471 Bluewater Dr · Bluewater, AZ 85344

$124,900

3 bd · 2.0 ba · 1,216 sqft · Manufactured · 247 Days on market

Built 2001 Fair condition 5,343 sqft lot $103/sqft · 14% below area Est $144k · 14% under

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• ARV discount +13.6/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Schools +1.5/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

On lease land. .. No HOA, No Property Tax. Gorgeous Home with Water Views & Lots of quality upgrades, including a newer HVAC System in 2023. Enjoy the perfect blend of comfort and privacy in this beautifully updated home, partially furnished, with stunning views of the water and surrounding hills. The split floor plan offers great functionality and privacy, highlighted by a stunning custom stained glass window in the kitchen. Upgrades include newer siding and exterior paint, updated flooring, newer appliances, and a kitchen sink. All appliances included in purchase - microwave, stove, refrigerator, dishwasher, and washer/dryer. Sliding glass doors lead to the deck, equipped with a retractable Sun Setter awning, perfect for relaxing or entertaining while taking in the unobstructed views of the hills and water. The property boasts an expansive covered carport (approx. 65x18) with room for cars, trucks, and boats, plus two storage sheds for all your extras. Nestled in a private setting within a 24-hour guard-gated community, you'll also enjoy access to a community launch ramp, pool, beach, dog park, and clubhouse.

Key facts

• Quality upgrades
• Newer appliances
• Newer siding

Tags

• QUALITY UPGRADES
• CUSTOM STAINED GLASS WINDOW
• NEWER SIDING
• UPDATED FLOORING
• NEWER APPLIANCES
• RETRACTABLE SUN SETTER AWNING

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $125k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $728 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $110k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.3% vs local median 9.9% in Bluewater — 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.

Location & tenants

• Location reads 65/100 on livability (#81 in AZ) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: health & safety C-, employment D+, schools F.
• Parker Unified School District (4510) (town): math 18% / reading 18% proficiency, ranked #200 of 249 in AZ (top 80%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 69% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 147 active listings in the ZIP; 92 units permitted in La Paz County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• La Paz County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 247 days — a 12% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 9y ago; this cycle's ask has dropped $25k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $92k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $109,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 247 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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.

Investment metrics

• 1% rule: 1.61% ✓
• Cap rate: 13.28%
• Cash-on-cash: 24.96%
• DSCR: 2.11
• GRM: 5.2

CMA / ARV

• ARV (median comp): $144,451
• List price: $124,900
• Delta: -13.53%
• Verdict: UNDERPRICED
• Comps: 13 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
471 Bluewater Dr	0.00mi	3/2.0	1,216 (0%)	0mo	$124,900	$103	100
452 E Riverfront Dr	0.20mi	3/2.0	1,248 (+3%)	8mo	$289,000	$232	80
324 N Misty Lane Ln	0.12mi	3/2.0	1,152 (-5%)	11mo	$105,000	$91	76
236 N Moonlight Dr	0.27mi	2/2.0 (-1)	1,152 (-5%)	1mo	$134,000	$116	73
338 N Moonlight Dr	0.18mi	2/2.0 (-1)	1,296 (+7%)	6mo	$132,000	$102	70
405 N Stardust Ln	0.09mi	3/2.0	1,372 (+13%)	10mo	$130,000	$95	66
232 E Riverfront Dr	0.31mi	4/2.0 (+1)	1,340 (+10%)	2mo	$350,000	$261	62
408 N Misty Ln	0.08mi	2/1.0 (-1)	1,120 (-8%)	15mo	$120,000	$107	61
476 E Riverfront Dr	0.28mi	2/2.0 (-1)	1,120 (-8%)	9mo	$150,000	$134	61
423 Paradise Ln	0.12mi	3/2.0	1,050 (-14%)	13mo	$105,000	$100	61
245 E Riverfront Dr	0.30mi	2/2.0 (-1)	1,344 (+10%)	13mo	$275,000	$205	52
484 E Riverfront Dr	0.31mi	3/2.0	1,392 (+14%)	15mo	$415,000	$298	49

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 18.4%
• Equity multiple: 1.75×
• Total profit: $26,129
• Equity at exit: $18,623

10-year hold

• IRR: 26.8%
• Equity multiple: 3.36×
• Total profit: $82,543
• Equity at exit: $10,799

Cash invested: $34,972 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Arizona: 87 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

5-day pay-or-quit; AZ courts known for speed; no state rent control; cities preempted by state law.

