511 32nd St · Gulfport, MS 39507

$699,900

7 bd · 0.5 ba · 8,748 sqft · MultiFamily public records · 249 Days on market

Built 1965 Good condition 0.33 ac lot $80/sqft · 11% below area Est $926k · 24% under ↓ 16% since listing

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Condition / age +3.8/5.0
• Livability +3.7/5.0
• Rent growth +3.6/5.0
• Schools +3.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Looking to expand your investment portfolio? This 15-unit income-producing property is centrally located with convenient access to downtown Gulfport and the Gulfport business district, making it an attractive rental option for tenants seeking proximity to work, entertainment, and coastal amenities. The property is ideally situated near major employers and destinations including the Gulfport-Biloxi International Airport, Mississippi Air National Guard, Port of Gulfport, Island View Casino Resort, Jones Park, Gulfport Small Craft Harbor, and the Mississippi Aquarium. Its central location along the Mississippi Gulf Coast provides strong rental demand potential and convenient access to shopping, dining, recreation, and major transportation routes. The complex consists of 3 two-bedroom/one-bath units, 1 two-bedroom/two-bath unit, and 11 one-bedroom/one-bath units, providing a desirable unit mix for a variety of tenants. Recent exterior improvements include new soffit and fascia, painted, vinyl siding, exterior lighting, and new upstairs railings, enhancing both durability and curb appeal. Inside, several downstairs units have been updated with new sheetrock, appliances, paint, fixtures, shower/tubs, cabinets, vanities, and sinks. Additional upgrades include four new mini-split systems and one new conventional HVAC unit. Upstairs several units have also been refreshed, receiving new paint and repairs as needed. Don't miss this opportunity to own a well-located multi-family investment property with recent improvements and strong income potential.

Key facts

• Strong rental demand
• Desirable unit mix
• Centrally located

Tags

• INCOME PRODUCING PROPERTY
• CENTRALLY LOCATED
• CONVENIENT ACCESS
• STRONG RENTAL DEMAND
• DESIRABLE UNIT MIX
• RECENT EXTERIOR IMPROVEMENTS

What this means for you Summary

Snapshot

• This is a 15 × 1-bed/1-bath units multifamily listed at $700k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $8k ($90k/yr) — positive. Per door: $502/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($15k rent vs $700k).
• Recommended offer: $616k (12.0% below list) — sets the bar for market timing.
• Cap rate 19.2% vs local median 5.3% 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 Central Middle School (math 20% / reading 23%, grade F, #109 of 179 statewide, top 62%, 585 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); 460 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 2,194 units permitted in Harrison County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $21k 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 + 4.3% rent growth), your $196k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 249 days — a 12% lower offer ($616k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 16y ago; this cycle's ask has dropped $50k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• 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 $615,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 249 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 2.19% ✓
• Cap rate: 19.20%
• Cash-on-cash: 46.10%
• DSCR: 3.05
• GRM: 3.8

CMA / ARV

• ARV (median comp): $926,310
• List price: $699,900
• Delta: -24.44%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8 Bayou Pl	2.11mi	6/7.5 (-1)	6,421 (-27%)	13mo	$938,000	$146	9
49 Shoreline Ln	2.11mi	5/5.5 (-2)	7,011 (-20%)	50mo	$999,979	$143	0

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 44.7%
• Equity multiple: 2.97×
• Total profit: $385,886
• Equity at exit: $104,357

10-year hold

• IRR: 51.2%
• Equity multiple: 6.29×
• Total profit: $1,036,787
• Equity at exit: $60,515

Cash invested: $195,972 (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: 460
• Price-to-rent: 57.0×

Monthly cashflow live

• Estimated rent: $15,353 high
• Mortgage (P&I): −$3,670
• Tax from tax record: −$638 /mo · $7,658/yr
• Insurance: −$292
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,224
• Net cashflow: $7,529

