962 Surf Spray Dr · Bullhead City, AZ 86442

$115,000

2 bd · 2.0 ba · 837 sqft · Land public records · 174 Days on market

Built 1977 7,405 sqft lot

---

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 +25.5/30.0
• DSCR +8.4/10.0
• ARV discount +7.5/15.0
• 1% rule +5.5/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks

Cozy 2 bedroom 2 full bath home with an additional room that could be used as a casita or a private office. Full privacy fence surrounding the home as well as chain link fencing. One car detached garage, plenty of parking for your boat, off road toys or RV. Centrally located in the heart of Bullhead City. Walking distance to schools and shopping. A short drive to the sports complex and parks with walking trails and river access.

Key facts

• Full privacy fence
• River access
• Detached garage

Tags

• FULL PRIVACY FENCE
• DETACHED GARAGE
• WALKING DISTANCE TO SCHOOLS
• WALKING DISTANCE TO SHOPPING
• SHORT DRIVE TO SPORTS COMPLEX
• RIVER ACCESS

Property features AI

Exterior

• Parking: Detached garage (1 space); Carport (1 space); RV access/parking
• Utilities: Public water; Public sewer
• Home design: Manufactured home (single wide); Residential property; Entry features: furnished, open kitchen, open floor plan
• Construction: Rolled/hot mop roof
• Exterior features: Paved road access; Back yard fencing; Front yard fencing; Chain link fencing; Privacy fencing; Wood fencing; No pool

Interior

• Kitchen: Electric oven; Electric range; Refrigerator
• Bathrooms: 2 full bathrooms
• Heating & cooling: Wall/window cooling units
• Interior features: Open floor plan; Furnished
• Laundry & utility: Washer included

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath land listed at $115k.

Deal economics

• At list price, monthly cash flow is $267 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Recommended offer: $101k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.1% vs local median 3.7% 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.

Location & tenants

• 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: 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) — zoned schools at 64% FRL track the district average.
• Market conditions: Rents soft (-0.9%/yr); 713 active listings in the ZIP; 33 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 2,543 units permitted in Mohave County in 2024 (33 in 5+ unit buildings).
• This rent runs 30% of the median local income ($48k/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 $795 of loan paydown is wiped out by about $3k 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 174 days — a 12% lower offer ($101k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $40k (26%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $45k; list at $115k implies a 156% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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.

Recommended offer $101,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 174 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
7. 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.
8. 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.
9. 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: 1.05% ✓
• Cap rate: 9.07%
• Cash-on-cash: 9.94%
• DSCR: 1.44
• GRM: 8.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -4.5%
• Equity multiple: 0.84×
• Total profit: $-5,237
• Equity at exit: $17,147

10-year hold

• IRR: 1.7%
• Equity multiple: 1.11×
• Total profit: $3,454
• Equity at exit: $9,943

Cash invested: $32,200 (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 86442

• Home prices YoY: -27.0%
• Rents YoY: -0.9%
• Active inventory: 713
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,205 high
• Mortgage (P&I): −$603
• Tax from tax record: −$35 /mo · $415/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$253
• Net cashflow: $267

Break-even live

Break-even rent $868

Max offer price $115,000

Occupancy floor 73%

Sensitivity live

Price	-10% $332	-5% $299	+0% $267	+5% $234	+10% $201
Rent	-10% $171	-5% $219	+0% $267	+5% $314	+10% $362
Rate	-1.0pp $325	-0.5pp $296	base $267	+0.5pp $237	+1.0pp $206

