11356 Doerner Ln

Collinsville, MS 39325

$219,000C+

3 bd · 2.0 ba · 1,792 sqft · Built 2007 · Manufactured · Active · 69 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,689/mo
• Mortgage (P&I): −$1,148
• Tax + insurance: −$365
• HOA: −$0
• Vac / Maint / Mgmt: −$565
• Net cashflow: $611/mo
• Annual: $7,331/yr
• Cap rate: 9.64%
• Cash-on-cash: 11.96%
• DSCR: 1.53
• 1% rule: 1.23%
• Cash to close: $61,320

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $219k.
• At list price, monthly cash flow is $611 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $219k).
• It's been on market 69 days — a 6% lower offer ($206k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $206k (6.0% below list) — sets the bar for market timing.
• 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.
• Location reads 72/100 on livability (#25 in MS) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety D-.
• Lauderdale County School District (rural): math 37% / reading 41% proficiency, ranked #39 of 130 in MS (top 30%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: West Lauderdale Elementary School (math 41% / reading 49%, grade D-, #90 of 375 statewide, top 24%, 687 students, 100% FRL); West Lauderdale Middle School (math 52% / reading 53%, grade C+, #22 of 179 statewide, top 13%, 525 students, 99% FRL); West Lauderdale High School (math 42% / reading 57%, grade D, #22 of 197 statewide, top 12%, 589 students, 100% FRL) — zoned schools average 100% FRL vs 48% district-wide (52 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 27 active listings in the ZIP; 18 units permitted in Lauderdale County in 2024 (0 in 5+ unit buildings).
• Lauderdale County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $61k cash investment doubles in ~10 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 78% chance of damaging wind over 30y; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 69 days. Have you received any prior offers? Is the seller open to a 6% 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.
• 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.