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

Units	Beds	Baths	Est. rent
▸ 15× units	1	1	$15,360
Total (15 units)			$15,353

Break-even live

Break-even rent $5,823

Max offer price $699,900

Occupancy floor 46%

Sensitivity live

Price	-10% $7,925	-5% $7,727	+0% $7,529	+5% $7,331	+10% $7,132
Rent	-10% $6,316	-5% $6,922	+0% $7,529	+5% $8,135	+10% $8,742
Rate	-1.0pp $7,881	-0.5pp $7,707	base $7,529	+0.5pp $7,347	+1.0pp $7,163

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: $174,975
• Closing costs: $20,997
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
529 26th 1/2 St Gulfport, MS	2.0	1.0	1000	$1,290	$1.29	51d	1	0.30mi
529 26th 1/2 St Gulfport, MS	2.0	1.0	1000	$1,290	$1.29	1d	1	0.30mi
3209 F Ave Gulfport, MS	2.0	1.0	1000	$850	$0.85	184d	1	0.32mi
124 30th 1/2 St Gulfport, MS	2.0	1.5	1007	$1,100	$1.09	184d	1	0.36mi
828 Pass Rd Unit A Gulfport, MS	—	1.0	997	$800	$0.80	10d	1	0.41mi
3624 Jody Nelson Dr Apt F18 Gulfport, MS	1.0	1.0	665	$820	$1.23	31d	1	0.57mi
3624 Jody Nelson Dr Apt CH3 Gulfport, MS	2.0	1.0	832	$900	$1.08	31d	1	0.57mi
3624 Jody Nelson Dr Gulfport, MS	1.0–2.0	1.0	748	$820	$1.10	10d	4	0.57mi
3103 8th Ave Unit 1402 Gulfport, MS	2.0	1.0	650	$1,450	$2.23	10d	1	0.63mi
3624 Jody Nelson Dr Apt D2 Gulfport, MS	2.0	1.0	832	$900	$1.08	22d	1	0.63mi
3503 Hancock Ave Gulfport, MS	2.0	2.5	1100	$1,100	$1.00	162d	1	0.71mi
832 24th St Gulfport, MS	2.0	1.0	800	$950	$1.19	184d	1	0.73mi
2313 5th Ave Gulfport, MS	2.0	1.0	750	$1,000	$1.33	184d	1	0.75mi
2234 5th Ave Gulfport, MS	1.0	1.0	1000	$1,000	$1.00	44d	1	0.79mi
1224 29th St Gulfport, MS	2.0	2.0	1050	$1,155	$1.10	154d	1	0.81mi
1224 29th St Gulfport, MS	2.0	2.0	1050	$1,155	$1.10	41d	1	0.81mi
177 16th St Apt C Gulfport, MS	2.0	1.5	—	$1,300	—	0d	1	0.85mi
2906 Pineland Dr Unit A Gulfport, MS	2.0	2.0	1050	$1,050	$1.00	10d	1	0.85mi
2906 Pineland Dr Apt B Gulfport, MS	—	—	—	$1,100	—	2d	1	0.86mi
199 16th St Unit C Gulfport, MS	2.0	1.0	—	$1,300	—	37d	1	0.88mi
199 16th St Gulfport, MS	2.0	1.0	—	$1,250	—	184d	1	0.89mi
199 16th St Gulfport, MS	2.0	1.0	—	$1,300	—	21d	1	0.89mi
10 E Railroad St Gulfport, MS	1.0	1.0	528	$995	$1.88	10d	1	0.93mi
2216 Broadmoor Pl Gulfport, MS	2.0	1.5	1237	$2,850	$2.30	35d	1	0.97mi
3333 12th Ave Unit 6 Gulfport, MS	2.0	2.5	1000	$800	$0.80	51d	1	0.97mi
3333 12th Ave Gulfport, MS	2.0	2.0	1000	$899	$0.90	184d	1	0.97mi
2211 Kelly Ave Gulfport, MS	1.0	1.0	480	$800	$1.67	1d	1	1.05mi
2209 Kelly Ave Gulfport, MS	2.0	1.0	480	$995	$2.07	1d	1	1.05mi
200 Commerce St Gulfport, MS	2.0	1.0	900	$1,100	$1.22	162d	1	1.05mi
80 E Beach Blvd Unit 80 Gulfport, MS	2.0	3.0	2127	$2,100	$0.99	47d	1	1.06mi
736 Courthouse Rd Apt 102 Gulfport, MS	1.0	1.0	800	$949	$1.19	51d	1	1.08mi
1400 28th St Gulfport, MS	2.0	2.0	990	$943	$0.95	10d	1	1.15mi
2721 14th Ave Gulfport, MS	2.0	1.0	600	$825	$1.38	184d	1	1.18mi
529 E Pass Rd Apt A Gulfport, MS	2.0	2.0	950	$925	$0.97	6d	1	1.25mi
2414 15th Ave Gulfport, MS	2.0	1.0	818	$1,000	$1.22	184d	1	1.31mi
980 Courthouse Rd Unit 1524 Gulfport, MS	2.0	2.0	1227	$1,199	$0.98	48d	1	1.32mi
980 Courthouse Rd Unit 1111 Gulfport, MS	2.0	2.0	1180	$1,109	$0.94	2d	1	1.32mi
980 Courthouse Rd Unit 0308 Gulfport, MS	2.0	2.0	1227	$1,380	$1.12	21d	1	1.32mi
980 Courthouse Rd Apt 907 Gulfport, MS	2.0	2.0	1180	$1,257	$1.07	10d	1	1.32mi
980 Courthouse Rd Apt 815 Gulfport, MS	1.0	1.0	892	$1,089	$1.22	2d	1	1.32mi

