2133 Matthews Rd

Tylertown, MS 39667

$370,000C-

9 bd · 3.9 ba · 3,052 sqft · Built 2025 · MultiFamily · Active · 113 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,799/mo
• Mortgage (P&I): −$1,940
• Tax + insurance: −$617
• HOA: −$0
• Vac / Maint / Mgmt: −$798
• Net cashflow: $444/mo
• Annual: $5,331/yr
• Cap rate: 7.73%
• Cash-on-cash: 5.15%
• DSCR: 1.23
• 1% rule: 1.03%
• Cash to close: $103,600

Investor read

• This is a 3 × 3-bed/1.3-bath units multifamily listed at $370k. Condition is rated good.
• At list price, monthly cash flow is $444 ($5k/yr) — positive. Per door: $148/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $370k).
• It's been on market 113 days — a 9% lower offer ($337k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $337k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#46 in MS) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety A+; Watch: amenities F, commute F, employment F.
• North Pike School District (town): math 25% / reading 32% proficiency, ranked #69 of 130 in MS (top 53%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: North Pike Elementary School (math 37% / reading 42%, grade F, #122 of 375 statewide, top 34%, 806 students, 100% FRL); North Pike Junior High School (math 26% / reading 24%, grade F, #99 of 179 statewide, top 55%, 353 students, 100% FRL); North Pike Senior High School (math 22% / reading 32%, grade F, #101 of 197 statewide, top 54%, 697 students, 100% FRL) — zoned schools average 100% FRL vs 54% district-wide (46 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 93 active listings in the ZIP; 10 units permitted in Pike County in 2024 (0 in 5+ unit buildings).
• Pike County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Cap rate 7.7% vs local median 4.1% in Tylertown — 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.

Questions for listing agent

• It's been on market 113 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• 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.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Kitchen cabinets — Worn appearance suggests some touch-up or replacement may be needed.
• Minor: Bathroom fixtures — Dated appearance suggests some cleaning or replacement may be needed.