2602 Latimer Ave · Jackson, MS 39209

$19,000

3 bd · 1.0 ba · 988 sqft · SingleFamily public records · 387 Days on market

Built 1947 10,018 sqft lot $19/sqft · 36% below area Est $30k · 36% under ↓ 24% 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 +15.0/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0

Listing remarks MLS

Great investment opportunity with a little TLC! This 3-bedroom, 2-bath home is close to schools and shopping. Schedule a showing today!

Key facts

• 0.23 acre lot
• Built 1947
• Listed 387 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $19k.

Deal economics

• At list price, monthly cash flow is $651 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $19k).
• Recommended offer: $17k (12.0% below list) — sets the bar for market timing.
• Cap rate 47.4% vs local median 9.9% in Jackson — 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 68/100 on livability (#66 in MS) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities F, employment F, health & safety F.
• Jackson Public School District (urban): math 9% / reading 18% proficiency, ranked #112 of 130 in MS (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 88% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Pecan Park Elementary School (math 3% / reading 15%, grade F, #332 of 375 statewide, top 88%, 463 students, 100% FRL); Bailey Middle Apac School (math 46% / reading 62%, grade B-, #18 of 179 statewide, top 10%, 247 students, 100% FRL); Provine High School (math 4% / reading 15%, grade F, #179 of 197 statewide, top 92%, 774 students, 100% FRL).
• Market conditions: 165 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 60% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 167 units permitted in Hinds County in 2024 (0 in 5+ unit buildings).
• This rent runs 34% of the median local income ($36k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $2k of equity ($131 loan paydown + $2k appreciation (10.0% local appreciation)).
• Hinds County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $5k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 387 days — a 12% lower offer ($17k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 3.2% of price; built in 1947 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $16,720 (12.0% below list)

Questions for the listing agent

1. It's been on market 387 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 1947 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 5.40% ✓
• Cap rate: 47.40%
• Cash-on-cash: 146.81%
• DSCR: 7.53
• GRM: 1.5

CMA / ARV

• ARV (median comp): $29,663
• List price: $19,000
• Delta: -35.95%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
409 Houston Ave	0.09mi	3/2.0	988 (0%)	8mo	$25,000	$25	85
2629 Latimer Ave	0.05mi	3/1.0	1,063 (+8%)	3mo	$19,000	$18	83
350 Houston Ave	0.09mi	3/1.0	1,064 (+8%)	11mo	$29,000	$27	74
269 O Ferrell Ave	0.53mi	3/1.0	1,036 (+5%)	3mo	$22,000	$21	64
227 Columbus St	0.55mi	3/1.0	1,008 (+2%)	9mo	$35,500	$35	63
220 Lemly Ave	0.43mi	3/1.5	1,036 (+5%)	15mo	$66,800	$64	58
423 Willaman St	0.66mi	2/1.0 (-1)	919 (-7%)	1mo	$32,000	$35	52
173 Parkside Pl	0.64mi	2/1.0 (-1)	896 (-9%)	11mo	$17,000	$19	40
207 Lindsey Dr	0.74mi	3/1.0	936 (-5%)	22mo	$19,900	$21	38

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 10.74×
• Total profit: $51,835
• Equity at exit: $17,117

10-year hold

• IRR: —
• Equity multiple: 23.58×
• Total profit: $120,110
• Equity at exit: $36,913

Cash invested: $5,320 (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 39209

• Home prices YoY: 7.7%
• Active inventory: 165
• Price-to-rent: 1.5×

Monthly cashflow live

• Estimated rent: $1,025 high
• Mortgage (P&I): −$100
• Tax from tax record: −$51 /mo · $617/yr
• Insurance: −$8
• HOA: −$0
• Vacancy / Maint / Mgmt: −$215
• Net cashflow: $651

Break-even live

Break-even rent $201

Max offer price $19,000

Occupancy floor 32%

Sensitivity live

Price	-10% $662	-5% $656	+0% $651	+5% $645	+10% $640
Rent	-10% $570	-5% $610	+0% $651	+5% $691	+10% $732
Rate	-1.0pp $660	-0.5pp $656	base $651	+0.5pp $646	+1.0pp $641

