402 Lexington Ave · Jackson, MS 39209

$29,999

3 bd · 2.0 ba · 1,220 sqft · SingleFamily public records · 60 Days on market

Built 1941 7,840 sqft lot $25/sqft · 14% below area Est $35k · 14% under ↓ 12% since listing

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Why this score? — see what drove the A- 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 +30.0/30.0
• ARV discount +13.7/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0

Listing remarks MLS

Investment Opportunity! Tenant-occupied fixer-upper. Property needs rehab and cosmetic updates but offers immediate rental income while you plan improvements. Ideal for investors looking to add value through renovation and increase future cash flow. Tenant currently in place — lease details available upon request. Great opportunity for buy-and-hold investors or value-add portfolios.

Key facts

• 7,840 sq ft lot
• Garage
• Listed 60 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $30k.

Deal economics

• At list price, monthly cash flow is $774 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $30k).
• Recommended offer: $29k (3.0% below list) — sets the bar for market timing.
• Cap rate 37.3% vs local median 9.9% in Jackson — 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 68/100 on livability (#66 in MS) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools F, amenities F, employment F.
• Jackson Public School District (urban): math 9% / reading 18% proficiency, ranked #112 of 130 in MS (top 86%) — 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.
• Market conditions: 165 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 62% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 167 units permitted in Hinds County in 2024 (0 in 5+ unit buildings).
• This rent runs 40% of the median local income ($36k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $3k of equity ($207 loan paydown + $3k appreciation (10.0% local appreciation)).
• Hinds County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($29k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 19y ago; this cycle's ask has dropped $36k (55%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1941 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $29,099 (3.0% below list)

Questions for the listing agent

1. It's been on market 60 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 1941 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 4.06% ✓
• Cap rate: 37.25%
• Cash-on-cash: 110.57%
• DSCR: 5.92
• GRM: 2.1

CMA / ARV

• ARV (median comp): $34,783
• List price: $29,999
• Delta: -13.75%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
402 Lexington Ave	0.00mi	3/2.0	1,220 (0%)	0mo	$29,999	$25	100
840 Brandon Ave	0.28mi	3/2.0	1,180 (-3%)	1mo	$40,000	$34	80
926 Claiborne Ave	0.38mi	3/2.0	1,326 (+9%)	6mo	$90,000	$68	63
1063 Voorhees Ave	0.69mi	4/1.0 (+1)	1,235 (+1%)	4mo	$58,900	$48	54
1997 Central St	0.53mi	3/3.0	1,103 (-10%)	6mo	$69,500	$63	50
2629 Latimer Ave	0.49mi	3/1.0	1,063 (-13%)	3mo	$19,000	$18	50
148 Princeton St	0.51mi	3/1.0	1,125 (-8%)	16mo	$82,000	$73	46
639 Brandon Ave	0.21mi	3/1.0	1,391 (+14%)	23mo	$5,000	$4	43
350 Houston Ave	0.55mi	3/1.0	1,064 (-13%)	10mo	$29,000	$27	40

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 8.81×
• Total profit: $65,639
• Equity at exit: $27,025

10-year hold

• IRR: —
• Equity multiple: 19.40×
• Total profit: $154,543
• Equity at exit: $58,281

Cash invested: $8,400 (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 39209

• Home prices YoY: 7.7%
• Active inventory: 165
• Price-to-rent: 2.1×

Monthly cashflow live

• Estimated rent: $1,217 high
• Mortgage (P&I): −$157
• Tax from tax record: −$18 /mo · $213/yr
• Insurance: −$12
• HOA: −$0
• Vacancy / Maint / Mgmt: −$256
• Net cashflow: $774

