23 Green Acres Rd · Morgantown, MS 39120

$148,000

4 bd · 1.0 ba · 2,308 sqft · SingleFamily public records · 68 Days on market

Built 1957 0.51 ac lot $64/sqft · 31% below area Est $213k · 31% under ↓ 12% since listing

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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 +20.6/30.0
• ARV discount +15.0/15.0
• DSCR +6.5/10.0
• 1% rule +5.1/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Spacious well maintained 4 bedroom 2 1/2 bath home located in the Green Acres subdivision. The property is located on over 1/2 acre of land with plenty of room for entertaining or family gatherings. There is also a fireplace and sunroom in addition to the spacious bedrooms and family room. For additional safety there is a two car garage that leads into the home for extra added security. Looking for space both interior and exterior, this one is a must see.

Key facts

• Over 1/2 acre
• Sunroom
• Two car garage

Tags

• OVER 1/2 ACRE
• FIREPLACE
• SUNROOM
• TWO CAR GARAGE

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $148k.

Deal economics

• At list price, monthly cash flow is $198 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $148k).
• Recommended offer: $139k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 65/100 on livability (#106 in MS) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A-; Watch: health & safety C-, schools F, amenities F.
• Natchez-Adams School District (town): math 8% / reading 19% proficiency, ranked #114 of 130 in MS (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 90% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 283 active listings in the ZIP; 6 units permitted in Adams County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Adams County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 68 days — a 6% lower offer ($139k) is reasonable based on typical stale-listing flexibility.
• 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.

Risks & watch-outs

• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 91% chance of damaging wind over 30y; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $139,120 (6.0% below list)

Questions for the listing agent

1. It's been on market 68 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1957 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.01% ✓
• Cap rate: 7.90%
• Cash-on-cash: 5.72%
• DSCR: 1.25
• GRM: 8.3

CMA / ARV

• ARV (median comp): $213,159
• List price: $148,000
• Delta: -30.57%
• Verdict: UNDERPRICED
• Comps: 7 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -7.4%
• Equity multiple: 0.73×
• Total profit: $-11,395
• Equity at exit: $22,067

10-year hold

• IRR: 2.1%
• Equity multiple: 1.15×
• Total profit: $6,278
• Equity at exit: $12,796

Cash invested: $41,440 (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 39120

• Active inventory: 283
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,492 medium
• Mortgage (P&I): −$776
• Tax from tax record: −$143 /mo · $1,721/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$313
• Net cashflow: $198

Break-even live

Break-even rent $1,242

Max offer price $148,000

Occupancy floor 82%

Sensitivity live

Price	-10% $281	-5% $240	+0% $198	+5% $156	+10% $114
Rent	-10% $80	-5% $139	+0% $198	+5% $257	+10% $316
Rate	-1.0pp $272	-0.5pp $235	base $198	+0.5pp $159	+1.0pp $120

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: $37,000
• Closing costs: $4,440
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-05-02
   status Pending 459-char remark

   Show marketing remark (459 chars)

   Spacious well maintained 4 bedroom 2 1/2 bath home located in the Green Acres subdivision. The property is located on over 1/2 acre of land with plenty of room for entertaining or family gatherings. There is also a fireplace and sunroom in addition to the spacious bedrooms and family room. For additional safety there is a two car garage that leads into the home for extra added security. Looking for space both interior and exterior, this one is a must see.

2. 2026-02-23
   listed $148,000 Active 459-char remark

   Show marketing remark (459 chars)

   Spacious well maintained 4 bedroom 2 1/2 bath home located in the Green Acres subdivision. The property is located on over 1/2 acre of land with plenty of room for entertaining or family gatherings. There is also a fireplace and sunroom in addition to the spacious bedrooms and family room. For additional safety there is a two car garage that leads into the home for extra added security. Looking for space both interior and exterior, this one is a must see.

3. 2025-10-02
   historical
4. 2025-04-02
   listed $150,000 Active
5. 2021-02-23
   historical
6. 2020-09-13
   listed $167,500

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MS · Resets to sale price

• Current annual tax: $1,721 · $143/mo
• Projected year-2 tax: $1,721 · $143/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 7/10 Severe 7 d/yr ≥107°F today · 19 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 91% 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: $17,907
• − Mortgage interest: −$8,290
• − Property taxes: −$1,721
• − Insurance: −$740
• − Repairs & maintenance: −$1,433
• − Management: −$1,433
• − Depreciation: −$4,305
• Taxable loss: −$15
• Est. tax savings @ 24.0%: +$3
• After-tax cash flow: $2,376/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: Natchez-Adams School District
• NCES district ID: 2803030
• Math proficiency: 8% ▼ -16.00%
• Reading proficiency: 19% ▼ -5.00%
• Median HH income: $28,288
• Composite: 10.41/100
• National rank: #9785
• State rank: #114 of 130 in MS

Livability — Morgantown

• Score: 65/100
• State rank: #106
• US rank: #12538

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 29,212

Population outlook (Adams County) Hauer SSP2

• Today (2025): 28,614 people
• By 2030: 27,405 · -4.2%
• By 2040: 24,914 · -12.9%
• By 2050: 22,554 · -21.2%
• By 2075: 17,096 · -40.3%
• By 2100: 12,156 · -57.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.55)
• Race & ethnicity: Black 56% White 37% Hispanic / Latino 4% Two or more races 2%
• Common ancestry: Lithuanian 2% Slovak 1% Serbian 1%
• Foreign-born: 5% · Canada
• Languages at home: 94% English-only · Spanish 4% Other Asian/Pacific 1%

Political lean MEDSL · Adams

• 2024 margin: D (+13.9) · D 56.5% · R 42.6%
• 2008→2024 swing: -1.7pp toward R · 2008: 15.6pp · 2024: 13.9pp
• All cycles: 2024: D+13.9 2020: D+16.1 2016: D+14.7 2012: D+18.0 2008: D+15.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -93.67%
• Current HPI: 112.2371
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-11.6% since first listed

6 events — show timeline

• 2026-05-02 Pending — MLSU
• 2026-02-23 Listed $148,000 MLSU
• 2025-10-02 Listing Removed — MLSU
• 2025-04-02 Listed $150,000 MLSU
• 2021-02-23 Listing Removed — MLSU
• 2020-09-13 Listed $167,500 MLSU

Property tax history

+4.7%/yr

Latest (2025): $1,721 · +23.0% YoY. Source: county tax records.