135 CR 2254

Saltillo, MS 38866

$115,000C+

3 bd · 2.0 ba · 1,280 sqft · Built 1997 · Manufactured · Active · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,360/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$75
• HOA: −$0
• Vac / Maint / Mgmt: −$286
• Net cashflow: $396/mo
• Annual: $4,752/yr
• Cap rate: 10.43%
• Cash-on-cash: 14.76%
• DSCR: 1.66
• 1% rule: 1.18%
• Cash to close: $32,200

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $115k.
• At list price, monthly cash flow is $396 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $795 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#48 in MS) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D+, amenities F, commute F.
• Lee County School District (rural): math 37% / reading 35% proficiency, ranked #51 of 130 in MS (top 39%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 150 active listings in the ZIP; 154 units permitted in Lee County in 2024 (24 in 5+ unit buildings).
• Lee County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 4 sale attempts since 3y ago; this cycle's ask has dropped $25k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $85k; 35% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~8 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.