2405 23rd St · Gulfport, MS 39501

$99,000

3 bd · 3.0 ba · 1,025 sqft · MultiFamily public records · 41 Days on market

Built 1942 5,227 sqft lot $97/sqft · 11% above area Est $182k · 46% under

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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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.4/10.0
• Rent growth +5.0/5.0
• Livability +3.7/5.0
• Schools +3.4/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks

Vacant fixer upper. Possible 3-5 units. Half a block from Hwy 49. Zoned T-4.

Key facts

• 5,227 sq ft lot
• 3 parking spots
• Built 1942

Property features AI

Finance

• Financial info: Owner pays taxes; tenants pay all utilities; Parcel number available

Exterior

• Parking: Three parking spaces; Common, unassigned parking; no garage
• Utilities: Public water; Public sewer; Electricity connected; Sewer connected; Water connected; Other utilities noted
• Home design: Multi-family property; One level
• Construction: Construction materials: see remarks; Living area reported from public records
• Exterior features: Shingle roof; Wood fencing in front and back yards; Corner city lot; Lot dimensions approximately 74 x 76

Interior

• Bathrooms: 3 full bathrooms
• Heating & cooling: Other heating; Other cooling
• Interior features: Fixer condition; Three total bathrooms; Three total units; Tenants pay all utilities; owner pays taxes

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath multifamily listed at $99k.

Deal economics

• At list price, monthly cash flow is $398 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $99k).
• Recommended offer: $96k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.1% vs local median 4.9% in Gulfport — 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 73/100 on livability (#15 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.
• Gulfport School District (urban): math 41% / reading 42% proficiency, ranked #37 of 130 in MS (top 28%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 67% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+10.5%/yr); 252 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 60% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 2,194 units permitted in Harrison County in 2024 (0 in 5+ unit buildings).
• At $1,330/mo this rent would consume 46% of the median local household income ($35k/yr) (locally 1516% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $684 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Harrison County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $28k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($96k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 14y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1942 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $96,030 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1942 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.34% ✓
• Cap rate: 11.11%
• Cash-on-cash: 17.22%
• DSCR: 1.77
• GRM: 6.2

CMA / ARV

• ARV (median comp): $182,293
• List price: $99,000
• Delta: -45.69%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 13.9%
• Equity multiple: 1.59×
• Total profit: $16,324
• Equity at exit: $14,761

10-year hold

• IRR: 26.2%
• Equity multiple: 3.84×
• Total profit: $78,831
• Equity at exit: $8,560

Cash invested: $27,720 (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 39501

• Home prices YoY: -34.5%
• Rents YoY: 10.5%
• Active inventory: 252
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $1,330 high
• Mortgage (P&I): −$519
• Tax from tax record: −$92 /mo · $1,108/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$279
• Net cashflow: $398

Break-even live

Break-even rent $826

Max offer price $99,000

Occupancy floor 65%

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2227 17th Ave Gulfport, MS	2.0	1.0	1000	$850	$0.85	44d	1	0.56mi
2317 30th St Gulfport, MS	2.0	1.0	1164	$2,150	$1.85	21d	1	0.58mi
2207 16th Ave Gulfport, MS	2.0	1.0	1325	$1,425	$1.08	13d	1	0.63mi
2414 34th Ave Gulfport, MS	2.0	1.0	912	$1,125	$1.23	21d	1	0.64mi
2110 30th St Gulfport, MS	2.0	2.0	950	$950	$1.00	21d	1	0.67mi
1822 15th St Gulfport, MS	2.0	2.0	1100	$1,900	$1.73	44d	1	0.73mi
1605 20th St Gulfport, MS	3.0	3.0	1350	$1,095	$0.81	44d	1	0.73mi
2414 15th Ave Gulfport, MS	2.0	1.0	818	$1,000	$1.22	44d	1	0.74mi
1513 34th Ave Gulfport, MS	2.0	2.0	884	$1,250	$1.41	44d	1	0.85mi
2068 W Beach Blvd Biloxi, MS	1.0–3.0	1.0–2.0	998	$1,700	$1.70	13d	1	0.90mi
1400 28th St Gulfport, MS	2.0–3.0	2.0	1101	$1,085	$0.99	13d	1	0.92mi
1511 2nd St Gulfport, MS	3.0	1.5	1030	$2,000	$1.94	44d	1	0.92mi
1106 32nd Ave Gulfport, MS	3.0	2.0	1200	$1,300	$1.08	44d	1	0.99mi
3305 12th St Gulfport, MS	2.0	1.5	1100	$1,295	$1.18	44d	1	1.03mi
3633 Southward Dr Gulfport, MS	2.0	2.0	900	$1,000	$1.11	44d	1	1.05mi
1224 29th St Gulfport, MS	2.0	2.0	1050	$1,155	$1.10	13d	1	1.26mi
3333 12th Ave Gulfport, MS	2.0	2.0	1000	$899	$0.90	44d	1	1.30mi
3333 12th Ave Unit 6 Gulfport, MS	2.0	2.5	1000	$899	$0.90	44d	1	1.30mi
941 22nd St Gulfport, MS	3.0	2.0	1450	$1,600	$1.10	13d	1	1.32mi
1221 42nd Ave Gulfport, MS	3.0	1.0	1000	$1,400	$1.40	44d	1	1.42mi
3712 37th Ave Gulfport, MS	3.0	2.0	1144	$1,175	$1.03	13d	1	1.44mi
2233 5th Ave Gulfport, MS	3.0	1.0	1215	$1,300	$1.07	44d	1	1.48mi
2311 5th Ave Gulfport, MS	3.0	1.5	1100	$1,300	$1.18	44d	1	1.48mi
2706 6th Ave Gulfport, MS	3.0	2.0	1217	$1,300	$1.07	21d	1	1.48mi
2313 5th Ave Gulfport, MS	2.0	1.0	750	$1,000	$1.33	44d	1	1.49mi

