1400 Wagner Dr · Lake Havasu City, AZ 86404

$174,900

2 bd · 2.0 ba · 1,440 sqft · Manufactured · 68 Days on market

Built 1985 Good condition $121/sqft · 23% above area Est $143k · 23% over

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Why this score? — see what drove the C+ 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 +29.2/30.0
• DSCR +10.0/10.0
• 1% rule +8.2/10.0
• Condition / age +4.0/5.0
• Schools +3.4/10.0
• Livability +3.2/5.0
• Rent growth +2.7/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this beautifully maintained 55+ community home, ideally situated on a desirable corner location! Offering 1,440 sq ft of comfortable space, this 2-bedroom, 2-bath residence features a dual master suite floor plan--perfect for privacy and flexibility. The light and bright remodeled kitchen showcasing solid surface countertops and plenty of space for cooking and entertaining. Enjoy both casual and formal dining areas, ideal for everything from everyday meals to hosting guests. Roof replaced in 2017. A/C replaced in 2016. Outside, you'll find a 33-foot-deep carport providing ample covered parking, along with a storage shed equipped with electricity--perfect for hobbies or extra storage. An additional small storage area is conveniently located in the front patio space. Relax on the full-length covered front patio, or unwind in the private rear patio, thoughtfully created by relocating the shed to maximize space and take in peaceful lake views. Residents enjoy access to a community clubhouse, complete with a heated pool and spa--perfect for year-round relaxation. Stay active and connected with a monthly activities calendar that makes it easy to meet neighbors

Key facts

• Corner location
• Remodeled kitchen
• 33 foot deep carport

Tags

• CORNER LOCATION
• DUAL MASTER SUITE FLOOR PLAN
• REMODELED KITCHEN
• SOLID SURFACE COUNTERTOPS
• CASUAL AND FORMAL DINING AREAS
• 33 FOOT DEEP CARPORT

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $175k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $611 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Recommended offer: $164k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.5% 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 flat; 414 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 64% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,543 units permitted in Mohave County in 2024 (33 in 5+ unit buildings).
• This rent runs 38% of the median local income ($73k/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 $1k of loan paydown is wiped out by about $5k 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 68 days — a 6% lower offer ($164k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 6→13/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $164,406 (6.0% below list)

Questions for the listing agent

1. It's been on market 68 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
6. 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.
7. 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: 1.32% ✓
• Cap rate: 10.48%
• Cash-on-cash: 14.96%
• DSCR: 1.67
• GRM: 6.3

CMA / ARV

• ARV (median comp): $142,604
• List price: $174,900
• Delta: 22.65%
• Verdict: OVERPRICED
• Comps: 7 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1435 Wagner Dr	0.04mi	2/2.0	1,512 (+5%)	12mo	$148,000	$98	80
1410 King Dr	0.17mi	2/2.0	1,344 (-7%)	3mo	$185,000	$138	78
1445 King Dr	0.15mi	2/2.0	1,300 (-10%)	3mo	$149,000	$115	74
1400 King Dr	0.17mi	2/2.0	1,560 (+8%)	11mo	$200,000	$128	69
1415 King Dr	0.15mi	2/2.0	1,248 (-13%)	7mo	$144,900	$116	65
1420 King Dr	0.17mi	2/2.0	1,300 (-10%)	16mo	$180,000	$138	62
1425 Sunshine Dr	0.11mi	3/2.0 (+1)	1,300 (-10%)	23mo	$165,000	$127	54

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 · 0.66% rent growth · sell at horizon

5-year hold

• IRR: 2.9%
• Equity multiple: 1.11×
• Total profit: $5,284
• Equity at exit: $26,078

10-year hold

• IRR: 10.1%
• Equity multiple: 1.70×
• Total profit: $34,072
• Equity at exit: $15,122

Cash invested: $48,972 (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 86404

• Home prices YoY: -32.0%
• Rents YoY: 0.7%
• Active inventory: 414
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $2,303 high
• Mortgage (P&I): −$917
• Tax est. 1.5%: −$219 /mo · $2,624/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$484
• Net cashflow: $611

Break-even live

Break-even rent $1,530

Max offer price $174,900

Occupancy floor 68%

Sensitivity live

Price	-10% $731	-5% $671	+0% $611	+5% $550	+10% $490
Rent	-10% $429	-5% $520	+0% $611	+5% $702	+10% $793
Rate	-1.0pp $699	-0.5pp $655	base $611	+0.5pp $565	+1.0pp $519

