236 N Moonlight Dr · Bluewater, AZ 85344

$135,000

2 bd · 2.0 ba · 1,152 sqft · Manufactured · 298 Days on market

Built 1978 Good condition 3,750 sqft lot $117/sqft · at area comps Est $139k · at est.

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +8.9/15.0
• Condition / age +3.8/5.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Schools +1.5/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

On Leased Land - No HOA, No Property Taxes! Make this your full-time home or perfect vacation retreat. This spacious double-wide offers double side parking, with one gated side ideal for your boat or recreational toys. Enjoy the large, graveled backyard with a utility shed - perfect for storage. NEW A/C installed last year! Interior features include new flooring and fresh paint throughout - truly turn-key and move-in ready. Take advantage of the community amenities including 24 Hr guard gate, a pool, clubhouse, beach, grassy shores, and a private boat ramp. Don't miss this affordable river getaway!

Key facts

• No property taxes
• Leased land
• Double side parking

Tags

• LEASED LAND
• NO HOA
• NO PROPERTY TAXES
• DOUBLE SIDE PARKING
• GATED SIDE
• LARGE GRAVELED BACKYARD

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $135k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $663 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• Recommended offer: $119k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.2% 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

• It's been on market 298 days — a 12% lower offer ($119k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 10y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Recommended offer $118,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 298 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 1978 — 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. 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.
7. 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.
8. 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: 1.50% ✓
• Cap rate: 12.19%
• Cash-on-cash: 21.04%
• DSCR: 1.94
• GRM: 5.6

CMA / ARV

• ARV (median comp): $139,188
• List price: $135,000
• Delta: -3.01%
• Verdict: FAIR
• Comps: 12 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
236 N Moonlight Dr	0.00mi	2/2.0	1,152 (0%)	1mo	$134,000	$116	100
324 N Misty Lane Ln	0.16mi	3/2.0 (+1)	1,152 (0%)	11mo	$105,000	$91	79
471 Bluewater Dr	0.27mi	3/2.0 (+1)	1,216 (+6%)	0mo	$124,900	$103	73
408 N Misty Ln	0.20mi	2/1.0	1,120 (-3%)	15mo	$120,000	$107	69
338 N Moonlight Dr	0.19mi	2/2.0	1,296 (+12%)	6mo	$132,000	$102	65
425 Bluewater Dr	0.26mi	2/2.0	1,018 (-12%)	7mo	$267,000	$262	63
476 E Riverfront Dr	0.54mi	2/2.0	1,120 (-3%)	9mo	$150,000	$134	63
427 Bluewater Dr	0.26mi	3/2.0 (+1)	1,012 (-12%)	2mo	$163,000	$161	61
338 E Riverfront Dr	0.16mi	3/1.0 (+1)	1,200 (+4%)	21mo	$250,000	$208	59
452 E Riverfront Dr	0.44mi	3/2.0 (+1)	1,248 (+8%)	8mo	$289,000	$232	54
423 Paradise Ln	0.38mi	3/2.0 (+1)	1,050 (-9%)	13mo	$105,000	$100	52
342 E Riverfront Dr	0.18mi	3/2.0 (+1)	1,320 (+15%)	22mo	$380,000	$288	44

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: 13.5%
• Equity multiple: 1.54×
• Total profit: $20,376
• Equity at exit: $20,129

10-year hold

• IRR: 22.3%
• Equity multiple: 2.91×
• Total profit: $72,233
• 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: $2,020 medium
• Mortgage (P&I): −$708
• Tax est. 1.5%: −$169 /mo · $2,025/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$424
• Net cashflow: $663

Break-even live

Break-even rent $1,181

Max offer price $135,000

Occupancy floor 62%

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 18 events

1. 2026-05-10
   status Pending 605-char remark

   Show marketing remark (605 chars)

   On Leased Land - No HOA, No Property Taxes! Make this your full-time home or perfect vacation retreat. This spacious double-wide offers double side parking, with one gated side ideal for your boat or recreational toys. Enjoy the large, graveled backyard with a utility shed - perfect for storage. NEW A/C installed last year! Interior features include new flooring and fresh paint throughout - truly turn-key and move-in ready. Take advantage of the community amenities including 24 Hr guard gate, a pool, clubhouse, beach, grassy shores, and a private boat ramp. Don't miss this affordable river getaway!

