204 CR 217 · Farmington, MS 38834

$115,000

3 bd · 1.0 ba · 1,542 sqft · SingleFamily public records · 79 Days on market

Built 1950 0.50 ac lot $75/sqft · 33% below area ↓ 34% since listing

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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 +22.8/30.0
• ARV discount +7.5/15.0
• DSCR +7.3/10.0
• 1% rule +5.9/10.0
• Schools +3.6/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

INVESTORS - PRICED BELOW APPRASIAL! Versatile property perfectly positioned for income potential and can easily be converted into a DUPLEX to maximize returns. The left side features a spacious 2 bedroom, 1 bath layout, while the right side offers a generous 1 bedroom, 1 bath apartment complete with its own kitchen, ideal for separate living quarters or rental income. Originally a single-family home with an added mother-in-law suite, this setup already lends itself to multi-unit functionality. Whether you choose to rent both sides or live in one and lease the other, the flexibility here is a major win. Sitting on a generous half-acre lot, this is a value-packed investment you don't want to miss. Call today! * CASH OR CONVENTIONAL FINANCING ONLY * Information deemed reliable, not guaranteed.

Key facts

• 0.5 acre lot
• Built 1950
• Listed 79 days

Tags

• CONVERTED INTO A DUPLEX
• SEPARATE LIVING QUARTERS
• ADDED MOTHER-IN-LAW SUITE
• MULTI-UNIT FUNCTIONALITY
• GENEROUS HALF-ACRE LOT

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $199 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Recommended offer: $108k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 59/100 on livability (#234 in MS) — a working-class tenant base; expect higher turnover. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, schools F, amenities F.
• Alcorn School District (rural): math 45% / reading 42% proficiency, ranked #33 of 130 in MS (top 25%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 192 active listings in the ZIP; 13 units permitted in Alcorn County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $795 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Alcorn County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 79 days — a 6% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $108,100 (6.0% below list)

Questions for the listing agent

1. It's been on market 79 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — 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 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?
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: 1.09% ✓
• Cap rate: 8.37%
• Cash-on-cash: 7.43%
• DSCR: 1.33
• GRM: 7.6

CMA / ARV

• ARV (median comp): $230,951
• List price: $115,000
• Delta: -50.21%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -4.9%
• Equity multiple: 0.82×
• Total profit: $-5,920
• Equity at exit: $17,147

10-year hold

• IRR: 4.8%
• Equity multiple: 1.35×
• Total profit: $11,270
• Equity at exit: $9,943

Cash invested: $32,200 (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 38834

• Active inventory: 192
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $1,258 medium
• Mortgage (P&I): −$603
• Tax est. 1.5%: −$144 /mo · $1,725/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$264
• Net cashflow: $199

Break-even live

Break-even rent $1,006

Max offer price $115,000

Occupancy floor 79%

Sensitivity live

Price	-10% $279	-5% $239	+0% $199	+5% $160	+10% $120
Rent	-10% $100	-5% $150	+0% $199	+5% $249	+10% $299
Rate	-1.0pp $257	-0.5pp $229	base $199	+0.5pp $170	+1.0pp $139

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-21
   days on market $115,000 Active 79 DOM
2. 2026-06-18
   days on market $115,000 Active 77 DOM
3. 2026-06-17
   days on market $115,000 Active 76 DOM
4. 2026-06-16
   days on market $115,000 Active 75 DOM
5. 2026-06-15
   days on market $115,000 Active 74 DOM
6. 2026-06-13
   days on market $115,000 Active 72 DOM
7. 2026-06-12
   days on market $115,000 Active 71 DOM
8. 2026-06-09
   days on market $115,000 Active 68 DOM
9. 2026-06-08
   days on market $115,000 Active 67 DOM
10. 2026-06-07
    days on market $115,000 Active 66 DOM
11. 2026-06-07
    days on market $115,000 Active 65 DOM
12. 2026-06-04
    days on market $115,000 Active 62 DOM
13. 2026-06-02
    days on market $115,000 Active 61 DOM
14. 2026-06-01
    days on market $115,000 Active 60 DOM
15. 2026-05-31
    days on market $115,000 Active 59 DOM
16. 2026-05-19
    price $115,000 804-char remark

    Show marketing remark (802 chars)

    INVESTORS - PRICED BELOW APPRASIAL! Versatile property perfectly positioned for income potential and can easily be converted into a DUPLEX to maximize returns. The left side features a spacious 2 bedroom, 1 bath layout, while the right side offers a generous 1 bedroom, 1 bath apartment complete with its own kitchen, ideal for separate living quarters or rental income. Originally a single-family home with an added mother-in-law suite, the setup already lends itself to multi-unit functionality. Whether you choose to rent both sides or live in one and lease the other, the flexibility here is a major win. Sitting on a generous half-acre lot, this is a value-packed investment you don't want to miss. Call today! * CASH OR CONVENTIONAL FINANCING ONLY * Information deemed reliable, not guaranteed.

