310 Sub Station Rd · New Albany, MS 38652

$145,000

4 bd · 3.0 ba · 1,631 sqft · SingleFamily public records · 149 Days on market

Built 1940 9,148 sqft lot $89/sqft · 20% below area Est $181k · 20% under ↓ 15% since listing

---

Why this score? — see what drove the C+ 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 +22.4/30.0
• ARV discount +15.0/15.0
• DSCR +7.2/10.0
• 1% rule +4.7/10.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Bungalow style home with a few extras! Recent updating makes this 4 bed 3 bath bungalow a great place to call home. Roof was replaced in September 2025. Bathrooms have been updated with 2 baths featuring beautiful knotty pine walls and there is an upstairs bonus room! Back yard holds lots of charm with its stone courtyard that even has a '' she shed''. An old country barn shop with power rounds out this backyard giving something for the whole family to enjoy.

Key facts

• Recent updating
• Knotty pine walls
• Country barn shop

Tags

• BUNGALOW STYLE HOME
• RECENT UPDATING
• KNOTTY PINE WALLS
• STONE COURTYARD
• SHE SHED
• COUNTRY BARN SHOP

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $145k.

Deal economics

• At list price, monthly cash flow is $242 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $141k (2.8% below list).
• Recommended offer: $128k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 74/100 on livability (#13 in MS, #4,449 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety A-; Watch: schools C-, employment D+, amenities F.
• New Albany Public Schools (rural): math 51% / reading 43% proficiency, ranked #22 of 130 in MS (top 17%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 156 active listings in the ZIP; 17 units permitted in Union 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 $4k of value loss. Plan a longer hold.
• Union County population projected at +19% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 149 days — a 12% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $25k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wind risk, 26% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $127,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 149 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 1940 — 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. 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.
6. 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.
7. 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: 0.97% ✗
• Cap rate: 8.29%
• Cash-on-cash: 7.15%
• DSCR: 1.32
• GRM: 8.6

CMA / ARV

• ARV (median comp): $181,247
• List price: $145,000
• Delta: -20.00%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -5.4%
• Equity multiple: 0.80×
• Total profit: $-8,151
• Equity at exit: $21,620

10-year hold

• IRR: 4.2%
• Equity multiple: 1.31×
• Total profit: $12,497
• Equity at exit: $12,537

Cash invested: $40,600 (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 38652

• Home prices YoY: -34.5%
• Active inventory: 156
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,409 medium
• Mortgage (P&I): −$760
• Tax from tax record: −$51 /mo · $609/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$296
• Net cashflow: $242

Break-even live

Break-even rent $1,103

Max offer price $145,000

Occupancy floor 78%

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $145,000 Active 149 DOM
2. 2026-06-17
   days on market $145,000 Active 148 DOM
3. 2026-06-16
   days on market $145,000 Active 147 DOM
4. 2026-06-15
   days on market $145,000 Active 146 DOM
5. 2026-06-14
   days on market $145,000 Active 144 DOM
6. 2026-06-12
   days on market $145,000 Active 143 DOM
7. 2026-06-09
   days on market $145,000 Active 140 DOM
8. 2026-06-08
   days on market $145,000 Active 139 DOM
9. 2026-06-07
   days on market $145,000 Active 138 DOM
10. 2026-06-07
    days on market $145,000 Active 137 DOM
11. 2026-06-04
    days on market $145,000 Active 134 DOM
12. 2026-06-02
    days on market $145,000 Active 133 DOM
13. 2026-06-01
    days on market $145,000 Active 132 DOM
14. 2026-05-31
    days on market $145,000 Active 131 DOM
15. 2026-05-12
    price $145,000 469-char remark

    Show marketing remark (469 chars)

    Bungalow style home with a few extras! Recent updating makes this 4 bed 3 bath bungalow a great place to call home. Roof was replaced in September 2025. Bathrooms have been updated with 2 baths featuring beautiful knotty pine walls and there is an upstairs bonus room! Back yard holds lots of charm with its stone courtyard that even has a '' she shed''. An old country barn shop with power rounds out this backyard giving something for the whole family to enjoy.