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: $43,725
• Closing costs: $5,247
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1790 Piper Bay Lake Havasu City, AZ	3.0	2.0	1550	$2,800	$1.81	44d	1	0.33mi
1942 Palo Verde Blvd N Lake Havasu City, AZ	3.0	2.0	1623	$3,500	$2.16	44d	1	0.56mi
1226 N Lake Havasu Ave Lake Havasu City, AZ	2.0	1.0	1300	$1,500	$1.15	14d	1	0.85mi
1370 N Lake Havasu Ave Unit 102 Lake Havasu City, AZ	2.0	1.0	900	$1,650	$1.83	14d	1	0.85mi
2010 Bombay Dr Lake Havasu City, AZ	3.0	2.0	1406	$2,500	$1.78	44d	1	0.88mi
1435 Beefeater Dr Lake Havasu City, AZ	3.0	2.0	1450	$2,300	$1.59	22d	1	0.89mi
1697 Cardinal Dr Lake Havasu City, AZ	3.0	2.0	1695	$2,195	$1.29	22d	1	0.98mi
2265 Malahini Dr Lake Havasu City, AZ	3.0	2.0	1437	$2,300	$1.60	44d	1	1.23mi
2086 Sandwood Dr Lake Havasu City, AZ	2.0	2.0	1123	$1,700	$1.51	45d	1	1.37mi
2345 Palo Verde Blvd N Lake Havasu City, AZ	3.0	2.0	1040	$2,500	$2.40	44d	1	1.43mi
2231 Sandwood Dr Unit S2231-102 Lake Havasu City, AZ	1.0	1.0	1128	$1,150	$1.02	44d	1	1.49mi

Listing history 16 events

1. 2026-06-18
   days on market $174,900 Active 68 DOM
2. 2026-06-17
   days on market $174,900 Active 67 DOM
3. 2026-06-16
   days on market $174,900 Active 66 DOM
4. 2026-06-15
   days on market $174,900 Active 65 DOM
5. 2026-06-14
   days on market $174,900 Active 63 DOM
6. 2026-06-13
   days on market $174,900 Active 62 DOM
7. 2026-06-10
   days on market $174,900 Active 60 DOM
8. 2026-06-09
   days on market $174,900 Active 59 DOM
9. 2026-06-08
   days on market $174,900 Active 58 DOM
10. 2026-06-07
    days on market $174,900 Active 57 DOM
11. 2026-06-03
    days on market $174,900 Active 53 DOM
12. 2026-06-02
    days on market $174,900 Active 52 DOM
13. 2026-06-01
    days on market $174,900 Active 51 DOM
14. 2026-05-31
    days on market $174,900 Active 50 DOM
15. 2026-05-30
    days on market $174,900 Active 49 DOM
16. 2026-04-11
    listed $174,900 Active 1186-char remark

    Show marketing remark (1186 chars)

    Welcome to this beautifully maintained 55+ community home, ideally situated on a desirable corner location! Offering 1,440 sq ft of comfortable space, this 2-bedroom, 2-bath residence features a dual master suite floor plan--perfect for privacy and flexibility. The light and bright remodeled kitchen showcasing solid surface countertops and plenty of space for cooking and entertaining. Enjoy both casual and formal dining areas, ideal for everything from everyday meals to hosting guests. Roof replaced in 2017. A/C replaced in 2016. Outside, you'll find a 33-foot-deep carport providing ample covered parking, along with a storage shed equipped with electricity--perfect for hobbies or extra storage. An additional small storage area is conveniently located in the front patio space. Relax on the full-length covered front patio, or unwind in the private rear patio, thoughtfully created by relocating the shed to maximize space and take in peaceful lake views. Residents enjoy access to a community clubhouse, complete with a heated pool and spa--perfect for year-round relaxation. Stay active and connected with a monthly activities calendar that makes it easy to meet neighbors

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 9/10 Extreme 6 d/yr ≥116°F today · 13 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: $27,635
• − Mortgage interest: −$9,797
• − Property taxes: −$2,624
• − Insurance: −$874
• − Repairs & maintenance: −$2,211
• − Management: −$2,211
• − Depreciation: −$5,088
• Taxable income: $4,830
• Est. tax owed @ 24.0%: −$1,159
• After-tax cash flow: $6,168/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 · 12 photos

Good 80/100 Cosmetic rehab

This well-maintained 55+ community home offers a good condition with a dual master suite floor plan and a 33-foot-deep carport. It's ready for a fresh coat of paint and some minor maintenance to further enhance its curb appeal and value.

Value-add opportunities

• Both Paint exterior walls — Enhances curb appeal and value.
• Both Clean gutters — Improves drainage and property value.
• Both Replace blinds — Freshen up the interior and improve light control.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior walls — Enhances curb appeal and value. ↑
• Both Clean gutters — Improves drainage and property value. ↑
• Both Replace blinds — Freshen up the interior and improve light control. ↑

ⓘ 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: 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): 19,234
• Household income: $72,910
• Rent vs Own: 19.3% rent · 80.7% own
• Severe rent burden: 343.0

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 (83%)
• Race & ethnicity: White 83% Hispanic / Latino 12% Two or more races 6%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Romanian 3% Portuguese 3% Slovak 3%
• Foreign-born: 5% · Canada
• Languages at home: 94% English-only · Spanish 5%

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: ▼ -189.23%
• Current HPI: 402.8832
• Rent YoY: ▲ 0.66%
• 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

1 event — show timeline

• 2026-04-11 Listed $174,900 LHAR