2350 Adobe Rd #16

Bullhead City, AZ 86442

$114,500D

1 bd · 1.0 ba · 800 sqft · Built 1999 · Manufactured · Active · 99 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $903/mo
• Mortgage (P&I): −$600
• Tax + insurance: −$191
• HOA: −$0
• Vac / Maint / Mgmt: −$190
• Net cashflow: $-78/mo
• Annual: $-937/yr
• Cap rate: 5.47%
• Cash-on-cash: -2.92%
• DSCR: 0.87
• 1% rule: 0.79%
• Cash to close: $32,060

Investor read

• This is a 1-bed/1.0-bath manufactured listed at $114k. Condition is rated good.
• At list price, monthly cash flow is $-78 ($-937/yr) — negative.
• To cash-flow at today's rent, offer at most $103k (9.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $90k (21.2% below list).
• It's been on market 99 days — a 9% lower offer ($104k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $90k (21.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $792 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#103 in AZ) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, employment D, crime D-.
• Bullhead City School District (4378) (town): math 16% / reading 22% proficiency, ranked #189 of 249 in AZ (top 76%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Diamondback Elementary School (math 22% / reading 27%, grade F, #645 of 1,109 statewide, top 60%, 356 students, 66% FRL); Fox Creek Jr High School (math 12% / reading 17%, grade F, #160 of 218 statewide, top 75%, 516 students, 65% FRL); Mohave High School (math 14% / reading 21%, grade F, #245 of 381 statewide, top 65%, 1,175 students, 51% FRL).
• Market conditions: Rents soft (-0.9%/yr); 898 active listings in the ZIP; 1 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.
• 5 sale attempts since 6y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $90k; 28% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: extreme-heat days projected 5→11/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.5% vs local median 3.6% in Bullhead City — 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.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 99 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.