1106 E Myrtle St

Philadelphia, MS 39350

$79,000C-

2 bd · 1.0 ba · 1,088 sqft · Built 1930 · SingleFamily · Active · 79 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $952/mo
• Mortgage (P&I): −$414
• Tax + insurance: −$132
• HOA: −$0
• Vac / Maint / Mgmt: −$200
• Net cashflow: $206/mo
• Annual: $2,474/yr
• Cap rate: 9.42%
• Cash-on-cash: 11.18%
• DSCR: 1.50
• 1% rule: 1.21%
• Cash to close: $22,120

Investor read

• This is a 2-bed/1.0-bath single-family listed at $79k. Condition is rated poor.
• At list price, monthly cash flow is $206 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($952 rent vs $79k).
• It's been on market 79 days — a 6% lower offer ($74k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $74k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $546 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 61/100 on livability (#194 in MS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A-; Watch: schools F, crime F, amenities F.
• Philadelphia Public School District (town): math 23% / reading 19% proficiency, ranked #92 of 130 in MS (top 71%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 82% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 65 active listings in the ZIP; 1 units permitted in Neshoba County in 2024 (0 in 5+ unit buildings).
• Neshoba County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 3y ago 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~10 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 67% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Overgrown lawn and debris — Significant overgrowth and debris indicate major neglect
• Major: General exterior maintenance — Overgrown lawn and debris suggest major neglect