928 Courthouse Rd #25 · Gulfport, MS 39507

$125,000

3 bd · 2.5 ba · 1,494 sqft · Condo public records · 51 Days on market

Built 1973 $84/sqft · 11% below area Est $140k · 11% under $430/mo HOA · 26% of rent ↓ 4% 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 +18.9/30.0
• ARV discount +12.4/15.0
• 1% rule +8.4/10.0
• DSCR +5.9/10.0
• Livability +3.7/5.0
• Rent growth +3.6/5.0
• Schools +3.4/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Spacious 3 bedroom, 2 bath condo located in the highly sought-after Racquet Club Townhouses. This desirable, low-maintenance complex offers easy living in a prime location close to shopping, dining, and entertainment. The well-designed kitchen features abundant cabinetry and storage, while the living area includes a convenient wet bar—perfect for entertaining. Enjoy relaxing on the covered back patio, plus the added benefit of a rear-entry garage for privacy and curb appeal. Well maintained grounds surround the complex. Bring your imagination and needed repairs to make this your home. * * This property is eligible under the First Look Initiative. All Owner Occupant offers will be re

Key facts

• Convenient wet bar
• Covered back patio
• Rear entry garage

Tags

• LOW MAINTENANCE COMPLEX
• WELL DESIGNED KITCHEN
• CONVENIENT WET BAR
• COVERED BACK PATIO
• REAR ENTRY GARAGE
• WELL MAINTAINED GROUNDS

Property features AI

Finance

• Other: Property condition: Fixer
• HOA & community: Monthly association fee of $430; HOA covers insurance, grounds maintenance, management, and pest control

Exterior

• Parking: Assigned parking; Garage faces rear; Paved parking; 1 garage space (2 total parking spaces)
• Utilities: Public water; Public sewer; Cable connected; Electricity connected; Fiber to the house
• Home design: Condominium; Multi-family structure; Two levels; Pets allowed
• Construction: Brick construction; Brick/mortar and slab foundation
• Exterior features: Private courtyard; Rain gutters

Interior

• Kitchen: Dishwasher; Electric range; Refrigerator; Granite counters
• Flooring: Carpet; Laminate; Tile
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Central heating; Heat pump; Central air; Ceiling fans
• Interior features: Bookcases; Ceiling fans; Granite counters; Wet bar; French doors; Living room fireplace (see remarks)
• Laundry & utility: Laundry in hall (laundry closet on main level); Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath condo listed at $125k.

Deal economics

• At list price, monthly cash flow is $61 ($736/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $121k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.5% 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.

Location & tenants

• 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: amenities F, commute F, employment 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.
• Zoned schools: Bayou View Elementary School (math 78% / reading 83%, grade A+, #2 of 375 statewide, top 0%, 682 students, 100% FRL); Bayou View Middle School (math 54% / reading 49%, grade C, #27 of 179 statewide, top 16%, 826 students, 100% FRL); Gulfport High School (math 42% / reading 36%, grade F, #54 of 197 statewide, top 28%, 1,728 students, 100% FRL) — zoned schools average 100% FRL vs 67% district-wide (33 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 57% at this address vs 42% district-wide (+16 pts) — the actual schools serving this property are materially stronger than the Gulfport School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+4.3%/yr); 301 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 46% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,194 units permitted in Harrison County in 2024 (0 in 5+ unit buildings).
• This rent runs 37% of the median local income ($55k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Harrison County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($121k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts 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: flood insurance adds $66/mo; HOA is 26% of rent.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $121,250 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1973 — 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.34% ✓
• Cap rate: 7.52%
• Cash-on-cash: 4.38%
• DSCR: 1.19
• GRM: 6.2

CMA / ARV

• ARV (median comp): $140,132
• List price: $125,000
• Delta: -10.80%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.26% rent growth · sell at horizon

5-year hold

• IRR: -10.7%
• Equity multiple: 0.60×
• Total profit: $-13,937
• Equity at exit: $18,638

10-year hold

• IRR: 1.1%
• Equity multiple: 1.09×
• Total profit: $3,009
• Equity at exit: $10,808

Cash invested: $35,000 (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 39507

• Home prices YoY: -27.1%
• Rents YoY: 4.3%
• Active inventory: 301
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $1,671 high
• Mortgage (P&I): −$656
• Tax from tax record: −$54 /mo · $652/yr
• Insurance: −$52
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$430
• Vacancy / Maint / Mgmt: −$351
• Net cashflow: $61

