4774 & 4778 N Kelli Ln

New Kingman-Butler, AZ 86409

$130,000B-

4 bd · 2.0 ba · 1,448 sqft · Built 2003 · Land · Pending

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,840/mo
• Mortgage (P&I): −$682
• Tax + insurance: −$119
• HOA: −$0
• Vac / Maint / Mgmt: −$386
• Net cashflow: $653/mo
• Annual: $7,832/yr
• Cap rate: 12.32%
• Cash-on-cash: 21.52%
• DSCR: 1.96
• 1% rule: 1.42%
• Cash to close: $36,400

Investor read

• This is a 4-bed/2.0-bath land listed at $130k.
• At list price, monthly cash flow is $653 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $899 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Kingman Unified School District (79598) (town): math 19% / reading 24% proficiency, ranked #179 of 249 in AZ (top 72%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents flat; 643 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 2,543 units permitted in Mohave County in 2024 (33 in 5+ unit buildings).
• Mohave County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Current owner paid $33k; list at $130k implies a 294% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 0.3% rent growth), your $36k cash investment doubles in ~7 years — after that, you're playing with house money.
• Climate carrying-cost: major wildfire risk; extreme-heat days projected 8→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 12.3% vs local median 4.3% in New Kingman-Butler — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.
• This rent runs 43% of the median local income ($51k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.