Break-even live

Break-even rent $237

Max offer price $29,999

Occupancy floor 31%

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: $7,500
• Closing costs: $900
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1818 Saint Charles St Jackson, MS	3.0	1.0	983	$995	$1.01	43d	1	0.27mi
309 S Denver St Jackson, MS	4.0	3.5	1500	$2,500	$1.67	43d	1	0.35mi
255 S Prentiss St Jackson, MS	2.0	1.0	729	$1,000	$1.37	43d	1	0.44mi
1711 Robinson St Jackson, MS	2.0	1.0	800	$800	$1.00	23d	1	0.47mi
137 Sivley Ave Jackson, MS	3.0	1.0	1288	$1,000	$0.78	21d	1	0.66mi
1204 First Ave Jackson, MS	2.0	1.0	800	$725	$0.91	23d	1	0.77mi
2157 Ludlow Ave Unit Na Jackson, MS	3.0	2.0	1123	$1,450	$1.29	14d	1	1.20mi
2157 Ludlow Ave Jackson, MS	3.0	2.0	1123	$1,300	$1.16	43d	1	1.20mi
209 Poindexter St Jackson, MS	2.0	2.0	1075	$825	$0.77	43d	1	1.23mi
4567 Meadowmont Dr Jackson, MS	3.0	1.0	912	$800	$0.88	43d	1	1.33mi
723 Glenmont Dr Jackson, MS	3.0	1.0	1018	$1,000	$0.98	43d	1	1.37mi
264 Sewanee Dr Jackson, MS	3.0	1.0	1217	$995	$0.82	23d	1	1.47mi
1225 Bailey Ave Jackson, MS	2.0	1.0	990	$750	$0.76	43d	1	1.47mi

Listing history 17 events

1. 2026-05-16
   price $29,999 391-char remark

   Show marketing remark (391 chars)

   Investment Opportunity! Tenant-occupied fixer-upper. Property needs rehab and cosmetic updates but offers immediate rental income while you plan improvements. Ideal for investors looking to add value through renovation and increase future cash flow. Tenant currently in place — lease details available upon request. Great opportunity for buy-and-hold investors or value-add portfolios.

2. 2026-05-13
   status Active 391-char remark

   Show marketing remark (391 chars)

   Investment Opportunity! Tenant-occupied fixer-upper. Property needs rehab and cosmetic updates but offers immediate rental income while you plan improvements. Ideal for investors looking to add value through renovation and increase future cash flow. Tenant currently in place — lease details available upon request. Great opportunity for buy-and-hold investors or value-add portfolios.

3. 2026-05-03
   status Pending 391-char remark

   Show marketing remark (391 chars)

   Investment Opportunity! Tenant-occupied fixer-upper. Property needs rehab and cosmetic updates but offers immediate rental income while you plan improvements. Ideal for investors looking to add value through renovation and increase future cash flow. Tenant currently in place — lease details available upon request. Great opportunity for buy-and-hold investors or value-add portfolios.

4. 2026-04-28
   price $39,999 391-char remark

   Show marketing remark (391 chars)

   Investment Opportunity! Tenant-occupied fixer-upper. Property needs rehab and cosmetic updates but offers immediate rental income while you plan improvements. Ideal for investors looking to add value through renovation and increase future cash flow. Tenant currently in place — lease details available upon request. Great opportunity for buy-and-hold investors or value-add portfolios.

5. 2026-04-21
   status Active 391-char remark

   Show marketing remark (391 chars)

   Investment Opportunity! Tenant-occupied fixer-upper. Property needs rehab and cosmetic updates but offers immediate rental income while you plan improvements. Ideal for investors looking to add value through renovation and increase future cash flow. Tenant currently in place — lease details available upon request. Great opportunity for buy-and-hold investors or value-add portfolios.

6. 2026-04-21
   status Pending 391-char remark

   Show marketing remark (391 chars)

   Investment Opportunity! Tenant-occupied fixer-upper. Property needs rehab and cosmetic updates but offers immediate rental income while you plan improvements. Ideal for investors looking to add value through renovation and increase future cash flow. Tenant currently in place — lease details available upon request. Great opportunity for buy-and-hold investors or value-add portfolios.

7. 2026-04-14
   price $49,999 391-char remark

   Show marketing remark (391 chars)

   Investment Opportunity! Tenant-occupied fixer-upper. Property needs rehab and cosmetic updates but offers immediate rental income while you plan improvements. Ideal for investors looking to add value through renovation and increase future cash flow. Tenant currently in place — lease details available upon request. Great opportunity for buy-and-hold investors or value-add portfolios.

8. 2026-03-27
   status Active 391-char remark

   Show marketing remark (391 chars)

   Investment Opportunity! Tenant-occupied fixer-upper. Property needs rehab and cosmetic updates but offers immediate rental income while you plan improvements. Ideal for investors looking to add value through renovation and increase future cash flow. Tenant currently in place — lease details available upon request. Great opportunity for buy-and-hold investors or value-add portfolios.

9. 2026-03-27
   price $55,000 391-char remark

   Show marketing remark (391 chars)

   Investment Opportunity! Tenant-occupied fixer-upper. Property needs rehab and cosmetic updates but offers immediate rental income while you plan improvements. Ideal for investors looking to add value through renovation and increase future cash flow. Tenant currently in place — lease details available upon request. Great opportunity for buy-and-hold investors or value-add portfolios.

