110 Tail Feather Dr

Gluckstadt, MS 39110

$394,000D

3 bd · 2.0 ba · 2,001 sqft · Built 2014 · SingleFamily · Active · 121 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,688/mo
• Mortgage (P&I): −$2,066
• Tax + insurance: −$368
• HOA: −$0
• Vac / Maint / Mgmt: −$565
• Net cashflow: $-310/mo
• Annual: $-3,720/yr
• Cap rate: 5.35%
• Cash-on-cash: -3.37%
• DSCR: 0.85
• 1% rule: 0.68%
• Cash to close: $110,320

Investor read

• This is a 3-bed/2.0-bath single-family listed at $394k.
• At list price, monthly cash flow is $-310 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $339k (13.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $269k (31.8% below list).
• It's been on market 121 days — a 12% lower offer ($347k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $269k (31.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Madison County School District (rural): math 54% / reading 54% proficiency, ranked #3 of 130 in MS (top 2%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Mannsdale Elementary (633 students, 100% FRL); Germantown Middle School (math 55% / reading 58%, grade B, #14 of 179 statewide, top 7%, 1,008 students, 100% FRL); Germantown High School (math 34% / reading 41%, grade F, #59 of 197 statewide, top 30%, 1,396 students, 100% FRL) — zoned schools average 100% FRL vs 29% district-wide (70 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.6%/yr); 634 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 553 units permitted in Madison County in 2024 (0 in 5+ unit buildings).
• Madison County population projected at +34% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 10y 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.
• Climate carrying-cost: major wind risk, 76% 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 121 days. Have you received any prior offers? Is the seller open to a 32% concession, seller financing, or rate buy-down credit?
• 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.
• 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.
• 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.