How is the market in Biloxi, MS?

Question

My husband and I are currently located in Clarksville, TN. We have invested a lot in Clarksville but we have talked about moving to Biloxi, MS.

Our plan is to find a multi family and live in one of the units and rent out the others.

If you are familiar with Biloxi and have any info on the market for sales and rentals or the general area, we would appreciate it!

Pat Heidingsfelder · Answer

Hey @Jim Goebel Do you invest on the Coast of MS?  @Nathan Killebrew Have you ventured away from Hwy 90 and the Casinos?

If your plan is AirBnb, you better do some serious homework (Or just plan on doing it illegally).

I'm very hesitant to say this (mainly because I don't want the secret to get out), I think the Biloxi area is a great place to invest!  I'm building my personal portfolio in Gulfport and Biloxi as well as building portfolios for clients all across the coast.

@Casey Johns do you have any specific questions on the area? What are you looking for in your investments? Compared to Clarksville, we have over double your population. Quick data from our local MLS just for Biloxi, not including surrounding areas. Median sold price: Sept 2018 -$164,500; Sept 2019 - $209,735

Nathan Killebrew · Answer

I agree with @Jim Goebel, Biloxi is a cool little area, but it is a little topy for long-term rentals.

However, Airbnb might be a nice option.  Many people (in Mississippi) like to run down there for a weekend of casino nights. We stayed in one and paid top dollar. That may be the way to go.

Bryan Es · Answer

@Casey Johns - I was stationed down there years ago. Seems like a decent area for rentals with the military and casinos. Keesler is a training base so a lot of the personnel there are on temporary assignments so that might limit options some for military renters.

Casey Johns · Answer

@Pat Heidingsfelder

We were actually in Biloxi when they were having a town meeting about AirBnB. A lot of the local residents at an apartment complex right outside of the base were upset about it. We decided then, not to go the AirBnB route.

I would like to know if there is a good market for multi family properties for sale. We prefer quadplexes, but also interested in a duplex or triplex.

Also, what’s the average days on market for an updated townhouse for rent? By updated, I mean new floors, appliances, paint.

Would you be able to set me up on an auto notification for multi families?

Jim Goebel · Answer

@Pat Heidingsfelder

Nope, I don't invest in Biloxi, MS.  I just have become a little familiar from so many trips over the years.  It doesn't surprise me that regulators have come down on AirBnbs as that area is owned by Casinos, and the insertion of new supply threatens what's there.

Jim Goebel · Answer

@Casey Johns

It's kind of top heavy.  The casinos seem to have an outsize influence on the local economy, and I'm guessing politicians.  It's a neat area, though and we have a lot of memories there as my mom's parents lived down there for years and years.  It's got Keesler AFB and some other public sector, but that and the casinos being your anchor - I'd be looking elsewhere personally.  All this said, this is more of a 'feel' not having run and numbers.  I don't feel there's a lot of disposable income or ability/willingness to pay for 'nice' finishes etc.

How is the market in Biloxi, MS?

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