180 Dogwood St · Hickory Flat, MS 38633

$298,000

None bd · None ba · 4,800 sqft · MultiFamily · 18 Days on market

Fair condition 1.00 ac lot

---

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
• DSCR +10.0/10.0
• 1% rule +9.2/10.0
• Appreciation +7.7/10.0
• ARV discount +7.5/15.0
• Livability +3.4/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 5 units. estimate disagrees with records

Listing remarks

5 plex under one roof. All are rented and a laundry room on site. Plenty of land to add more rentals. All info subject to verification.

Key facts

• Plenty of land
• Laundry room
• 1 acre lot

Tags

• LAUNDRY ROOM
• PLENTY OF LAND

Property features AI

Finance

• Financial info: Annual property tax approximately $3,545

Exterior

• Home design: Multi-family residential income property
• Exterior features: Approximately 1.8 acres; Zoned for multi-family use; Property located across from Flat Rock Baptist Church; access via Hwy 15 north, left on Hwy 2, right on Roller Rd, then immediate left

Interior

• Interior features: Total interior area approximately 4800

What this means for you Summary

Snapshot

• This is a 5 × 1-bed/1-bath units multifamily listed at $298k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $258/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $298k).
• Recommended offer: $294k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 67/100 on livability (#81 in MS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D+, amenities F, commute F.
• Benton County School District (rural): math 31% / reading 33% proficiency, ranked #66 of 130 in MS (top 51%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 84% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 14 active listings in the ZIP.

Forward outlook

• In year one you build about $18k of equity ($2k loan paydown + $16k appreciation (5.5% local appreciation)).
• Benton County population projected at -32% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.5% appreciation + 3.0% rent growth), your $83k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$46k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($294k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: moderate wind risk, 26% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $293,530 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.42% ✓
• Cap rate: 11.48%
• Cash-on-cash: 18.53%
• DSCR: 1.82
• GRM: 5.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

5.49% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 29.9%
• Equity multiple: 2.91×
• Total profit: $159,269
• Equity at exit: $177,860

10-year hold

• IRR: 28.2%
• Equity multiple: 5.88×
• Total profit: $406,979
• Equity at exit: $314,664

Cash invested: $83,440 (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 38633

• Home prices YoY: 4.5%
• Active inventory: 14
• Price-to-rent: 29.3×

Monthly cashflow live

• Estimated rent: $4,238 medium
• Mortgage (P&I): −$1,563
• Tax est. 1.5%: −$372 /mo · $4,470/yr
• Insurance: −$124
• HOA: −$0
• Vacancy / Maint / Mgmt: −$890
• Net cashflow: $1,289

Break-even live

Break-even rent $2,607

Max offer price $298,000

Occupancy floor 65%

Sensitivity live

Price	-10% $1,495	-5% $1,392	+0% $1,289	+5% $1,186	+10% $1,083
Rent	-10% $954	-5% $1,121	+0% $1,289	+5% $1,456	+10% $1,623
Rate	-1.0pp $1,439	-0.5pp $1,364	base $1,289	+0.5pp $1,211	+1.0pp $1,133

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

Units	Beds	Baths	Est. rent
▸ 5× units	1	1	$4,240
Total (5 units)			$4,238

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: $74,500
• Closing costs: $8,940
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-21
   days on market $298,000 Active 18 DOM
2. 2026-06-18
   days on market $298,000 Active 16 DOM
3. 2026-06-17
   days on market $298,000 Active 15 DOM
4. 2026-06-16
   days on market $298,000 Active 14 DOM
5. 2026-06-15
   days on market $298,000 Active 13 DOM
6. 2026-06-13
   days on market $298,000 Active 11 DOM
7. 2026-06-12
   days on market $298,000 Active 10 DOM
8. 2026-06-09
   days on market $298,000 Active 7 DOM
9. 2026-06-08
   days on market $298,000 Active 6 DOM
10. 2026-06-07
    days on market $298,000 Active 4 DOM
11. 2026-06-03
    remarks 135-char remark
12. 2026-06-03
    listed $298,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 7/10 Severe 7 d/yr ≥110°F today · 22 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 26% 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: $50,856
• − Mortgage interest: −$16,693
• − Property taxes: −$4,470
• − Insurance: −$1,490
• − Repairs & maintenance: −$4,068
• − Management: −$4,068
• − Depreciation: −$8,669
• Taxable income: $11,397
• Est. tax owed @ 24.0%: −$2,735
• After-tax cash flow: $12,728/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.

Condition & rehab AI · 13 photos

Fair 45/100 Moderate rehab

The property is in fair condition with moderate repairs needed, particularly in the kitchen and bathrooms. Upgrading these areas would significantly increase its value for both resale and rental.

Repairs flagged

• Moderate kitchen cabinets — dated and in need of replacement
• Moderate bathroom fixtures — basic and in need of replacement
• Minor exterior siding — some discoloration

Value-add opportunities

• Both update kitchen cabinets and countertops — modernizing the kitchen would appeal to both buyers and renters
• Both replace bathroom fixtures and tiles — modernizing the bathrooms would appeal to both buyers and renters
• Both paint interior walls and trim — fresh paint would improve the home's curb appeal and interior aesthetics
• Both repair and paint exterior siding — improving the exterior would enhance the home's curb appeal and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and in need of replacement	Moderate	$3,000–15,000
bathroom fixtures · basic and in need of replacement	Moderate	$3,000–15,000
exterior siding · some discoloration	Minor	$500–3,000
Total estimated repair cost · 3 items		$6,500–33,000

Value-add ROI direction

• Both update kitchen cabinets and countertops — modernizing the kitchen would appeal to both buyers and renters ↑
• Both replace bathroom fixtures and tiles — modernizing the bathrooms would appeal to both buyers and renters ↑
• Both paint interior walls and trim — fresh paint would improve the home's curb appeal and interior aesthetics ↑
• Both repair and paint exterior siding — improving the exterior would enhance the home's curb appeal and value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Benton County School District
• NCES district ID: 2800600
• Math proficiency: 31% ▼ -13.00%
• Reading proficiency: 33% ▼ -5.00%
• Median HH income: $33,111
• Composite: 26.25/100
• National rank: #7254
• State rank: #66 of 130 in MS

Livability — Hickory Flat

• Score: 67/100
• State rank: #81
• US rank: #10698

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hickory Flat, MS
• Population (ZIP): 2,091

Population outlook (Benton County) Hauer SSP2

• Today (2025): 7,339 people
• By 2030: 6,879 · -6.3%
• By 2040: 5,886 · -19.8%
• By 2050: 5,010 · -31.7%
• By 2075: 3,682 · -49.8%
• By 2100: 3,421 · -53.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 3% Black 2%
• Common ancestry: Lithuanian 3% Russian 2% Serbian 2%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Benton

• 2024 margin: Solid R (+31.4) · D 34.0% · R 65.3%
• 2008→2024 swing: -29.2pp toward R · 2008: -2.2pp · 2024: -31.4pp
• All cycles: 2024: R+31.4 2020: R+20.8 2016: R+13.2 2012: R+0.1 2008: R+2.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.49%
• Current HPI: 126.6904
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-06-01 Listed $298,000 NEMSBD