2. 2026-03-27
   status Active 605-char remark

   Show marketing remark (605 chars)

   On Leased Land - No HOA, No Property Taxes! Make this your full-time home or perfect vacation retreat. This spacious double-wide offers double side parking, with one gated side ideal for your boat or recreational toys. Enjoy the large, graveled backyard with a utility shed - perfect for storage. NEW A/C installed last year! Interior features include new flooring and fresh paint throughout - truly turn-key and move-in ready. Take advantage of the community amenities including 24 Hr guard gate, a pool, clubhouse, beach, grassy shores, and a private boat ramp. Don't miss this affordable river getaway!

3. 2026-03-27
   price $135,000 605-char remark

   Show marketing remark (605 chars)

   On Leased Land - No HOA, No Property Taxes! Make this your full-time home or perfect vacation retreat. This spacious double-wide offers double side parking, with one gated side ideal for your boat or recreational toys. Enjoy the large, graveled backyard with a utility shed - perfect for storage. NEW A/C installed last year! Interior features include new flooring and fresh paint throughout - truly turn-key and move-in ready. Take advantage of the community amenities including 24 Hr guard gate, a pool, clubhouse, beach, grassy shores, and a private boat ramp. Don't miss this affordable river getaway!

4. 2026-03-14
   status Pending 605-char remark

   Show marketing remark (605 chars)

   On Leased Land - No HOA, No Property Taxes! Make this your full-time home or perfect vacation retreat. This spacious double-wide offers double side parking, with one gated side ideal for your boat or recreational toys. Enjoy the large, graveled backyard with a utility shed - perfect for storage. NEW A/C installed last year! Interior features include new flooring and fresh paint throughout - truly turn-key and move-in ready. Take advantage of the community amenities including 24 Hr guard gate, a pool, clubhouse, beach, grassy shores, and a private boat ramp. Don't miss this affordable river getaway!

5. 2026-03-11
   price $125,000 605-char remark

   Show marketing remark (605 chars)

   On Leased Land - No HOA, No Property Taxes! Make this your full-time home or perfect vacation retreat. This spacious double-wide offers double side parking, with one gated side ideal for your boat or recreational toys. Enjoy the large, graveled backyard with a utility shed - perfect for storage. NEW A/C installed last year! Interior features include new flooring and fresh paint throughout - truly turn-key and move-in ready. Take advantage of the community amenities including 24 Hr guard gate, a pool, clubhouse, beach, grassy shores, and a private boat ramp. Don't miss this affordable river getaway!

6. 2026-01-02
   status Active 605-char remark

   Show marketing remark (605 chars)

   On Leased Land - No HOA, No Property Taxes! Make this your full-time home or perfect vacation retreat. This spacious double-wide offers double side parking, with one gated side ideal for your boat or recreational toys. Enjoy the large, graveled backyard with a utility shed - perfect for storage. NEW A/C installed last year! Interior features include new flooring and fresh paint throughout - truly turn-key and move-in ready. Take advantage of the community amenities including 24 Hr guard gate, a pool, clubhouse, beach, grassy shores, and a private boat ramp. Don't miss this affordable river getaway!

7. 2025-07-02
   listed $139,900 Active 605-char remark

   Show marketing remark (605 chars)

   On Leased Land - No HOA, No Property Taxes! Make this your full-time home or perfect vacation retreat. This spacious double-wide offers double side parking, with one gated side ideal for your boat or recreational toys. Enjoy the large, graveled backyard with a utility shed - perfect for storage. NEW A/C installed last year! Interior features include new flooring and fresh paint throughout - truly turn-key and move-in ready. Take advantage of the community amenities including 24 Hr guard gate, a pool, clubhouse, beach, grassy shores, and a private boat ramp. Don't miss this affordable river getaway!

8. 2025-04-08
   soldstatus $135,000 Closed 343-char remark

   Show marketing remark (343 chars)

   On Leased Land. No HOA/No Taxes. Make This Your Home or Vacation Get Away. Roomy Double Wide w/ Double Side Parking. One Side is Gated to Store Your Boat or Toys. Large Graveled Back Yard for Your Enjoyment. * * New A/C Last Year * * Enjoy the Community Pool, Clubhouse, Beach, Grassy Shores and Boat Ramp. Welcome to the Bluewater Lagoon!

