2026-06-05
    remarks 699-char remark
12. 2026-06-05
    listed $139,900 Active 1 DOM

ⓘ 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: $1,105 · $92/mo
• Projected year-2 tax: $1,105 · $92/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 7/10 Severe FEMA zone X (shaded) · 75% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°F today · 24 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,668
• − Mortgage interest: −$7,837
• − Property taxes: −$1,105
• − Insurance: −$1,497
• − Repairs & maintenance: −$1,333
• − Management: −$1,333
• − HOA: −$4,800
• − Depreciation: −$4,070
• Taxable loss: −$5,307
• Est. tax savings @ 24.0%: +$1,274
• After-tax cash flow: $-1,764/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: Gulfport School District
• NCES district ID: 2801710
• Math proficiency: 41% ▼ -15.00%
• Reading proficiency: 42% ▼ -6.00%
• Median HH income: $35,712
• Composite: 34.38/100
• National rank: #5213
• State rank: #37 of 130 in MS

Livability — Gulfport

• Score: 73/100
• State rank: #15
• US rank: #5010

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gulfport, MS
• County: Harrison County · 178,171 people
• City population: 96,188
• Metro: Gulfport-Biloxi, MS
• Population (ZIP): 18,564
• Household income: $54,657
• Rent vs Own: 44.3% rent · 55.7% own
• Severe rent burden: 1059.0

Population outlook (Harrison County) Hauer SSP2

• Today (2025): 228,444 people
• By 2030: 241,942 · +5.9%
• By 2040: 267,531 · +17.1%
• By 2050: 291,062 · +27.4%
• By 2075: 346,711 · +51.8%
• By 2100: 378,165 · +65.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (65%)
• Race & ethnicity: White 65% Black 24% Hispanic / Latino 6% Two or more races 5% Asian 1%
• Hispanic origin (detail): Mexican 2% Cuban 1%
• Common ancestry: Slovak 4% Lithuanian 4% Romanian 2%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 2% French/Haitian/Cajun 2% Other Indo-European 1%

Political lean MEDSL · Harrison

• 2024 margin: Strong R (+28.9) · D 35.0% · R 63.9% · Other 1.1%
• 2008→2024 swing: -2.9pp toward R · 2008: -26.0pp · 2024: -28.9pp
• All cycles: 2024: R+28.9 2020: R+25.2 2016: R+30.7 2012: R+26.6 2008: R+26.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -67.48%
• Current HPI: 181.6606
• Rent YoY: ▲ 4.26%
• Metro: Gulfport-Biloxi, MS
• State GDP YoY: —
• F500 in state: 0

Price history

+145.4% since first listed

7 events — show timeline

• 2026-06-04 Listed $139,900 MLSU
• 2018-10-22 Sold (Public Records) $85,000 Public Records
• 2012-05-16 Sold (Public Records) — Public Records
• 2012-05-15 Sold (MLS) — MLSU
• 2012-02-14 Listed $59,900 MLSU
• 2011-08-01 Sold (MLS) — MLSU
• 2011-03-29 Listed $57,000 MLSU

Property tax history

-2.0%/yr

Latest (2025): $1,105 · +7.6% YoY. Source: county tax records.