686 Ramar Rd

Bullhead City, AZ 86442

$117,900D-

2 bd · 2.0 ba · 840 sqft · Built 2018 · Manufactured · Active · 69 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $987/mo
• Mortgage (P&I): −$618
• Tax + insurance: −$97
• HOA: −$0
• Vac / Maint / Mgmt: −$207
• Net cashflow: $65/mo
• Annual: $777/yr
• Cap rate: 6.95%
• Cash-on-cash: 2.35%
• DSCR: 1.10
• 1% rule: 0.84%
• Cash to close: $33,012

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $118k.
• At list price, monthly cash flow is $65 ($777/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $99k (16.3% below list).
• It's been on market 69 days — a 6% lower offer ($111k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $99k (16.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $815 of loan paydown is wiped out by about $4k 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: Desert Valley School (math 27% / reading 27%, grade F, #600 of 1,109 statewide, top 56%, 510 students, 90% FRL); Bullhead City Middle School (math 14% / reading 23%, grade F, #140 of 218 statewide, top 65%, 508 students, 78% 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); 723 active listings in the ZIP; 38 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 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 10y ago; this cycle's ask has dropped $16k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.0% vs local median 3.8% 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

• It's been on market 69 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 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.
• 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.