13801 Foxrun Dr

Latimer, MS 39565

$189,000C

4 bd · 2.0 ba · 1,960 sqft · Built 2017 · Manufactured · Pending · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,816/mo
• Mortgage (P&I): −$991
• Tax + insurance: −$189
• HOA: −$0
• Vac / Maint / Mgmt: −$381
• Net cashflow: $254/mo
• Annual: $3,052/yr
• Cap rate: 7.91%
• Cash-on-cash: 5.77%
• DSCR: 1.26
• 1% rule: 0.96%
• Cash to close: $52,920

Investor read

• This is a 4-bed/2.0-bath manufactured listed at $189k. Condition is rated fair.
• At list price, monthly cash flow is $254 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $182k (3.9% below list).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $182k (3.9% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#120 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.
• Jackson County School District (rural): math 53% / reading 48% proficiency, ranked #10 of 130 in MS (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Vancleave Upper Elementary (math 51% / reading 48%, grade D, #65 of 375 statewide, top 20%, 351 students, 99% FRL); Vancleave High School (math 48% / reading 52%, grade D+, #19 of 197 statewide, top 10%, 737 students, 100% FRL) — zoned schools average 99% FRL vs 50% district-wide (49 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 194 active listings in the ZIP; 516 units permitted in Jackson County in 2024 (6 in 5+ unit buildings).
• 3 sale attempts since 6y 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.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; major 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 7.9% vs local median 3.5% in Latimer — 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

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Paint — Faded paint on exterior and interior
• Major: Landscaping — Sparse landscaping, could be improved with shrubs and flowers