2023 (SPACE 5) E Morrow Ave #5 · Kingman, AZ 86409

$54,900

3 bd · 2.0 ba · 1,176 sqft · Manufactured · 15 Days on market

Built 1993 ↓ 35% since listing

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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 +7.5/15.0
• Livability +4.0/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 1,232 square foot home has three bedroom, two bathrooms with an open concept floor plan. Nice rear kitchen has great cabinet and counter space and laundry room. Large, open living area. Split bedrooms. Master suite features a soaking tub, walk in closet and large sink/vanity. Covered parking and shed. Chain link fenced back yard area. Well maintained and all appliances stay (washer, dryer, stove, fridge and microwave). Most furniture stays. .. Easy care rock landscaping with mature trees. Covered front and back porches. 3 ton, 14 seer AC unit installed in 2013. Park application required. Leased land. AAA Mobile Home Park 55+ community. Space rent is $460.00 per month. With water/sewer/trash $503.00/month. This is a space and half lot with a DOUBLE wide mobile.

Key facts

• Fresh paint
• New flooring
• Carport

Tags

• MOVE IN READY
• NEW FLOORING
• FRESH PAINT
• UPDATED LIGHTING
• INDOOR LAUNDRY
• CARPORT

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $55k.

Deal economics

• At list price, monthly cash flow is $957 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $55k).
• Recommended offer: $54k (1.5% below list) — sets the bar for market timing.
• Cap rate 27.2% vs local median 3.6% in Kingman — 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 79/100 on livability (#5 in AZ, #2,014 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime C-, employment C-, schools D+.
• 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; 22 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 64% 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 40% 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 $380 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 0.3% rent growth), your $15k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($54k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 5y 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.

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 $54,076 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
3. 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.
4. 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.
5. 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: 3.08% ✓
• Cap rate: 27.22%
• Cash-on-cash: 74.73%
• DSCR: 4.33
• GRM: 2.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 71.5%
• Equity multiple: 4.10×
• Total profit: $47,674
• Equity at exit: $8,186

10-year hold

• IRR: 74.7%
• Equity multiple: 7.69×
• Total profit: $102,906
• Equity at exit: $4,747

Cash invested: $15,372 (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: 2.7×

Monthly cashflow live

• Estimated rent: $1,692 high
• Mortgage (P&I): −$288
• Tax est. 1.5%: −$69 /mo · $824/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$355
• Net cashflow: $957

Break-even live

Break-even rent $480

Max offer price $54,900

Occupancy floor 38%

Sensitivity live

Price	-10% $995	-5% $976	+0% $957	+5% $938	+10% $919
Rent	-10% $824	-5% $890	+0% $957	+5% $1,024	+10% $1,091
Rate	-1.0pp $985	-0.5pp $971	base $957	+0.5pp $943	+1.0pp $929