9. 2025-03-09
   status Pending 343-char remark

   Show marketing remark (343 chars)

   On Leased Land. No HOA/No Taxes. Make This Your Home or Vacation Get Away. Roomy Double Wide w/ Double Side Parking. One Side is Gated to Store Your Boat or Toys. Large Graveled Back Yard for Your Enjoyment. * * New A/C Last Year * * Enjoy the Community Pool, Clubhouse, Beach, Grassy Shores and Boat Ramp. Welcome to the Bluewater Lagoon!

10. 2025-01-24
    price $149,900 343-char remark

    Show marketing remark (343 chars)

    On Leased Land. No HOA/No Taxes. Make This Your Home or Vacation Get Away. Roomy Double Wide w/ Double Side Parking. One Side is Gated to Store Your Boat or Toys. Large Graveled Back Yard for Your Enjoyment. * * New A/C Last Year * * Enjoy the Community Pool, Clubhouse, Beach, Grassy Shores and Boat Ramp. Welcome to the Bluewater Lagoon!

11. 2024-11-14
    listed $157,900 Active 343-char remark

    Show marketing remark (343 chars)

    On Leased Land. No HOA/No Taxes. Make This Your Home or Vacation Get Away. Roomy Double Wide w/ Double Side Parking. One Side is Gated to Store Your Boat or Toys. Large Graveled Back Yard for Your Enjoyment. * * New A/C Last Year * * Enjoy the Community Pool, Clubhouse, Beach, Grassy Shores and Boat Ramp. Welcome to the Bluewater Lagoon!

12. 2024-03-29
    listed $165,000 Active
13. 2018-08-31
    soldstatus $54,000
14. 2018-03-08
    listed $60,000
15. 2017-06-01
    soldstatus $30,000
16. 2017-06-01
    soldstatus $30,000
17. 2016-06-17
    listed $51,000
18. 2016-06-17
    listed $51,000

ⓘ 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: $24,241
• − Mortgage interest: −$7,562
• − Property taxes: −$2,025
• − Insurance: −$675
• − Repairs & maintenance: −$1,939
• − Management: −$1,939
• − Depreciation: −$3,927
• Taxable income: $6,173
• Est. tax owed @ 24.0%: −$1,482
• After-tax cash flow: $6,473/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 · 2 photos

Good 75/100 Cosmetic rehab

This double-wide manufactured home is in good condition with recent updates, including new flooring and a new A/C. It offers double-side parking and a large, gravelled backyard, making it a turn-key and move-in ready property.

Value-add opportunities

• Both Paint the exterior — A fresh coat of paint can enhance curb appeal and the home's overall appearance.
• Both Landscaping improvements — Enhancing the landscaping can improve the home's curb appeal and attract more potential buyers or renters.
• Both Upgrade the interior paint — Fresh paint inside can make the home feel more inviting and modern, appealing to both buyers and renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint the exterior — A fresh coat of paint can enhance curb appeal and the home's overall appearance. ↑
• Both Landscaping improvements — Enhancing the landscaping can improve the home's curb appeal and attract more potential buyers or renters. ↑
• Both Upgrade the interior paint — Fresh paint inside can make the home feel more inviting and modern, appealing to both buyers and renters. ↑

ⓘ 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

+164.7% since first listed

18 events — show timeline

• 2026-05-10 Pending — LHAR
• 2026-03-27 Relisted — LHAR
• 2026-03-27 Price Changed $135,000 LHAR
• 2026-03-14 Pending — LHAR
• 2026-03-11 Price Changed $125,000 LHAR
• 2026-01-02 Relisted — LHAR
• 2025-07-02 Listed $139,900 LHAR
• 2025-04-08 Sold (MLS) $135,000 LHAR
• 2025-03-09 Pending — LHAR
• 2025-01-24 Price Changed $149,900 LHAR
• 2024-11-14 Listed $157,900 LHAR
• 2024-03-29 Listed $165,000 LHAR
• 2018-08-31 Sold (MLS) $54,000 LHAR
• 2018-03-08 Listed $60,000 LHAR
• 2017-06-01 Sold (MLS) $30,000 WARDEX
• 2017-06-01 Sold (MLS) $30,000 LHAR
• 2016-06-17 Listed $51,000 WARDEX
• 2016-06-17 Listed $51,000 LHAR