223 Southgate Dr · Richland, MS 39218

$115,900

3 bd · 2.0 ba · 1,008 sqft · Manufactured public records · 45 Days on market

Built 2019 0.26 ac lot $115/sqft · 33% above area Est $92k · 26% over

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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 +29.0/30.0
• DSCR +10.0/10.0
• 1% rule +7.1/10.0
• Schools +4.6/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

This lovely 3-bedroom, 2-full baths, situated on 2 lots, 2 storage building. The home sits on a concrete slab. Outside, you'll find a nice fenced yard, perfect for kids o pets to play. Is move-in-ready and a great location, close to schools, shopping, and restaurants. The refrigerator will remain. Come see it for yourself today!!!

Key facts

• 0.26 acre lot
• 6 parking spots
• Built 2019

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $116k.

Deal economics

• At list price, monthly cash flow is $395 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $116k).
• Recommended offer: $112k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.4% vs local median 5.1% in Richland — 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 64/100 on livability (#125 in MS) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A; Watch: employment D+, schools D-, amenities F.
• Rankin County School District (rural): math 56% / reading 48% proficiency, ranked #6 of 130 in MS (top 5%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 36 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 343 units permitted in Rankin County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $801 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Rankin County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($112k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% 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.

Recommended offer $112,423 (3.0% below list)

Questions for the listing agent

1. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.21% ✓
• Cap rate: 10.38%
• Cash-on-cash: 14.60%
• DSCR: 1.65
• GRM: 6.9

CMA / ARV

• ARV (median comp): $91,903
• List price: $115,900
• Delta: 26.11%
• Verdict: OVERPRICED
• Comps: 9 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
223 Southgate Dr	0.00mi	3/2.0	1,064 (+6%)	1mo	$115,900	$109	90
106 Robin Ln	0.26mi	3/2.0	952 (-6%)	4mo	$95,000	$100	75

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: 5.0%
• Equity multiple: 1.20×
• Total profit: $6,335
• Equity at exit: $17,281

10-year hold

• IRR: 14.5%
• Equity multiple: 2.16×
• Total profit: $37,759
• Equity at exit: $10,021

Cash invested: $32,452 (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 39218

• Home prices YoY: -17.8%
• Active inventory: 36
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,398 medium
• Mortgage (P&I): −$608
• Tax from tax record: −$53 /mo · $641/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$294
• Net cashflow: $395

Break-even live

Break-even rent $898

Max offer price $115,900

Occupancy floor 67%

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: $28,975
• Closing costs: $3,477
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
103 Wedgewood Cir Richland, MS	3.0	2.0	1020	$1,395	$1.37	43d	1	0.05mi
132 Southridge Rd Richland, MS	3.0	2.0	1020	$1,395	$1.37	14d	1	0.07mi
129 Southridge Rd Richland, MS	3.0	2.0	1020	$1,395	$1.37	43d	1	0.07mi
260 Lowe Cir Richland, MS	2.0	2.0	1030	$1,500	$1.46	14d	1	1.14mi

Listing history 4 events

1. 2026-05-15
   status Pending 334-char remark

   Show marketing remark (334 chars)

   This lovely 3-bedroom, 2-full baths, situated on 2 lots, 2 storage building. The home sits on a concrete slab. Outside, you'll find a nice fenced yard, perfect for kids o pets to play. Is move-in-ready and a great location, close to schools, shopping, and restaurants. The refrigerator will remain. Come see it for yourself today!!!

2. 2026-03-30
   listed $115,900 Active 334-char remark

   Show marketing remark (334 chars)

   This lovely 3-bedroom, 2-full baths, situated on 2 lots, 2 storage building. The home sits on a concrete slab. Outside, you'll find a nice fenced yard, perfect for kids o pets to play. Is move-in-ready and a great location, close to schools, shopping, and restaurants. The refrigerator will remain. Come see it for yourself today!!!

3. 2022-03-18
   soldstatus
4. 2004-02-19
   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: $641 · $53/mo
• Projected year-2 tax: $916 · $76/mo
• Expected delta: +$275/yr (+$23/mo · 42.9%)

ⓘ 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 2/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥109°F today · 20 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: $16,775
• − Mortgage interest: −$6,492
• − Property taxes: −$641
• − Insurance: −$580
• − Repairs & maintenance: −$1,342
• − Management: −$1,342
• − Depreciation: −$3,372
• Taxable income: $3,007
• Est. tax owed @ 24.0%: −$722
• After-tax cash flow: $4,017/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: Rankin County School District
• NCES district ID: 2803830
• Math proficiency: 56% ▼ -4.00%
• Reading proficiency: 48% ▼ -6.00%
• Median HH income: $61,867
• Composite: 45.62/100
• National rank: #2587
• State rank: #6 of 130 in MS

Livability — Richland

• Score: 64/100
• State rank: #125
• US rank: #13704

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Richland, MS
• City population: 6,786
• Population (ZIP): 6,786

Population outlook (Rankin County) Hauer SSP2

• Today (2025): 164,317 people
• By 2030: 171,013 · +4.1%
• By 2040: 182,723 · +11.2%
• By 2050: 192,376 · +17.1%
• By 2075: 209,535 · +27.5%
• By 2100: 209,534 · +27.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (70%)
• Race & ethnicity: White 70% Black 18% Two or more races 5% Hispanic / Latino 4% Asian 2%
• Common ancestry: Italian 5% Serbian 2% Portuguese 1%
• Foreign-born: 4% · Canada, Vietnam
• Languages at home: 95% English-only · Spanish 3% Other Indo-European 1% Vietnamese 1%

Political lean MEDSL · Rankin

• 2024 margin: Solid R (+47.1) · D 25.9% · R 73.0% · Other 1.0%
• 2008→2024 swing: +6.4pp toward D · 2008: -53.5pp · 2024: -47.1pp
• All cycles: 2024: R+47.1 2020: R+45.4 2016: R+52.9 2012: R+51.9 2008: R+53.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -42.37%
• Current HPI: 196.2686
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

4 events — show timeline

• 2026-05-15 Pending — MLSU
• 2026-03-30 Listed $115,900 MLSU
• 2022-03-18 Sold (Public Records) — Public Records
• 2004-02-19 Sold (Public Records) — Public Records

Property tax history

+1.2%/yr

Latest (2025): $641 · -18.8% YoY. Source: county tax records.