2300 23rd Ave · Meridian, MS 39301

$149,900

9 bd · 6.0 ba · 3,654 sqft · MultiFamily public records · 240 Days on market

Built 1946 0.27 ac lot $41/sqft · 73% below area ↓ 47% since listing

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

2300 23rd Ave offers a great opportunity for homebuyers or investors seeking property in the heart of Meridian. This multi-family home features a practical layout with living areas, multiple bedrooms, and kitchen spaces. The property is conveniently located near local schools, shopping, and major roadways, providing easy access to city amenities. Some repairs and cosmetic updates may be needed to enhance its overall condition, but the home has strong potential for improvement and value growth. With a little attention and care, this property could serve as a great primary residence or an income-producing rental in a desirable location.

Key facts

• Kitchen spaces
• Practical layout
• Multi-family home

Tags

• MULTI-FAMILY HOME
• PRACTICAL LAYOUT
• LIVING AREAS
• KITCHEN SPACES
• CONVENIENTLY LOCATED
• NEAR LOCAL SCHOOLS

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/?-bath units multifamily listed at $150k.

Deal economics

• At list price, monthly cash flow is $2k ($23k/yr) — positive. Per door: $650/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $150k).
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 64/100 on livability (#141 in MS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: schools D, amenities F, commute F.
• Meridian Public Schools (town): math 13% / reading 17% proficiency, ranked #109 of 130 in MS (top 84%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 85% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 54 active listings in the ZIP; lower-income renter base — watch delinquency; 18 units permitted in Lauderdale County in 2024 (0 in 5+ unit buildings).
• At $4,103/mo this rent would consume 118% of the median local household income ($42k/yr) (locally 566% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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.
• Lauderdale County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 240 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $75k (33%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 3.0% of price; flood insurance adds $66/mo; built in 1946 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk; severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $131,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 240 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1946 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
6. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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?
10. 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.
11. 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.
12. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.74% ✓
• Cap rate: 22.44%
• Cash-on-cash: 57.66%
• DSCR: 3.57
• GRM: 3.0

CMA / ARV

• ARV (median comp): $379,967
• List price: $149,900
• Delta: -60.55%
• 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: 54.1%
• Equity multiple: 3.39×
• Total profit: $100,142
• Equity at exit: $22,351

10-year hold

• IRR: 59.3%
• Equity multiple: 6.91×
• Total profit: $248,034
• Equity at exit: $12,961

Cash invested: $41,972 (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 39301

• Active inventory: 54
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $4,103 high
• Mortgage (P&I): −$786
• Tax from tax record: −$376 /mo · $4,513/yr
• Insurance: −$62
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$862
• Net cashflow: $1,950

Break-even live

Break-even rent $1,634

Max offer price $149,900

Occupancy floor 47%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	3	—	$4,104
Total (3 units)			$4,103

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-19
   days on market $149,900 Active 240 DOM
2. 2026-06-18
   days on market $149,900 Active 239 DOM
3. 2026-06-17
   days on market $149,900 Active 238 DOM
4. 2026-06-16
   days on market $149,900 Active 237 DOM
5. 2026-06-15
   days on market $149,900 Active 236 DOM
6. 2026-06-14
   days on market $149,900 Active 234 DOM
7. 2026-06-12
   days on market $149,900 Active 233 DOM
8. 2026-06-09
   days on market $149,900 Active 230 DOM
9. 2026-06-08
   days on market $149,900 Active 229 DOM
10. 2026-06-07
    pricedays on market $149,900 Active 228 DOM
11. 2026-06-02
    days on market $164,900 Active 223 DOM
12. 2026-06-01
    days on market $164,900 Active 222 DOM
13. 2026-05-31
    days on market $164,900 Active 221 DOM
14. 2026-05-30
    days on market $164,900 Active 220 DOM
15. 2026-04-28
    price $164,900 642-char remark

    Show marketing remark (642 chars)

    2300 23rd Ave offers a great opportunity for homebuyers or investors seeking property in the heart of Meridian. This multi-family home features a practical layout with living areas, multiple bedrooms, and kitchen spaces. The property is conveniently located near local schools, shopping, and major roadways, providing easy access to city amenities. Some repairs and cosmetic updates may be needed to enhance its overall condition, but the home has strong potential for improvement and value growth. With a little attention and care, this property could serve as a great primary residence or an income-producing rental in a desirable location.

16. 2026-03-27
    price $174,900 642-char remark

    Show marketing remark (642 chars)

    2300 23rd Ave offers a great opportunity for homebuyers or investors seeking property in the heart of Meridian. This multi-family home features a practical layout with living areas, multiple bedrooms, and kitchen spaces. The property is conveniently located near local schools, shopping, and major roadways, providing easy access to city amenities. Some repairs and cosmetic updates may be needed to enhance its overall condition, but the home has strong potential for improvement and value growth. With a little attention and care, this property could serve as a great primary residence or an income-producing rental in a desirable location.

17. 2026-03-02
    price $184,900 642-char remark

    Show marketing remark (642 chars)

    2300 23rd Ave offers a great opportunity for homebuyers or investors seeking property in the heart of Meridian. This multi-family home features a practical layout with living areas, multiple bedrooms, and kitchen spaces. The property is conveniently located near local schools, shopping, and major roadways, providing easy access to city amenities. Some repairs and cosmetic updates may be needed to enhance its overall condition, but the home has strong potential for improvement and value growth. With a little attention and care, this property could serve as a great primary residence or an income-producing rental in a desirable location.

