6005 Cypress Dr

Kiln, MS 39556

$229,000C-

4 bd · 2.0 ba · 1,468 sqft · Built 1966 · SingleFamily · Active · 29 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,157/mo
• Mortgage (P&I): −$1,201
• Tax + insurance: −$583
• HOA: −$0
• Vac / Maint / Mgmt: −$453
• Net cashflow: $-79/mo
• Annual: $-951/yr
• Cap rate: 8.11%
• Cash-on-cash: 6.50%
• DSCR: 1.29
• 1% rule: 0.94%
• Cash to close: $64,120

Investor read

• This is a 4-bed/2.0-bath single-family listed at $229k.
• At list price, monthly cash flow is $-79 ($-951/yr) — negative.
• To cash-flow at today's rent, offer at most $215k (6.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $216k (5.8% below list).
• It's been on market 29 days — a 2% lower offer ($226k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $215k (6.1% below list) — sets the bar for cash-flow.
• 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.
• Location reads 68/100 on livability (#69 in MS) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A; Watch: amenities F, commute F, health & safety F.
• Hancock County School District (rural): math 47% / reading 44% proficiency, ranked #23 of 130 in MS (top 18%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: East Hancock Elementary School (math 64% / reading 59%, grade B, #22 of 375 statewide, top 6%, 639 students, 100% FRL); Hancock Middle School (math 48% / reading 44%, grade D+, #39 of 179 statewide, top 22%, 958 students, 100% FRL); Hancock High School (math 42% / reading 43%, grade F, #42 of 197 statewide, top 21%, 1,187 students, 100% FRL) — zoned schools average 100% FRL vs 58% district-wide (41 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: 141 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 248 units permitted in Hancock County in 2024 (0 in 5+ unit buildings).
• Hancock County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.1% vs local median 3.0% in Kiln — 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.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.