1028 County Road 146

New Albany, MS 38652

$114,900D

2 bd · 2.0 ba · 874 sqft · Built 1950 · SingleFamily · Pending · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,042/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$192
• HOA: −$0
• Vac / Maint / Mgmt: −$219
• Net cashflow: $29/mo
• Annual: $345/yr
• Cap rate: 6.59%
• Cash-on-cash: 1.07%
• DSCR: 1.05
• 1% rule: 0.91%
• Cash to close: $32,172

Investor read

• This is a 2-bed/2.0-bath single-family listed at $115k. Condition is rated good.
• At list price, monthly cash flow is $29 ($345/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 $104k (9.4% below list).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $104k (9.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $794 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#13 in MS, #4,449 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety A-; Watch: employment D+, amenities F, commute F.
• New Albany Public Schools (rural): math 51% / reading 43% proficiency, ranked #22 of 130 in MS (top 17%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: New Albany Elementary School (math 51% / reading 48%, grade D, #65 of 375 statewide, top 20%, 1,048 students, 100% FRL); New Albany Middle School (math 47% / reading 35%, grade F, #56 of 179 statewide, top 33%, 482 students, 99% FRL); New Albany High School (math 67% / reading 57%, grade B-, #5 of 197 statewide, top 3%, 584 students, 100% FRL) — zoned schools average 100% FRL vs 58% district-wide (42 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 157 active listings in the ZIP; 17 units permitted in Union County in 2024 (0 in 5+ unit buildings).
• Union County population projected at +19% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Climate carrying-cost: 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

• Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.