Listing history 50 events

1. 2026-11-08
   days on market $699,900 Active 249 DOM
2. 2026-11-07
   days on market $699,900 Active 248 DOM
3. 2026-11-06
   days on market $699,900 Active 247 DOM
4. 2026-11-05
   days on market $699,900 Active 246 DOM
5. 2026-11-04
   days on market $699,900 Active 245 DOM
6. 2026-11-02
   days on market $699,900 Active 243 DOM
7. 2026-11-01
   days on market $699,900 Active 242 DOM
8. 2026-10-31
   days on market $699,900 Active 241 DOM
9. 2026-10-30
   days on market $699,900 Active 240 DOM
10. 2026-10-29
    days on market $699,900 Active 239 DOM
11. 2026-10-28
    days on market $699,900 Active 238 DOM
12. 2026-10-27
    days on market $699,900 Active 237 DOM
13. 2026-10-26
    days on market $699,900 Active 236 DOM
14. 2026-10-25
    days on market $699,900 Active 235 DOM
15. 2026-10-24
    days on market $699,900 Active 234 DOM
16. 2026-10-23
    days on market $699,900 Active 233 DOM
17. 2026-10-22
    days on market $699,900 Active 232 DOM
18. 2026-10-21
    days on market $699,900 Active 231 DOM
19. 2026-10-20
    days on market $699,900 Active 230 DOM
20. 2026-10-19
    days on market $699,900 Active 229 DOM
21. 2026-10-18
    days on market $699,900 Active 228 DOM
22. 2026-10-17
    days on market $699,900 Active 227 DOM
23. 2026-10-16
    days on market $699,900 Active 226 DOM
24. 2026-10-15
    days on market $699,900 Active 225 DOM
25. 2026-10-14
    days on market $699,900 Active 224 DOM
26. 2026-10-13
    days on market $699,900 Active 223 DOM
27. 2026-10-12
    days on market $699,900 Active 222 DOM
28. 2026-10-11
    days on market $699,900 Active 221 DOM
29. 2026-10-10
    days on market $699,900 Active 220 DOM
30. 2026-10-09
    days on market $699,900 Active 219 DOM
31. 2026-10-08
    days on market $699,900 Active 218 DOM
32. 2026-10-07
    days on market $699,900 Active 217 DOM
33. 2026-10-06
    days on market $699,900 Active 216 DOM
34. 2026-10-05
    days on market $699,900 Active 215 DOM
35. 2026-10-04
    days on market $699,900 Active 214 DOM
36. 2026-10-03
    days on market $699,900 Active 213 DOM
37. 2026-10-02
    days on market $699,900 Active 212 DOM
38. 2026-10-01
    days on market $699,900 Active 211 DOM
39. 2026-09-30
    days on market $699,900 Active 210 DOM
40. 2026-09-29
    days on market $699,900 Active 209 DOM
41. 2026-09-28
    days on market $699,900 Active 208 DOM
42. 2026-09-27
    days on market $699,900 Active 207 DOM
43. 2026-09-26
    days on market $699,900 Active 206 DOM
44. 2026-09-25
    days on market $699,900 Active 205 DOM
45. 2026-09-24
    days on market $699,900 Active 204 DOM
46. 2026-09-24
    days on market $699,900 Active 203 DOM
47. 2026-09-22
    days on market $699,900 Active 202 DOM
48. 2026-09-21
    days on market $699,900 Active 201 DOM
49. 2026-09-20
    days on market $699,900 Active 200 DOM
50. 2026-09-18
    days on market $699,900 Active 198 DOM

