609 Spring Grv · Madison, MS 39110

$285,000

3 bd · 4.0 ba · 1,573 sqft · SingleFamily public records · 3 Days on market

Built 1992 0.27 ac lot Est $269k · 6% over $4/mo HOA

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Why this score? — see what drove the D+ 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 +17.7/30.0
• DSCR +5.5/10.0
• ARV discount +4.8/15.0
• Schools +4.8/10.0
• Livability +4.0/5.0
• 1% rule +3.6/10.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Terrific 3/2 split plan. Fireplace opens to den & extra sitting area. Lots of windows, great closet space, big bright kitchen, fully fenced backyard with extra storage building. Cute, clean & priced to sell. Call Becky Tann, 668-0888.

Key facts

• Wood floors
• 0.27 acre lot
• 2 garage spots

Tags

• CUSTOM MADE BUTCHER BLOCKS
• RIVER ROCK BACKSPLASH
• WOOD FLOORS

Property features AI

Finance

• Other: Approximate lot size 0.27 acre
• HOA & community: Homeowners association with $50 annual fee (management included)

Exterior

• Parking: 2-car garage with garage door opener, concrete driveway and direct access; garage faces front
• Security: Fire alarm
• Utilities: Public water; Natural gas connected; Cable connected; Water connected
• Home design: Single-family house; One level; Move-in ready
• Construction: Vinyl and brick exterior; Asphalt shingle roof; Slab foundation; Built using public records information
• Exterior features: Front porch; Slab patio/porch; Private, fenced backyard; Level lot

Interior

• Kitchen: Built-in electric range; Free-standing electric range; Dishwasher; Disposal; Microwave; Water heater
• Bedrooms: Family room on main level
• Flooring: Carpet; Tile; Wood
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (natural gas); Fireplace heating; Central air; Ceiling fans
• Interior features: Ceiling fans; Double vanity; Eat-in kitchen; Entrance foyer; High ceilings; Aluminum window frames; Dead bolt locks; Gas log see-through fireplace
• Laundry & utility: Laundry room with washer and electric dryer hookups

What this means for you Summary

Snapshot

• This is a 3-bed/4.0-bath single-family listed at $285k.

Deal economics

• At list price, monthly cash flow is $230 ($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 $246k (13.6% below list).
• Recommended offer: $246k (13.6% below list) — sets the bar for 1% rule.
• Cap rate 7.3% vs local median 3.8% in Madison — 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 81/100 on livability (#4 in MS, #1,556 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+; Watch: amenities D-, commute F.
• 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: Madison Avenue Lower Elementary (437 students, 99% FRL); Madison Middle School (math 66% / reading 57%, grade B+, #6 of 179 statewide, top 3%, 1,154 students, 100% FRL); Madison Central High School (math 5% / reading 63%, grade F, #78 of 197 statewide, top 39%, 1,246 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; high-income renter base; 553 units permitted in Madison County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Madison County population projected at +34% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 24y 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.

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 $246,244 (13.6% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
4. 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?
5. 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.
6. 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.
7. 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: 0.86% ✗
• Cap rate: 7.26%
• Cash-on-cash: 3.46%
• DSCR: 1.15
• GRM: 9.6

CMA / ARV

• ARV (on-the-fly): $268,983
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
559 Spring Hill Dr	0.06mi	3/2.0	1,542 (-2%)	2mo	$274,900	$178	84
707 Spring Hill Dr	0.06mi	3/2.0	1,573 (0%)	12mo	$255,000	$162	79
209 Pine Pl	0.26mi	3/2.0	1,553 (-1%)	3mo	$270,000	$174	76
113 N Ridge Dr	0.27mi	3/2.0	1,578 (+0%)	5mo	$272,000	$172	75
237 N Ridge Dr	0.29mi	3/2.0	1,541 (-2%)	9mo	$250,000	$162	68
409 Mockingbird Ln	0.25mi	3/2.0	1,636 (+4%)	9mo	$269,900	$165	66
352 South Pl	0.44mi	3/2.0	1,570 (-0%)	11mo	$279,000	$178	62
231 Clark Farms Rd	0.33mi	3/2.0	1,488 (-5%)	11mo	$190,000	$128	59
418 Wildwood Pointe	0.43mi	3/2.0	1,670 (+6%)	4mo	$293,000	$175	58
800 Strawberry Pointe	0.51mi	3/2.0	1,523 (-3%)	11mo	$260,000	$171	54
662 Baywood Pointe	0.28mi	3/2.0	1,769 (+12%)	6mo	$279,000	$158	53
332 South Place Dr	0.38mi	3/2.0	1,448 (-8%)	12mo	$246,000	$170	51

