I am interesting in learning more about the Jackson Mississippi real estate market for cashflow rentals. Does anyone have any thoughts on if it is still a good time to buy in the market? Hoping to be able to achieve a 1.5% to 2.0% rent to price ratio, target IRR 15% and COC 8 to 10% or more. Is this still possible? Also, does anyone have any recommendations on a good real estate agent and property management company there?
Thank you for your input!
It is still possible but you have to look harder for the good deals. I'm a bit dubious as to how easily that can be done from California. The main things you need to look out for are foundation problems.
I'd recommend Trihelm Properties for property management (tell them I recommended you). They're also brokers. I like Jackson, but I prefer the surrounding areas (Rankin and Madison counties) because they have better school districts. That being said, they're relatively "hot" right now from what I've seen, so difficult to find 1%. But to Susan's point, I'd definitely recommend making a visit to get a lay of the land.
Thanks everyone for your comments! What does everyone think of Pascagoula/Biloxi area? It seems like better returns may be had down south versus in Jackson, but does anyone have any experience down there?
A lot of people invest down there. Just remember, a lot of those houses have been flooded in Katrina and they are likely to be flooded again.
@Justi Kobilis I'm a realtor and investor on the Gulf Coast. I live near Biloxi. The trick is that each area has good parts and not-so-good parts. Definitely great returns, especially when you find a home that isn't in a flood zone.
Not only are home prices affordable, but rents are decent enough to create returns and taxes are low as well.
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