304 Feltus Blvd · Leland, MS 38756

$49,000

3 bd · 1.0 ba · 1,987 sqft · SingleFamily public records · 50 Days on market

Built 1950 0.45 ac lot ↓ 38% since listing

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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).

• Cash flow +9.7/30.0
• ARV discount +7.5/15.0
• Livability +3.4/5.0
• DSCR +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.1/10.0
• Schools +0.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

AUCTION - OCCUPIED. This affordable ranch home offers 3 beds, 2 baths and the home sits on a large lot offering ample room to expand. Property is sold as-is with NO property disclosure or inspection reports, NO interior photos, NO ACCESS - the seller does not represent or guarantee occupancy status. Please DO NOT DISTURB the occupant. ''As is'' CASH ONLY sale with no contingencies or inspections. Buyer will be responsible for obtaining possession of the property upon closing.

Key facts

• 0.45 acre lot
• Garage
• Built 1950

🔨 Auction listing. The $49,000 list price is a nominal opening bid, not a real ask — every metric below is computed on the estimated value $165,865 (ARV from comps), not the list price.

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $49k.

Deal economics

• At list price, monthly cash flow is $-109 ($-1k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $49k).
• Recommended offer: $48k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 68/100 on livability (#73 in MS) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools F, amenities F, commute F.
• Leland School District (town): math 5% / reading 15% proficiency, ranked #117 of 130 in MS (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 90% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 30 active listings in the ZIP; 10 units permitted in Washington 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 $5k of value loss. Plan a longer hold.
• Washington County population projected at -36% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 50 days — a 3% lower offer ($48k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $47,530 (3.0% 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. It's been on market 50 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
3. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
7. 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.
8. 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.
9. 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: 0.71% ✗
• Cap rate: 5.51%
• Cash-on-cash: -2.81%
• DSCR: 0.87
• GRM: 11.8

CMA / ARV

• ARV (median comp): $165,865
• List price: $49,000
• Delta: -70.46%
• Verdict: UNDERPRICED
• Comps: 15 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
306 Willeroy St	0.42mi	3/2.5	1,960 (-1%)	12mo	$100,000	$51	62

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -21.0%
• Equity multiple: 0.27×
• Total profit: $-33,861
• Equity at exit: $24,731

10-year hold

• IRR: -14.5%
• Equity multiple: 0.17×
• Total profit: $-38,621
• Equity at exit: $14,341

Cash invested: $46,442 (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 38756

• Active inventory: 30
• Price-to-rent: 3.5×

Monthly cashflow live

• Estimated rent: $1,170 medium
• Mortgage (P&I): −$870
• Tax from tax record: −$94 /mo · $1,132/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$246
• Net cashflow: $-109

Break-even live

Break-even rent $1,308

Max offer price $146,638

Occupancy floor —

Sensitivity live

Price	-10% $-15	-5% $-62	+0% $-109	+5% $-156	+10% $-203
Rent	-10% $-201	-5% $-155	+0% $-109	+5% $-63	+10% $-16
Rate	-1.0pp $-25	-0.5pp $-67	base $-109	+0.5pp $-152	+1.0pp $-196

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: $41,466
• Closing costs: $4,976
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-05-11
   price $49,000 488-char remark

   Show marketing remark (488 chars)

   AUCTION - OCCUPIED. This affordable ranch home offers 3 beds, 2 baths and the home sits on a large lot offering ample room to expand. Property is sold as-is with NO property disclosure or inspection reports, NO interior photos, NO ACCESS - the seller does not represent or guarantee occupancy status. Please DO NOT DISTURB the occupant. ''As is'' CASH ONLY sale with no contingencies or inspections. Buyer will be responsible for obtaining possession of the property upon closing.

2. 2026-04-23
   price $59,200 488-char remark

   Show marketing remark (488 chars)

   AUCTION - OCCUPIED. This affordable ranch home offers 3 beds, 2 baths and the home sits on a large lot offering ample room to expand. Property is sold as-is with NO property disclosure or inspection reports, NO interior photos, NO ACCESS - the seller does not represent or guarantee occupancy status. Please DO NOT DISTURB the occupant. ''As is'' CASH ONLY sale with no contingencies or inspections. Buyer will be responsible for obtaining possession of the property upon closing.

3. 2026-04-07
   listed $78,500 Active 488-char remark

   Show marketing remark (488 chars)

   AUCTION - OCCUPIED. This affordable ranch home offers 3 beds, 2 baths and the home sits on a large lot offering ample room to expand. Property is sold as-is with NO property disclosure or inspection reports, NO interior photos, NO ACCESS - the seller does not represent or guarantee occupancy status. Please DO NOT DISTURB the occupant. ''As is'' CASH ONLY sale with no contingencies or inspections. Buyer will be responsible for obtaining possession of the property upon closing.

ⓘ 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: $1,132 · $94/mo
• Projected year-2 tax: $1,132 · $94/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 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥110°F today · 20 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% 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: $14,042
• − Mortgage interest: −$9,291
• − Property taxes: −$1,132
• − Insurance: −$829
• − Repairs & maintenance: −$1,123
• − Management: −$1,123
• − Depreciation: −$4,825
• Taxable loss: −$4,282
• Est. tax savings @ 24.0%: +$1,028
• After-tax cash flow: $-278/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: Leland School District
• NCES district ID: 2802610
• Math proficiency: 5% ▼ -16.00%
• Reading proficiency: 15% ▼ -10.00%
• Median HH income: $30,773
• Composite: 7.75/100
• National rank: #9936
• State rank: #117 of 130 in MS

Livability — Leland

• Score: 68/100
• State rank: #73
• US rank: #10033

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Leland, MS
• Population (ZIP): 6,568

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: Diverse neighborhood (Simpson 0.55)
• Race & ethnicity: Black 54% White 39% Hispanic / Latino 4% Two or more races 3%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 5%

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: ▼ -64.23%
• Current HPI: 51.6345
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-37.6% since first listed

3 events — show timeline

• 2026-05-11 Price Changed $49,000 MLSU
• 2026-04-23 Price Changed $59,200 MLSU
• 2026-04-07 Listed $78,500 MLSU

Property tax history

+0.6%/yr

Latest (2025): $1,132 · +6.6% YoY. Source: county tax records.