Real Estate Investing in Cleveland, Mississippi (38732)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 38732 (Cleveland, MS)? Our answer, based on the numbers below.
Proceed carefully. Weak appreciation or affordability makes this a harder case for most buyers.
A cash-flow market — rent-to-price math works from day one, though value growth is modest. Great for income-focused investors.
- High vacancy: 13.9% of homes vacant — above national norms.
- Declining values: -2.3% 5-year CAGR — values have moved lower.
- 1-year downturn: Values declined 3.7% in the last year.
• Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Cleveland, MS (38732)?
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Market Analysis: 38732 Cleveland
This part of Bolivar County is not an easy win. The 38732 ZIP records softness in key indicators, and the playbook that works in cleaner markets often stalls here.
The investment case in 38732 is solid only for operators who understand what they are buying. A $141K median suggests accessibility, but management intensity, vacancy drift, and capex surprises are real.
Within MS, ZIP 38732 trails on several market indicators that neighboring Bolivar County submarkets outperform. The gap is real and healthy enough to shape underwriting.
On the rental side, 16,735 residents fill the ZIP, renter turnover runs higher than neighboring postal codes and delinquency risk is a real line item rather than a theoretical one.
Distressed ZIPs reward experience. healthy returns are possible in 38732, but they flow to investors who already understand how to operate in soft markets.
Here's what matters if you're considering buying a home in Cleveland:
Property Strategy for 38732
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 3BR | $173,026 | $1,160 | 4.8% | +2.2% | $57,675 |
| 4BR | $318,450 | $1,260 | 2.8% | +2.9% | $79,612 |
Market Trends
Home Value History (with trend line)
📊 How Does 38732 Compare?
| Metric | 38732 | Cleveland | Cleveland, MS | Mississippi |
|---|---|---|---|---|
| Home Value | $140,696 | $70,348 | N/A | $186,446 |
| 5-Year CAGR | N/A | N/A | N/A | 4.0% |
| Avg Rent | $801 | $801 | N/A | - |
| Cap Rate | 4.4% | 4.4% | - | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 38732 (Cleveland, MS). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $140,696 |
| Monthly Rent | $801 |
| Price-to-Rent | 14.6:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 6.8% |
| Cap Rate | 4.4% |
| 5-Year IRR | 2.2% |
📈 Home Appreciation
| 1-Year | -3.7% ▼ |
| 3-Year CAGR | -3.5% ▼ |
| 5-Year CAGR | -2.3% ▼ |
| 10-Year CAGR | -0.1% ▼ |
🏠 Rent Trends
| 1-Year | N/A |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (4.4%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 38732
Population: 16,735
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 38732
Schools in This ZIP Code
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Frequently Asked Questions
What is the typical vacancy rate in Cleveland, MS?
Rental vacancy in Cleveland, MS is elevated. Investors should budget normal turnover but not chronic empty units.
What is the renter demographic in Cleveland, MS?
The renter base in Cleveland, MS is reasonable for the $801/mo price point. Screening well and pricing to market typically yields reliable tenants.
How strict are landlord regulations in Cleveland, MS?
For rental operators, Cleveland, MS rates as landlord-friendly. The regulatory environment standard buy-and-hold operations.
What do landlords charge for rent in Cleveland, MS?
Investors in Cleveland, MS typically see rents near $801/mo per month against $141K home values - a solid setup for rental cash flow.
How expensive is real estate in Cleveland, MS?
Homes in Cleveland, MS typically sell near $141K. Prices have moved at a 0.0% 5-year CAGR, which reliable long-term demand.
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