ⓘ 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: $7,658 · $638/mo
• Projected year-2 tax: $7,658 · $638/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: $184,236
• − Mortgage interest: −$39,205
• − Property taxes: −$7,658
• − Insurance: −$3,500
• − Repairs & maintenance: −$14,739
• − Management: −$14,739
• − Depreciation: −$20,361
• Taxable income: $84,034
• Est. tax owed @ 24.0%: −$20,168
• After-tax cash flow: $70,176/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 · 9 photos

Good 75/100 Cosmetic rehab Est. rehab $43,740–$131,220 screening

This 15-unit multi-family property is in good condition with minimal repairs needed. Painting the exterior and maintaining the HVAC system will significantly enhance its value and appeal to tenants and buyers.

Components & finishes AI

Flooring tile Appliances black

Deferred maintenance Est. $10,000–$30,000 screening

• Major Roof (roof|hvac|water heater|windows|electrical|plumbing|exterior|other) — No visible roof material or condition, suggesting potential structural issues.

Value-add opportunities

• Both Paint the exterior siding and trim — Painting the exterior will improve the curb appeal and increase the property's value. ↑
• Rental Replace the HVAC filters — Clean and efficient HVAC systems are important for tenant satisfaction and lower utility costs. ↑
• Both Inspect and repair the roof — A well-maintained roof is crucial for the property's structural integrity and long-term value. ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 32/100

Zoned Schools

Elementary Pass Road Elementary School F MS #135/375 Nat'l #21,438/41,679 Middle Gulfport Central Middle School F MS #109/179 Nat'l #11,382/14,009 High Gulfport High School F MS #54/197 Nat'l #8,724/17,239

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

B Composite livability gradescore 73/100

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 · 228,444 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: 8% of renters

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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%

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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%
• Languages at home: 94% English-only · Spanish 2% French/Haitian/Cajun 2% Other Indo-European 1%

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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

-15.7% since first listed

14 events — show timeline

• 2026-03-04 Listed $749,900 MLSU
• 2022-09-02 Listing Removed — MLSU
• 2022-08-22 Price Changed $750,000 MLSU
• 2022-08-05 Listed $775,000 MLSU
• 2021-12-29 Sold (Public Records) — Public Records
• 2021-10-02 Listing Removed — MLSU
• 2021-10-02 Listing Removed — MLSU
• 2021-10-02 Listing Removed — MLSU
• 2021-09-01 Listing Removed — MLSU
• 2018-03-01 Listed $499,000 MLSU
• 2018-02-12 Sold (Public Records) — Public Records
• 2017-06-19 Listed $500,000 MLSU
• 2013-03-30 Listed $890,000 MLSU
• 2010-03-30 Listed $890,000 MLSU

Property tax history

+0.6%/yr

Latest (2025): $7,658 · +6.1% YoY. Source: county tax records.