17. 2026-05-19
    price $115,000 802-char remark

    Show marketing remark (802 chars)

    INVESTORS - PRICED BELOW APPRASIAL! Versatile property perfectly positioned for income potential and can easily be converted into a DUPLEX to maximize returns. The left side features a spacious 2 bedroom, 1 bath layout, while the right side offers a generous 1 bedroom, 1 bath apartment complete with its own kitchen, ideal for separate living quarters or rental income. Originally a single-family home with an added mother-in-law suite, the setup already lends itself to multi-unit functionality. Whether you choose to rent both sides or live in one and lease the other, the flexibility here is a major win. Sitting on a generous half-acre lot, this is a value-packed investment you don't want to miss. Call today! * CASH OR CONVENTIONAL FINANCING ONLY * Information deemed reliable, not guaranteed.

18. 2026-04-06
    listed $125,000 Active 802-char remark

    Show marketing remark (802 chars)

    INVESTORS - PRICED BELOW APPRASIAL! Versatile property perfectly positioned for income potential and can easily be converted into a DUPLEX to maximize returns. The left side features a spacious 2 bedroom, 1 bath layout, while the right side offers a generous 1 bedroom, 1 bath apartment complete with its own kitchen, ideal for separate living quarters or rental income. Originally a single-family home with an added mother-in-law suite, the setup already lends itself to multi-unit functionality. Whether you choose to rent both sides or live in one and lease the other, the flexibility here is a major win. Sitting on a generous half-acre lot, this is a value-packed investment you don't want to miss. Call today! * CASH OR CONVENTIONAL FINANCING ONLY * Information deemed reliable, not guaranteed.

19. 2026-04-02
    listed $125,000 Active 804-char remark

    Show marketing remark (804 chars)

    INVESTORS - PRICED BELOW APPRASIAL! Versatile property perfectly positioned for income potential and can easily be converted into a DUPLEX to maximize returns. The left side features a spacious 2 bedroom, 1 bath layout, while the right side offers a generous 1 bedroom, 1 bath apartment complete with its own kitchen, ideal for separate living quarters or rental income. Originally a single-family home with an added mother-in-law suite, this setup already lends itself to multi-unit functionality. Whether you choose to rent both sides or live in one and lease the other, the flexibility here is a major win. Sitting on a generous half-acre lot, this is a value-packed investment you don't want to miss. Call today! * CASH OR CONVENTIONAL FINANCING ONLY * Information deemed reliable, not guaranteed.

20. 2025-07-19
    price $150,000
21. 2025-05-28
    listed $175,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 6/10 Major 7 d/yr ≥108°F today · 20 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 21% 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: $15,100
• − Mortgage interest: −$6,442
• − Property taxes: −$1,725
• − Insurance: −$575
• − Repairs & maintenance: −$1,208
• − Management: −$1,208
• − Depreciation: −$3,345
• Taxable income: $597
• Est. tax owed @ 24.0%: −$143
• After-tax cash flow: $2,249/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: Alcorn School District
• NCES district ID: 2800390
• Math proficiency: 45% ▼ -7.00%
• Reading proficiency: 42% ▼ -5.00%
• Median HH income: $37,645
• Composite: 36.24/100
• National rank: #4715
• State rank: #33 of 130 in MS

Livability — Farmington

• Score: 59/100
• State rank: #234
• US rank: #19647

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Farmington, MS
• Population (ZIP): 27,146

Population outlook (Alcorn County) Hauer SSP2

• Today (2025): 38,392 people
• By 2030: 38,804 · +1.1%
• By 2040: 39,455 · +2.8%
• By 2050: 39,708 · +3.4%
• By 2075: 39,917 · +4.0%
• By 2100: 37,628 · -2.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Black 12% Hispanic / Latino 4% Two or more races 3%
• Common ancestry: Italian 1% Slovak 1% Serbian 1%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 1%

Political lean MEDSL · Alcorn

• 2024 margin: Solid R (+68.3) · D 15.4% · R 83.8%
• 2008→2024 swing: -24.4pp toward R · 2008: -44.0pp · 2024: -68.3pp
• All cycles: 2024: R+68.3 2020: R+63.5 2016: R+61.8 2012: R+51.6 2008: R+44.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -98.19%
• Current HPI: 155.736
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-34.3% since first listed

6 events — show timeline

• 2026-05-19 Price Changed $115,000 NEMSBD
• 2026-05-19 Price Changed $115,000 NEMSBD
• 2026-04-06 Listed $125,000 NEMSBD
• 2026-04-02 Listed $125,000 NEMSBD
• 2025-07-19 Price Changed $150,000 NEMSBD
• 2025-05-28 Listed $175,000 NEMSBD