3535 Bluegrass Dr · Lake Havasu City, AZ 86406

$399,900

3 bd · 2.0 ba · 2,445 sqft · SingleFamily public records · 32 Days on market

Built 1999 0.27 ac lot $164/sqft · 31% below area Est $577k · 31% under

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Why this score? — see what drove the D- 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).

• ARV discount +15.0/15.0
• Cash flow +8.2/30.0
• Schools +3.4/10.0
• Rent growth +3.3/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• DSCR +2.2/10.0
• 1% rule +1.5/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This spacious home has a 2 car garage with an attached carport! Located on a wide lot with tons of possibilities. Features 3 bedrooms, 2 bathrooms with a bonus room, great for an office and an enclosed Arizona room behind the master bedroom. Fenced backyard with plenty of room to add a pool, casita and more. Backs to a wash for added privacy and fenced backyard.

Key facts

• Attached carport
• Bonus rooms
• 2 car garage

Tags

• 2 CAR GARAGE
• ATTACHED CARPORT
• WIDE LOT
• FENCED BACKYARD
• BONUS ROOMS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $400k.

Deal economics

• At list price, monthly cash flow is $-372 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $334k (16.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $259k (35.2% below list).
• Recommended offer: $259k (35.2% below list) — sets the bar for 1% rule.
• Cap rate 5.2% vs local median 3.0% in Lake Havasu 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.

Location & tenants

• Location reads 63/100 on livability (#124 in AZ) — a middle-class / working-renter tenant base. Strengths: housing A; Watch: health & safety C-, amenities F, commute F.
• Lake Havasu Unified District (4368) (urban): math 39% / reading 41% proficiency, ranked #66 of 249 in AZ (top 26%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+3.1%/yr); 535 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 72% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 2,543 units permitted in Mohave County in 2024 (33 in 5+ unit buildings).
• This rent runs 40% of the median local income ($78k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Mohave County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($388k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $212k; list at $400k implies a 89% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major flood risk; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $259,237 (35.2% below list)

Questions for the listing agent

1. 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?
2. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 35% concession, seller financing, or rate buy-down credit?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
5. 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?
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: 0.65% ✗
• Cap rate: 5.18%
• Cash-on-cash: -3.99%
• DSCR: 0.82
• GRM: 12.9

CMA / ARV

• ARV (median comp): $577,366
• List price: $399,900
• Delta: -30.74%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3575 White Cap Dr	0.19mi	4/3.0 (+1)	2,442 (-0%)	2mo	$410,000	$168	80
3417 Osprey Ln	0.43mi	3/2.5	2,380 (-3%)	9mo	$500,000	$210	66
3397 Chemehuevi Blvd	0.57mi	3/2.0	2,369 (-3%)	9mo	$450,000	$190	60
3274 Cinnamon Dr	0.69mi	3/2.0	2,215 (-9%)	1mo	$600,000	$271	51
3370 Hornet Bay N	0.56mi	4/3.0 (+1)	2,272 (-7%)	2mo	$790,000	$348	51
3336 Saddleback Dr	0.32mi	3/2.0	2,096 (-14%)	14mo	$470,000	$224	49
3380 Monte Carlo Ave	0.63mi	4/2.0 (+1)	2,212 (-10%)	1mo	$391,000	$177	49
3150 Caravelle Dr	0.71mi	4/2.0 (+1)	2,317 (-5%)	6mo	$400,000	$173	48
690 Pueblo Dr	0.59mi	4/2.0 (+1)	2,302 (-6%)	14mo	$835,000	$363	46
3560 Tahitian Dr	0.40mi	3/2.5	2,172 (-11%)	20mo	$900,000	$414	44
3531 Winston Dr	0.73mi	4/3.0 (+1)	2,236 (-8%)	1mo	$460,000	$206	42
3347 Newport Dr	0.60mi	4/4.0 (+1)	2,106 (-14%)	16mo	$990,000	$470	23

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 · 3.14% rent growth · sell at horizon

5-year hold

• IRR: -22.9%
• Equity multiple: 0.21×
• Total profit: $-88,293
• Equity at exit: $59,626

10-year hold

• IRR: -17.2%
• Equity multiple: 0.05×
• Total profit: $-106,577
• Equity at exit: $34,576

Cash invested: $111,972 (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 86406

• Home prices YoY: -28.5%
• Rents YoY: 3.1%
• Active inventory: 535
• Price-to-rent: 12.9×

