Small Multifamily in North Mississippi
Two to twenty units is its own niche here — priced partly on income, partly on comparable sales, and almost always traded quietly.
Published 3/20/2026 · Updated 9/1/2026
How these are valued
Two-to-four unit properties are often appraised against comparable sales like residential property, while larger buildings lean on income. In the middle, both matter — which is why documented rents and expenses change the number materially.
Financing differences
Residential financing may be available up to four units; above that generally means commercial terms — shorter amortization, balloon structures, more down payment. Confirm structure before you underwrite the return.
Inspection items that matter
Roof and structure, separate versus shared utility metering, electrical service capacity, plumbing stacks, parking, and whether units are legally permitted. Unpermitted conversions are common in older buildings and become the buyer's problem.
Buying and selling quietly
Most small multifamily in this region trades between people who already know each other. If you own one and would sell at the right number, that conversation can happen privately; if you're buying, expect to source rather than shop.
Questions people ask
Are utilities usually separately metered?
Often not in older buildings. Master-metered utilities shift cost to the owner and should be modeled, not assumed away.
What documents should I request?
Rent roll, leases, deposit accounting, trailing twelve months of income and expenses, utility bills and a capital work history.
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