15055 Cedar Springs Dr

Biloxi, MS 39532

$292,000F

4 bd · 1.0 ba · 1,744 sqft · Built 2006 · SingleFamily · Pending · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,966/mo
• Mortgage (P&I): −$1,531
• Tax + insurance: −$238
• HOA: −$0
• Vac / Maint / Mgmt: −$413
• Net cashflow: $-217/mo
• Annual: $-2,598/yr
• Cap rate: 5.40%
• Cash-on-cash: -3.18%
• DSCR: 0.86
• 1% rule: 0.67%
• Cash to close: $81,760

Investor read

• This is a 4-bed/1.0-bath single-family listed at $292k.
• At list price, monthly cash flow is $-217 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $254k (13.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $197k (32.7% below list).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $197k (32.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#6 in MS, #2,141 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: commute D+, amenities F, employment D-.
• Harrison County School District (rural): math 52% / reading 46% proficiency, ranked #14 of 130 in MS (top 11%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Woolmarket Elementary School (math 65% / reading 57%, grade B, #25 of 375 statewide, top 7%, 495 students, 99% FRL) — zoned schools average 99% FRL vs 62% district-wide (37 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 61% at this address vs 49% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Harrison County School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+3.0%/yr); 393 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 2,194 units permitted in Harrison County in 2024 (0 in 5+ unit buildings).
• Harrison County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 5 sale attempts since 20y 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.
• Current owner paid $176k; list at $292k implies a 66% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: 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 5.4% vs local median 3.5% in Biloxi — 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.
• This rent runs 34% of the median local income ($69k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.