Small multifamily on the Mississippi Gulf Coast is a mix of older brick duplexes that came through Hurricane Katrina, buildings rebuilt to newer elevation rules afterward, and fourplexes clustered near the military bases. Each type brings different insurance and appraisal questions.
In short: LendingStreet finances Gulfport-area duplexes, triplexes and fourplexes with DSCR loans that qualify on the combined rent of all units, with no W-2s or tax returns. Loans start at $150,000, purchases go up to 80% LTV, cash-out goes up to 75% LTV, the standard minimum DSCR is 1.0x and the minimum credit score is 620. LLC borrowers are standard.
In Gulfport, duplexes and fourplexes concentrate in the older grid of central Gulfport, around the Seabee base and along the corridors between Highway 49 and Cowan Road, with more in Orange Grove. Biloxi's small multifamily sits near Keesler Air Force Base and on the east end, and D'Iberville and Ocean Springs add newer duplexes built for workforce and military renters.
Much of the Coast's housing south of the railroad was damaged or destroyed by Katrina in 2005, so buildings there were either repaired or rebuilt, often raised to meet newer flood elevation requirements. North of I-10, small multifamily is newer and generally carries lower flood risk. Prices there tend to be lower too, which can help the ratio but can push a single duplex below the $150,000 minimum loan size.
Military tenants are a big share: sailors and civilians at the Naval Construction Battalion Center in Gulfport, airmen and students at Keesler, and Air National Guard staff at the Gulfport airport. Others work at Ingalls Shipbuilding in Pascagoula, the Port of Gulfport, the casinos and the hospitals. Many lease for 12 months, and military moves create predictable turnover in summer.
Two-bedroom units are the norm. Fourplexes near the bases often rent near housing allowance levels, which can support steady occupancy.
Lenders look at the lease in place or the market rent from the appraisal, depending on the program. Units leased to departing service members near the end of a tour can be vacant at closing, so time a purchase or refinance around the summer moving season if you can, and keep signed leases on file.
Confirm the zoning district allows the building's unit count, or that it is a documented legal nonconforming use. After Katrina, some properties in flood zones were rebuilt with conditions, and a few older multi-unit buildings were rebuilt as single homes. Check that the permits match what you are buying, especially for converted houses where a second unit was added.
For buildings in flood zones, ask whether the structure meets current elevation rules. A building that was substantially damaged and not elevated can face limits on future repairs and can cost much more to insure.
This example is illustrative and not a quote. A fourplex near the Seabee base costs $360,000, with four two-bedroom units at $1,000 each, $4,000 a month in total. Taxes are about $540 a month and insurance, including wind, $520. At 75% LTV the loan is $270,000, estimated principal and interest is about $1,842, the payment is about $2,902 and the DSCR is about 1.38x.
A duplex near Keesler costs $220,000 with two units at $1,050, $2,100 a month. Taxes are about $330 and insurance $300. At 75% LTV the loan is $165,000, the payment is about $1,756 and the DSCR is about 1.20x. The duplex loan clears the $150,000 minimum, but only just; a lower-priced duplex might not.
| Item | Gulfport fourplex | Biloxi duplex |
|---|---|---|
| Purchase price | $360,000 | $220,000 |
| Combined rent | $4,000 | $2,100 |
| Loan at 75% LTV | $270,000 | $165,000 |
| Estimated principal and interest | $1,842 | $1,126 |
| Taxes | $540 | $330 |
| Insurance | $520 | $300 |
| Total payment | $2,902 | $1,756 |
| DSCR | 1.38x | 1.20x |
On the Coast, the insurance premium on a 2-4 unit building can be a large share of the payment. Wind may be written by a private carrier or the Mississippi Windstorm Underwriting Association, with percentage-based hurricane deductibles, and flood insurance is generally required in mapped flood zones. Fourplexes north of I-10 usually cost less to insure than similar buildings near the beach.
Mississippi assesses rentals at a 15% assessment ratio, compared with 10% for a homestead. If the seller lived in one unit and claimed homestead, the bill will rise after you buy. Use the non-homestead figure for the exact city and school district when you run the numbers.
Millage differs between Gulfport, Long Beach, Biloxi, D'Iberville and unincorporated Harrison County, and between school districts. Two similar fourplexes a few miles apart can carry noticeably different tax bills, so check the actual parcel rather than relying on a county average.
Buildings with five to eight units are still residential for our DSCR programs, with maximum LTV that can be lower and varies by program; see our Gulfport 5-8 unit page. If you own several smaller buildings or houses, a blanket portfolio loan can combine five or more of them. Buildings with nine or more units are commercial.
Send the address, price or current balance, unit mix, leases and insurance quotes through the form below, or call (877) 298-1001. We will run the combined-rent DSCR at a few leverage levels and come back with options.
For a refinance, include the current mortgage statement, the insurance declarations and a list of recent work such as roofs, elevation or unit renovations. For a purchase, include the seller's rent roll, leases and any inspection report. A complete file gets a faster answer.
Yes. The loan qualifies on the combined rent of all four units, with no personal income documents.
Yes. Documented leases count like any other lease, and military demand near the bases supports steady occupancy.
A lot. Wind, flood and liability premiums go straight into the payment and can change how much you can borrow.
Often, because newer buildings raised to current flood elevations tend to insure more cheaply. Older buildings can qualify too, especially with updated roofs and a favorable elevation certificate; the insurance quote usually tells the story.
The minimum loan is $150,000. A lower-priced duplex may be below that, and combining properties in a blanket loan is one option.
Rentals are assessed at a 15% assessment ratio in Mississippi, higher than the 10% homestead ratio.
No. Our investor loans are business-purpose loans on non-owner-occupied property.
Yes, up to 75% LTV, with seasoning that varies by program, as long as the combined rent still covers the new payment.
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