Monthly cashflow live

• Estimated rent: $2,592 high
• Mortgage (P&I): −$2,097
• Tax from tax record: −$156 /mo · $1,873/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$544
• Net cashflow: $-372

Break-even live

Break-even rent $3,063

Max offer price $334,205

Occupancy floor —

Sensitivity live

Price	-10% $-146	-5% $-259	+0% $-372	+5% $-485	+10% $-598
Rent	-10% $-577	-5% $-474	+0% $-372	+5% $-269	+10% $-167
Rate	-1.0pp $-170	-0.5pp $-270	base $-372	+0.5pp $-476	+1.0pp $-581

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: $99,975
• Closing costs: $11,997
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3611 Breakwater Dr Lake Havasu City, AZ	4.0	2.0	1691	$3,500	$2.07	45d	1	0.26mi
3417 Thunderbird Dr Lake Havasu City, AZ	3.0	2.0	1686	$2,400	$1.42	14d	1	0.28mi
3393 Jamaica Blvd S Lake Havasu City, AZ	3.0	2.0	1694	$3,000	$1.77	45d	1	0.41mi
3255 Silver Saddle Dr Lake Havasu City, AZ	3.0	3.0	1850	$2,950	$1.59	45d	1	0.52mi
640 Chemehuevi Plz Lake Havasu City, AZ	3.0	3.0	1689	$2,800	$1.66	45d	1	0.59mi
3261 Pintail Dr Lake Havasu City, AZ	3.0	2.0	1704	$1,900	$1.12	14d	1	0.60mi
441 Silver King Dr Lake Havasu City, AZ	3.0	2.0	2263	$2,800	$1.24	45d	1	0.69mi
3713 Mission Dr S Lake Havasu City, AZ	3.0	2.0	1956	$2,000	$1.02	22d	1	0.72mi
3293 Silver Arrow Dr Lake Havasu City, AZ	3.0	3.0	1854	$1,800	$0.97	45d	1	0.74mi
3570 Stanford Dr Lake Havasu City, AZ	3.0	3.0	1681	$4,900	$2.91	45d	1	0.75mi
3576 Stanford Dr Lake Havasu City, AZ	4.0	3.0	1730	$2,400	$1.39	45d	1	0.77mi
3921 Aloha Ln Lake Havasu City, AZ	3.0	2.0	1699	$3,500	$2.06	45d	1	0.81mi
3743 Mission Dr S Lake Havasu City, AZ	3.0	3.0	2027	$2,700	$1.33	45d	1	0.83mi
3099 Jamaica Blvd S Lake Havasu City, AZ	3.0	2.0	1586	$1,900	$1.20	45d	1	0.86mi
911 Pueblo Dr Lake Havasu City, AZ	4.0	3.0	1824	$3,500	$1.92	45d	1	0.94mi
3691 Parkview Dr Lake Havasu City, AZ	3.0	2.0	1631	$2,800	$1.72	45d	1	1.04mi
3165 Cotati Dr Lake Havasu City, AZ	3.0	2.0	1688	$3,100	$1.84	22d	1	1.05mi
3781 Solar Bay Lake Havasu City, AZ	3.0	2.0	1826	$3,200	$1.75	14d	1	1.10mi
3258 Kiowa Blvd S Lake Havasu City, AZ	3.0	2.0	1577	$2,000	$1.27	45d	1	1.14mi
2906 Daytona Ave Lake Havasu City, AZ	3.0	2.0	2263	$3,000	$1.33	45d	1	1.16mi
2906 Castaway Dr Lake Havasu City, AZ	3.0	2.0	2811	$3,500	$1.25	45d	1	1.16mi
75 Southwester Ln Lake Havasu City, AZ	3.0	2.5	2184	$2,500	$1.14	45d	1	1.17mi
3924 Cherry Tree Blvd Lake Havasu City, AZ	3.0	3.0	1975	$3,500	$1.77	45d	1	1.20mi
3699 El Dorado Ave N Lake Havasu City, AZ	3.0	3.5	1735	$2,500	$1.44	22d	1	1.20mi
2930 Coconino Dr Lake Havasu City, AZ	3.0	2.0	1819	$2,400	$1.32	22d	1	1.21mi
2860 Edgewood Dr Lake Havasu City, AZ	3.0	2.0	1868	$1,700	$0.91	45d	1	1.26mi
2856 War Eagle Dr Lake Havasu City, AZ	3.0	2.5	1887	$2,300	$1.22	45d	1	1.35mi
2990 Yuma Dr Lake Havasu City, AZ	3.0	2.0	1961	$2,250	$1.15	14d	1	1.45mi
2990 Yuma Dr Lake Havasu City, AZ	3.0	2.0	1961	$2,250	$1.15	45d	1	1.45mi