18. 2026-02-02
    price $194,900 642-char remark

    Show marketing remark (642 chars)

    2300 23rd Ave offers a great opportunity for homebuyers or investors seeking property in the heart of Meridian. This multi-family home features a practical layout with living areas, multiple bedrooms, and kitchen spaces. The property is conveniently located near local schools, shopping, and major roadways, providing easy access to city amenities. Some repairs and cosmetic updates may be needed to enhance its overall condition, but the home has strong potential for improvement and value growth. With a little attention and care, this property could serve as a great primary residence or an income-producing rental in a desirable location.

19. 2025-12-31
    price $204,900 642-char remark

    Show marketing remark (642 chars)

    2300 23rd Ave offers a great opportunity for homebuyers or investors seeking property in the heart of Meridian. This multi-family home features a practical layout with living areas, multiple bedrooms, and kitchen spaces. The property is conveniently located near local schools, shopping, and major roadways, providing easy access to city amenities. Some repairs and cosmetic updates may be needed to enhance its overall condition, but the home has strong potential for improvement and value growth. With a little attention and care, this property could serve as a great primary residence or an income-producing rental in a desirable location.

20. 2025-11-25
    price $214,900 642-char remark

    Show marketing remark (642 chars)

    2300 23rd Ave offers a great opportunity for homebuyers or investors seeking property in the heart of Meridian. This multi-family home features a practical layout with living areas, multiple bedrooms, and kitchen spaces. The property is conveniently located near local schools, shopping, and major roadways, providing easy access to city amenities. Some repairs and cosmetic updates may be needed to enhance its overall condition, but the home has strong potential for improvement and value growth. With a little attention and care, this property could serve as a great primary residence or an income-producing rental in a desirable location.

21. 2025-10-22
    listed $224,900 Active 642-char remark

    Show marketing remark (642 chars)

    2300 23rd Ave offers a great opportunity for homebuyers or investors seeking property in the heart of Meridian. This multi-family home features a practical layout with living areas, multiple bedrooms, and kitchen spaces. The property is conveniently located near local schools, shopping, and major roadways, providing easy access to city amenities. Some repairs and cosmetic updates may be needed to enhance its overall condition, but the home has strong potential for improvement and value growth. With a little attention and care, this property could serve as a great primary residence or an income-producing rental in a desirable location.

22. 2024-10-07
    price $199,500
23. 2024-08-29
    listed $205,000 Active
24. 2024-07-24
    price $295,000
25. 2024-02-29
    price $330,000
26. 2024-02-27
    listed $310,000 Active

ⓘ 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: $4,513 · $376/mo
• Projected year-2 tax: $4,513 · $376/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥108°F today · 21 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% 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: $49,236
• − Mortgage interest: −$8,397
• − Property taxes: −$4,513
• − Insurance: −$1,547
• − Repairs & maintenance: −$3,939
• − Management: −$3,939
• − Depreciation: −$4,361
• Taxable income: $22,541
• Est. tax owed @ 24.0%: −$5,410
• After-tax cash flow: $17,993/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: Meridian Public Schools
• NCES district ID: 2802910
• Math proficiency: 13% ▼ -12.00%
• Reading proficiency: 17% ▼ -4.00%
• Median HH income: $30,236
• Composite: 11.87/100
• National rank: #9673
• State rank: #109 of 130 in MS

Livability — Meridian

• Score: 64/100
• State rank: #141
• US rank: #14839

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Meridian, MS
• County: Lauderdale County · 42,445 people
• City population: 42,445
• Metro: Meridian, MS
• Population (ZIP): 20,807
• Household income: $41,766
• Rent vs Own: 39.6% rent · 60.4% own
• Severe rent burden: 566.0

Population outlook (Lauderdale County) Hauer SSP2

• Today (2025): 75,158 people
• By 2030: 72,770 · -3.2%
• By 2040: 67,309 · -10.4%
• By 2050: 61,797 · -17.8%
• By 2075: 49,790 · -33.8%
• By 2100: 39,797 · -47.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (56%)
• Race & ethnicity: White 56% Black 40% Two or more races 2% Hispanic / Latino 2%
• Common ancestry: Slovak 2% Serbian 2% Lithuanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Lauderdale

• 2024 margin: Strong R (+21.2) · D 39.0% · R 60.2%
• 2008→2024 swing: -2.3pp toward R · 2008: -18.9pp · 2024: -21.2pp
• All cycles: 2024: R+21.2 2020: R+16.0 2016: R+23.0 2012: R+15.5 2008: R+18.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -64.11%
• Current HPI: 116.4831
• Rent YoY: —
• Metro: Meridian, MS
• State GDP YoY: —
• F500 in state: 0

Price history

-46.8% since first listed

12 events — show timeline

• 2026-04-28 Price Changed $164,900 MLSU
• 2026-03-27 Price Changed $174,900 MLSU
• 2026-03-02 Price Changed $184,900 MLSU
• 2026-02-02 Price Changed $194,900 MLSU
• 2025-12-31 Price Changed $204,900 MLSU
• 2025-11-25 Price Changed $214,900 MLSU
• 2025-10-22 Listed $224,900 MLSU
• 2024-10-07 Price Changed $199,500 EMR
• 2024-08-29 Listed $205,000 EMR
• 2024-07-24 Price Changed $295,000 EMR
• 2024-02-29 Price Changed $330,000 EMR
• 2024-02-27 Listed $310,000 EMR

Property tax history

+8.5%/yr

Latest (2025): $4,513 · +43.1% YoY. Source: county tax records.