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 · 2.61% rent growth · sell at horizon

5-year hold

• IRR: -11.3%
• Equity multiple: 0.59×
• Total profit: $-32,603
• Equity at exit: $42,494

10-year hold

• IRR: -2.6%
• Equity multiple: 0.83×
• Total profit: $-13,915
• Equity at exit: $24,642

Cash invested: $79,800 (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 39110

• Home prices YoY: -28.3%
• Rents YoY: 2.6%
• Active inventory: 634
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $2,462 medium
• Mortgage (P&I): −$1,495
• Tax from tax record: −$98 /mo · $1,174/yr
• Insurance: −$119
• HOA: −$4
• Vacancy / Maint / Mgmt: −$517
• Net cashflow: $230

Break-even live

Break-even rent $2,171

Max offer price $285,000

Occupancy floor 86%

Sensitivity live

Price	-10% $392	-5% $311	+0% $230	+5% $150	+10% $69
Rent	-10% $36	-5% $133	+0% $230	+5% $327	+10% $425
Rate	-1.0pp $374	-0.5pp $303	base $230	+0.5pp $156	+1.0pp $81

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: $71,250
• Closing costs: $8,550
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $4 · $48/yr

Listing history 2 events

1. 2026-06-21
   remarks 699-char remark
2. 2026-06-21
   listed $285,000 Active 3 DOM

ⓘ 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: $1,174 · $98/mo
• Projected year-2 tax: $2,252 · $188/mo
• Expected delta: +$1,078/yr (+$90/mo · 91.8%)

ⓘ 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 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥108°F today · 20 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,549
• − Mortgage interest: −$15,964
• − Property taxes: −$1,174
• − Insurance: −$1,425
• − Repairs & maintenance: −$2,364
• − Management: −$2,364
• − HOA: −$48
• − Depreciation: −$8,291
• Taxable loss: −$2,081
• Est. tax savings @ 24.0%: +$499
• After-tax cash flow: $3,262/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: Madison County School District
• NCES district ID: 2802790
• Math proficiency: 54% ▼ -7.00%
• Reading proficiency: 54% ▼ -7.00%
• Median HH income: $70,579
• Composite: 48.08/100
• National rank: #2188
• State rank: #3 of 130 in MS

Livability — Madison

• Score: 81/100
• State rank: #4
• US rank: #1556

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Madison, MS
• County: Madison County · 75,005 people
• City population: 50,443
• Metro: Jackson, MS
• Population (ZIP): 50,443
• Household income: $125,506
• Rent vs Own: 9.1% rent · 90.9% own
• Severe rent burden: 227.0

Population outlook (Madison County) Hauer SSP2

• Today (2025): 122,509 people
• By 2030: 131,737 · +7.5%
• By 2040: 148,930 · +21.6%
• By 2050: 164,300 · +34.1%
• By 2075: 197,495 · +61.2%
• By 2100: 211,429 · +72.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Black 15% Asian 4% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Italian 6% Slovak 3% Lithuanian 3%
• Foreign-born: 5% · China, Canada
• Languages at home: 92% English-only · Spanish 2% Other Indo-European 2% Chinese 1%

Political lean MEDSL · Madison

• 2024 margin: R (+17.3) · D 40.8% · R 58.0% · Other 1.2%
• 2008→2024 swing: -1.7pp toward R · 2008: -15.6pp · 2024: -17.3pp
• All cycles: 2024: R+17.3 2020: R+11.8 2016: R+16.1 2012: R+15.7 2008: R+15.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -60.99%
• Current HPI: 154.6909
• Rent YoY: ▲ 2.61%
• Metro: Jackson, MS
• State GDP YoY: —
• F500 in state: 0

Price history

+114.3% since first listed

11 events — show timeline

• 2026-06-19 Listed $285,000 MLSU
• 2013-06-10 Listing Removed — MLSU
• 2013-04-03 Sold (Public Records) — Public Records
• 2013-02-21 Listed $168,000 MLSU
• 2002-03-28 Sold (Public Records) — Public Records
• 2002-03-19 Sold (MLS) — MLSU
• 2002-02-22 Listed $133,000 MLSU
• 1999-03-02 Sold (Public Records) — Public Records
• 1999-02-24 Sold (Public Records) — Public Records
• 1997-06-03 Sold (Public Records) — Public Records
• 1996-01-05 Sold (Public Records) — Public Records

Property tax history

-6.2%/yr

Latest (2025): $1,174 · +0.0% YoY. Source: county tax records.