Break-even live

Break-even rent $1,593

Max offer price $125,000

Occupancy floor 91%

Sensitivity live

Price	-10% $132	-5% $97	+0% $61	+5% $26	+10% $-9
Rent	-10% $-71	-5% $-5	+0% $61	+5% $127	+10% $193
Rate	-1.0pp $124	-0.5pp $93	base $61	+0.5pp $29	+1.0pp $-4

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
980 Courthouse Rd Unit 1605 Gulfport, MS	2.0	2.0	1227	$1,355	$1.10	22d	1	0.07mi
200 Commerce St Gulfport, MS	2.0	1.0	900	$1,100	$1.22	22d	1	0.32mi
1100 Snapper CT Gulfport, MS	3.0	2.5	1553	$1,775	$1.14	22d	1	0.45mi
1400 Mill Rd Gulfport, MS	2.0	2.5	1290	$2,550	$1.98	45d	1	0.51mi
3503 Hancock Ave Gulfport, MS	2.0	2.5	1100	$1,100	$1.00	22d	1	0.62mi
954 Old Towne St Gulfport, MS	3.0	2.0	1533	$1,900	$1.24	15d	1	0.62mi
477 Tegarden Rd Unit D Gulfport, MS	3.0	2.0	1300	$1,300	$1.00	15d	1	0.68mi
1114 Washington Ave Gulfport, MS	3.0	2.0	1200	$1,350	$1.12	22d	1	0.68mi
1618 Courthouse Rd Gulfport, MS	3.0	1.0	1168	$1,400	$1.20	45d	1	0.76mi
4801 Jefferson Ave Gulfport, MS	3.0	2.0	1072	$1,800	$1.68	22d	1	0.83mi
3209 F Ave Gulfport, MS	2.0	1.0	1000	$850	$0.85	45d	1	1.01mi
696 Hunters Glen Ln Gulfport, MS	3.0	1.5	1000	$1,800	$1.80	22d	1	1.04mi
124 30th 1/2 St Gulfport, MS	2.0	1.5	1007	$1,100	$1.09	45d	1	1.10mi
1525 E Pass Rd Gulfport, MS	1.0–3.0	1.0–2.0	1070	$1,519	$1.42	22d	1	1.11mi
986 Waterford Ln Gulfport, MS	3.0	1.5	1000	$1,650	$1.65	45d	1	1.13mi
229 Milray Ln Gulfport, MS	2.0	2.5	889	$1,795	$2.02	22d	1	1.14mi
1229 Century Oaks Dr Gulfport, MS	3.0	3.0	1200	$2,600	$2.17	22d	1	1.18mi
1270 Century Oaks Dr Gulfport, MS	3.0	3.0	1158	$1,950	$1.68	45d	1	1.22mi
1131 Century Oaks Dr Gulfport, MS	3.0	3.0	1156	$1,800	$1.56	45d	1	1.22mi
1276 Century Oaks Dr Gulfport, MS	3.0	3.0	1283	$2,100	$1.64	45d	1	1.25mi
1101 Century Oaks Dr Gulfport, MS	3.0	3.0	1330	$1,700	$1.28	45d	1	1.25mi
153 Markham Dr Gulfport, MS	3.0	2.0	1650	$3,000	$1.82	45d	1	1.26mi
1100 Century Oaks Dr Unit A Gulfport, MS	3.0	3.0	1156	$2,200	$1.90	45d	1	1.26mi
1215 Ocean View Dr Gulfport, MS	3.0	2.0	1710	$2,895	$1.69	22d	1	1.31mi
125 Brentwood Blvd Gulfport, MS	4.0	2.0	1448	$2,000	$1.38	22d	1	1.40mi
1339 Foxwood Pl Gulfport, MS	3.0	2.0	1100	$1,375	$1.25	45d	1	1.41mi

HOA detail condo

• Monthly dues: $430 · $5,160/yr
• Likely covers: landscaping
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 26 events

