Potential 4-Plex Investment in Moss Point, MS – Looking for Input

[Parker Stephens]

I’m evaluating a 4-plex that has been sitting on the market for around 400 days, listed at $129,000. The property is in Moss Point, MS, which has had a consistent decline in population over the past couple of decades, so I’m cautious about the long-term demand.

Here are the key details:

• Purchase price: $129,000
• Current occupancy: 3 out of 4 units are rent-ready
• Unit needing rehab: Estimated $30k–$40k in work required to bring it to rental standards
• Rental comps: Average Section 8 rent in the area is about $800 per unit
• Projected ARV: Around $210,000 once all 4 units are fixed up and stabilized
• Vacancy history: Property has been vacant for ~6 months. The seller’s story is that they’re an absentee owner who largely neglected the property, which is why it’s been sitting.

On paper, the numbers look fantastic. Fully stabilized, this 4-plex could gross around $3,200/month in rent, which is strong relative to the purchase price. But I have two main concerns:

1. Market risk – Moss Point’s population has been in steady decline, which could impact long-term demand and appreciation.
2. Time on market – The property has been listed for 400 days without selling, which makes me wonder if other investors are seeing red flags I might be overlooking.

I’d love to hear from others who have invested in areas with shrinking populations or in similar situations. Do you think the cash flow potential outweighs the market risk here? Or is the extended listing time and local demographic trend a dealbreaker?

Appreciate any insights, especially from those who have dealt with properties in smaller or declining markets.