321 Lafayette St

Columbia, MS 39429

$169,000C+

None bd · None ba · — sqft · Built 1950 · MultiFamily · Active · 138 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,187/mo
• Mortgage (P&I): −$886
• Tax + insurance: −$708
• HOA: −$0
• Vac / Maint / Mgmt: −$459
• Net cashflow: $133/mo
• Annual: $1,599/yr
• Cap rate: 10.27%
• Cash-on-cash: 14.20%
• DSCR: 1.63
• 1% rule: 1.29%
• Cash to close: $47,320

Investor read

• This is a 2 × 2-bed/1-bath units multifamily listed at $169k. Condition is rated fair.
• At list price, monthly cash flow is $133 ($2k/yr) — positive. Per door: $67/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $169k).
• It's been on market 138 days — a 12% lower offer ($149k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $149k (12.0% below list) — sets the bar for market timing.
• 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.
• Location reads 63/100 on livability (#154 in MS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime B, housing B; Watch: health & safety D, amenities F, commute F.
• Columbia School District (town): math 39% / reading 39% proficiency, ranked #45 of 130 in MS (top 35%) — 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.
• Zoned schools: Columbia Primary School (466 students, 100% FRL); Jefferson Middle School (math 30% / reading 30%, grade F, #88 of 179 statewide, top 49%, 373 students, 100% FRL); Columbia High School (math 32% / reading 37%, grade F, #68 of 197 statewide, top 39%, 469 students, 100% FRL) — zoned schools average 100% FRL vs 67% district-wide (33 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: flood insurance adds $427/mo; built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 133 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 2 units permitted in Marion County in 2024 (0 in 5+ unit buildings).
• Marion County population projected at -33% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 2y 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.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 138 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.

Repairs flagged (vision-AI assessment)

• Major: exterior siding — Significant wear and tear
• Major: roof — Older roof with visible wear
• Major: flooring — Worn carpet
• Major: interior walls — Painted walls with visible wear