3155 E Leroy Ave · New Kingman-Butler, AZ 86409

$140,000

3 bd · 2.0 ba · 672 sqft · Land public records · 463 Days on market

Built 1970 6,000 sqft lot $208/sqft · 58% above area Est $132k · 6% over

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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 +19.6/30.0
• DSCR +6.2/10.0
• 1% rule +5.2/10.0
• ARV discount +4.6/15.0
• 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

A Hidden Gem with Endless Potential! Nestled within a serene landscape adorned with lovely mature trees, this delightful property offers a unique blend of tranquility and opportunity. Set on an expansive 6,000 sq ft fully fenced lot, this charming abode is perfect for those looking to create their dream home or invest in a promising project. Originally a 624 sq ft mobile home, it has been thoughtfully expanded over time to include two cozy bedrooms, two bathrooms, and an additional room that has been transformed into a third bedroom ideal for growing families or guests. The open living area invites natural light to fill the space, creating a warm and inviting environment perfect for relaxation or entertaining. The kitchen is equipped with essential appliances including a refrigerator and home features a utility/laundry room complete with washer and dryer adding convenience to your daily routine. One of the standout features of this property is its ample parking space, accommodating not just your vehicles but also RV parking and plenty of room for all your toys! Whether you're seeking a starter home, an investment opportunity, or simply a weekend getaway retreat, this property checks all the boxes.

Key facts

• Ample parking space
• Rv parking
• Utility laundry room

Tags

• FULLY FENCED LOT
• UTILITY LAUNDRY ROOM
• AMPLE PARKING SPACE
• RV PARKING

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath land listed at $140k.

Deal economics

• At list price, monthly cash flow is $160 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $140k).
• Recommended offer: $123k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.7% vs local median 4.4% 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 D — 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.
• Zoned schools: Cerbat Elementary (math 9% / reading 15%, grade F, #963 of 1,109 statewide, top 87%, 700 students, 78% FRL); Kingman Middle School (math 10% / reading 13%, grade F, #180 of 218 statewide, top 83%, 737 students, 74% FRL); Kingman High School (math 4% / reading 6%, grade F, #364 of 381 statewide, top 100%, 905 students, 50% FRL).
• Zoned-school proficiency averages 10% at this address vs 22% district-wide (-12 pts) — the specific schools serving this property underperform the Kingman Unified School District (79598) average; the district grade overstates school quality for this exact location.
• Market conditions: Rents flat; 651 active listings in the ZIP; 2,543 units permitted in Mohave County in 2024 (33 in 5+ unit buildings).
• This rent runs 34% 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 $968 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 463 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 21y ago; this cycle's ask has dropped $20k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $20k; list at $140k implies a 600% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $123,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 463 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 1970 — 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. 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?
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: 1.02% ✓
• Cap rate: 7.67%
• Cash-on-cash: 4.91%
• DSCR: 1.22
• GRM: 8.2

CMA / ARV

• ARV (median comp): $131,500
• List price: $140,000
• Delta: 6.46%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.33% rent growth · sell at horizon

5-year hold

• IRR: -11.7%
• Equity multiple: 0.59×
• Total profit: $-16,193
• Equity at exit: $20,874

10-year hold

• IRR: -7.0%
• Equity multiple: 0.61×
• Total profit: $-15,401
• Equity at exit: $12,105

Cash invested: $39,200 (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 86409

• Rents YoY: 0.3%
• Active inventory: 651
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $1,428 medium
• Mortgage (P&I): −$734
• Tax est. 1.5%: −$175 /mo · $2,100/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$300
• Net cashflow: $160

Break-even live

Break-even rent $1,225

Max offer price $140,000

Occupancy floor 84%

Sensitivity live

Price	-10% $257	-5% $209	+0% $160	+5% $112	+10% $64
Rent	-10% $47	-5% $104	+0% $160	+5% $217	+10% $273
Rate	-1.0pp $231	-0.5pp $196	base $160	+0.5pp $124	+1.0pp $87

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-23
   days on market $140,000 Active 463 DOM
2. 2026-06-21
   days on market $140,000 Active 462 DOM
3. 2026-06-18
   days on market $140,000 Active 459 DOM
4. 2026-06-17
   days on market $140,000 Active 458 DOM
5. 2026-06-16
   days on market $140,000 Active 457 DOM
6. 2026-06-15
   days on market $140,000 Active 456 DOM
7. 2026-06-14
   days on market $140,000 Active 454 DOM
8. 2026-06-13
   days on market $140,000 Active 453 DOM
9. 2026-06-10
   days on market $140,000 Active 451 DOM
10. 2026-06-09
    days on market $140,000 Active 450 DOM
11. 2026-06-08
    days on market $140,000 Active 449 DOM
12. 2026-06-07
    days on market $140,000 Active 448 DOM
13. 2026-06-05
    days on market $140,000 Active 445 DOM
14. 2026-06-03
    days on market $140,000 Active 444 DOM
15. 2026-06-02
    days on market $140,000 Active 443 DOM
16. 2026-06-01
    days on market $140,000 Active 442 DOM
17. 2026-05-31
    days on market $140,000 Active 441 DOM
18. 2026-05-30
    days on market $140,000 Active 440 DOM
19. 2025-09-05
    price $140,000 1216-char remark

