202 35th St · Gulfport, MS 39507

$239,000

6 bd · 4.0 ba · 1,920 sqft · MultiFamily public records · 18 Days on market

Built 1978 0.26 ac lot $124/sqft · 41% above area Est $170k · 41% over

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Why this score? — see what drove the C- 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 +23.8/30.0
• DSCR +7.6/10.0
• 1% rule +5.5/10.0
• Livability +3.7/5.0
• Rent growth +3.6/5.0
• Schools +3.4/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• 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

Attention ALL INVESTORS. Here is a great opportunuty to cash in on a DUPLEX. Or if you are looking for a good location and a good investment, it has just been listed. This is a nice Duplex in a good location with each unit having 3 bedrooms, 2 full baths, all brick. Call your agent today and arrange a showing. Must allow 24 hours for consideration of the Tenants. Both sides rented at the top rate.

Key facts

• 0.26 acre lot
• Parking
• Built 1978

Property features AI

Finance

• Other: Zoned General Residential
• Financial info: Financial details not included
• HOA & community: Community offers boating, fishing and golf; near entertainment

Exterior

• Parking: Attached carport (1 car); Paved parking
• Security: Smoke detectors
• Utilities: Public water; Public sewer; Electricity connected; Natural gas connected
• Home design: Multi-family property; One level; Move-in ready
• Construction: Brick veneer, HardiPlank-type siding; Built year from public records; Slab foundation; Shingle roof
• Exterior features: Private yard; Slab patio/porch; Corner lot; City lot; Cleared lot; Near golf course; Near boating, fishing and entertainment

Interior

• Kitchen: Disposal; Electric range; Refrigerator; Gas water heater
• Bedrooms: Bedrooms information not provided
• Flooring: Luxury vinyl; Carpet; Linoleum
• Bathrooms: 4 full bathrooms
• Heating & cooling: Central heating (natural gas) with ceiling heating; Central electric air conditioning
• Interior features: Ceiling fans; Storage; Deadbolt locks; Blinds; Double-pane windows; Storm windows
• Laundry & utility: Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $239k.

Deal economics

• At list price, monthly cash flow is $457 ($5k/yr) — positive. Per door: $229/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $239k).
• Recommended offer: $235k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.6% 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: amenities F, commute F, employment 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.
• Zoned schools: Pass Road Elementary School (math 32% / reading 42%, grade F, #135 of 375 statewide, top 39%, 398 students, 100% FRL); Gulfport High School (math 42% / reading 36%, grade F, #54 of 197 statewide, top 28%, 1,728 students, 100% FRL) — zoned schools average 100% FRL vs 67% district-wide (33 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.3%/yr); 301 active listings in the ZIP; 2,194 units permitted in Harrison County in 2024 (0 in 5+ unit buildings).
• At $2,515/mo this rent would consume 55% of the median local household income ($55k/yr) (locally 1059% 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 $2k of loan paydown is wiped out by about $7k 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.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($235k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $235,415 (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. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.05% ✓
• Cap rate: 8.59%
• Cash-on-cash: 8.20%
• DSCR: 1.36
• GRM: 7.9

CMA / ARV

• ARV (median comp): $170,081
• List price: $239,000
• Delta: 40.52%
• Verdict: OVERPRICED
• Comps: 9 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.26% rent growth · sell at horizon

5-year hold

• IRR: -2.5%
• Equity multiple: 0.90×
• Total profit: $-6,403
• Equity at exit: $35,636

10-year hold

• IRR: 8.4%
• Equity multiple: 1.68×
• Total profit: $45,381
• Equity at exit: $20,664

Cash invested: $66,920 (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 39507

• Home prices YoY: -27.1%
• Rents YoY: 4.3%
• Active inventory: 301
• Price-to-rent: 15.8×

Monthly cashflow live

• Estimated rent: $2,515 high
• Mortgage (P&I): −$1,253
• Tax from tax record: −$176 /mo · $2,118/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$528
• Net cashflow: $457

Break-even live

Break-even rent $1,936

Max offer price $239,000

Occupancy floor 77%

Sensitivity live

Price	-10% $593	-5% $525	+0% $457	+5% $390	+10% $322
Rent	-10% $259	-5% $358	+0% $457	+5% $557	+10% $656
Rate	-1.0pp $578	-0.5pp $518	base $457	+0.5pp $396	+1.0pp $333

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$2,516
Total (2 units)			$2,515

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: $59,750
• Closing costs: $7,170
• Reserves months: —
• Total cash needed: —

Listing history 1 events

1. 2026-04-28
   listed $239,000 Active 400-char remark

ⓘ 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: $2,118 · $176/mo
• Projected year-2 tax: $2,118 · $176/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 · 24 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: $30,180
• − Mortgage interest: −$13,388
• − Property taxes: −$2,118
• − Insurance: −$1,195
• − Repairs & maintenance: −$2,414
• − Management: −$2,414
• − Depreciation: −$6,953
• Taxable income: $1,698
• Est. tax owed @ 24.0%: −$408
• After-tax cash flow: $5,082/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): 18,564
• Household income: $54,657
• Rent vs Own: 44.3% rent · 55.7% own
• Severe rent burden: 1059.0

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: Majority White (65%)
• Race & ethnicity: White 65% Black 24% Hispanic / Latino 6% Two or more races 5% Asian 1%
• Hispanic origin (detail): Mexican 2% Cuban 1%
• Common ancestry: Slovak 4% Lithuanian 4% Romanian 2%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 2% French/Haitian/Cajun 2% Other Indo-European 1%

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: ▼ -67.48%
• Current HPI: 181.6606
• Rent YoY: ▲ 4.26%
• Metro: Gulfport-Biloxi, MS
• State GDP YoY: —
• F500 in state: 0

Price history

2 events — show timeline

• 2026-05-22 Pending — MLSU
• 2026-04-28 Listed $239,000 MLSU

Property tax history

+0.3%/yr

Latest (2025): $2,118 · +3.3% YoY. Source: county tax records.