601 Miller Ave · Greenwood, MS 38930

$20,000

2 bd · 1.0 ba · 595 sqft · Other public records · 119 Days on market

Built 1959 4,791 sqft lot $34/sqft · 215% above area Est $20k · at est. ↓ 25% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +6.7/15.0
• Schools +5.0/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Rare assemblage opportunity. Parcel includes two older homes—ideal teardown candidates—offering the chance to start fresh on a full-size lot. Sold AS IS, WHERE IS. Adjacent lot is also available, creating a compelling opportunity to combine parcels and maximize development potential.

Key facts

• Full-size lot
• 4,791 sq ft lot
• Built 1959

Tags

• FULL-SIZE LOT
• DEVELOPMENT POTENTIAL

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $20k.

Deal economics

• At list price, monthly cash flow is $160 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($385 rent vs $20k).
• Recommended offer: $18k (9.0% below list) — sets the bar for market timing.
• Cap rate 15.9% vs local median 4.9% in Greenwood — 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 71/100 on livability (#31 in MS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: schools D, amenities F, commute F.
• Market conditions: 100 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 9 units permitted in Leflore County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $138 of loan paydown is wiped out by about $600 of value loss. Plan a longer hold.
• Leflore County population projected at -29% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $6k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 119 days — a 9% lower offer ($18k) is reasonable based on typical stale-listing flexibility.
• 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.

Risks & watch-outs

• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $18,200 (9.0% below list)

Questions for the listing agent

1. It's been on market 119 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1959 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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.

Investment metrics

• 1% rule: 1.92% ✓
• Cap rate: 15.87%
• Cash-on-cash: 34.21%
• DSCR: 2.52
• GRM: 4.3

CMA / ARV

• ARV (median comp): $19,646
• List price: $20,000
• Delta: 1.80%
• Verdict: FAIR
• Comps: 7 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 29.6%
• Equity multiple: 2.24×
• Total profit: $6,938
• Equity at exit: $2,982

10-year hold

• IRR: 37.0%
• Equity multiple: 4.42×
• Total profit: $19,174
• Equity at exit: $1,729

Cash invested: $5,600 (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 38930

• Home prices YoY: -18.6%
• Active inventory: 100
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $385 medium
• Mortgage (P&I): −$105
• Tax from tax record: −$31 /mo · $374/yr
• Insurance: −$8
• HOA: −$0
• Vacancy / Maint / Mgmt: −$81
• Net cashflow: $160

Break-even live

Break-even rent $183

Max offer price $20,000

Occupancy floor 54%

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: $5,000
• Closing costs: $600
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
707 Broad St Greenwood, MS	1.0	1.0	672	$350	$0.52	43d	1	0.42mi
215 Avenue G Greenwood, MS	2.0	1.0	672	$450	$0.67	44d	1	0.78mi

Listing history 11 events

1. 2026-06-09
   status $20,000 Pending 119 DOM
2. 2026-06-08
   days on market $20,000 Active 119 DOM
3. 2026-06-07
   days on market $20,000 Active 118 DOM
4. 2026-06-04
   days on market $20,000 Active 114 DOM
5. 2026-06-02
   pricedays on marketlisting id $20,000 Active 113 DOM
6. 2026-06-01
   pricedays on marketlisting id $15,000 Active 114 DOM
7. 2026-05-31
   days on market $20,000 Active 113 DOM
8. 2026-03-20
   price $15,000 296-char remark

   Show marketing remark (296 chars)

   Rare assemblage opportunity. Parcel includes two older homes—ideal teardown candidates—offering the chance to start fresh on a full-size lot. Sold AS IS, WHERE IS. Adjacent lot is also available, creating a compelling opportunity to combine parcels and maximize development potential.

9. 2026-02-07
   listed $20,000 Active 296-char remark

   Show marketing remark (296 chars)

   Rare assemblage opportunity. Parcel includes two older homes—ideal teardown candidates—offering the chance to start fresh on a full-size lot. Sold AS IS, WHERE IS. Adjacent lot is also available, creating a compelling opportunity to combine parcels and maximize development potential.

10. 2026-02-05
    listed $20,000 Active 296-char remark

    Show marketing remark (296 chars)

    Rare assemblage opportunity. Parcel includes two older homes—ideal teardown candidates—offering the chance to start fresh on a full-size lot. Sold AS IS, WHERE IS. Adjacent lot is also available, creating a compelling opportunity to combine parcels and maximize development potential.

11. 1948-07-17
    soldstatus

ⓘ 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: $374 · $31/mo
• Projected year-2 tax: $374 · $31/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 4/10 Moderate FEMA zone X · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥110°F today · 22 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% 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: $4,619
• − Mortgage interest: −$1,120
• − Property taxes: −$374
• − Insurance: −$100
• − Repairs & maintenance: −$369
• − Management: −$369
• − Depreciation: −$582
• Taxable income: $1,703
• Est. tax owed @ 24.0%: −$409
• After-tax cash flow: $1,507/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)

No district data.

Livability — Greenwood

• Score: 71/100
• State rank: #31
• US rank: #6625

Category grades

Amenities F Commute F Cost of living A+ Crime B+ Employment F Housing A Health & safety A+ User ratings C

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Greenwood, MS
• Population (ZIP): 23,326

Population outlook (Leflore County) Hauer SSP2

• Today (2025): 27,008 people
• By 2030: 25,362 · -6.1%
• By 2040: 22,049 · -18.4%
• By 2050: 19,188 · -29.0%
• By 2075: 13,543 · -49.9%
• By 2100: 8,913 · -67.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (70%)
• Race & ethnicity: Black 70% White 25% Hispanic / Latino 3% Two or more races 1%
• Common ancestry: Slovak 1% Serbian 1%
• Foreign-born: 2% · Canada, Jamaica
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Leflore

• 2024 margin: Solid D (+38.5) · D 68.7% · R 30.3%
• 2008→2024 swing: +1.7pp toward D · 2008: 36.8pp · 2024: 38.5pp
• All cycles: 2024: D+38.5 2020: D+41.5 2016: D+41.0 2012: D+45.8 2008: D+36.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -34.32%
• Current HPI: 150.2668
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-25.0% since first listed

4 events — show timeline

• 2026-03-20 Price Changed $15,000 NCMBR
• 2026-02-07 Listed $20,000 NCMBR
• 2026-02-05 Listed $20,000 MLSU
• 1948-07-17 Sold (Public Records) — Public Records

Property tax history

-5.2%/yr

Latest (2025): $374 · +19.4% YoY. Source: county tax records.