1. 2026-06-22
   days on market $125,000 Active 51 DOM
2. 2026-06-18
   days on market $125,000 Active 48 DOM
3. 2026-06-17
   days on market $125,000 Active 47 DOM
4. 2026-06-16
   days on market $125,000 Active 46 DOM
5. 2026-06-15
   days on market $125,000 Active 45 DOM
6. 2026-06-14
   days on market $125,000 Active 43 DOM
7. 2026-06-13
   days on market $125,000 Active 42 DOM
8. 2026-06-10
   days on market $125,000 Active 40 DOM
9. 2026-06-09
   days on market $125,000 Active 39 DOM
10. 2026-06-08
    days on market $125,000 Active 38 DOM
11. 2026-06-07
    days on market $125,000 Active 37 DOM
12. 2026-06-05
    days on market $125,000 Active 34 DOM
13. 2026-06-02
    days on market $125,000 Active 32 DOM
14. 2026-06-01
    days on market $125,000 Active 31 DOM
15. 2026-05-31
    days on market $125,000 Active 30 DOM
16. 2026-05-30
    days on market $125,000 Active 29 DOM
17. 2026-04-30
    listed $125,000 Active 857-char remark
18. 2026-04-15
    historical
19. 2026-01-30
    price $115,000
20. 2026-01-08
    status Active
21. 2026-01-07
    historical
22. 2025-08-26
    status Active
23. 2025-08-25
    historical
24. 2025-05-27
    listed $130,000 Active
25. 2016-11-18
    soldstatus
26. 2008-07-23
    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: $652 · $54/mo
• Projected year-2 tax: $988 · $82/mo
• Expected delta: +$335/yr (+$28/mo · 51.5%)

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (shaded) · 75% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°F today · 24 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,046
• − Mortgage interest: −$7,002
• − Property taxes: −$652
• − Insurance: −$1,422
• − Repairs & maintenance: −$1,604
• − Management: −$1,604
• − HOA: −$5,160
• − Depreciation: −$3,636
• Taxable loss: −$1,034
• Est. tax savings @ 24.0%: +$248
• After-tax cash flow: $984/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: Gulfport School District
• NCES district ID: 2801710
• Math proficiency: 41% ▼ -15.00%
• Reading proficiency: 42% ▼ -6.00%
• Median HH income: $35,712
• Composite: 34.38/100
• National rank: #5213
• State rank: #37 of 130 in MS

Livability — Gulfport

• Score: 73/100
• State rank: #15
• US rank: #5010

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gulfport, MS
• County: Harrison County · 178,171 people
• City population: 96,188
• Metro: Gulfport-Biloxi, MS
• Population (ZIP): 18,564
• Household income: $54,657
• Rent vs Own: 44.3% rent · 55.7% own
• Severe rent burden: 1059.0

Population outlook (Harrison County) Hauer SSP2

• Today (2025): 228,444 people
• By 2030: 241,942 · +5.9%
• By 2040: 267,531 · +17.1%
• By 2050: 291,062 · +27.4%
• By 2075: 346,711 · +51.8%
• By 2100: 378,165 · +65.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (65%)
• Race & ethnicity: White 65% Black 24% Hispanic / Latino 6% Two or more races 5% Asian 1%
• Hispanic origin (detail): Mexican 2% Cuban 1%
• Common ancestry: Slovak 4% Lithuanian 4% Romanian 2%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 2% French/Haitian/Cajun 2% Other Indo-European 1%

Political lean MEDSL · Harrison

• 2024 margin: Strong R (+28.9) · D 35.0% · R 63.9% · Other 1.1%
• 2008→2024 swing: -2.9pp toward R · 2008: -26.0pp · 2024: -28.9pp
• All cycles: 2024: R+28.9 2020: R+25.2 2016: R+30.7 2012: R+26.6 2008: R+26.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -67.48%
• Current HPI: 181.6606
• Rent YoY: ▲ 4.26%
• Metro: Gulfport-Biloxi, MS
• State GDP YoY: —
• F500 in state: 0

Price history

-3.8% since first listed

10 events — show timeline

• 2026-04-30 Listed $125,000 MLSU
• 2026-04-15 Listing Removed — MLSU
• 2026-01-30 Price Changed $115,000 MLSU
• 2026-01-08 Relisted — MLSU
• 2026-01-07 Listing Removed — MLSU
• 2025-08-26 Relisted — MLSU
• 2025-08-25 Listing Removed — MLSU
• 2025-05-27 Listed $130,000 MLSU
• 2016-11-18 Sold (Public Records) — Public Records
• 2008-07-23 Sold (Public Records) — Public Records

Property tax history

-2.0%/yr

Latest (2025): $652 · +0.0% YoY. Source: county tax records.