Methodology + full state rankings →

ZIP-level market 85344

• Active inventory: 147
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $2,014 medium
• Mortgage (P&I): −$655
• Tax est. 1.5%: −$156 /mo · $1,874/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$423
• Net cashflow: $728

Break-even live

Break-even rent $1,093

Max offer price $124,900

Occupancy floor 59%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $31,225
• Closing costs: $3,747
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-04-29
   price $124,900 1135-char remark

   Show marketing remark (1135 chars)

   On lease land. .. No HOA, No Property Tax. Gorgeous Home with Water Views & Lots of quality upgrades, including a newer HVAC System in 2023. Enjoy the perfect blend of comfort and privacy in this beautifully updated home, partially furnished, with stunning views of the water and surrounding hills. The split floor plan offers great functionality and privacy, highlighted by a stunning custom stained glass window in the kitchen. Upgrades include newer siding and exterior paint, updated flooring, newer appliances, and a kitchen sink. All appliances included in purchase - microwave, stove, refrigerator, dishwasher, and washer/dryer. Sliding glass doors lead to the deck, equipped with a retractable Sun Setter awning, perfect for relaxing or entertaining while taking in the unobstructed views of the hills and water. The property boasts an expansive covered carport (approx. 65x18) with room for cars, trucks, and boats, plus two storage sheds for all your extras. Nestled in a private setting within a 24-hour guard-gated community, you'll also enjoy access to a community launch ramp, pool, beach, dog park, and clubhouse.

2. 2026-03-01
   price $139,000 1135-char remark

   Show marketing remark (1135 chars)

   On lease land. .. No HOA, No Property Tax. Gorgeous Home with Water Views & Lots of quality upgrades, including a newer HVAC System in 2023. Enjoy the perfect blend of comfort and privacy in this beautifully updated home, partially furnished, with stunning views of the water and surrounding hills. The split floor plan offers great functionality and privacy, highlighted by a stunning custom stained glass window in the kitchen. Upgrades include newer siding and exterior paint, updated flooring, newer appliances, and a kitchen sink. All appliances included in purchase - microwave, stove, refrigerator, dishwasher, and washer/dryer. Sliding glass doors lead to the deck, equipped with a retractable Sun Setter awning, perfect for relaxing or entertaining while taking in the unobstructed views of the hills and water. The property boasts an expansive covered carport (approx. 65x18) with room for cars, trucks, and boats, plus two storage sheds for all your extras. Nestled in a private setting within a 24-hour guard-gated community, you'll also enjoy access to a community launch ramp, pool, beach, dog park, and clubhouse.

3. 2025-09-18
   listed $149,900 Active 1135-char remark

   Show marketing remark (1135 chars)

   On lease land. .. No HOA, No Property Tax. Gorgeous Home with Water Views & Lots of quality upgrades, including a newer HVAC System in 2023. Enjoy the perfect blend of comfort and privacy in this beautifully updated home, partially furnished, with stunning views of the water and surrounding hills. The split floor plan offers great functionality and privacy, highlighted by a stunning custom stained glass window in the kitchen. Upgrades include newer siding and exterior paint, updated flooring, newer appliances, and a kitchen sink. All appliances included in purchase - microwave, stove, refrigerator, dishwasher, and washer/dryer. Sliding glass doors lead to the deck, equipped with a retractable Sun Setter awning, perfect for relaxing or entertaining while taking in the unobstructed views of the hills and water. The property boasts an expansive covered carport (approx. 65x18) with room for cars, trucks, and boats, plus two storage sheds for all your extras. Nestled in a private setting within a 24-hour guard-gated community, you'll also enjoy access to a community launch ramp, pool, beach, dog park, and clubhouse.

4. 2019-03-06
   soldstatus $92,000 422-char remark

   Show marketing remark (422 chars)

   Water View Home with Upgrades Galore! Brand New Siding and Exterior Paint, New Flooring, New Sliding Glass Doors open to the Brand New Deck with Sun Setter Awning. Split Floor Plan. Beautiful Rear Yard with Raised Gardens and 2 Sheds for Additional Storage. This home is IMMACULATE and Ready to Enjoy. Community Launch Ramp, Pool, Beach and Clubhouse right down the street. Leased Land $254.00/Mo escalating every 5 years.

5. 2018-12-18
   listed $99,900 422-char remark

   Show marketing remark (422 chars)

   Water View Home with Upgrades Galore! Brand New Siding and Exterior Paint, New Flooring, New Sliding Glass Doors open to the Brand New Deck with Sun Setter Awning. Split Floor Plan. Beautiful Rear Yard with Raised Gardens and 2 Sheds for Additional Storage. This home is IMMACULATE and Ready to Enjoy. Community Launch Ramp, Pool, Beach and Clubhouse right down the street. Leased Land $254.00/Mo escalating every 5 years.

