233 S 12th Ave · Hattiesburg, MS 39401

$283,500

None bd · 1.0 ba · 1,689 sqft · MultiFamily public records · 27 Days on market

Built 1930

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Why this score? — see what drove the D 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 +13.9/30.0
• ARV discount +7.5/15.0
• DSCR +4.2/10.0
• Rent growth +4.1/5.0
• Livability +4.0/5.0
• 1% rule +3.1/10.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

ENTERED FOR COMPS, THANKS CARRIE FOR THE SALE! WHAT A DEAL SOME GOT, A CASH COW 3 OCCUPIED UNITS 4 UNIT IS A SHELL WAITING FOR BUILD OUT. EFFI.

Key facts

• Adjoining lot
• Future development
• Four rental units

Tags

• FOUR RENTAL UNITS
• ADJOINING LOT
• POTENTIAL FOR ADDITIONAL USE
• FUTURE DEVELOPMENT

Property features AI

Finance

• Financial info: Annual property tax approximately $3,494

Exterior

• Home design: Residential income property; Multi-family
• Exterior features: See remarks for construction materials

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/?-bath units multifamily listed at $284k.

Deal economics

• At list price, monthly cash flow is $32 ($384/yr) — positive. Per door: $16/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $230k (18.9% below list).
• Recommended offer: $230k (18.9% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 4.0% in Hattiesburg — 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 79/100 on livability (#5 in MS, #2,046 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, health & safety A+; Watch: crime D+, employment F.
• Hattiesburg Public School District (urban): math 25% / reading 26% proficiency, ranked #81 of 130 in MS (top 62%) — 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: Woodley Elementary School (math 37% / reading 32%, grade F, #155 of 375 statewide, top 44%, 402 students, 100% FRL); N R Burger Middle School (math 25% / reading 22%, grade F, #104 of 179 statewide, top 58%, 529 students, 100% FRL); Hattiesburg High School (math 27% / reading 20%, grade F, #113 of 197 statewide, top 58%, 964 students, 100% FRL).
• Market conditions: Rents rising fast (+6.6%/yr); 269 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 121 units permitted in Forrest County in 2024 (30 in 5+ unit buildings).
• At $2,298/mo this rent would consume 67% of the median local household income ($41k/yr) (locally 2534% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Forrest County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($279k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 23y ago 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: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $229,800 (18.9% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.81% ✗
• Cap rate: 6.43%
• Cash-on-cash: 0.48%
• DSCR: 1.02
• GRM: 10.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.56% rent growth · sell at horizon

5-year hold

• IRR: -12.0%
• Equity multiple: 0.55×
• Total profit: $-35,451
• Equity at exit: $42,271

10-year hold

• IRR: 1.4%
• Equity multiple: 1.11×
• Total profit: $9,098
• Equity at exit: $24,512

Cash invested: $79,380 (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 39401

• Rents YoY: 6.6%
• Active inventory: 269
• Price-to-rent: 20.6×

Monthly cashflow live

• Estimated rent: $2,298 high
• Mortgage (P&I): −$1,487
• Tax from tax record: −$179 /mo · $2,143/yr
• Insurance: −$118
• HOA: −$0
• Vacancy / Maint / Mgmt: −$483
• Net cashflow: $32

Break-even live

Break-even rent $2,258

Max offer price $283,500

Occupancy floor 94%

Sensitivity live

Price	-10% $192	-5% $112	+0% $32	+5% $-48	+10% $-129
Rent	-10% $-150	-5% $-59	+0% $32	+5% $123	+10% $214
Rate	-1.0pp $175	-0.5pp $104	base $32	+0.5pp $-41	+1.0pp $-116

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	—	$2,298
Total (2 units)			$2,298

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: $70,875
• Closing costs: $8,505
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
313 S 11th Ave Hattiesburg, MS	3.0	2.0	1596	$1,850	$1.16	22d	1	0.08mi
901 W Pine St Hattiesburg, MS	1.0–2.0	1.0–1.5	930	$1,200	$1.29	22d	1	0.54mi
107 Kimball Ave Hattiesburg, MS	3.0	1.0	1500	$1,375	$0.92	22d	1	0.79mi
416 N 19th Ave Hattiesburg, MS	2.0	1.0	1100	$1,250	$1.14	22d	1	1.01mi
307 S 23rd Ave Hattiesburg, MS	3.0	2.0	1300	$1,595	$1.23	45d	1	1.04mi
2304 W 7th St Hattiesburg, MS	1.0–3.0	1.0–2.5	1175	$880	$0.75	22d	1	1.39mi

