13405 Ridgeland Rd

Vancleave, MS 39565

$129,900C

2 bd · 1.0 ba · 784 sqft · Built 1999 · Manufactured · Active · 25 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,338/mo
• Mortgage (P&I): −$681
• Tax + insurance: −$82
• HOA: −$0
• Vac / Maint / Mgmt: −$281
• Net cashflow: $294/mo
• Annual: $3,531/yr
• Cap rate: 9.01%
• Cash-on-cash: 9.71%
• DSCR: 1.43
• 1% rule: 1.03%
• Cash to close: $36,372

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $130k.
• At list price, monthly cash flow is $294 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $130k).
• It's been on market 25 days — a 2% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $128k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $898 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#34 in MS) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; 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: Vancleave Lower Elementary (659 students, 100% FRL); Vancleave Middle School (math 63% / reading 42%, grade C+, #22 of 179 statewide, top 13%, 537 students, 99% FRL); Vancleave High School (math 48% / reading 52%, grade D+, #19 of 197 statewide, top 10%, 737 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: 195 active listings in the ZIP; 516 units permitted in Jackson County in 2024 (6 in 5+ unit buildings).
• Climate carrying-cost: 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.
• Cap rate 9.0% vs local median 2.9% in Vancleave — 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.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.