1402 Thomas St · Corinth, MS 38834

$120,000

3 bd · 1.0 ba · 1,565 sqft · SingleFamily public records · 84 Days on market

Built 1964 0.41 ac lot $77/sqft · 15% below area Est $141k · 15% under

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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 +19.1/30.0
• ARV discount +14.1/15.0
• DSCR +6.0/10.0
• 1% rule +3.7/10.0
• Livability +3.1/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming 3-bedroom, 2-bath home located within the city limits of Corinth and tucked away at the end of a dead-end street. This property is situated in Corinth School District and offers a great location within walking distance to the bowling alley. With a functional layout and plenty of potential, a little TLC could make this home truly beautiful. Great opportunity for buyers looking to add their personal touch in a convenient location!

Key facts

• 0.41 acre lot
• Built 1964
• Listed 83 days

Tags

• END OF A DEAD-END STREET

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $128 ($2k/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 $105k (12.7% below list).
• Recommended offer: $105k (12.7% below list) — sets the bar for 1% rule.
• Cap rate 7.6% 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.

Location & tenants

• Location reads 61/100 on livability (#187 in MS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools D+, crime D-, amenities 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.
• Market conditions: 186 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Alcorn County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 84 days — a 6% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $20k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $66k; list at $120k implies a 83% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $104,769 (12.7% below list)

Questions for the listing agent

1. It's been on market 84 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
2. Built in 1964 — 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. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.87% ✗
• Cap rate: 7.57%
• Cash-on-cash: 4.57%
• DSCR: 1.20
• GRM: 9.5

CMA / ARV

• ARV (median comp): $140,795
• List price: $120,000
• Delta: -14.77%
• Verdict: UNDERPRICED
• Comps: 19 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1008 Douglas	0.73mi	3/1.5	1,362 (-13%)	22mo	$143,045	$105	24

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -9.2%
• Equity multiple: 0.66×
• Total profit: $-11,366
• Equity at exit: $17,892

10-year hold

• IRR: 0.1%
• Equity multiple: 1.01×
• Total profit: $329
• Equity at exit: $10,375

Cash invested: $33,600 (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 38834

• Active inventory: 186
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $1,048 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$21 /mo · $246/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$220
• Net cashflow: $128

Break-even live

Break-even rent $886

Max offer price $120,000

Occupancy floor 83%

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1907 N Madison St Corinth, MS	2.0	1.0	1200	$1,200	$1.00	43d	1	0.85mi
1305 Proper St Corinth, MS	3.0	1.5	1400	$900	$0.64	43d	1	0.96mi

Listing history 19 events

1. 2026-06-18
   days on market $120,000 Active 84 DOM
2. 2026-06-17
   days on market $120,000 Active 83 DOM
3. 2026-06-16
   days on market $120,000 Active 82 DOM
4. 2026-06-15
   days on market $120,000 Active 81 DOM
5. 2026-06-13
   days on market $120,000 Active 79 DOM
6. 2026-06-12
   days on market $120,000 Active 78 DOM
7. 2026-06-09
   days on market $120,000 Active 75 DOM
8. 2026-06-08
   days on market $120,000 Active 74 DOM
9. 2026-06-07
   days on market $120,000 Active 73 DOM
10. 2026-06-07
    days on market $120,000 Active 72 DOM
11. 2026-06-04
    days on market $120,000 Active 69 DOM
12. 2026-06-02
    pricedays on market $120,000 Active 68 DOM
13. 2026-06-01
    days on market $130,000 Active 67 DOM
14. 2026-05-31
    days on market $130,000 Active 66 DOM
15. 2026-04-13
    price $130,000 441-char remark

    Show marketing remark (441 chars)

    Charming 3-bedroom, 2-bath home located within the city limits of Corinth and tucked away at the end of a dead-end street. This property is situated in Corinth School District and offers a great location within walking distance to the bowling alley. With a functional layout and plenty of potential, a little TLC could make this home truly beautiful. Great opportunity for buyers looking to add their personal touch in a convenient location!

16. 2026-04-07
    status Active 441-char remark

    Show marketing remark (441 chars)

    Charming 3-bedroom, 2-bath home located within the city limits of Corinth and tucked away at the end of a dead-end street. This property is situated in Corinth School District and offers a great location within walking distance to the bowling alley. With a functional layout and plenty of potential, a little TLC could make this home truly beautiful. Great opportunity for buyers looking to add their personal touch in a convenient location!

17. 2026-03-12
    listed $140,000 Active 441-char remark

    Show marketing remark (441 chars)

    Charming 3-bedroom, 2-bath home located within the city limits of Corinth and tucked away at the end of a dead-end street. This property is situated in Corinth School District and offers a great location within walking distance to the bowling alley. With a functional layout and plenty of potential, a little TLC could make this home truly beautiful. Great opportunity for buyers looking to add their personal touch in a convenient location!

18. 2019-09-05
    soldstatus $65,500
19. 2005-04-28
    soldstatus

ⓘ 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: $246 · $21/mo
• Projected year-2 tax: $948 · $79/mo
• Expected delta: +$702/yr (+$58/mo · 284.7%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥109°F today · 19 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 21% 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: $12,572
• − Mortgage interest: −$6,722
• − Property taxes: −$246
• − Insurance: −$600
• − Repairs & maintenance: −$1,006
• − Management: −$1,006
• − Depreciation: −$3,491
• Taxable loss: −$498
• Est. tax savings @ 24.0%: +$120
• After-tax cash flow: $1,654/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: Corinth School District
• NCES district ID: 2801260
• Math proficiency: 35% ▼ -7.00%
• Reading proficiency: 36% ▼ -7.00%
• Median HH income: $31,709
• Composite: 29.02/100
• National rank: #6611
• State rank: #56 of 130 in MS

Livability — Corinth

• Score: 61/100
• State rank: #187
• US rank: #17369

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Corinth, MS
• City population: 27,146
• Population (ZIP): 27,146

Population outlook (Alcorn County) Hauer SSP2

• Today (2025): 38,392 people
• By 2030: 38,804 · +1.1%
• By 2040: 39,455 · +2.8%
• By 2050: 39,708 · +3.4%
• By 2075: 39,917 · +4.0%
• By 2100: 37,628 · -2.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Black 12% Hispanic / Latino 4% Two or more races 3%
• Common ancestry: Italian 1% Slovak 1% Serbian 1%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 1%

Political lean MEDSL · Alcorn

• 2024 margin: Solid R (+68.3) · D 15.4% · R 83.8%
• 2008→2024 swing: -24.4pp toward R · 2008: -44.0pp · 2024: -68.3pp
• All cycles: 2024: R+68.3 2020: R+63.5 2016: R+61.8 2012: R+51.6 2008: R+44.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -98.19%
• Current HPI: 155.736
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+98.5% since first listed

5 events — show timeline

• 2026-04-13 Price Changed $130,000 NEMSBD
• 2026-04-07 Relisted — NEMSBD
• 2026-03-12 Listed $140,000 NEMSBD
• 2019-09-05 Sold (Public Records) $65,500 Public Records
• 2005-04-28 Sold (Public Records) — Public Records

Property tax history

+3.5%/yr

Latest (2025): $246 · +6.3% YoY. Source: county tax records.