305 N Pearl St · Carthage, MS 39051

$74,900

4 bd · 2.0 ba · 1,848 sqft · Other · 154 Days on market

Built 1939 7,405 sqft lot $41/sqft · 59% below area ↓ 29% since listing

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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
• Appreciation +9.5/10.0
• ARV discount +7.5/15.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0

Listing remarks MLS

This 4-bedroom, 2-bath home features a living room, dining room, and kitchen. The property includes a storage room in the backyard and a spacious yard, ideal for private gatherings and outdoor activities. Conveniently located in Carthage, this home offers plenty of space both inside and out.

Key facts

• Storage room
• Spacious yard
• Private gatherings

Tags

• STORAGE ROOM
• SPACIOUS YARD
• PRIVATE GATHERINGS
• OUTDOOR ACTIVITIES
• CONVENIENTLY LOCATED

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath other listed at $75k.

Deal economics

• At list price, monthly cash flow is $542 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Recommended offer: $66k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 59/100 on livability (#243 in MS) — a working-class tenant base; expect higher turnover. Strengths: crime A+, cost of living A+, housing A+; Watch: schools F, amenities F, commute F.
• Leake County School District (town): math 11% / reading 22% proficiency, ranked #102 of 130 in MS (top 78%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 83% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 81 active listings in the ZIP.

Forward outlook

• In year one you build about $7k of equity ($518 loan paydown + $7k appreciation (9.0% local appreciation)).
• Leake County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (9.0% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 154 days — a 12% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y ago; this cycle's ask has dropped $18k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1939 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 67% 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 $65,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 154 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 1939 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
7. 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.
8. 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: 1.66% ✓
• Cap rate: 14.98%
• Cash-on-cash: 31.03%
• DSCR: 2.38
• GRM: 5.0

CMA / ARV

• ARV (median comp): $184,639
• List price: $74,900
• Delta: -59.43%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

8.96% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 46.3%
• Equity multiple: 4.34×
• Total profit: $70,019
• Equity at exit: $61,857

10-year hold

• IRR: 40.9%
• Equity multiple: 9.48×
• Total profit: $177,912
• Equity at exit: $127,836

Cash invested: $20,972 (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 39051

• Home prices YoY: 5.9%
• Active inventory: 81
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $1,242 medium
• Mortgage (P&I): −$393
• Tax from tax record: −$15 /mo · $177/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$261
• Net cashflow: $542

Break-even live

Break-even rent $555

Max offer price $74,900

Occupancy floor 51%

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: $18,725
• Closing costs: $2,247
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-05-18
   status Pending 292-char remark

   Show marketing remark (292 chars)

   This 4-bedroom, 2-bath home features a living room, dining room, and kitchen. The property includes a storage room in the backyard and a spacious yard, ideal for private gatherings and outdoor activities. Conveniently located in Carthage, this home offers plenty of space both inside and out.

2. 2026-04-16
   price $74,900 292-char remark

   Show marketing remark (292 chars)

   This 4-bedroom, 2-bath home features a living room, dining room, and kitchen. The property includes a storage room in the backyard and a spacious yard, ideal for private gatherings and outdoor activities. Conveniently located in Carthage, this home offers plenty of space both inside and out.

3. 2026-03-17
   price $79,900 292-char remark

   Show marketing remark (292 chars)

   This 4-bedroom, 2-bath home features a living room, dining room, and kitchen. The property includes a storage room in the backyard and a spacious yard, ideal for private gatherings and outdoor activities. Conveniently located in Carthage, this home offers plenty of space both inside and out.

4. 2026-02-20
   soldstatus
5. 2026-02-13
   price $83,900 292-char remark

   Show marketing remark (292 chars)

   This 4-bedroom, 2-bath home features a living room, dining room, and kitchen. The property includes a storage room in the backyard and a spacious yard, ideal for private gatherings and outdoor activities. Conveniently located in Carthage, this home offers plenty of space both inside and out.

6. 2026-01-16
   price $88,000 292-char remark

   Show marketing remark (292 chars)

   This 4-bedroom, 2-bath home features a living room, dining room, and kitchen. The property includes a storage room in the backyard and a spacious yard, ideal for private gatherings and outdoor activities. Conveniently located in Carthage, this home offers plenty of space both inside and out.

7. 2025-12-15
   listed $92,500 Active 292-char remark

   Show marketing remark (292 chars)

   This 4-bedroom, 2-bath home features a living room, dining room, and kitchen. The property includes a storage room in the backyard and a spacious yard, ideal for private gatherings and outdoor activities. Conveniently located in Carthage, this home offers plenty of space both inside and out.

8. 2020-11-06
   soldstatus 1440-char remark

   Show marketing remark (1440 chars)

   Reduced Price!! This lovely, well preserved 1930's era 4 bedroom 2 bath home is conveniently located just off the court square in the historical district. Immediately upon entering the property, you will notice the beautifully landscaped lawn that offers large shade trees, along with many other beautiful ornamental trees and evergreens. The low maintenance vinyl siding and classic green architectural shingle roof is just a couple of the many great updates this home has to offer. Upon entering the home, you will find classic wood floors throughout most of the home, along with 9' tall ceilings, and many other great characteristics of the 1930's era. The amazing galley style kitchen is located adjacent to the large formal dining area and offers a top of the line stainless steel gas range, along with an ample amount of cabinets. The counter-tops are laid in a beautiful ceramic tile and the back splash is laid in classic travertine tile. The amazing hall bath tub / shower surround is laid in classic ceramic tile and mosaic glass tile and the beautiful vanity offers a granite counter-top. All the large bedrooms offer ample sized closets and the master bedroom is conveniently equipped with its own private full bath. This wonderful home has been well preserved over the years and has character that can't be replicated. The scenic back yard offers a nice storage shed and a large fenced in area. Call today for more information.

