17209 Red Top Ln

Wade, MS 39562

$153,000C+

5 bd · 2.0 ba · 2,432 sqft · Built 2020 · Manufactured · Pending · 46 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,663/mo
• Mortgage (P&I): −$802
• Tax + insurance: −$116
• HOA: −$0
• Vac / Maint / Mgmt: −$349
• Net cashflow: $396/mo
• Annual: $4,750/yr
• Cap rate: 9.40%
• Cash-on-cash: 11.09%
• DSCR: 1.49
• 1% rule: 1.09%
• Cash to close: $42,840

Investor read

• This is a 5-bed/2.0-bath manufactured listed at $153k.
• At list price, monthly cash flow is $396 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $153k).
• It's been on market 46 days — a 3% lower offer ($148k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $148k (3.0% 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 59/100 on livability (#256 in MS) — a working-class tenant base; expect higher turnover. Strengths: crime A+, cost of living A+, housing B+; Watch: health & safety D+, amenities F, commute 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: East Central High School (math 52% / reading 53%, grade C-, #12 of 197 statewide, top 6%, 787 students, 100% FRL) — zoned schools average 100% FRL vs 50% district-wide (50 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 109 active listings in the ZIP; 516 units permitted in Jackson County in 2024 (6 in 5+ unit buildings).
• 3 sale attempts; this cycle's ask has dropped $27k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $43k cash investment doubles in ~10 years — after that, you're playing with house money.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; severe wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 46 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• 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.