207 Wheeler St

Okolona, MS 38860

$134,900C

4 bd · 2.0 ba · 2,432 sqft · Built 2018 · Manufactured · Active · 29 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,275/mo
• Mortgage (P&I): −$707
• Tax + insurance: −$89
• HOA: −$0
• Vac / Maint / Mgmt: −$268
• Net cashflow: $211/mo
• Annual: $2,535/yr
• Cap rate: 8.17%
• Cash-on-cash: 6.71%
• DSCR: 1.30
• 1% rule: 0.95%
• Cash to close: $37,772

Investor read

• This is a 4-bed/2.0-bath manufactured listed at $135k.
• At list price, monthly cash flow is $211 ($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 $128k (5.5% below list).
• It's been on market 29 days — a 2% lower offer ($133k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $128k (5.5% below list) — sets the bar for 1% rule.
• In year one you build about $442 of equity ($933 loan paydown + $-491 appreciation (-0.4% local appreciation)).
• Location reads 61/100 on livability (#191 in MS) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools F, amenities F, commute F.
• Okolona Separate School District (rural): math 24% / reading 17% proficiency, ranked #93 of 130 in MS (top 72%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 92% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 25 active listings in the ZIP; 7 units permitted in Chickasaw County in 2024 (0 in 5+ unit buildings).
• Chickasaw County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-0.4% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~9 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• 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?
• 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.