9. 2020-11-06
   soldstatus

   Show marketing remark (1440 chars)

   Reduced Price!! This lovely, well preserved 1930's era 4 bedroom 2 bath home is conveniently located just off the court square in the historical district. Immediately upon entering the property, you will notice the beautifully landscaped lawn that offers large shade trees, along with many other beautiful ornamental trees and evergreens. The low maintenance vinyl siding and classic green architectural shingle roof is just a couple of the many great updates this home has to offer. Upon entering the home, you will find classic wood floors throughout most of the home, along with 9' tall ceilings, and many other great characteristics of the 1930's era. The amazing galley style kitchen is located adjacent to the large formal dining area and offers a top of the line stainless steel gas range, along with an ample amount of cabinets. The counter-tops are laid in a beautiful ceramic tile and the back splash is laid in classic travertine tile. The amazing hall bath tub / shower surround is laid in classic ceramic tile and mosaic glass tile and the beautiful vanity offers a granite counter-top. All the large bedrooms offer ample sized closets and the master bedroom is conveniently equipped with its own private full bath. This wonderful home has been well preserved over the years and has character that can't be replicated. The scenic back yard offers a nice storage shed and a large fenced in area. Call today for more information.

10. 2020-03-03
    listed $105,000 1440-char remark

    Show marketing remark (1440 chars)

    Reduced Price!! This lovely, well preserved 1930's era 4 bedroom 2 bath home is conveniently located just off the court square in the historical district. Immediately upon entering the property, you will notice the beautifully landscaped lawn that offers large shade trees, along with many other beautiful ornamental trees and evergreens. The low maintenance vinyl siding and classic green architectural shingle roof is just a couple of the many great updates this home has to offer. Upon entering the home, you will find classic wood floors throughout most of the home, along with 9' tall ceilings, and many other great characteristics of the 1930's era. The amazing galley style kitchen is located adjacent to the large formal dining area and offers a top of the line stainless steel gas range, along with an ample amount of cabinets. The counter-tops are laid in a beautiful ceramic tile and the back splash is laid in classic travertine tile. The amazing hall bath tub / shower surround is laid in classic ceramic tile and mosaic glass tile and the beautiful vanity offers a granite counter-top. All the large bedrooms offer ample sized closets and the master bedroom is conveniently equipped with its own private full bath. This wonderful home has been well preserved over the years and has character that can't be replicated. The scenic back yard offers a nice storage shed and a large fenced in area. Call today for more information.

ⓘ 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: $177 · $15/mo
• Projected year-2 tax: $592 · $49/mo
• Expected delta: +$415/yr (+$35/mo · 234.0%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 7/10 Severe 7 d/yr ≥108°F today · 21 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 67% 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: $14,902
• − Mortgage interest: −$4,196
• − Property taxes: −$177
• − Insurance: −$374
• − Repairs & maintenance: −$1,192
• − Management: −$1,192
• − Depreciation: −$2,179
• Taxable income: $5,591
• Est. tax owed @ 24.0%: −$1,342
• After-tax cash flow: $5,165/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: Leake County School District
• NCES district ID: 2802520
• Math proficiency: 11% ▼ -21.00%
• Reading proficiency: 22% ▼ -9.00%
• Median HH income: $32,894
• Composite: 13.33/100
• National rank: #9538
• State rank: #102 of 130 in MS

Livability — Carthage

• Score: 59/100
• State rank: #243
• US rank: #20150

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Carthage, MS
• Population (ZIP): 15,242

Population outlook (Leake County) Hauer SSP2

• Today (2025): 21,382 people
• By 2030: 20,405 · -4.6%
• By 2040: 18,208 · -14.8%
• By 2050: 15,732 · -26.4%
• By 2075: 9,562 · -55.3%
• By 2100: 5,455 · -74.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 47% Black 39% Hispanic / Latino 8% Native American 5% Two or more races 2%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Slovak 1% Lithuanian 1% Serbian 1%
• Foreign-born: 4% · Canada
• Languages at home: 90% English-only · Spanish 7%

Political lean MEDSL · Leake

• 2024 margin: Strong R (+23.4) · D 38.0% · R 61.4%
• 2008→2024 swing: -12.7pp toward R · 2008: -10.7pp · 2024: -23.4pp
• All cycles: 2024: R+23.4 2020: R+14.5 2016: R+14.2 2012: R+8.6 2008: R+10.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 8.96%
• Current HPI: 161.5452
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-28.7% since first listed

10 events — show timeline

• 2026-05-18 Pending — MLSU
• 2026-04-16 Price Changed $74,900 MLSU
• 2026-03-17 Price Changed $79,900 MLSU
• 2026-02-20 Sold (Public Records) — Public Records
• 2026-02-13 Price Changed $83,900 MLSU
• 2026-01-16 Price Changed $88,000 MLSU
• 2025-12-15 Listed $92,500 MLSU
• 2020-11-06 Sold (Public Records) — Public Records
• 2020-11-06 Sold (MLS) — MLSU
• 2020-03-03 Listed $105,000 MLSU

Property tax history

-14.5%/yr

Latest (2025): $177 · +2.0% YoY. Source: county tax records.