292 Bracey Rd

Kokomo, MS 39643

$179,500D-

4 bd · 2.0 ba · 2,432 sqft · Built 2023 · Manufactured · Active · 197 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,359/mo
• Mortgage (P&I): −$941
• Tax + insurance: −$299
• HOA: −$0
• Vac / Maint / Mgmt: −$285
• Net cashflow: $-167/mo
• Annual: $-2,002/yr
• Cap rate: 5.18%
• Cash-on-cash: -3.98%
• DSCR: 0.82
• 1% rule: 0.76%
• Cash to close: $50,260

Investor read

• This is a 4-bed/2.0-bath manufactured listed at $180k.
• At list price, monthly cash flow is $-167 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $155k (13.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $136k (24.3% below list).
• It's been on market 197 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $136k (24.3% below list) — sets the bar for 1% rule.
• In year one you build about $11k of equity ($1k loan paydown + $9k appreciation (5.2% local appreciation)).
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Marion County School District (rural): math 37% / reading 29% proficiency, ranked #62 of 130 in MS (top 48%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 79% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: West Marion Primary School (math 72% / reading 37%, grade C, #43 of 375 statewide, top 12%, 352 students, 100% FRL); West Marion Elementary (math 43% / reading 38%, grade F, #60 of 179 statewide, top 37%, 259 students, 100% FRL); West Marion High School (math 40% / reading 35%, grade F, #59 of 197 statewide, top 30%, 569 students, 100% FRL) — zoned schools average 100% FRL vs 79% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 11 active listings in the ZIP; 2 units permitted in Marion County in 2024 (0 in 5+ unit buildings).
• Marion County population projected at -33% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 4, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wind risk, 98% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 197 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
• 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.
• 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.