1605 Fern Ave · Gulfport, MS 39501

$225,000

4 bd · 1.0 ba · 1,461 sqft · MultiFamily public records · 9 Days on market

Built 1945 0.25 ac lot

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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
• Rent growth +5.0/5.0
• Livability +3.7/5.0
• Schools +3.4/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Excellent income-producing investment opportunity featuring four rental units with a strong rental history. The property offers a mix of spacious 2-bedroom/1-bath units and studio apartments, providing diversified rental income potential. Studio units include all utilities, adding convenience for tenants. Whether you're expanding your portfolio or seeking a turnkey investment, this property presents a great opportunity for steady cash flow. Current Rental Rates: Unit A (2BR/1BA): $995/month Unit B (2BR/1BA): $995/month Unit C (Studio): $695/month (all utilities included) Unit D (Studio): $695/month (all utilities included)

Key facts

• 0.25 acre lot
• Built 1945
• Listed 9 days

Property features AI

Finance

• Other: Property listed in fixer condition; Total building area approximately 2,181 (per public records); Lot is approximately 0.25 acre (about 10,890 sq ft)

Exterior

• Parking: Gravel parking
• Utilities: Public water; Public sewer; Electricity connected; Sewer connected; Water connected
• Home design: Multi-family property; One level
• Construction: Siding exterior; See remarks for additional construction details; Pillar/post/pier and slab foundation; Asphalt shingle roof; Built (year per public records)
• Exterior features: Patio

Interior

• Kitchen: Cooktop
• Flooring: Carpet; Laminate
• Bathrooms: 4 full bathrooms
• Heating & cooling: Heat pump heating; Electric and heat pump cooling
• Interior features: Cooktop; Carpet and laminate flooring

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath multifamily listed at $225k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $225k).
• Cap rate 14.7% vs local median 4.9% in Gulfport — 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 73/100 on livability (#15 in MS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment F.
• Gulfport School District (urban): math 41% / reading 42% proficiency, ranked #37 of 130 in MS (top 28%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 67% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Gulfport High School (math 42% / reading 36%, grade F, #54 of 197 statewide, top 28%, 1,728 students, 100% FRL) — zoned schools average 100% FRL vs 67% district-wide (33 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+10.5%/yr); 252 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); 44% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 2,194 units permitted in Harrison County in 2024 (0 in 5+ unit buildings).
• At $3,801/mo this rent would consume 131% of the median local household income ($35k/yr) (locally 1516% 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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Harrison County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $63k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $225,000

Questions for the listing agent

1. Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 1.69% ✓
• Cap rate: 14.67%
• Cash-on-cash: 29.92%
• DSCR: 2.33
• GRM: 4.9

CMA / ARV

• ARV (on-the-fly): $127,107
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1110 32nd Ave	0.44mi	3/2.0 (-1)	1,439 (-2%)	15mo	$125,000	$87	56

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 29.8%
• Equity multiple: 2.33×
• Total profit: $83,653
• Equity at exit: $33,548

10-year hold

• IRR: 39.8%
• Equity multiple: 5.65×
• Total profit: $293,018
• Equity at exit: $19,454

Cash invested: $63,000 (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 39501

• Home prices YoY: -34.5%
• Rents YoY: 10.5%
• Active inventory: 252
• Price-to-rent: 19.0×

Monthly cashflow live

• Estimated rent: $3,801 medium
• Mortgage (P&I): −$1,180
• Tax from tax record: −$158 /mo · $1,900/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$798
• Net cashflow: $1,571

Break-even live

Break-even rent $1,813

Max offer price $225,000

Occupancy floor 54%

Sensitivity live

Price	-10% $1,698	-5% $1,634	+0% $1,571	+5% $1,507	+10% $1,443
Rent	-10% $1,270	-5% $1,421	+0% $1,571	+5% $1,721	+10% $1,871
Rate	-1.0pp $1,684	-0.5pp $1,628	base $1,571	+0.5pp $1,512	+1.0pp $1,453

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,972
▸ 2× units	1	1	$1,830
Total (4 units)			$3,801