Listing history 25 events

1. 2026-06-18
   days on market $99,000 Active 41 DOM
2. 2026-06-17
   days on market $99,000 Active 40 DOM
3. 2026-06-16
   days on market $99,000 Active 39 DOM
4. 2026-06-15
   days on market $99,000 Active 38 DOM
5. 2026-06-14
   days on market $99,000 Active 36 DOM
6. 2026-06-13
   days on market $99,000 Active 35 DOM
7. 2026-06-10
   days on market $99,000 Active 33 DOM
8. 2026-06-09
   days on market $99,000 Active 32 DOM
9. 2026-06-08
   days on market $99,000 Active 31 DOM
10. 2026-06-07
    days on market $99,000 Active 30 DOM
11. 2026-06-05
    days on market $99,000 Active 27 DOM
12. 2026-06-02
    days on market $99,000 Active 25 DOM
13. 2026-06-01
    days on market $99,000 Active 24 DOM
14. 2026-05-31
    days on market $99,000 Active 23 DOM
15. 2026-05-30
    days on market $99,000 Active 22 DOM
16. 2026-05-07
    listed $99,000 Active 78-char remark
17. 2023-11-15
    historical
18. 2023-01-10
    listed $140,000 Active
19. 2021-09-22
    historical
20. 2019-12-02
    listed $119,000
21. 2013-08-30
    soldstatus
22. 2013-08-28
    soldstatus
23. 2012-10-01
    listed $49,000
24. 2008-05-23
    soldstatus
25. 2007-10-18
    soldstatus

ⓘ 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: $1,108 · $92/mo
• Projected year-2 tax: $1,108 · $92/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°F today · 23 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: $15,959
• − Mortgage interest: −$5,546
• − Property taxes: −$1,108
• − Insurance: −$495
• − Repairs & maintenance: −$1,277
• − Management: −$1,277
• − Depreciation: −$2,880
• Taxable income: $3,376
• Est. tax owed @ 24.0%: −$810
• After-tax cash flow: $3,964/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: Gulfport School District
• NCES district ID: 2801710
• Math proficiency: 41% ▼ -15.00%
• Reading proficiency: 42% ▼ -6.00%
• Median HH income: $35,712
• Composite: 34.38/100
• National rank: #5213
• State rank: #37 of 130 in MS

Livability — Gulfport

• Score: 73/100
• State rank: #15
• US rank: #5010

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gulfport, MS
• County: Harrison County · 178,171 people
• City population: 96,188
• Metro: Gulfport-Biloxi, MS
• Population (ZIP): 22,565
• Household income: $34,758
• Rent vs Own: 60.3% rent · 39.7% own
• Severe rent burden: 1516.0

Population outlook (Harrison County) Hauer SSP2

• Today (2025): 228,444 people
• By 2030: 241,942 · +5.9%
• By 2040: 267,531 · +17.1%
• By 2050: 291,062 · +27.4%
• By 2075: 346,711 · +51.8%
• By 2100: 378,165 · +65.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: Black 59% White 29% Two or more races 7% Hispanic / Latino 5%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 2% Serbian 1% Slovak 1%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 4%

Political lean MEDSL · Harrison

• 2024 margin: Strong R (+28.9) · D 35.0% · R 63.9% · Other 1.1%
• 2008→2024 swing: -2.9pp toward R · 2008: -26.0pp · 2024: -28.9pp
• All cycles: 2024: R+28.9 2020: R+25.2 2016: R+30.7 2012: R+26.6 2008: R+26.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -110.16%
• Current HPI: 208.998
• Rent YoY: ▲ 10.49%
• Metro: Gulfport-Biloxi, MS
• State GDP YoY: —
• F500 in state: 0

Price history

+102.0% since first listed

10 events — show timeline

• 2026-05-07 Listed $99,000 MLSU
• 2023-11-15 Listing Removed — MLSU
• 2023-01-10 Listed $140,000 MLSU
• 2021-09-22 Listing Removed — MLSU
• 2019-12-02 Listed $119,000 MLSU
• 2013-08-30 Sold (Public Records) — Public Records
• 2013-08-28 Sold (MLS) — MLSU
• 2012-10-01 Listed $49,000 MLSU
• 2008-05-23 Sold (Public Records) — Public Records
• 2007-10-18 Sold (Public Records) — Public Records

Property tax history

+2.2%/yr

Latest (2025): $1,108 · +3.7% YoY. Source: county tax records.