432 Bluewater Dr · Bluewater, AZ 85344

$135,000

3 bd · 2.0 ba · 1,440 sqft · Manufactured · 10 Days on market

Built 1995 Fair condition 7,500 sqft lot Est $190k · 29% under

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Why this score? — see what drove the B 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.9/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Schools +1.5/10.0
• Appreciation +0.0/10.0

Listing remarks

On Leased Land. Your dream of owning a home OR a getaway on the water starts RIGHT HERE! Welcome to 432 Bluewater Dr, a charming 3 bed/2 bath manufactured home nestled in the beloved Bluewater Lagoon subdivision in Parker, AZ -- one of the Colorado River's most exciting communities! Whether you're a first-time buyer ready to stop renting and start owning, or you're searching for the perfect vacation escape to enjoy sun, sand, and water all year long, this home delivers! Bluewater Lagoon is a boater's paradise with easy access to the Colorado River, making every weekend feel like a vacation. Affordable entry point on leased land means lower upfront costs so you can start living the river lif

Key facts

• 7,500 sq ft lot
• Garage
• Built 1995

Tags

• BLUEWATER LAGOON SUBDIVISION

Property features AI

Finance

• Financial info: Land is leased

Exterior

• Parking: Detached parking
• Utilities: Electricity available; Public sewer
• Home design: Manufactured home; Residential property
• Construction: Built with other construction materials
• Exterior features: Wood fencing; Shingle roof; No additional exterior features listed

Interior

• Bathrooms: 1 full bathroom; 1 three-quarter bathroom
• Heating & cooling: Electric heating; Electric cooling
• Interior features: Level lot

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $135k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $658 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• Cap rate 12.1% vs local median 9.9% in Bluewater — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 65/100 on livability (#81 in AZ) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: health & safety C-, employment D+, schools F.
• Parker Unified School District (4510) (town): math 18% / reading 18% proficiency, ranked #200 of 249 in AZ (top 80%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 69% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 147 active listings in the ZIP; 92 units permitted in La Paz County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• La Paz County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $135,000

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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: 1.49% ✓
• Cap rate: 12.14%
• Cash-on-cash: 20.88%
• DSCR: 1.93
• GRM: 5.6

CMA / ARV

• ARV (on-the-fly): $190,080
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
337 N Moonlight Dr	0.18mi	3/2.0	1,440 (0%)	1mo	$190,000	$132	91
409 N Misty Ln	0.11mi	3/2.0	1,500 (+4%)	5mo	$122,000	$81	84
405 N Stardust Ln	0.11mi	3/2.0	1,372 (-5%)	10mo	$130,000	$95	78
473 Bluewater Dr	0.20mi	2/2.0 (-1)	1,440 (0%)	13mo	$143,500	$100	75
516 Bluewater Dr	0.37mi	3/2.0	1,440 (0%)	12mo	$265,000	$184	73
484 E Riverfront Dr	0.25mi	3/2.0	1,392 (-3%)	15mo	$415,000	$298	70
232 E Riverfront Dr	0.35mi	4/2.0 (+1)	1,340 (-7%)	2mo	$350,000	$261	66
452 E Riverfront Dr	0.14mi	3/2.0	1,248 (-13%)	8mo	$289,000	$232	65
338 N Moonlight Dr	0.19mi	2/2.0 (-1)	1,296 (-10%)	6mo	$132,000	$102	64
435 Bluewater Dr	0.07mi	3/2.0	1,592 (+11%)	18mo	$145,000	$91	64
249 Bluewater Dr	0.29mi	3/2.0	1,568 (+9%)	10mo	$157,308	$100	64
245 E Riverfront Dr	0.35mi	2/2.0 (-1)	1,344 (-7%)	13mo	$275,000	$205	57

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 13.3%
• Equity multiple: 1.53×
• Total profit: $20,054
• Equity at exit: $20,129

10-year hold

• IRR: 22.2%
• Equity multiple: 2.89×
• Total profit: $71,538
• Equity at exit: $11,672

Cash invested: $37,800 (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 85344

• Active inventory: 147
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $2,014 medium
• Mortgage (P&I): −$708
• Tax est. 1.5%: −$169 /mo · $2,025/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$423
• Net cashflow: $658

Break-even live

Break-even rent $1,181

Max offer price $135,000

Occupancy floor 62%

Sensitivity live

Price	-10% $751	-5% $705	+0% $658	+5% $611	+10% $565
Rent	-10% $499	-5% $578	+0% $658	+5% $737	+10% $817
Rate	-1.0pp $726	-0.5pp $692	base $658	+0.5pp $623	+1.0pp $587

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-21
   days on market $135,000 Active 10 DOM
2. 2026-06-18
   days on market $135,000 Active 7 DOM
3. 2026-06-17
   days on market $135,000 Active 6 DOM
4. 2026-06-16
   days on market $135,000 Active 5 DOM
5. 2026-06-15
   days on market $135,000 Active 4 DOM
6. 2026-06-14
   days on market $135,000 Active 2 DOM
7. 2026-06-13
   remarks 699-char remark
8. 2026-06-13
   listed $135,000 Active 1 DOM

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

Taxation est. · year 1

• Rental income: $24,164
• − Mortgage interest: −$7,562
• − Property taxes: −$2,025
• − Insurance: −$675
• − Repairs & maintenance: −$1,933
• − Management: −$1,933
• − Depreciation: −$3,927
• Taxable income: $6,109
• Est. tax owed @ 24.0%: −$1,466
• After-tax cash flow: $6,428/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 · 13 photos

Fair 45/100 Moderate rehab

This manufactured home requires extensive repairs and maintenance to improve its condition and increase its value.

