2917 E Barnett Pl

Kingman, AZ 86409

$197,000D-

3 bd · 2.0 ba · 1,680 sqft · Built 1991 · Land · Pending · 141 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,663/mo
• Mortgage (P&I): −$1,033
• Tax + insurance: −$328
• HOA: −$0
• Vac / Maint / Mgmt: −$349
• Net cashflow: $-47/mo
• Annual: $-569/yr
• Cap rate: 6.00%
• Cash-on-cash: -1.03%
• DSCR: 0.95
• 1% rule: 0.84%
• Cash to close: $55,160

Investor read

• This is a 3-bed/2.0-bath land listed at $197k.
• At list price, monthly cash flow is $-47 ($-569/yr) — negative.
• To cash-flow at today's rent, offer at most $190k (3.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $166k (15.6% below list).
• It's been on market 141 days — a 12% lower offer ($173k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $166k (15.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#5 in AZ, #2,014 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime C-, employment C-, amenities F.
• 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.
• Zoned schools: Cerbat Elementary (math 9% / reading 15%, grade F, #963 of 1,109 statewide, top 87%, 700 students, 78% FRL); Kingman Middle School (math 10% / reading 13%, grade F, #180 of 218 statewide, top 83%, 737 students, 74% FRL); Kingman High School (math 4% / reading 6%, grade F, #364 of 381 statewide, top 100%, 905 students, 50% FRL).
• Zoned-school proficiency averages 10% at this address vs 22% district-wide (-12 pts) — the specific schools serving this property underperform the Kingman Unified School District (79598) average; the district grade overstates school quality for this exact location.
• Market conditions: Rents flat; 647 active listings in the ZIP; 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.
• 4 sale attempts since 5y ago; this cycle's ask has dropped $89k (31%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $120k; list at $197k implies a 64% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wildfire risk; extreme-heat days projected 8→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.0% vs local median 3.5% in Kingman — 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 39% of the median local income ($51k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 141 days. Have you received any prior offers? Is the seller open to a 16% 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.
• 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.