2331 E Leroy Ave · New Kingman-Butler, AZ 86409

$151,500

3 bd · 2.0 ba · 1,375 sqft · SingleFamily public records · 97 Days on market

Built 2005 6,098 sqft lot $110/sqft · 35% below area Est $232k · 35% under

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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 +23.7/30.0
• ARV discount +15.0/15.0
• DSCR +7.6/10.0
• 1% rule +5.2/10.0
• Rent growth +2.6/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming stick built 3-bedroom, 2-bath home offering 1,375 sq ft of living space on a 6,098 sq ft lot. Large living area, kitchen with an island, and indoor laundry. Built in 2005 with a functional floor plan and central cooling. Conveniently located near shopping, schools, and local amenities with easy access to Laughlin and Las Vegas. Come check this one out today!

Key facts

• 6,098 sq ft lot
• Built 2005
• Listed 96 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $152k.

Deal economics

• At list price, monthly cash flow is $288 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $152k).
• Recommended offer: $138k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.6% vs local median 4.3% in New Kingman-Butler — 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: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• 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.
• Market conditions: Rents flat; 643 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% 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 36% of the median local income ($51k/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 97 days — a 9% lower offer ($138k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y ago; this cycle's ask has dropped $60k (28%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk; extreme-heat days projected 8→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $137,865 (9.0% below list)

Questions for the listing agent

1. It's been on market 97 days. Have you received any prior offers? Is the seller open to a 9% 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. 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.
5. 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.
6. 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: 1.02% ✓
• Cap rate: 8.58%
• Cash-on-cash: 8.15%
• DSCR: 1.36
• GRM: 8.2

CMA / ARV

• ARV (median comp): $231,763
• List price: $151,500
• Delta: -34.63%
• 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
1965 E Potter Ave	0.44mi	3/2.0	1,340 (-2%)	3mo	$258,000	$193	73
1665 E Potter Ave	0.54mi	3/2.0	1,356 (-1%)	1mo	$279,900	$206	72
2445 E Hearne Ave	0.17mi	3/2.0	1,187 (-14%)	2mo	$235,900	$199	67
2485 E Devlin Ave	0.24mi	3/2.0	1,173 (-15%)	1mo	$245,000	$209	64
4872 N Van Nuys Rd	0.56mi	3/2.0	1,432 (+4%)	7mo	$239,990	$168	62
2275 E Ames Ave	0.35mi	3/2.0	1,193 (-13%)	0mo	$236,900	$199	61
4880 N Bond St	0.50mi	3/2.0	1,475 (+7%)	4mo	$265,000	$180	61
2295 E Carver Ave	0.53mi	3/2.0	1,308 (-5%)	9mo	$245,000	$187	60
2615 E Devlin Ave	0.33mi	4/2.0 (+1)	1,250 (-9%)	8mo	$181,000	$145	57
2195 E Suffock Ave	0.41mi	3/2.0	1,187 (-14%)	4mo	$144,000	$121	55
2800 E Lass Ave	0.53mi	3/2.0	1,187 (-14%)	4mo	$228,000	$192	49
2765 E Butler Ave	0.58mi	3/2.0	1,173 (-15%)	0mo	$245,000	$209	48

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 · 0.33% rent growth · sell at horizon

5-year hold

• IRR: -6.7%
• Equity multiple: 0.76×
• Total profit: $-10,277
• Equity at exit: $22,589

10-year hold

• IRR: -0.5%
• Equity multiple: 0.97×
• Total profit: $-1,207
• Equity at exit: $13,099

Cash invested: $42,420 (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 86409

• Rents YoY: 0.3%
• Active inventory: 643
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $1,542 medium
• Mortgage (P&I): −$794
• Tax from tax record: −$73 /mo · $871/yr
• Insurance: −$63
• HOA: −$0
• Vacancy / Maint / Mgmt: −$324
• Net cashflow: $288

Break-even live

Break-even rent $1,177

Max offer price $151,500

Occupancy floor 76%

Sensitivity live

Price	-10% $374	-5% $331	+0% $288	+5% $245	+10% $202
Rent	-10% $166	-5% $227	+0% $288	+5% $349	+10% $410
Rate	-1.0pp $365	-0.5pp $327	base $288	+0.5pp $249	+1.0pp $209

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: $37,875
• Closing costs: $4,545
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2381 E Butler Ave Kingman, AZ	2.0	2.0	1152	$1,200	$1.04	44d	1	0.36mi
2995 E Ames Ave Kingman, AZ	3.0	2.0	1221	$1,250	$1.02	45d	1	0.78mi
2658 E Punta Vista Kingman, AZ	3.0	2.0	1205	$1,700	$1.41	44d	1	0.83mi
3356 E El Tovar Ave Kingman, AZ	3.0	2.0	1356	$1,975	$1.46	44d	1	1.46mi

