1951 Spruce St · Greenville, MS 38703

$49,900

3 bd · 2.0 ba · 1,526 sqft · SingleFamily public records · 122 Days on market

Built 1950 0.25 ac lot Est $37k · 36% over

---

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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +5.6/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.5/10.0
• ARV discount +0.0/15.0

Listing remarks

Spacious 3 Bedroom, 2 Bath split plan house situated on a beautiful corner lot; being sold "AS IS". This house has beautiful original hardwood floors, carpet, ceramic tile in both bathrooms, formal living room/ dining combo along with another separate dining room area, kitchen has brick flooring, separate den/ sitting room, spacious master bedroom, laundry room and bonus room that could be used for storage, pantry or an office, double attached carport, and concrete parking pads that will accommodate as many a 10 cars and a pad ideal for a boat or camper, and fenced in backyard. Call Bernita Scott Burden at 662-379-1721 to become the owner of this home!!!

Key facts

• Fenced in backyard
• Brick flooring
• Corner lot

Tags

• CORNER LOT
• ORIGINAL HARDWOOD FLOORS
• BRICK FLOORING
• FENCED IN BACKYARD

Property features AI

Exterior

• Parking: Concrete attached parking
• Security: Security system
• Utilities: Public water; Public sewer
• Home design: Residential single-family home; Traditional style
• Construction: Stucco construction; Composition roof; Slab foundation; Built on a 70 x 156.5 lot
• Exterior features: Patio; Chain-link fencing

Interior

• Flooring: Ceramic tile; Hardwood
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (Electric and Natural Gas); Central air conditioning
• Interior features: Gas water heater; Ceramic tile and hardwood flooring
• Laundry & utility: Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $301 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Recommended offer: $44k (12.0% below list) — sets the bar for market timing.
• Cap rate 23.8% vs local median 4.5% in Greenville — 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 57/100 on livability (#284 in MS) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A; Watch: schools F, amenities F, commute F.
• Greenville Public Schools (town): math 4% / reading 11% proficiency, ranked #126 of 130 in MS (top 97%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 93% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 19 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 10 units permitted in Washington County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $908 of equity ($345 loan paydown + $563 appreciation (1.1% local appreciation)).
• Washington County population projected at -36% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (1.1% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 122 days — a 12% lower offer ($44k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); major wind risk, 37% chance of damaging wind over 30y; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $43,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 122 days. Have you received any prior offers? Is the seller open to a 12% 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. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 2.72% ✓
• Cap rate: 23.80%
• Cash-on-cash: 62.52%
• DSCR: 3.78
• GRM: 3.1

CMA / ARV

• ARV (on-the-fly): $36,624
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1931 Spruce St	0.04mi	3/1.0	1,363 (-11%)	8mo	$33,000	$24	70
350 N Beauchamp Ave	0.55mi	3/2.0	1,478 (-3%)	21mo	$19,000	$13	51
713 Hart Drive Dr	0.58mi	3/1.5	1,673 (+10%)	16mo	$89,900	$54	41

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

1.13% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 28.7%
• Equity multiple: 2.48×
• Total profit: $20,728
• Equity at exit: $17,369

10-year hold

• IRR: 31.3%
• Equity multiple: 4.84×
• Total profit: $53,678
• Equity at exit: $23,342

Cash invested: $13,972 (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 38703

• Home prices YoY: 1.8%
• Active inventory: 19
• Price-to-rent: 3.1×

Monthly cashflow live

• Estimated rent: $1,358 medium
• Mortgage (P&I): −$262
• Tax est. 1.5%: −$62 /mo · $748/yr
• Insurance: −$21
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$285
• Net cashflow: $301

Break-even live

Break-even rent $976

Max offer price $49,900

Occupancy floor 73%

Sensitivity live

Price	-10% $336	-5% $319	+0% $301	+5% $284	+10% $267
Rent	-10% $194	-5% $248	+0% $301	+5% $355	+10% $409
Rate	-1.0pp $327	-0.5pp $314	base $301	+0.5pp $289	+1.0pp $275

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1462 S Colorado St Greenville, MS	2.0–3.0	2.0	1150	$1,358	$1.18	44d	4	1.46mi

Listing history 2 events

1. 2026-05-21
   status Pending
2. 2026-01-20
   listed $49,900 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 4/10 Moderate FEMA zone AE · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥111°F today · 21 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 37% 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: $16,296
• − Mortgage interest: −$2,795
• − Property taxes: −$748
• − Insurance: −$5,368
• − Repairs & maintenance: −$1,304
• − Management: −$1,304
• − Depreciation: −$1,452
• Taxable income: $3,325
• Est. tax owed @ 24.0%: −$798
• After-tax cash flow: $2,819/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: Greenville Public Schools
• NCES district ID: 2801620
• Math proficiency: 4% ▼ -20.00%
• Reading proficiency: 11% ▼ -12.00%
• Median HH income: $26,432
• Composite: 5.27/100
• National rank: #10035
• State rank: #126 of 130 in MS

Livability — Greenville

• Score: 57/100
• State rank: #284
• US rank: #21778

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Greenville, MS
• Population (ZIP): 11,243

Population outlook (Washington County) Hauer SSP2

• Today (2025): 41,424 people
• By 2030: 38,061 · -8.1%
• By 2040: 31,752 · -23.3%
• By 2050: 26,394 · -36.3%
• By 2075: 17,180 · -58.5%
• By 2100: 12,936 · -68.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (79%)
• Race & ethnicity: Black 79% White 17% Two or more races 2%
• Common ancestry: Serbian 1%
• Foreign-born: 0%
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Washington

• 2024 margin: Solid D (+35.0) · D 67.0% · R 32.0% · Other 1.1%
• 2008→2024 swing: +0.2pp no change · 2008: 34.7pp · 2024: 35.0pp
• All cycles: 2024: D+35.0 2020: D+40.0 2016: D+36.4 2012: D+42.7 2008: D+34.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.13%
• Current HPI: 64.0754
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

2 events — show timeline

• 2026-05-21 Pending — Greenville Area MLS
• 2026-01-20 Listed $49,900 Greenville Area MLS

Property tax history

-30.2%/yr

Latest (2025): $13 · +0.0% YoY. Source: county tax records.