6. 2018-02-21
   soldstatus $65,000
7. 2018-02-21
   soldstatus $65,000
8. 2017-08-02
   listed $69,900
9. 2017-08-02
   listed $69,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $24,162
• − Mortgage interest: −$6,996
• − Property taxes: −$1,874
• − Insurance: −$624
• − Repairs & maintenance: −$1,933
• − Management: −$1,933
• − Depreciation: −$3,633
• Taxable income: $7,169
• Est. tax owed @ 24.0%: −$1,720
• After-tax cash flow: $7,010/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 1 photo

Fair 45/100 Moderate rehab

The home has average condition with some cosmetic repairs needed, particularly on the deck railings and fence. It offers water views and a split floor plan, making it suitable for both resale and rental, with potential for significant value increase through minor updates.

Repairs flagged

• Minor Deck railings — Worn and need minor touch-up paint.
• Minor Fence — Some sections appear slightly worn and need touch-up paint.

Value-add opportunities

• Both Paint and touch-up deck railings and fence — Enhances curb appeal and minor repairs improve home's condition.
• Both Landscaping refresh — Fresh greenery and plants can significantly improve curb appeal and attract potential buyers/tenants.
• Both Replace worn deck railings — Safety and aesthetics are improved, attracting more buyers/tenants.
• Both Paint and touch-up fence — Enhances curb appeal and minor repairs improve home's condition.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Deck railings · Worn and need minor touch-up paint.	Minor	$500–3,000
Fence · Some sections appear slightly worn and need touch-up paint.	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both Paint and touch-up deck railings and fence — Enhances curb appeal and minor repairs improve home's condition. ↑
• Both Landscaping refresh — Fresh greenery and plants can significantly improve curb appeal and attract potential buyers/tenants. ↑
• Both Replace worn deck railings — Safety and aesthetics are improved, attracting more buyers/tenants. ↑
• Both Paint and touch-up fence — Enhances curb appeal and minor repairs improve home's condition. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Parker Unified School District (4510)
• NCES district ID: 0405980
• Math proficiency: 18% ▼ -10.00%
• Reading proficiency: 18% ▼ -7.00%
• Median HH income: $34,354
• Composite: 14.76/100
• National rank: #9392
• State rank: #200 of 249 in AZ

Livability — Bluewater

• Score: 65/100
• State rank: #81
• US rank: #12872

Category grades

Amenities F Commute F Cost of living A+ Crime A- Employment D+ Housing A+ Health & safety C- User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bluewater, AZ
• Population (ZIP): 9,069

Population outlook (La Paz County) Hauer SSP2

• Today (2025): 18,409 people
• By 2030: 17,592 · -4.4%
• By 2040: 16,600 · -9.8%
• By 2050: 16,328 · -11.3%
• By 2075: 17,075 · -7.2%
• By 2100: 17,042 · -7.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: White 40% Hispanic / Latino 34% Native American 23% Two or more races 19% Asian 2%
• Hispanic origin (detail): Mexican 32%
• Common ancestry: Slovak 1% Lithuanian 1% Portuguese 1%
• Foreign-born: 10% · Canada
• Languages at home: 74% English-only · Spanish 21% Other Indo-European 1% Tagalog/Filipino 1%

Political lean MEDSL · La Paz

• 2024 margin: Solid R (+44.2) · D 27.6% · R 71.8%
• 2008→2024 swing: -15.7pp toward R · 2008: -28.5pp · 2024: -44.2pp
• All cycles: 2024: R+44.2 2020: R+38.8 2016: R+41.8 2012: R+32.2 2008: R+28.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -155.38%
• Current HPI: 198.2271
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 4.54%
• F500 in state: 20

Industry mix (Fortune 500 HQ in AZ)

Industry	F500 HQs	Revenue
▸Technology	2	$13B
▸Mining / Metals	1	$23B
▸Environmental Services	1	$16B
▸Metals / Steel	1	$14B
▸Technology Distribution	1	$9B
▸Homebuilding	1	$8B

Price history

+78.7% since first listed

9 events — show timeline

• 2026-04-29 Price Changed $124,900 LHAR
• 2026-03-01 Price Changed $139,000 LHAR
• 2025-09-18 Listed $149,900 LHAR
• 2019-03-06 Sold (MLS) $92,000 LHAR
• 2018-12-18 Listed $99,900 LHAR
• 2018-02-21 Sold (MLS) $65,000 LHAR
• 2018-02-21 Sold (MLS) $65,000 WARDEX
• 2017-08-02 Listed $69,900 LHAR
• 2017-08-02 Listed $69,900 WARDEX