10. 2026-03-11
    status Pending 391-char remark

    Show marketing remark (391 chars)

    Investment Opportunity! Tenant-occupied fixer-upper. Property needs rehab and cosmetic updates but offers immediate rental income while you plan improvements. Ideal for investors looking to add value through renovation and increase future cash flow. Tenant currently in place — lease details available upon request. Great opportunity for buy-and-hold investors or value-add portfolios.

11. 2026-03-04
    listed $66,000 Active 391-char remark

    Show marketing remark (391 chars)

    Investment Opportunity! Tenant-occupied fixer-upper. Property needs rehab and cosmetic updates but offers immediate rental income while you plan improvements. Ideal for investors looking to add value through renovation and increase future cash flow. Tenant currently in place — lease details available upon request. Great opportunity for buy-and-hold investors or value-add portfolios.

12. 2016-07-18
    soldstatus
13. 2007-01-30
    historical
14. 2007-01-03
    listed $34,000
15. 2005-06-27
    soldstatus
16. 1991-10-21
    soldstatus
17. 1976-12-16
    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: $213 · $18/mo
• Projected year-2 tax: $237 · $20/mo
• Expected delta: +$24/yr (+$2/mo · 11.4%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥108°F today · 18 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% 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: $14,605
• − Mortgage interest: −$1,680
• − Property taxes: −$213
• − Insurance: −$150
• − Repairs & maintenance: −$1,168
• − Management: −$1,168
• − Depreciation: −$873
• Taxable income: $9,353
• Est. tax owed @ 24.0%: −$2,245
• After-tax cash flow: $7,043/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: Jackson Public School District
• NCES district ID: 2802190
• Math proficiency: 9% ▼ -14.00%
• Reading proficiency: 18% ▼ -7.00%
• Median HH income: $33,234
• Composite: 10.89/100
• National rank: #9755
• State rank: #112 of 130 in MS

Livability — Jackson

• Score: 68/100
• State rank: #66
• US rank: #9695

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Jackson, MS
• County: Hinds County · 167,040 people
• City population: 140,204
• Metro: Jackson, MS
• Population (ZIP): 25,776
• Household income: $36,344
• Rent vs Own: 52.3% rent · 47.7% own
• Severe rent burden: 1627.0

Population outlook (Hinds County) Hauer SSP2

• Today (2025): 242,528 people
• By 2030: 241,113 · -0.6%
• By 2040: 235,557 · -2.9%
• By 2050: 226,946 · -6.4%
• By 2075: 199,995 · -17.5%
• By 2100: 164,165 · -32.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (90%)
• Race & ethnicity: Black 90% White 7% Two or more races 2% Hispanic / Latino 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Hinds

• 2024 margin: Solid D (+46.1) · D 72.4% · R 26.3% · Other 1.4%
• 2008→2024 swing: +7.1pp toward D · 2008: 39.0pp · 2024: 46.1pp
• All cycles: 2024: D+46.1 2020: D+48.3 2016: D+43.7 2012: D+45.1 2008: D+39.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 22.28%
• Current HPI: 312.6754
• Rent YoY: —
• Metro: Jackson, MS
• State GDP YoY: —
• F500 in state: 0

Price history

-11.8% since first listed

17 events — show timeline

• 2026-05-16 Price Changed $29,999 MLSU
• 2026-05-13 Relisted — MLSU
• 2026-05-03 Pending — MLSU
• 2026-04-28 Price Changed $39,999 MLSU
• 2026-04-21 Relisted — MLSU
• 2026-04-21 Pending — MLSU
• 2026-04-14 Price Changed $49,999 MLSU
• 2026-03-27 Relisted — MLSU
• 2026-03-27 Price Changed $55,000 MLSU
• 2026-03-11 Pending — MLSU
• 2026-03-04 Listed $66,000 MLSU
• 2016-07-18 Sold (Public Records) — Public Records
• 2007-01-30 Listing Removed — MLSU
• 2007-01-03 Listed $34,000 MLSU
• 2005-06-27 Sold (Public Records) — Public Records
• 1991-10-21 Sold (Public Records) — Public Records
• 1976-12-16 Sold (Public Records) — Public Records

Property tax history

+0.3%/yr

Latest (2025): $213 · +0.5% YoY. Source: county tax records.