2240 Del Rey Dr · Bullhead City, AZ 86442

$150,000

3 bd · 1.5 ba · 1,100 sqft · Land public records · 37 Days on market

Built 1963 5,663 sqft lot

---

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).

• Cash flow +20.2/30.0
• ARV discount +7.5/15.0
• DSCR +6.4/10.0
• 1% rule +4.0/10.0
• 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

Key facts

• 5,663 sq ft lot
• Built 1963
• Listed 37 days

Property features AI

Finance

• Other: Zoned R1MH (single-family mobile home)

Exterior

• Parking: Attached parking
• Utilities: Public water; Public sewer; Electricity available; Natural gas available
• Home design: Manufactured single-wide home; Residential property
• Construction: Shingle roof
• Exterior features: Chain link front yard fencing; River access

Interior

• Kitchen: Gas oven; Gas range; Refrigerator; Solid surface countertops
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Central air conditioning (electric); Ceiling fans
• Interior features: Ceiling fans

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath land listed at $150k.

Deal economics

• At list price, monthly cash flow is $189 ($2k/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 $135k (9.8% below list).
• Recommended offer: $135k (9.8% below list) — sets the bar for 1% rule.
• Cap rate 7.8% 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, schools F.
• 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.
• Market conditions: Rents soft (-0.9%/yr); 710 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 14d 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 34% 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 $1k of loan paydown is wiped out by about $4k 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 37 days — a 3% lower offer ($146k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $30k; list at $150k implies a 401% 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 $135,367 (9.8% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
2. Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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?
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: 0.90% ✗
• Cap rate: 7.80%
• Cash-on-cash: 5.40%
• DSCR: 1.24
• GRM: 9.2

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: -11.0%
• Equity multiple: 0.61×
• Total profit: $-16,311
• Equity at exit: $22,365

10-year hold

• IRR: -6.0%
• Equity multiple: 0.66×
• Total profit: $-14,341
• Equity at exit: $12,969

Cash invested: $42,000 (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: 710
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $1,354 high
• Mortgage (P&I): −$787
• Tax from tax record: −$31 /mo · $375/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$284
• Net cashflow: $189

Break-even live

Break-even rent $1,114

Max offer price $150,000

Occupancy floor 81%

Sensitivity live

Price	-10% $274	-5% $231	+0% $189	+5% $147	+10% $104
Rent	-10% $82	-5% $136	+0% $189	+5% $242	+10% $296
Rate	-1.0pp $265	-0.5pp $227	base $189	+0.5pp $150	+1.0pp $111

