1805 Read Rd · Picayune, MS 39466

$225,000

6 bd · 1.0 ba · 2,091 sqft · MultiFamily public records · 197 Days on market

Built 2009 0.27 ac lot $108/sqft · 53% below area ↓ 10% since listing

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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 +18.3/30.0
• ARV discount +7.5/15.0
• DSCR +5.7/10.0
• 1% rule +5.0/10.0
• Livability +3.8/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• 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: 2 units. confirmed

Listing remarks MLS

THIS PROPERTY IS BEING SOLD AS PART OF A PORTFOLIO OF MULTIFAMILY DUPLEXES (7 TOTAL) FRONTING READ AND DANIELS ROAD. ALL PROPERTIES ARE QUALITY CONSTRUCTION, BRICK ON SLAB WITH ARCHITECTURAL SHINGLE ROOFING AND CONCRETE DRIVEWAYS. THESE UNITS ENJOY A SOLID OCCUPANCY HISTORY DUE TO THEIR CONVENIENT LOCATION ON DEAD END STREETS AND PROXIMITY TO INTERSTATE. GREAT INVESTMENT FOR INVESTOR LOOKING FOR LOW MAINTENANCE MULTI-FAMILY INVESTMENT. PROPERTY CAN NOT BE PURCHASED INDIVIDUALLY AND CAN ONLY BE PURCHASED AS A GROUP OF 7. PROPERTY IS BROKER OWNED.

Key facts

• 0.27 acre lot
• 6 parking spots
• Built 2009

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $225k.

Deal economics

• At list price, monthly cash flow is $206 ($2k/yr) — positive. Per door: $103/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $225k (0.1% below list).
• Recommended offer: $198k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.4% vs local median 3.3% in Picayune — 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 76/100 on livability (#11 in MS, #3,748 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, amenities A; Watch: schools C-, commute F, employment F.
• Picayune School District (town): math 31% / reading 34% proficiency, ranked #60 of 130 in MS (top 46%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 344 active listings in the ZIP; 326 units permitted in Pearl River 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 $7k of value loss. Plan a longer hold.
• Pearl River County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 197 days — a 12% lower offer ($198k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $25k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $198,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 197 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.00% ✗
• Cap rate: 7.39%
• Cash-on-cash: 3.92%
• DSCR: 1.17
• GRM: 8.3

CMA / ARV

• ARV (median comp): $475,553
• List price: $225,000
• Delta: -52.69%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -10.1%
• Equity multiple: 0.63×
• Total profit: $-23,312
• Equity at exit: $33,548

10-year hold

• IRR: -0.7%
• Equity multiple: 0.95×
• Total profit: $-3,250
• 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 39466

• Home prices YoY: -26.3%
• Active inventory: 344
• Price-to-rent: 16.7×

Monthly cashflow live

• Estimated rent: $2,248 medium
• Mortgage (P&I): −$1,180
• Tax from tax record: −$296 /mo · $3,558/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$472
• Net cashflow: $206

Break-even live

Break-even rent $1,988

Max offer price $225,000

Occupancy floor 86%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,248
Total (2 units)			$2,248

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: —

Listing history 17 events

1. 2026-06-18
   days on market $225,000 Active 197 DOM
2. 2026-06-17
   days on market $225,000 Active 196 DOM
3. 2026-06-16
   days on market $225,000 Active 195 DOM
4. 2026-06-15
   days on market $225,000 Active 194 DOM
5. 2026-06-13
   days on market $225,000 Active 192 DOM
6. 2026-06-12
   days on market $225,000 Active 191 DOM
7. 2026-06-09
   days on market $225,000 Active 188 DOM
8. 2026-06-08
   days on market $225,000 Active 187 DOM
9. 2026-06-07
   days on market $225,000 Active 186 DOM
10. 2026-06-07
    days on market $225,000 Active 185 DOM
11. 2026-06-04
    days on market $225,000 Active 182 DOM
12. 2026-06-03
    days on market $225,000 Active 181 DOM
13. 2026-06-01
    days on market $225,000 Active 180 DOM
14. 2026-05-31
    days on market $225,000 Active 179 DOM
15. 2026-04-15
    status Active 552-char remark

    Show marketing remark (552 chars)

    THIS PROPERTY IS BEING SOLD AS PART OF A PORTFOLIO OF MULTIFAMILY DUPLEXES (7 TOTAL) FRONTING READ AND DANIELS ROAD. ALL PROPERTIES ARE QUALITY CONSTRUCTION, BRICK ON SLAB WITH ARCHITECTURAL SHINGLE ROOFING AND CONCRETE DRIVEWAYS. THESE UNITS ENJOY A SOLID OCCUPANCY HISTORY DUE TO THEIR CONVENIENT LOCATION ON DEAD END STREETS AND PROXIMITY TO INTERSTATE. GREAT INVESTMENT FOR INVESTOR LOOKING FOR LOW MAINTENANCE MULTI-FAMILY INVESTMENT. PROPERTY CAN NOT BE PURCHASED INDIVIDUALLY AND CAN ONLY BE PURCHASED AS A GROUP OF 7. PROPERTY IS BROKER OWNED.