Listing history 23 events

1. 2026-06-18
   days on market $151,500 Active 97 DOM
2. 2026-06-17
   days on market $151,500 Active 96 DOM
3. 2026-06-16
   days on market $151,500 Active 95 DOM
4. 2026-06-15
   days on market $151,500 Active 94 DOM
5. 2026-06-14
   days on market $151,500 Active 92 DOM
6. 2026-06-13
   days on market $151,500 Active 91 DOM
7. 2026-06-10
   days on market $151,500 Active 89 DOM
8. 2026-06-09
   days on market $151,500 Active 88 DOM
9. 2026-06-08
   days on market $151,500 Active 87 DOM
10. 2026-06-07
    days on market $151,500 Active 86 DOM
11. 2026-06-05
    days on market $151,500 Active 83 DOM
12. 2026-06-03
    days on market $151,500 Active 82 DOM
13. 2026-06-02
    days on market $151,500 Active 81 DOM
14. 2026-06-01
    days on market $151,500 Active 80 DOM
15. 2026-05-31
    days on market $151,500 Active 79 DOM
16. 2026-05-30
    days on market $151,500 Active 78 DOM
17. 2026-04-27
    price $165,000 369-char remark

    Show marketing remark (369 chars)

    Charming stick built 3-bedroom, 2-bath home offering 1,375 sq ft of living space on a 6,098 sq ft lot. Large living area, kitchen with an island, and indoor laundry. Built in 2005 with a functional floor plan and central cooling. Conveniently located near shopping, schools, and local amenities with easy access to Laughlin and Las Vegas. Come check this one out today!

18. 2026-04-13
    price $184,900 369-char remark

    Show marketing remark (369 chars)

    Charming stick built 3-bedroom, 2-bath home offering 1,375 sq ft of living space on a 6,098 sq ft lot. Large living area, kitchen with an island, and indoor laundry. Built in 2005 with a functional floor plan and central cooling. Conveniently located near shopping, schools, and local amenities with easy access to Laughlin and Las Vegas. Come check this one out today!

19. 2026-03-13
    listed $211,000 Active 369-char remark

    Show marketing remark (369 chars)

    Charming stick built 3-bedroom, 2-bath home offering 1,375 sq ft of living space on a 6,098 sq ft lot. Large living area, kitchen with an island, and indoor laundry. Built in 2005 with a functional floor plan and central cooling. Conveniently located near shopping, schools, and local amenities with easy access to Laughlin and Las Vegas. Come check this one out today!

20. 2021-07-06
    soldstatus $169,000 293-char remark

    Show marketing remark (293 chars)

    Move in ready single family home! Great 3 bedroom, 2 bath home on fenced lot with drive through gates. Open kitchen with beautiful cabinets, center island has power, oversized laundry/utility room. Lot is fenced with easy care rock landscaping in frontyard, flagstone walkway and covered patio

21. 2021-07-06
    soldstatus $169,000

    Show marketing remark (293 chars)

    Move in ready single family home! Great 3 bedroom, 2 bath home on fenced lot with drive through gates. Open kitchen with beautiful cabinets, center island has power, oversized laundry/utility room. Lot is fenced with easy care rock landscaping in frontyard, flagstone walkway and covered patio

22. 2021-04-22
    listed $159,900 293-char remark

    Show marketing remark (293 chars)

    Move in ready single family home! Great 3 bedroom, 2 bath home on fenced lot with drive through gates. Open kitchen with beautiful cabinets, center island has power, oversized laundry/utility room. Lot is fenced with easy care rock landscaping in frontyard, flagstone walkway and covered patio

23. 2005-08-01
    soldstatus $139,900

ⓘ 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: $871 · $73/mo
• Projected year-2 tax: $1,000 · $83/mo
• Expected delta: +$129/yr (+$11/mo · 14.8%)

ⓘ 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 7/10 Severe
• 🌡 Heat 6/10 Major 8 d/yr ≥100°F today · 20 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: $18,508
• − Mortgage interest: −$8,486
• − Property taxes: −$871
• − Insurance: −$758
• − Repairs & maintenance: −$1,481
• − Management: −$1,481
• − Depreciation: −$4,407
• Taxable income: $1,024
• Est. tax owed @ 24.0%: −$246
• After-tax cash flow: $3,213/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: Kingman Unified School District (79598)
• NCES district ID: 0400295
• Math proficiency: 19% ▼ -11.00%
• Reading proficiency: 24% ▼ -9.00%
• Median HH income: $36,760
• Composite: 17.87/100
• National rank: #9002
• State rank: #179 of 249 in AZ

Livability — New Kingman-Butler

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: New Kingman-Butler, AZ
• County: Mohave County · 181,906 people
• Metro: Lake Havasu City-Kingman, AZ
• Population (ZIP): 30,365
• Household income: $50,852
• Rent vs Own: 31.4% rent · 68.6% own
• Severe rent burden: 688.0

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 (76%)
• Race & ethnicity: White 76% Hispanic / Latino 16% Two or more races 10% Native American 1%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Lithuanian 3% Slovak 2% Portuguese 2%
• Foreign-born: 6% · Canada
• Languages at home: 92% English-only · Spanish 7%

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: ▼ -158.90%
• Current HPI: 280.1884
• Rent YoY: ▲ 0.33%
• 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

+17.9% since first listed

7 events — show timeline

• 2026-04-27 Price Changed $165,000 WARDEX
• 2026-04-13 Price Changed $184,900 WARDEX
• 2026-03-13 Listed $211,000 WARDEX
• 2021-07-06 Sold (Public Records) $169,000 Public Records
• 2021-07-06 Sold (MLS) $169,000 WARDEX
• 2021-04-22 Listed $159,900 WARDEX
• 2005-08-01 Sold (Public Records) $139,900 Public Records

Property tax history

+4.0%/yr

Latest (2025): $871 · +1.6% YoY. Source: county tax records.