7087-7091 Hancock Dr · Waveland, MS 39520

$275,000

12 bd · 6.0 ba · 2,000 sqft · MultiFamily · 256 Days on market

Built 2024 Good condition 0.31 ac lot $138/sqft · 86% above area

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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 +21.9/30.0
• ARV discount +7.5/15.0
• DSCR +7.0/10.0
• 1% rule +5.7/10.0
• Condition / age +4.0/5.0
• Schools +3.9/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

New Construction Double in Bayside Park. Property currently is fully occupied. Each unit has 2 bedrooms and 1 bath with laundry hook ups and an open living/kitchen space giving plenty of room for a dining and living area. Each unit has a separate driveway. Just a few blocks from casinos and beaches. If you are looking for an investment property on the Gulf Coast...This one may be the one for you.

Key facts

• New construction
• Investment property
• Laundry hook ups

Tags

• NEW CONSTRUCTION
• LAUNDRY HOOK UPS
• OPEN LIVING KITCHEN SPACE
• SEPARATE DRIVEWAY
• INVESTMENT PROPERTY

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1-bath units multifamily listed at $275k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $7 ($89/yr) — positive. Per door: $2/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $275k).
• Recommended offer: $242k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.2% vs local median 2.5% in Waveland — 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 61/100 on livability (#199 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 D-.
• Hancock County School District (rural): math 47% / reading 44% proficiency, ranked #23 of 130 in MS (top 18%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: South Hancock Elementary School (math 34% / reading 32%, grade F, #168 of 375 statewide, top 45%, 535 students, 100% FRL); Hancock Middle School (math 48% / reading 44%, grade D+, #39 of 179 statewide, top 22%, 958 students, 100% FRL); Hancock High School (math 42% / reading 43%, grade F, #42 of 197 statewide, top 21%, 1,187 students, 100% FRL) — zoned schools average 100% FRL vs 58% district-wide (41 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 622 active listings in the ZIP; 248 units permitted in Hancock County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Hancock County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 256 days — a 12% lower offer ($242k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $242,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 256 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
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: 1.07% ✓
• Cap rate: 8.19%
• Cash-on-cash: 6.76%
• DSCR: 1.30
• GRM: 7.8

CMA / ARV

• ARV (median comp): $148,239
• List price: $275,000
• Delta: 85.51%
• Verdict: OVERPRICED
• Comps: 17 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -16.0%
• Equity multiple: 0.43×
• Total profit: $-43,781
• Equity at exit: $41,003

10-year hold

• IRR: -7.4%
• Equity multiple: 0.53×
• Total profit: $-36,267
• Equity at exit: $23,777

Cash invested: $77,000 (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 39520

• Active inventory: 622
• Price-to-rent: 23.3×

Monthly cashflow live

• Estimated rent: $2,955 medium
• Mortgage (P&I): −$1,442
• Tax est. 1.5%: −$344 /mo · $4,125/yr
• Insurance: −$115
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$621
• Net cashflow: $7

Break-even live

Break-even rent $2,946

Max offer price $275,000

Occupancy floor 95%

Sensitivity live

Price	-10% $197	-5% $102	+0% $7	+5% $-88	+10% $-183
Rent	-10% $-226	-5% $-109	+0% $7	+5% $124	+10% $241
Rate	-1.0pp $146	-0.5pp $77	base $7	+0.5pp $-64	+1.0pp $-136

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$2,955
Total (3 units)			$2,955