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 33 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2030 Coronado Dr Bullhead City, AZ	2.0	2.0	843	$1,050	$1.25	15d	1	0.52mi
813 Gemstone Ave Bullhead City, AZ	2.0	2.0	1000	$1,200	$1.20	15d	1	0.54mi
2149 Hermosa Dr Bullhead City, AZ	2.0	1.0	765	$1,250	$1.63	15d	1	0.73mi
644 Swan Dr Bullhead City, AZ	2.0	1.0	775	$1,050	$1.35	15d	1	0.73mi
945 Holly St Bullhead City, AZ	2.0	1.0	967	$1,295	$1.34	15d	1	0.76mi
2175 Riviera Blvd Unit 4 Bullhead City, AZ	2.0	1.0	800	$950	$1.19	15d	1	0.83mi
1645 Palma Cir W Bullhead City, AZ	2.0	1.0	682	$950	$1.39	15d	1	0.87mi
1066 Mobile Ln Bullhead City, AZ	2.0	2.0	931	$1,250	$1.34	15d	1	0.87mi
1190 Ramar Rd Bullhead City, AZ	1.0–2.0	1.0–2.0	735	$1,050	$1.43	22d	1	0.88mi
1190 Ramar Rd Unit F52 Bullhead City, AZ	2.0	1.0	846	$1,000	$1.18	15d	1	0.88mi
1190 Ramar Rd Unit C21 Bullhead City, AZ	2.0	2.0	858	$1,200	$1.40	15d	1	0.88mi
1235 Navajo Dr Bullhead City, AZ	2.0	1.0	800	$925	$1.16	15d	1	0.91mi
1277 Navajo Dr Unit 10 Bullhead City, AZ	2.0	1.0	800	$850	$1.06	15d	1	0.94mi
1489 Church Dr Bullhead City, AZ	1.0	1.0	672	$1,100	$1.64	15d	1	0.95mi
2081 Diamond Dr Bullhead City, AZ	2.0	2.0	720	$1,050	$1.46	15d	1	0.97mi
548 Ramar Rd Bullhead City, AZ	2.0	2.0	949	$1,400	$1.48	15d	1	1.02mi
2460 Lakeside Dr Bullhead City, AZ	2.0	2.0	1061	$1,300	$1.23	15d	1	1.04mi
1336 Ramar Rd Bullhead City, AZ	1.0	1.0	750	$750	$1.00	9d	1	1.11mi
546 Roadrunner Dr Bullhead City, AZ	3.0	2.0	922	$1,300	$1.41	15d	1	1.14mi
2288 Kaibab Dr Bullhead City, AZ	2.0	1.0	768	$1,400	$1.82	15d	1	1.15mi
1772 Rio Grande Rd Bullhead City, AZ	2.0	1.0	823	$935	$1.14	0d	5	1.22mi
405 Anna Cir Unit A Bullhead City, AZ	3.0	2.0	1076	$1,350	$1.25	15d	1	1.25mi
363 Rio Grande Ct Bullhead City, AZ	2.0	2.0	940	$950	$1.01	14d	1	1.26mi
454 Riverfront Dr #105 Bullhead City, AZ	2.0	2.0	840	$1,200	$1.43	15d	1	1.29mi
346 Rio Grande Ct Bullhead City, AZ	2.0	2.0	1030	$1,200	$1.17	0d	1	1.29mi
370 Riverfront Dr Bullhead City, AZ	2.0	1.0	698	$1,500	$2.15	3d	1	1.31mi
342 Santa Maria Ave Bullhead City, AZ	3.0	2.0	1056	$1,200	$1.14	9d	1	1.34mi
437 Riverfront Dr Unit 4 Bullhead City, AZ	2.0	1.0	1080	$1,650	$1.53	22d	1	1.34mi
437 Riverfront Dr Unit 3 Bullhead City, AZ	2.0	1.5	700	$1,600	$2.29	22d	1	1.34mi
437 Riverfront Dr Unit 2 Bullhead City, AZ	2.0	1.0	682	$1,400	$2.05	22d	1	1.34mi
1627 Havasupai Dr Bullhead City, AZ	1.0	1.0	980	$900	$0.92	9d	1	1.36mi
1643 Havasupai Dr Bullhead City, AZ	2.0	2.0	878	$1,011	$1.15	14d	1	1.38mi
201 Riverfront Dr #3 Bullhead City, AZ	2.0	2.0	1013	$1,900	$1.88	0d	1	1.48mi

Listing history 8 events

1. 2026-05-07
   price $115,000
2. 2026-03-30
   status Active
3. 2026-03-27
   status Pending
4. 2026-02-12
   price $138,000
5. 2025-11-26
   listed $154,900 Active
6. 2004-02-19
   soldstatus $45,000
7. 1997-12-30
   soldstatus $45,000
8. 1996-11-08
   soldstatus $43,500

ⓘ 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: $415 · $35/mo
• Projected year-2 tax: $759 · $63/mo
• Expected delta: +$344/yr (+$29/mo · 82.9%)

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

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 7 d/yr ≥116°F today · 16 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: $14,463
• − Mortgage interest: −$6,442
• − Property taxes: −$415
• − Insurance: −$575
• − Repairs & maintenance: −$1,157
• − Management: −$1,157
• − Depreciation: −$3,345
• Taxable income: $1,372
• Est. tax owed @ 24.0%: −$329
• After-tax cash flow: $2,870/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: Bullhead City School District (4378)
• NCES district ID: 0401500
• Math proficiency: 16% ▼ -11.00%
• Reading proficiency: 22% ▼ -6.00%
• Median HH income: $37,109
• Composite: 15.83/100
• National rank: #9263
• State rank: #189 of 249 in AZ

Livability — Bullhead City

• Score: 64/100
• State rank: #103
• US rank: #14458

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bullhead City, AZ
• County: Mohave County · 181,906 people
• City population: 43,354
• Metro: Lake Havasu City-Kingman, AZ
• Population (ZIP): 34,735
• Household income: $48,081
• Rent vs Own: 30.1% rent · 69.9% own
• Severe rent burden: 1040.0

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 (68%)
• Race & ethnicity: White 68% Hispanic / Latino 22% Two or more races 12% Black 2% Asian 2%
• Hispanic origin (detail): Mexican 19%
• Common ancestry: Portuguese 3% Romanian 2% Lithuanian 2%
• Foreign-born: 9% · Canada, South Korea
• Languages at home: 87% English-only · Spanish 11%

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: ▼ -100.11%
• Current HPI: 270.3297
• Rent YoY: ▼ -0.90%
• 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

+164.4% since first listed

8 events — show timeline

• 2026-05-07 Price Changed $115,000 WARDEX
• 2026-03-30 Relisted — WARDEX
• 2026-03-27 Pending — WARDEX
• 2026-02-12 Price Changed $138,000 WARDEX
• 2025-11-26 Listed $154,900 WARDEX
• 2004-02-19 Sold (Public Records) $45,000 Public Records
• 1997-12-30 Sold (Public Records) $45,000 Public Records
• 1996-11-08 Sold (Public Records) $43,500 Public Records

Property tax history

+2.8%/yr

Latest (2025): $415 · +3.2% YoY. Source: county tax records.