930 Park Vw Unit A & B

Gulfport, MS 39507

$178,200B

6 bd · 4.0 ba · 2,073 sqft · Built 2006 · MultiFamily · Active · 234 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,955/mo
• Mortgage (P&I): −$935
• Tax + insurance: −$724
• HOA: −$0
• Vac / Maint / Mgmt: −$621
• Net cashflow: $676/mo
• Annual: $8,117/yr
• Cap rate: 13.72%
• Cash-on-cash: 26.53%
• DSCR: 2.18
• 1% rule: 1.66%
• Cash to close: $49,896

Investor read

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $178k. Condition is rated poor.
• At list price, monthly cash flow is $676 ($8k/yr) — positive. Per door: $338/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $178k).
• It's been on market 234 days — a 12% lower offer ($157k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $157k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#15 in MS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D, amenities F, commute F.
• Gulfport School District (urban): math 41% / reading 42% proficiency, ranked #37 of 130 in MS (top 28%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 67% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: Rents rising fast (+4.3%/yr); 301 active listings in the ZIP; 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.
• At projected returns (-3.0% appreciation + 4.3% rent growth), your $50k cash investment doubles in ~7 years — after that, you're playing with house money.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 13.7% vs local median 4.9% in Gulfport — 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.
• At $2,955/mo this rent would consume 65% of the median local household income ($55k/yr) (locally 1059% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 234 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?

Repairs flagged (vision-AI assessment)

• Major: Exposed wiring — Safety hazard
• Major: Structural damage — Safety hazard
• Major: Debris — Safety hazard