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-21
   days on market $275,000 Active 256 DOM
2. 2026-06-18
   days on market $275,000 Active 253 DOM
3. 2026-06-17
   days on market $275,000 Active 252 DOM
4. 2026-06-16
   days on market $275,000 Active 251 DOM
5. 2026-06-15
   days on market $275,000 Active 250 DOM
6. 2026-06-14
   days on market $275,000 Active 248 DOM
7. 2026-06-13
   days on market $275,000 Active 247 DOM
8. 2026-06-10
   days on market $275,000 Active 245 DOM
9. 2026-06-09
   days on market $275,000 Active 244 DOM
10. 2026-06-08
    days on market $275,000 Active 243 DOM
11. 2026-06-07
    days on market $275,000 Active 242 DOM
12. 2026-06-05
    days on market $275,000 Active 239 DOM
13. 2026-06-03
    days on market $275,000 Active 238 DOM
14. 2026-06-02
    days on market $275,000 Active 237 DOM
15. 2026-06-01
    days on market $275,000 Active 236 DOM
16. 2026-05-31
    days on market $275,000 Active 235 DOM
17. 2026-05-30
    days on market $275,000 Active 234 DOM
18. 2025-10-08
    listed $275,000 Active 400-char remark

    Show marketing remark (400 chars)

    New Construction Double in Bayside Park. Property currently is fully occupied. Each unit has 2 bedrooms and 1 bath with laundry hook ups and an open living/kitchen space giving plenty of room for a dining and living area. Each unit has a separate driveway. Just a few blocks from casinos and beaches. If you are looking for an investment property on the Gulf Coast...This one may be the one for you.

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone AE · 23% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 21 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% 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: $35,460
• − Mortgage interest: −$15,404
• − Property taxes: −$4,125
• − Insurance: −$6,494
• − Repairs & maintenance: −$2,837
• − Management: −$2,837
• − Depreciation: −$8,000
• Taxable loss: −$4,236
• Est. tax savings @ 24.0%: +$1,017
• After-tax cash flow: $1,106/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.

Condition & rehab AI · 11 photos

Good 80/100 Cosmetic rehab

This multi-family property is in good condition with a cosmetic rehab level, ready for minor updates to enhance its curb appeal and interior aesthetics.

Value-add opportunities

• Both Painting exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics.
• Both Landscaping and curb appeal improvements — Enhanced landscaping can improve curb appeal and attract potential buyers/tenants.
• Both HVAC maintenance and tune-up — A well-maintained HVAC system can improve comfort and energy efficiency, attracting more tenants and buyers.
• Both Kitchen and bathroom updates — Modernizing these spaces can increase the home's appeal and value for both buyers and tenants.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics. ↑
• Both Landscaping and curb appeal improvements — Enhanced landscaping can improve curb appeal and attract potential buyers/tenants. ↑
• Both HVAC maintenance and tune-up — A well-maintained HVAC system can improve comfort and energy efficiency, attracting more tenants and buyers. ↑
• Both Kitchen and bathroom updates — Modernizing these spaces can increase the home's appeal and value for both buyers and tenants. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Hancock County School District
• NCES district ID: 2801740
• Math proficiency: 47% ▼ -11.00%
• Reading proficiency: 44% ▼ -9.00%
• Median HH income: $47,971
• Composite: 38.88/100
• National rank: #4099
• State rank: #23 of 130 in MS

Livability — Waveland

• Score: 61/100
• State rank: #199
• US rank: #18110

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 6,249
• Population (ZIP): 15,471

Population outlook (Hancock County) Hauer SSP2

• Today (2025): 52,161 people
• By 2030: 54,753 · +5.0%
• By 2040: 59,242 · +13.6%
• By 2050: 62,417 · +19.7%
• By 2075: 68,168 · +30.7%
• By 2100: 69,212 · +32.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Black 11% Two or more races 6% Hispanic / Latino 3% Asian 1%
• Common ancestry: Lithuanian 15% Romanian 2% Serbian 2%
• Foreign-born: 3% · Canada, China
• Languages at home: 96% English-only · Spanish 2% Chinese 1%

Political lean MEDSL · Hancock

• 2024 margin: Solid R (+58.7) · D 20.1% · R 78.8% · Other 1.1%
• 2008→2024 swing: -4.4pp toward R · 2008: -54.2pp · 2024: -58.7pp
• All cycles: 2024: R+58.7 2020: R+55.5 2016: R+59.4 2012: R+52.8 2008: R+54.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -169.80%
• Current HPI: 227.2103
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2025-10-08 Listed $275,000 MLSU