Listing history 22 events

1. 2026-06-21
   days on market $283,500 Active 27 DOM
2. 2026-06-19
   days on market $283,500 Active 25 DOM
3. 2026-06-18
   days on market $283,500 Active 24 DOM
4. 2026-06-17
   days on market $283,500 Active 23 DOM
5. 2026-06-16
   days on market $283,500 Active 22 DOM
6. 2026-06-15
   days on market $283,500 Active 21 DOM
7. 2026-06-14
   days on market $283,500 Active 19 DOM
8. 2026-06-13
   days on market $283,500 Active 18 DOM
9. 2026-06-10
   days on market $283,500 Active 16 DOM
10. 2026-06-09
    days on market $283,500 Active 15 DOM
11. 2026-06-08
    days on market $283,500 Active 14 DOM
12. 2026-06-07
    days on market $283,500 Active 13 DOM
13. 2026-06-05
    days on market $283,500 Active 10 DOM
14. 2026-06-03
    days on market $283,500 Active 9 DOM
15. 2026-06-02
    days on market $283,500 Active 8 DOM
16. 2026-06-01
    days on market $283,500 Active 7 DOM
17. 2026-05-31
    days on market $283,500 Active 6 DOM
18. 2026-05-30
    days on market $283,500 Active 5 DOM
19. 2026-05-20
    listed $283,500 Active
20. 2016-10-28
    listed $125,000
21. 2003-03-21
    soldstatus 148-char remark

    Show marketing remark (148 chars)

    ENTERED FOR COMPS, THANKS CARRIE FOR THE SALE! WHAT A DEAL SOME GOT, A CASH COW 3 OCCUPIED UNITS 4 UNIT IS A SHELL WAITING FOR BUILD OUT. EFFI.

22. 2003-03-21
    listed $85,000 148-char remark

    Show marketing remark (148 chars)

    ENTERED FOR COMPS, THANKS CARRIE FOR THE SALE! WHAT A DEAL SOME GOT, A CASH COW 3 OCCUPIED UNITS 4 UNIT IS A SHELL WAITING FOR BUILD OUT. EFFI.

ⓘ 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: $2,143 · $179/mo
• Projected year-2 tax: $2,240 · $187/mo
• Expected delta: +$96/yr (+$8/mo · 4.5%)

ⓘ 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 8/10 Severe 7 d/yr ≥106°F today · 20 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 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: $27,576
• − Mortgage interest: −$15,880
• − Property taxes: −$2,143
• − Insurance: −$1,418
• − Repairs & maintenance: −$2,206
• − Management: −$2,206
• − Depreciation: −$8,247
• Taxable loss: −$4,525
• Est. tax savings @ 24.0%: +$1,086
• After-tax cash flow: $1,470/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: Hattiesburg Public School District
• NCES district ID: 2801800
• Math proficiency: 25% ▼ -12.00%
• Reading proficiency: 26% ▼ -6.00%
• Median HH income: $28,058
• Composite: 20.38/100
• National rank: #8595
• State rank: #81 of 130 in MS

Livability — Hattiesburg

• Score: 79/100
• State rank: #5
• US rank: #2046

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hattiesburg, MS
• County: Forrest County · 65,413 people
• City population: 87,151
• Metro: Hattiesburg, MS
• Population (ZIP): 42,531
• Household income: $41,127
• Rent vs Own: 56.4% rent · 43.6% own
• Severe rent burden: 2534.0

Population outlook (Forrest County) Hauer SSP2

• Today (2025): 79,264 people
• By 2030: 80,822 · +2.0%
• By 2040: 82,979 · +4.7%
• By 2050: 84,324 · +6.4%
• By 2075: 84,942 · +7.2%
• By 2100: 80,616 · +1.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: Black 52% White 40% Two or more races 5% Hispanic / Latino 4%
• Common ancestry: Slovak 2% Lithuanian 2% Serbian 1%
• Foreign-born: 3% · Canada, China
• Languages at home: 96% English-only · Spanish 2%

Political lean MEDSL · Forrest

• 2024 margin: R (+17.9) · D 40.3% · R 58.2% · Other 1.4%
• 2008→2024 swing: -4.4pp toward R · 2008: -13.5pp · 2024: -17.9pp
• All cycles: 2024: R+17.9 2020: R+11.1 2016: R+14.2 2012: R+11.7 2008: R+13.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -148.93%
• Current HPI: 137.87
• Rent YoY: ▲ 6.56%
• Metro: Hattiesburg, MS
• State GDP YoY: —
• F500 in state: 0

Price history

+233.5% since first listed

4 events — show timeline

• 2026-05-20 Listed $283,500 HAAR
• 2016-10-28 Listed $125,000 HAAR
• 2003-03-21 Listed $85,000 HAAR
• 2003-03-21 Sold (MLS) — HAAR

Property tax history

+3.0%/yr

Latest (2025): $2,143 · +19.0% YoY. Source: county tax records.