Most Gulfport flips are decided before the first wall comes down. If the house sits in a mapped flood zone and your scope gets too big, the rehab can turn into an elevation project.
In short: LendingStreet makes fix and flip loans on 1-8 unit investor rehabs in Gulfport, Biloxi, Long Beach and across the Mississippi Coast. Loans run from $150,000 to $5M+, cover up to 90% of total cost and up to 100% of rehab on some programs, and can close in as little as 10 days. Loans are short-term and interest-only, and you exit by selling or refinancing into a DSCR loan.
The Coast has a mix that keeps flippers busy: pre-1970 cottages in East Gulfport, Handsboro and Soria City, ranch homes from the 1970s and 1980s north of the railroad, and homes rebuilt after Hurricane Katrina that are now due for roofs, HVAC and kitchens. Estate sales and out-of-state heirs supply a steady share of the inventory.
Buyers on the other end include military families from Keesler and the Seabee base, hospital and port workers, and retirees. Many of them shop on insurance cost as much as price, so a new roof and documented wind mitigation can help a resale.
In a Special Flood Hazard Area, if the cost of improvements equals or exceeds 50% of the structure's market value, the work is treated as a substantial improvement and the house generally has to be brought up to current floodplain rules. For an older slab house, that can mean elevating it, which can wreck the budget.
Run the test before you offer. If the city's floodplain administrator values the structure, not the land, at $120,000, the line is about $60,000 of work. Ask the city of Gulfport, Biloxi or Long Beach how they measure value and which costs count, and keep your bid list inside it unless the numbers still work with elevation.
This example is illustrative and not a quote. An investor buys a three-bedroom cottage for $140,000 with a $60,000 rehab: roof, electrical, kitchen, baths and paint. The after-repair value is $275,000. The house is outside a mapped flood zone, so the 50% rule does not apply.
The loan covers 85% of the purchase ($119,000) and 100% of the rehab ($60,000), for $179,000 total, about 89.5% of the $200,000 cost. Rehab money is released in draws as work is inspected. Over a 6-month hold, estimated interest-only payments total about $9,398.
After selling for $275,000 and paying about $19,250 in commissions and closing costs, the investor clears roughly $41,852 after repaying the loan and getting back the $25,500 brought in at purchase, before taxes and utilities.
| Item | Amount |
|---|---|
| Purchase price | $140,000 |
| Rehab budget | $60,000 |
| Total cost | $200,000 |
| Loan (85% of purchase + 100% of rehab) | $179,000 |
| Cash at purchase incl. closing | $25,500 |
| Estimated interest, 6 months | $9,398 |
| Sale costs | $19,250 |
| Estimated profit | $41,852 |
Hurricane season runs June through November. An open roof or a gutted house during a storm is a real risk, and insurers often stop binding new coverage when a named storm is headed for the Gulf. Bind a builder's risk or vacant dwelling policy at closing, schedule roofs early, and keep materials secured.
Contractor availability also tightens after storms anywhere along the Gulf. Build a few weeks of cushion into your timeline and keep the draw schedule realistic.
A flip that sells well in North Gulfport might rent even better near Keesler. If the numbers favor holding, you can refinance into a DSCR loan qualified on the new rent instead of selling. Run the rent against the full insurance and the 15% assessment ratio tax bill before you decide; our Gulfport DSCR page walks through that math.
Rehab funds sit in a holdback and are released as work is completed. An inspector confirms each stage, then funds are wired, usually within a few days. Keep invoices and photos organized; on the Coast, inspectors often look closely at roof and wind-mitigation work.
Terms vary by program and experience, but these are the main levers.
Coast buyers compare more than finishes. They ask about flood zone, roof age, wind-mitigation features and what insurance will cost, and their lenders do too. A flip with a new roof, documented straps and a clean flood determination can sell faster than a nicer house with an old roof. When you set the after-repair value, pull recent sales from the same side of the railroad and the same flood status, not just the same zip code.
Days on market also run longer in late summer and fall, when storms make some buyers wait. If your timeline pushes a listing into September, budget an extra month or two of interest.
Send the address, price, scope of work and your after-repair value through the form below, or call (877) 298-1001. Tell us whether the lot is in a flood zone so we can flag the 50% rule early. Our investor loans are business-purpose loans on non-owner-occupied property. Statewide details are on our Mississippi fix and flip page.
Up to 90% of total cost and up to 100% of the rehab on some programs, depending on experience and the deal. You bring the rest plus closing costs.
No. It applies to structures in Special Flood Hazard Areas. Outside mapped flood zones, it generally does not limit your scope, but local permits still apply.
Yes. Many post-2005 homes are elevated and built to newer codes, which can make them easier to insure and sell. They still often need systems and finishes updated.
$150,000. Very low-priced cottages may fall under that unless the rehab is large or you finance more than one property.
In as little as 10 days with a complete file, title and insurance in place.
Yes. Many investors refinance into a DSCR loan once the house is leased, qualified on the rent.
Experience helps terms and leverage. First-time flippers can qualify on some programs, often with a lower advance or a stronger contractor.
No. Our flip loans are business-purpose loans on non-owner-occupied investment property.
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