106 N Kennedy St

Fulton, MS 38843

$48,250B-

3 bd · 1.0 ba · 1,256 sqft · Built 1978 · SingleFamily · Active · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $966/mo
• Mortgage (P&I): −$253
• Tax + insurance: −$80
• HOA: −$0
• Vac / Maint / Mgmt: −$203
• Net cashflow: $430/mo
• Annual: $5,155/yr
• Cap rate: 16.98%
• Cash-on-cash: 38.15%
• DSCR: 2.70
• 1% rule: 2.00%
• Cash to close: $13,510

Investor read

• This is a 3-bed/1.0-bath single-family listed at $48k. Condition is rated poor.
• At list price, monthly cash flow is $430 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($966 rent vs $48k).
• It's been on market 18 days — a 2% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $48k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $334 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#133 in MS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: employment D, amenities F, commute F.
• Itawamba County School District (rural): math 35% / reading 31% proficiency, ranked #58 of 130 in MS (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Itawamba Attendance Center (math 37% / reading 34%, grade F, #150 of 375 statewide, top 40%, 1,163 students, 100% FRL); Itawamba Agricultural High School (math 32% / reading 32%, grade F, #80 of 197 statewide, top 42%, 556 students, 100% FRL) — zoned schools average 100% FRL vs 54% district-wide (45 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 114 active listings in the ZIP; 4 units permitted in Itawamba County in 2024 (0 in 5+ unit buildings).
• Itawamba County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~4 years — after that, you're playing with house money.
• Climate carrying-cost: moderate wind risk, 25% 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.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: ceiling and wall repairs — severe damage
• Major: roof repairs — visible damage
• Major: exterior siding repairs — damaged appearance
• Major: flooring repairs — damaged condition