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: $4,750
• Closing costs: $570
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1818 Saint Charles St Jackson, MS	3.0	1.0	983	$995	$1.01	45d	1	0.58mi
205 Lindsey Dr Jackson, MS	2.0	1.0	676	$850	$1.26	45d	1	0.76mi
255 S Prentiss St Jackson, MS	2.0	1.0	729	$1,000	$1.37	45d	1	0.84mi
1711 Robinson St Jackson, MS	2.0	1.0	800	$800	$1.00	25d	1	0.91mi
4567 Meadowmont Dr Jackson, MS	3.0	1.0	912	$800	$0.88	45d	1	1.02mi
723 Glenmont Dr Jackson, MS	3.0	1.0	1018	$1,000	$0.98	45d	1	1.05mi
1240 Lawnview Pl Jackson, MS	1.0–2.0	1.0	650	$845	$1.30	15d	13	1.12mi
1204 First Ave Jackson, MS	2.0	1.0	800	$725	$0.91	25d	1	1.17mi
2157 Ludlow Ave Unit Na Jackson, MS	3.0	2.0	1123	$1,450	$1.29	15d	1	1.29mi
2157 Ludlow Ave Jackson, MS	3.0	2.0	1123	$1,300	$1.16	45d	1	1.29mi

Listing history 6 events

1. 2026-05-31
   days on market $19,000 Active 387 DOM
2. 2026-05-30
   days on market $19,000 Active 386 DOM
3. 2025-09-08
   price $19,000 135-char remark

   Show marketing remark (135 chars)

   Great investment opportunity with a little TLC! This 3-bedroom, 2-bath home is close to schools and shopping. Schedule a showing today!

4. 2025-05-09
   listed $25,000 Active 135-char remark

   Show marketing remark (135 chars)

   Great investment opportunity with a little TLC! This 3-bedroom, 2-bath home is close to schools and shopping. Schedule a showing today!

5. 2004-09-01
   soldstatus
6. 1964-11-11
   soldstatus

ⓘ 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: $617 · $51/mo
• Projected year-2 tax: $617 · $51/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 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥108°F today · 18 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% 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: $12,301
• − Mortgage interest: −$1,064
• − Property taxes: −$617
• − Insurance: −$95
• − Repairs & maintenance: −$984
• − Management: −$984
• − Depreciation: −$553
• Taxable income: $8,004
• Est. tax owed @ 24.0%: −$1,921
• After-tax cash flow: $5,889/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: Jackson Public School District
• NCES district ID: 2802190
• Math proficiency: 9% ▼ -14.00%
• Reading proficiency: 18% ▼ -7.00%
• Median HH income: $33,234
• Composite: 10.89/100
• National rank: #9755
• State rank: #112 of 130 in MS

Livability — Jackson

• Score: 68/100
• State rank: #66
• US rank: #9695

Category grades

Amenities F Commute A+ 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: Jackson, MS
• County: Hinds County · 167,040 people
• City population: 140,204
• Metro: Jackson, MS
• Population (ZIP): 25,776
• Household income: $36,344
• Rent vs Own: 52.3% rent · 47.7% own
• Severe rent burden: 1627.0

Population outlook (Hinds County) Hauer SSP2

• Today (2025): 242,528 people
• By 2030: 241,113 · -0.6%
• By 2040: 235,557 · -2.9%
• By 2050: 226,946 · -6.4%
• By 2075: 199,995 · -17.5%
• By 2100: 164,165 · -32.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (90%)
• Race & ethnicity: Black 90% White 7% Two or more races 2% Hispanic / Latino 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Hinds

• 2024 margin: Solid D (+46.1) · D 72.4% · R 26.3% · Other 1.4%
• 2008→2024 swing: +7.1pp toward D · 2008: 39.0pp · 2024: 46.1pp
• All cycles: 2024: D+46.1 2020: D+48.3 2016: D+43.7 2012: D+45.1 2008: D+39.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 22.28%
• Current HPI: 312.6754
• Rent YoY: —
• Metro: Jackson, MS
• State GDP YoY: —
• F500 in state: 0

Price history

-24.0% since first listed

4 events — show timeline

• 2025-09-08 Price Changed $19,000 MLSU
• 2025-05-09 Listed $25,000 MLSU
• 2004-09-01 Sold (Public Records) — Public Records
• 1964-11-11 Sold (Public Records) — Public Records

Property tax history

-0.1%/yr

Latest (2025): $617 · -0.3% YoY. Source: county tax records.