501 Wenasoga Rd

Corinth, MS 38834

$88,000C+

2 bd · 2.0 ba · 1,176 sqft · Built 1940 · SingleFamily · Active · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,074/mo
• Mortgage (P&I): −$461
• Tax + insurance: −$147
• HOA: −$0
• Vac / Maint / Mgmt: −$225
• Net cashflow: $240/mo
• Annual: $2,880/yr
• Cap rate: 9.57%
• Cash-on-cash: 11.69%
• DSCR: 1.52
• 1% rule: 1.22%
• Cash to close: $24,640

Investor read

• This is a 2-bed/2.0-bath single-family listed at $88k.
• At list price, monthly cash flow is $240 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $88k).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $608 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 61/100 on livability (#187 in MS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D-, amenities F, commute F.
• Corinth School District (town): math 35% / reading 36% proficiency, ranked #56 of 130 in MS (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Corinth Elementary School (math 29% / reading 34%, grade F, #183 of 375 statewide, top 49%, 1,103 students, 100% FRL); Corinth Middle School (math 41% / reading 40%, grade F, #60 of 179 statewide, top 37%, 731 students, 100% FRL); Corinth High School (math 17% / reading 27%, grade F, #119 of 197 statewide, top 64%, 656 students, 100% FRL) — zoned schools average 100% FRL vs 56% district-wide (44 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 193 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 13 units permitted in Alcorn County in 2024 (0 in 5+ unit buildings).
• Alcorn County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts since 3y 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~10 years — after that, you're playing with house money.
• Climate carrying-cost: moderate wind risk, 23% 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.
• Cap rate 9.6% vs local median 3.7% in Corinth — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• Built in 1940 — 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?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.