16. 2026-04-01
    status Active 469-char remark

    Show marketing remark (469 chars)

    Bungalow style home with a few extras! Recent updating makes this 4 bed 3 bath bungalow a great place to call home. Roof was replaced in September 2025. Bathrooms have been updated with 2 baths featuring beautiful knotty pine walls and there is an upstairs bonus room! Back yard holds lots of charm with its stone courtyard that even has a '' she shed''. An old country barn shop with power rounds out this backyard giving something for the whole family to enjoy.

17. 2026-03-16
    price $150,000 469-char remark

    Show marketing remark (469 chars)

    Bungalow style home with a few extras! Recent updating makes this 4 bed 3 bath bungalow a great place to call home. Roof was replaced in September 2025. Bathrooms have been updated with 2 baths featuring beautiful knotty pine walls and there is an upstairs bonus room! Back yard holds lots of charm with its stone courtyard that even has a '' she shed''. An old country barn shop with power rounds out this backyard giving something for the whole family to enjoy.

18. 2026-02-02
    status Active 469-char remark

    Show marketing remark (469 chars)

    Bungalow style home with a few extras! Recent updating makes this 4 bed 3 bath bungalow a great place to call home. Roof was replaced in September 2025. Bathrooms have been updated with 2 baths featuring beautiful knotty pine walls and there is an upstairs bonus room! Back yard holds lots of charm with its stone courtyard that even has a '' she shed''. An old country barn shop with power rounds out this backyard giving something for the whole family to enjoy.

19. 2025-12-30
    listed $169,900 Active 469-char remark

    Show marketing remark (469 chars)

    Bungalow style home with a few extras! Recent updating makes this 4 bed 3 bath bungalow a great place to call home. Roof was replaced in September 2025. Bathrooms have been updated with 2 baths featuring beautiful knotty pine walls and there is an upstairs bonus room! Back yard holds lots of charm with its stone courtyard that even has a '' she shed''. An old country barn shop with power rounds out this backyard giving something for the whole family to enjoy.

ⓘ 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: $609 · $51/mo
• Projected year-2 tax: $1,146 · $95/mo
• Expected delta: +$536/yr (+$45/mo · 88.0%)

ⓘ 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 5/10 Major
• 🌡 Heat 6/10 Major 7 d/yr ≥109°F today · 20 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 26% 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: $16,913
• − Mortgage interest: −$8,122
• − Property taxes: −$609
• − Insurance: −$725
• − Repairs & maintenance: −$1,353
• − Management: −$1,353
• − Depreciation: −$4,218
• Taxable income: $532
• Est. tax owed @ 24.0%: −$128
• After-tax cash flow: $2,775/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: New Albany Public Schools
• NCES district ID: 2803120
• Math proficiency: 51% ▼ -13.00%
• Reading proficiency: 43% ▼ -10.00%
• Median HH income: $37,325
• Composite: 39.13/100
• National rank: #4037
• State rank: #22 of 130 in MS

Livability — New Albany

• Score: 74/100
• State rank: #13
• US rank: #4449

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Albany, MS
• City population: 15,540
• Population (ZIP): 15,540

Population outlook (Union County) Hauer SSP2

• Today (2025): 30,992 people
• By 2030: 32,294 · +4.2%
• By 2040: 34,789 · +12.3%
• By 2050: 36,987 · +19.3%
• By 2075: 40,835 · +31.8%
• By 2100: 40,538 · +30.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Black 20% Hispanic / Latino 8% Two or more races 4%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Lithuanian 2% Italian 1% Serbian 1%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 6%

Political lean MEDSL · Union

• 2024 margin: Solid R (+70.1) · D 14.5% · R 84.6%
• 2008→2024 swing: -20.2pp toward R · 2008: -49.9pp · 2024: -70.1pp
• All cycles: 2024: R+70.1 2020: R+64.8 2016: R+63.2 2012: R+51.0 2008: R+49.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -80.75%
• Current HPI: 153.1381
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-14.7% since first listed

5 events — show timeline

• 2026-05-12 Price Changed $145,000 NEMSBD
• 2026-04-01 Relisted — NEMSBD
• 2026-03-16 Price Changed $150,000 NEMSBD
• 2026-02-02 Relisted — NEMSBD
• 2025-12-30 Listed $169,900 NEMSBD

Property tax history

-0.5%/yr

Latest (2025): $609 · +3.9% YoY. Source: county tax records.