Repairs flagged

• Major roof — The roof appears to be in poor condition, with visible wear and tear.
• Major exterior siding — The exterior siding is peeling and shows signs of wear.
• Major flooring — The flooring in the interior appears to be carpeted and in poor condition.
• Major interior walls/paint — The interior walls have peeling paint and show signs of wear.
• Major windows — The windows appear to be in poor condition, with some showing signs of wear and tear.
• Major foundation/structure — The foundation and structure appear to be in poor condition, with visible cracks and wear.
• Major HVAC/mechanicals — The HVAC system appears to be in poor condition, with visible wear and tear.

Value-add opportunities

• Resale new roof — A new roof would significantly improve the home's appearance and increase its resale value.
• Resale exterior siding repair — Repairing the peeling exterior siding would improve the home's appearance and increase its resale value.
• Resale flooring replacement — Replacing the carpeted flooring with a more modern and durable material would improve the home's appearance and increase its resale value.
• Resale painting interior walls — Painting the interior walls would improve the home's appearance and increase its resale value.
• Resale window replacement — Replacing the worn-out windows with new ones would improve the home's appearance and increase its resale value.
• Resale foundation repair — Repairing the foundation would improve the home's structural integrity and increase its resale value.
• Resale HVAC system replacement — Replacing the worn-out HVAC system with a new one would improve the home's comfort and increase its resale value.
• Both landscaping — Landscaping would improve the home's curb appeal and increase both its resale and rental value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · The roof appears to be in poor condition, with visible wear and tear.	Major	$15,000–50,000
exterior siding · The exterior siding is peeling and shows signs of wear.	Major	$15,000–50,000
flooring · The flooring in the interior appears to be carpeted and in poor condition.	Major	$15,000–50,000
interior walls/paint · The interior walls have peeling paint and show signs of wear.	Major	$15,000–50,000
windows · The windows appear to be in poor condition, with some showing signs of wear and tear.	Major	$15,000–50,000
foundation/structure · The foundation and structure appear to be in poor condition, with visible cracks and wear.	Major	$15,000–50,000
HVAC/mechanicals · The HVAC system appears to be in poor condition, with visible wear and tear.	Major	$15,000–50,000
Total estimated repair cost · 7 items		$105,000–350,000

Value-add ROI direction

• Resale new roof — A new roof would significantly improve the home's appearance and increase its resale value. ↑
• Resale exterior siding repair — Repairing the peeling exterior siding would improve the home's appearance and increase its resale value. ↑
• Resale flooring replacement — Replacing the carpeted flooring with a more modern and durable material would improve the home's appearance and increase its resale value. ↑
• Resale painting interior walls — Painting the interior walls would improve the home's appearance and increase its resale value. ↑
• Resale window replacement — Replacing the worn-out windows with new ones would improve the home's appearance and increase its resale value. ↑
• Resale foundation repair — Repairing the foundation would improve the home's structural integrity and increase its resale value. ↑
• Resale HVAC system replacement — Replacing the worn-out HVAC system with a new one would improve the home's comfort and increase its resale value. ↑
• Both landscaping — Landscaping would improve the home's curb appeal and increase both its resale and rental value. ↑

ⓘ 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: Parker Unified School District (4510)
• NCES district ID: 0405980
• Math proficiency: 18% ▼ -10.00%
• Reading proficiency: 18% ▼ -7.00%
• Median HH income: $34,354
• Composite: 14.76/100
• National rank: #9392
• State rank: #200 of 249 in AZ

Livability — Bluewater

• Score: 65/100
• State rank: #81
• US rank: #12872

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bluewater, AZ
• Population (ZIP): 9,069

Population outlook (La Paz County) Hauer SSP2

• Today (2025): 18,409 people
• By 2030: 17,592 · -4.4%
• By 2040: 16,600 · -9.8%
• By 2050: 16,328 · -11.3%
• By 2075: 17,075 · -7.2%
• By 2100: 17,042 · -7.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: White 40% Hispanic / Latino 34% Native American 23% Two or more races 19% Asian 2%
• Hispanic origin (detail): Mexican 32%
• Common ancestry: Slovak 1% Lithuanian 1% Portuguese 1%
• Foreign-born: 10% · Canada
• Languages at home: 74% English-only · Spanish 21% Other Indo-European 1% Tagalog/Filipino 1%

Political lean MEDSL · La Paz

• 2024 margin: Solid R (+44.2) · D 27.6% · R 71.8%
• 2008→2024 swing: -15.7pp toward R · 2008: -28.5pp · 2024: -44.2pp
• All cycles: 2024: R+44.2 2020: R+38.8 2016: R+41.8 2012: R+32.2 2008: R+28.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -155.38%
• Current HPI: 198.2271
• Rent YoY: —
• Metro: —
• 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

• 2026-06-11 Listed $135,000 LHAR