660 Woodrow Martin Rd

Polkville, MS 39042

$189,000C

4 bd · 2.0 ba · 1,680 sqft · Built 2010 · Manufactured · Pending · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,971/mo
• Mortgage (P&I): −$991
• Tax + insurance: −$315
• HOA: −$0
• Vac / Maint / Mgmt: −$414
• Net cashflow: $251/mo
• Annual: $3,007/yr
• Cap rate: 7.88%
• Cash-on-cash: 5.68%
• DSCR: 1.25
• 1% rule: 1.04%
• Cash to close: $52,920

Investor read

• This is a 4-bed/2.0-bath manufactured listed at $189k. Condition is rated good.
• At list price, monthly cash flow is $251 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $189k).
• It's been on market 17 days — a 2% lower offer ($186k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $186k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 58/100 on livability (#269 in MS) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, crime B+; Watch: amenities F, commute F, employment F.
• Rankin County School District (rural): math 56% / reading 48% proficiency, ranked #6 of 130 in MS (top 5%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Puckett Elementary School (math 47% / reading 44%, grade D-, #89 of 375 statewide, top 24%, 380 students, 99% FRL); Puckett Attendance Center (math 52% / reading 37%, grade F, #36 of 197 statewide, top 19%, 342 students, 99% FRL) — zoned schools average 99% FRL vs 35% district-wide (65 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+7.1%/yr); 302 active listings in the ZIP; solid renter incomes; 343 units permitted in Rankin County in 2024 (0 in 5+ unit buildings).
• Rankin County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 7.1% rent growth), your $53k cash investment doubles in ~10 years — after that, you're playing with house money.

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 F-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.