Listing history 6 events

1. 2026-05-12
   price $399,900 364-char remark

   Show marketing remark (364 chars)

   This spacious home has a 2 car garage with an attached carport! Located on a wide lot with tons of possibilities. Features 3 bedrooms, 2 bathrooms with a bonus room, great for an office and an enclosed Arizona room behind the master bedroom. Fenced backyard with plenty of room to add a pool, casita and more. Backs to a wash for added privacy and fenced backyard.

2. 2026-04-07
   listed $424,900 Active 364-char remark

   Show marketing remark (364 chars)

   This spacious home has a 2 car garage with an attached carport! Located on a wide lot with tons of possibilities. Features 3 bedrooms, 2 bathrooms with a bonus room, great for an office and an enclosed Arizona room behind the master bedroom. Fenced backyard with plenty of room to add a pool, casita and more. Backs to a wash for added privacy and fenced backyard.

3. 2021-07-13
   soldstatus $212,000
4. 2003-03-12
   soldstatus $115,000
5. 1998-02-05
   soldstatus $78,000
6. 1995-10-18
   soldstatus $77,000

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

Tax reassessment forecast AZ · Resets to sale price

• Current annual tax: $1,873 · $156/mo
• Projected year-2 tax: $2,639 · $220/mo
• Expected delta: +$766/yr (+$64/mo · 40.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 73% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥111°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,108
• − Mortgage interest: −$22,401
• − Property taxes: −$1,873
• − Insurance: −$2,000
• − Repairs & maintenance: −$2,489
• − Management: −$2,489
• − Depreciation: −$11,633
• Taxable loss: −$11,776
• Est. tax savings @ 24.0%: +$2,826
• After-tax cash flow: $-1,636/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.

Schools (NCES district)

• District: Lake Havasu Unified District (4368)
• NCES district ID: 0404280
• Math proficiency: 39% ▼ -16.00%
• Reading proficiency: 41% ▼ -8.00%
• Median HH income: $43,993
• Composite: 33.92/100
• National rank: #5339
• State rank: #66 of 249 in AZ

Livability — Lake Havasu City

• Score: 63/100
• State rank: #124
• US rank: #15839

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lake Havasu City, AZ
• County: Mohave County · 181,906 people
• City population: 62,596
• Metro: Lake Havasu City-Kingman, AZ
• Population (ZIP): 25,067
• Household income: $77,506
• Rent vs Own: 22.4% rent · 77.6% own
• Severe rent burden: 376.0

Population outlook (Mohave County) Hauer SSP2

• Today (2025): 209,184 people
• By 2030: 209,674 · +0.2%
• By 2040: 205,897 · -1.6%
• By 2050: 196,810 · -5.9%
• By 2075: 169,454 · -19.0%
• By 2100: 136,630 · -34.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Hispanic / Latino 14% Two or more races 10%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Iranian 5% Lithuanian 3% Portuguese 2%
• Foreign-born: 7% · Canada
• Languages at home: 92% English-only · Spanish 6% French/Haitian/Cajun 1%

Political lean MEDSL · Mohave

• 2024 margin: Solid R (+55.8) · D 21.8% · R 77.6%
• 2008→2024 swing: -22.9pp toward R · 2008: -32.9pp · 2024: -55.8pp
• All cycles: 2024: R+55.8 2020: R+51.3 2016: R+51.5 2012: R+42.6 2008: R+32.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -151.94%
• Current HPI: 380.9101
• Rent YoY: ▲ 3.14%
• Metro: Lake Havasu City-Kingman, AZ
• 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

+419.4% since first listed

6 events — show timeline

• 2026-05-12 Price Changed $399,900 LHAR
• 2026-04-07 Listed $424,900 LHAR
• 2021-07-13 Sold (Public Records) $212,000 Public Records
• 2003-03-12 Sold (Public Records) $115,000 Public Records
• 1998-02-05 Sold (Public Records) $78,000 Public Records
• 1995-10-18 Sold (Public Records) $77,000 Public Records

Property tax history

+3.6%/yr

Latest (2025): $1,873 · +2.3% YoY. Source: county tax records.