16. 2026-04-15
    price $225,000 552-char remark

    Show marketing remark (552 chars)

    THIS PROPERTY IS BEING SOLD AS PART OF A PORTFOLIO OF MULTIFAMILY DUPLEXES (7 TOTAL) FRONTING READ AND DANIELS ROAD. ALL PROPERTIES ARE QUALITY CONSTRUCTION, BRICK ON SLAB WITH ARCHITECTURAL SHINGLE ROOFING AND CONCRETE DRIVEWAYS. THESE UNITS ENJOY A SOLID OCCUPANCY HISTORY DUE TO THEIR CONVENIENT LOCATION ON DEAD END STREETS AND PROXIMITY TO INTERSTATE. GREAT INVESTMENT FOR INVESTOR LOOKING FOR LOW MAINTENANCE MULTI-FAMILY INVESTMENT. PROPERTY CAN NOT BE PURCHASED INDIVIDUALLY AND CAN ONLY BE PURCHASED AS A GROUP OF 7. PROPERTY IS BROKER OWNED.

17. 2025-03-10
    listed $250,000 Active 552-char remark

    Show marketing remark (552 chars)

    THIS PROPERTY IS BEING SOLD AS PART OF A PORTFOLIO OF MULTIFAMILY DUPLEXES (7 TOTAL) FRONTING READ AND DANIELS ROAD. ALL PROPERTIES ARE QUALITY CONSTRUCTION, BRICK ON SLAB WITH ARCHITECTURAL SHINGLE ROOFING AND CONCRETE DRIVEWAYS. THESE UNITS ENJOY A SOLID OCCUPANCY HISTORY DUE TO THEIR CONVENIENT LOCATION ON DEAD END STREETS AND PROXIMITY TO INTERSTATE. GREAT INVESTMENT FOR INVESTOR LOOKING FOR LOW MAINTENANCE MULTI-FAMILY INVESTMENT. PROPERTY CAN NOT BE PURCHASED INDIVIDUALLY AND CAN ONLY BE PURCHASED AS A GROUP OF 7. PROPERTY IS BROKER OWNED.

ⓘ 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: $3,558 · $296/mo
• Projected year-2 tax: $3,558 · $296/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 4/10 Moderate FEMA zone X (shaded) · 24% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 9/10 Extreme 7 d/yr ≥107°F today · 21 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: $26,976
• − Mortgage interest: −$12,603
• − Property taxes: −$3,558
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,158
• − Management: −$2,158
• − Depreciation: −$6,545
• Taxable loss: −$1,172
• Est. tax savings @ 24.0%: +$281
• After-tax cash flow: $2,750/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: Picayune School District
• NCES district ID: 2803630
• Math proficiency: 31% ▼ -12.00%
• Reading proficiency: 34% ▼ -9.00%
• Median HH income: $38,446
• Composite: 27.17/100
• National rank: #7025
• State rank: #60 of 130 in MS

Livability — Picayune

• Score: 76/100
• State rank: #11
• US rank: #3748

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Picayune, MS
• Population (ZIP): 28,292

Population outlook (Pearl River County) Hauer SSP2

• Today (2025): 53,426 people
• By 2030: 51,663 · -3.3%
• By 2040: 47,611 · -10.9%
• By 2050: 43,286 · -19.0%
• By 2075: 32,859 · -38.5%
• By 2100: 22,476 · -57.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Black 18% Two or more races 6% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 1%
• Common ancestry: Lithuanian 9% Iranian 1% Slovak 1%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 3%

Political lean MEDSL · Pearl River

• 2024 margin: Solid R (+66.7) · D 16.1% · R 82.8% · Other 1.0%
• 2008→2024 swing: -6.3pp toward R · 2008: -60.4pp · 2024: -66.7pp
• All cycles: 2024: R+66.7 2020: R+64.2 2016: R+66.8 2012: R+60.3 2008: R+60.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -69.32%
• Current HPI: 194.6541
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-10.0% since first listed

3 events — show timeline

• 2026-04-15 Relisted — PRCBOR
• 2026-04-15 Price Changed $225,000 PRCBOR
• 2025-03-10 Listed $250,000 PRCBOR

Property tax history

+4.2%/yr

Latest (2025): $3,558 · +5.9% YoY. Source: county tax records.