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2175 Riviera Blvd Unit 4 Bullhead City, AZ	2.0	1.0	800	$950	$1.19	14d	1	0.15mi
2149 Hermosa Dr Bullhead City, AZ	2.0	1.0	765	$1,250	$1.63	14d	1	0.20mi
644 Swan Dr Bullhead City, AZ	2.0	1.0	775	$1,050	$1.35	14d	1	0.24mi
2081 Diamond Dr Bullhead City, AZ	2.0	2.0	720	$1,050	$1.46	14d	1	0.38mi
2030 Coronado Dr Bullhead City, AZ	2.0	2.0	843	$1,050	$1.25	14d	1	0.45mi
342 Santa Maria Ave Bullhead City, AZ	3.0	2.0	1056	$1,200	$1.14	8d	1	0.62mi
1948 Merced Dr Bullhead City, AZ	3.0	1.0	1152	$1,000	$0.87	13d	1	0.79mi
1910 Rio Grande Rd Bullhead City, AZ	3.0	2.0	1296	$1,500	$1.16	13d	1	0.86mi
2460 Lakeside Dr Bullhead City, AZ	2.0	2.0	1061	$1,300	$1.23	14d	1	0.86mi
335 Riverwood Ln Bullhead City, AZ	3.0	2.0	1454	$1,650	$1.13	5d	1	0.92mi
1772 Rio Grande Rd Bullhead City, AZ	2.0	1.0	823	$935	$1.14	2d	5	1.00mi
287 Meander Dr Bullhead City, AZ	2.0	2.0	1152	$1,395	$1.21	11d	1	1.00mi
346 Rio Grande Ct Bullhead City, AZ	2.0	2.0	1030	$1,200	$1.17	2d	1	1.04mi
363 Rio Grande Ct Bullhead City, AZ	2.0	2.0	940	$950	$1.01	13d	1	1.04mi
564 Holly St Bullhead City, AZ	4.0	2.0	1400	$1,900	$1.36	14d	1	1.09mi
813 Gemstone Ave Bullhead City, AZ	2.0	2.0	1000	$1,200	$1.20	14d	1	1.14mi
1235 Navajo Dr Bullhead City, AZ	2.0	1.0	800	$925	$1.16	14d	1	1.23mi
201 Riverfront Dr #3 Bullhead City, AZ	2.0	2.0	1013	$1,900	$1.88	2d	1	1.24mi
548 Ramar Rd Bullhead City, AZ	2.0	2.0	949	$1,400	$1.48	14d	1	1.26mi
1277 Navajo Dr Unit 10 Bullhead City, AZ	2.0	1.0	800	$850	$1.06	14d	1	1.28mi
652 Holly St Bullhead City, AZ	3.0	2.0	1200	$1,500	$1.25	14d	1	1.32mi
405 Anna Cir Unit A Bullhead City, AZ	3.0	2.0	1076	$1,350	$1.25	14d	1	1.35mi
546 Roadrunner Dr Bullhead City, AZ	3.0	2.0	922	$1,300	$1.41	14d	1	1.42mi
2288 Kaibab Dr Bullhead City, AZ	2.0	1.0	768	$1,400	$1.82	14d	1	1.47mi
437 Riverfront Dr Unit 3 Bullhead City, AZ	2.0	1.5	700	$1,600	$2.29	21d	1	1.48mi
437 Riverfront Dr Unit 4 Bullhead City, AZ	2.0	1.0	1080	$1,650	$1.53	21d	1	1.48mi
437 Riverfront Dr Unit 6 Bullhead City, AZ	2.0	1.5	1392	$2,400	$1.72	21d	1	1.48mi
437 Riverfront Dr #5 Bullhead City, AZ	2.0	2.0	1362	$2,600	$1.91	21d	1	1.48mi
454 Riverfront Dr #105 Bullhead City, AZ	2.0	2.0	840	$1,200	$1.43	14d	1	1.48mi

Listing history 17 events

1. 2026-06-18
   days on market $150,000 Active 37 DOM
2. 2026-06-17
   days on market $150,000 Active 36 DOM
3. 2026-06-16
   days on market $150,000 Active 35 DOM
4. 2026-06-15
   days on market $150,000 Active 34 DOM
5. 2026-06-14
   days on market $150,000 Active 32 DOM
6. 2026-06-13
   days on market $150,000 Active 31 DOM
7. 2026-06-10
   days on market $150,000 Active 29 DOM
8. 2026-06-09
   days on market $150,000 Active 28 DOM
9. 2026-06-08
   days on market $150,000 Active 27 DOM
10. 2026-06-07
    days on market $150,000 Active 26 DOM
11. 2026-06-05
    days on market $150,000 Active 23 DOM
12. 2026-06-02
    days on market $150,000 Active 21 DOM
13. 2026-06-01
    days on market $150,000 Active 20 DOM
14. 2026-05-31
    days on market $150,000 Active 19 DOM
15. 2026-05-30
    days on market $150,000 Active 18 DOM
16. 2026-05-13
    listed $150,000 Active
17. 1996-07-05
    soldstatus $29,950

ⓘ 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: $375 · $31/mo
• Projected year-2 tax: $990 · $82/mo
• Expected delta: +$615/yr (+$51/mo · 163.8%)

ⓘ 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 3/10 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: $16,244
• − Mortgage interest: −$8,402
• − Property taxes: −$375
• − Insurance: −$750
• − Repairs & maintenance: −$1,300
• − Management: −$1,300
• − Depreciation: −$4,364
• Taxable loss: −$246
• Est. tax savings @ 24.0%: +$59
• After-tax cash flow: $2,327/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

+400.8% since first listed

2 events — show timeline

• 2026-05-13 Listed $150,000 WARDEX
• 1996-07-05 Sold (Public Records) $29,950 Public Records

Property tax history

+9.8%/yr

Latest (2025): $375 · +3.3% YoY. Source: county tax records.