Real Estate Investing in Charleston, Mississippi (38921)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 38921 (Charleston, MS)? Our answer, based on the numbers below.
Mixed — values have been flat. OK for long-horizon buyers, less attractive if you may need to sell soon.
A cash-flow market — rent-to-price math works from day one, though value growth is modest. Great for income-focused investors.
- High vacancy: 20.5% of homes vacant — above national norms.
- Declining values: -4.0% 5-year CAGR — values have moved lower.
- Elevated poverty: 26.1% poverty rate — can affect rent collection.
- Lower household income: $39,428 median — tenant affordability is tighter.
• Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Charleston, MS (38921)?
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Market Analysis: 38921 Charleston
ZIP 38921 inside Tallahatchie County looks affordable on the surface — median value of $104K — but the discount exists for reasons that a careful buyer should understand before committing.
If the plan assumes clean turnover, on-time rent, and low maintenance on a $104K asset, 38921 is the wrong submarket. If the plan prices in friction, the yield can still work.
In the broader MS picture, 38921 is a reminder that not every low-priced ZIP is a value-add opportunity — some are simply distressed, and the difference matters.
From a cash-flow lens, 5,010 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.
Experienced landlords with local relationships tend to find 38921 workable. Turnkey investors from out of state usually find the numbers do not hold up in practice.
Here's what matters if you're considering buying a home in Charleston:
Property Strategy for 38921
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $68,425 | $840 | 8.8% | — | $34,212 |
| 3BR | $105,080 | $1,100 | 7.5% | — | $35,027 |
Market Trends
Home Value History (with trend line)
📊 How Does 38921 Compare?
| Metric | 38921 | Charleston | Mississippi |
|---|---|---|---|
| Home Value | $104,201 | $104,201 | $186,446 |
| 5-Year CAGR | N/A | N/A | 4.0% |
| Avg Rent | $756 | $756 | - |
| Cap Rate | 5.7% | 5.7% | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 38921 (Charleston, MS). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $104,201 |
| Monthly Rent | $756 |
| Price-to-Rent | 11.5:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 8.7% |
| Cap Rate | 5.7% |
| 5-Year IRR | 1.7% |
📈 Home Appreciation
| 1-Year | -0.2% ▼ |
| 3-Year CAGR | -2.3% ▼ |
| 5-Year CAGR | -4.0% ▼ |
| 10-Year CAGR | N/A |
🏠 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 (5.7%). 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 38921
Population: 5,010
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 38921
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.
Frequently Asked Questions
What is the typical home price in Charleston, MS?
The median home value in Charleston, MS is roughly $104K. That puts it reasonable relative to the MS statewide average.
How viable is house hacking in Charleston, MS?
Charleston, MS is a a challenging market for house hackers. FHA or conventional owner-occupant buyers find the $104K price point reasonable to enter.
Is it easy to find good tenants in Charleston, MS?
Tenant quality in Charleston, MS ranks as solid. Landlords generally report predictable occupancy at market rents of $756/mo.
How strict are landlord regulations in Charleston, MS?
Charleston, MS falls under MS landlord-tenant law, which is landlord-friendly. That backdrop makes day-to-day property management reasonable.
Where do rents currently stand in Charleston, MS?
Expect rents around $756/mo per month in Charleston, MS. With home values at $104K, the yield math works out to reasonable levels for rental investors.
You know 38921 now. You don’t know where it ranks.
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