    Show marketing remark (1216 chars)

    A Hidden Gem with Endless Potential! Nestled within a serene landscape adorned with lovely mature trees, this delightful property offers a unique blend of tranquility and opportunity. Set on an expansive 6,000 sq ft fully fenced lot, this charming abode is perfect for those looking to create their dream home or invest in a promising project. Originally a 624 sq ft mobile home, it has been thoughtfully expanded over time to include two cozy bedrooms, two bathrooms, and an additional room that has been transformed into a third bedroom ideal for growing families or guests. The open living area invites natural light to fill the space, creating a warm and inviting environment perfect for relaxation or entertaining. The kitchen is equipped with essential appliances including a refrigerator and home features a utility/laundry room complete with washer and dryer adding convenience to your daily routine. One of the standout features of this property is its ample parking space, accommodating not just your vehicles but also RV parking and plenty of room for all your toys! Whether you're seeking a starter home, an investment opportunity, or simply a weekend getaway retreat, this property checks all the boxes.

20. 2025-05-18
    price $150,000 1216-char remark

    Show marketing remark (1216 chars)

    A Hidden Gem with Endless Potential! Nestled within a serene landscape adorned with lovely mature trees, this delightful property offers a unique blend of tranquility and opportunity. Set on an expansive 6,000 sq ft fully fenced lot, this charming abode is perfect for those looking to create their dream home or invest in a promising project. Originally a 624 sq ft mobile home, it has been thoughtfully expanded over time to include two cozy bedrooms, two bathrooms, and an additional room that has been transformed into a third bedroom ideal for growing families or guests. The open living area invites natural light to fill the space, creating a warm and inviting environment perfect for relaxation or entertaining. The kitchen is equipped with essential appliances including a refrigerator and home features a utility/laundry room complete with washer and dryer adding convenience to your daily routine. One of the standout features of this property is its ample parking space, accommodating not just your vehicles but also RV parking and plenty of room for all your toys! Whether you're seeking a starter home, an investment opportunity, or simply a weekend getaway retreat, this property checks all the boxes.

21. 2025-03-17
    listed $160,000 Active 1216-char remark

    Show marketing remark (1216 chars)

    A Hidden Gem with Endless Potential! Nestled within a serene landscape adorned with lovely mature trees, this delightful property offers a unique blend of tranquility and opportunity. Set on an expansive 6,000 sq ft fully fenced lot, this charming abode is perfect for those looking to create their dream home or invest in a promising project. Originally a 624 sq ft mobile home, it has been thoughtfully expanded over time to include two cozy bedrooms, two bathrooms, and an additional room that has been transformed into a third bedroom ideal for growing families or guests. The open living area invites natural light to fill the space, creating a warm and inviting environment perfect for relaxation or entertaining. The kitchen is equipped with essential appliances including a refrigerator and home features a utility/laundry room complete with washer and dryer adding convenience to your daily routine. One of the standout features of this property is its ample parking space, accommodating not just your vehicles but also RV parking and plenty of room for all your toys! Whether you're seeking a starter home, an investment opportunity, or simply a weekend getaway retreat, this property checks all the boxes.

22. 2005-12-28
    soldstatus $20,000 149-char remark

    Show marketing remark (149 chars)

    PROPERTY IS SOLD "AS IS", INFORMATION REGARDING THE EXACT SIZE OF THE MOBIL HOME IS UNAVAILABLE. OWNER CARRIES A NOTE, SO CASH OFFERS ONLY.

23. 2005-12-09
    listed $22,100 149-char remark

    Show marketing remark (149 chars)

    PROPERTY IS SOLD "AS IS", INFORMATION REGARDING THE EXACT SIZE OF THE MOBIL HOME IS UNAVAILABLE. OWNER CARRIES A NOTE, SO CASH OFFERS ONLY.

24. 1993-09-29
    soldstatus $12,000

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

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 7 d/yr ≥100°F today · 17 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: $17,131
• − Mortgage interest: −$7,842
• − Property taxes: −$2,100
• − Insurance: −$700
• − Repairs & maintenance: −$1,370
• − Management: −$1,370
• − Depreciation: −$4,073
• Taxable loss: −$325
• Est. tax savings @ 24.0%: +$78
• After-tax cash flow: $2,001/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

+1066.7% since first listed

6 events — show timeline

• 2025-09-05 Price Changed $140,000 WARDEX
• 2025-05-18 Price Changed $150,000 WARDEX
• 2025-03-17 Listed $160,000 WARDEX
• 2005-12-28 Sold (MLS) $20,000 WARDEX
• 2005-12-09 Listed $22,100 WARDEX
• 1993-09-29 Sold (Public Records) $12,000 Public Records

Property tax history

+1.6%/yr

Latest (2025): $246 · +1.8% YoY. Source: county tax records.