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1106 32nd Ave Gulfport, MS	3.0	2.0	1200	$1,300	$1.08	44d	1	0.40mi
2113 33rd Ave Gulfport, MS	5.0	2.0	1531	$1,300	$0.85	45d	1	0.44mi
1221 42nd Ave Gulfport, MS	3.0	1.0	1000	$1,400	$1.40	44d	1	0.52mi
2068 W Beach Blvd Biloxi, MS	1.0–3.0	1.0–2.0	998	$1,700	$1.70	14d	1	0.70mi
4319 Lewis St Gulfport, MS	3.0	2.0	1371	$1,649	$1.20	14d	1	0.89mi
1129 Woodward Ave Gulfport, MS	3.0	1.0	1719	$1,300	$0.76	14d	1	0.98mi
1412 Jo Ellen Cir Gulfport, MS	3.0	1.5	1275	$1,050	$0.82	14d	1	1.26mi
1206 Beach Ave Gulfport, MS	3.0	2.0	1076	$1,500	$1.39	14d	1	1.30mi
1605 20th St Gulfport, MS	3.0	3.0	1350	$1,095	$0.81	44d	1	1.46mi

Listing history 8 events

1. 2026-06-18
   days on market $225,000 Active 9 DOM
2. 2026-06-17
   days on market $225,000 Active 8 DOM
3. 2026-06-16
   days on market $225,000 Active 7 DOM
4. 2026-06-15
   days on market $225,000 Active 6 DOM
5. 2026-06-14
   days on market $225,000 Active 4 DOM
6. 2026-06-13
   days on market $225,000 Active 3 DOM
7. 2026-06-10
   remarks 631-char remark
8. 2026-06-10
   listed $225,000 Active 1 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: $1,900 · $158/mo
• Projected year-2 tax: $1,900 · $158/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°F today · 23 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% 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: $45,612
• − Mortgage interest: −$12,603
• − Property taxes: −$1,900
• − Insurance: −$1,125
• − Repairs & maintenance: −$3,649
• − Management: −$3,649
• − Depreciation: −$6,545
• Taxable income: $16,140
• Est. tax owed @ 24.0%: −$3,874
• After-tax cash flow: $14,976/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: Gulfport School District
• NCES district ID: 2801710
• Math proficiency: 41% ▼ -15.00%
• Reading proficiency: 42% ▼ -6.00%
• Median HH income: $35,712
• Composite: 34.38/100
• National rank: #5213
• State rank: #37 of 130 in MS

Livability — Gulfport

• Score: 73/100
• State rank: #15
• US rank: #5010

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gulfport, MS
• County: Harrison County · 178,171 people
• City population: 96,188
• Metro: Gulfport-Biloxi, MS
• Population (ZIP): 22,565
• Household income: $34,758
• Rent vs Own: 60.3% rent · 39.7% own
• Severe rent burden: 1516.0

Population outlook (Harrison County) Hauer SSP2

• Today (2025): 228,444 people
• By 2030: 241,942 · +5.9%
• By 2040: 267,531 · +17.1%
• By 2050: 291,062 · +27.4%
• By 2075: 346,711 · +51.8%
• By 2100: 378,165 · +65.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: Black 59% White 29% Two or more races 7% Hispanic / Latino 5%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 2% Serbian 1% Slovak 1%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 4%

Political lean MEDSL · Harrison

• 2024 margin: Strong R (+28.9) · D 35.0% · R 63.9% · Other 1.1%
• 2008→2024 swing: -2.9pp toward R · 2008: -26.0pp · 2024: -28.9pp
• All cycles: 2024: R+28.9 2020: R+25.2 2016: R+30.7 2012: R+26.6 2008: R+26.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -110.16%
• Current HPI: 208.998
• Rent YoY: ▲ 10.49%
• Metro: Gulfport-Biloxi, MS
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-06-09 Listed $225,000 MLSU

Property tax history

+0.8%/yr

Latest (2025): $1,900 · +4.3% YoY. Source: county tax records.