313 N Deer Creek Dr W

Leland, MS 38756

$169,000D

4 bd · 1.0 ba · 2,640 sqft · Built 1920 · Other · Active · 371 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,308/mo
• Mortgage (P&I): −$886
• Tax + insurance: −$153
• HOA: −$0
• Vac / Maint / Mgmt: −$275
• Net cashflow: $-6/mo
• Annual: $-74/yr
• Cap rate: 6.25%
• Cash-on-cash: -0.16%
• DSCR: 0.99
• 1% rule: 0.77%
• Cash to close: $47,320

Investor read

• This is a 4-bed/1.0-bath other listed at $169k.
• At list price, monthly cash flow is $-6 ($-74/yr) — negative.
• To cash-flow at today's rent, offer at most $168k (0.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $131k (22.6% below list).
• It's been on market 371 days — a 12% lower offer ($149k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $131k (22.6% below list) — sets the bar for 1% rule.
• 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 68/100 on livability (#73 in MS) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Leland School District (town): math 5% / reading 15% proficiency, ranked #117 of 130 in MS (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 90% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Edna M Scott Elementary School (math 2% / reading 12%, grade F, #337 of 375 statewide, top 94%, 257 students, 100% FRL); Leland School Park (math 8% / reading 12%, grade F, #158 of 179 statewide, top 90%, 264 students, 100% FRL); Leland High School (math 15% / reading 24%, grade F, #129 of 197 statewide, top 65%, 179 students, 100% FRL).
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 30 active listings in the ZIP; 10 units permitted in Washington County in 2024 (0 in 5+ unit buildings).
• Washington County population projected at -36% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 3y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: major wind risk, 27% 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

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 371 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
• Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.