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: $13,725
• Closing costs: $1,647
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3595 N Skylark Rd Kingman, AZ	3.0	2.0	1138	$1,475	$1.30	44d	1	0.21mi
3571 N Moore St Kingman, AZ	3.0	2.0	1288	$2,450	$1.90	44d	1	0.28mi
3838 Heritage Ln Kingman, AZ	2.0	2.0	1285	$1,650	$1.28	44d	1	0.49mi
2118 Gene Autry Dr Kingman, AZ	3.0	2.0	1494	$1,850	$1.24	44d	1	0.52mi
3695 N Adams St Kingman, AZ	3.0	2.0	1331	$1,600	$1.20	44d	1	0.52mi
3530 N Lomita St Unit C Kingman, AZ	2.0	2.0	920	$1,400	$1.52	21d	1	0.54mi
3953 Rex Allen Ct Kingman, AZ	3.0	2.0	1440	$1,750	$1.22	14d	1	0.63mi
3932 Lindsey Ave Kingman, AZ	3.0	2.0	1335	$1,500	$1.12	44d	1	0.68mi
3736 N Roosevelt St Kingman, AZ	3.0	2.0	1093	$1,425	$1.30	44d	1	0.75mi
3849 N Roosevelt St Kingman, AZ	2.0	1.0	856	$950	$1.11	21d	1	0.76mi
2469 Armour Ave Apt 2 Kingman, AZ	2.0	2.0	830	$1,224	$1.47	21d	1	0.81mi
969 Kenwood Ave Kingman, AZ	2.0	2.0	992	$2,250	$2.27	44d	1	0.90mi
3423 N Fairfax St Kingman, AZ	3.0	2.0	1397	$1,700	$1.22	14d	1	0.94mi
980 Astor Ave Unit 2 Kingman, AZ	2.0	2.0	1100	$1,350	$1.23	14d	1	0.94mi
3418 Mulberry Ln Kingman, AZ	3.0	2.0	1397	$1,695	$1.21	14d	1	0.96mi
936 Astor Ave Unit 1 Kingman, AZ	2.0	2.0	1100	$1,400	$1.27	44d	1	0.97mi
924 Astor Ave Unit 2 Kingman, AZ	2.0	2.0	1100	$1,650	$1.50	21d	1	0.98mi
969 Shadow Crest Cir Kingman, AZ	2.0	2.0	1239	$1,450	$1.17	44d	1	1.01mi
733 Pala Mesa Dr Kingman, AZ	3.0	2.0	1355	$1,650	$1.22	44d	1	1.15mi
915 E Berk Ave Kingman, AZ	3.0	2.0	1175	$1,495	$1.27	44d	1	1.17mi
732 Vista Grande Dr Kingman, AZ	3.0	2.0	1212	$1,600	$1.32	44d	1	1.19mi
2545 Kemp Ave Kingman, AZ	3.0	2.0	1481	$1,750	$1.18	44d	1	1.47mi

Listing history 10 events

1. 2026-04-04
   status Pending
2. 2026-03-24
   status Active
3. 2026-03-13
   status Pending
4. 2026-03-08
   listed $54,900 Active
5. 2025-08-27
   price $79,700
6. 2025-07-21
   price $87,900
7. 2025-07-01
   price $89,900
8. 2025-05-13
   listed $102,000 Active
9. 2021-04-30
   soldstatus $80,000 776-char remark

   Show marketing remark (776 chars)

   This 1,232 square foot home has three bedroom, two bathrooms with an open concept floor plan. Nice rear kitchen has great cabinet and counter space and laundry room. Large, open living area. Split bedrooms. Master suite features a soaking tub, walk in closet and large sink/vanity. Covered parking and shed. Chain link fenced back yard area. Well maintained and all appliances stay (washer, dryer, stove, fridge and microwave). Most furniture stays. .. Easy care rock landscaping with mature trees. Covered front and back porches. 3 ton, 14 seer AC unit installed in 2013. Park application required. Leased land. AAA Mobile Home Park 55+ community. Space rent is $460.00 per month. With water/sewer/trash $503.00/month. This is a space and half lot with a DOUBLE wide mobile.

10. 2021-03-08
    listed $84,900 776-char remark

    Show marketing remark (776 chars)

    This 1,232 square foot home has three bedroom, two bathrooms with an open concept floor plan. Nice rear kitchen has great cabinet and counter space and laundry room. Large, open living area. Split bedrooms. Master suite features a soaking tub, walk in closet and large sink/vanity. Covered parking and shed. Chain link fenced back yard area. Well maintained and all appliances stay (washer, dryer, stove, fridge and microwave). Most furniture stays. .. Easy care rock landscaping with mature trees. Covered front and back porches. 3 ton, 14 seer AC unit installed in 2013. Park application required. Leased land. AAA Mobile Home Park 55+ community. Space rent is $460.00 per month. With water/sewer/trash $503.00/month. This is a space and half lot with a DOUBLE wide mobile.

ⓘ 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 4/10 Moderate FEMA zone X (shaded) · 23% 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: $20,305
• − Mortgage interest: −$3,075
• − Property taxes: −$824
• − Insurance: −$274
• − Repairs & maintenance: −$1,624
• − Management: −$1,624
• − Depreciation: −$1,597
• Taxable income: $11,286
• Est. tax owed @ 24.0%: −$2,709
• After-tax cash flow: $8,779/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 — Kingman

• Score: 79/100
• State rank: #5
• US rank: #2014

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kingman, AZ
• County: Mohave County · 181,906 people
• City population: 60,489
• 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

-35.3% since first listed

10 events — show timeline

• 2026-04-04 Pending — WARDEX
• 2026-03-24 Relisted — WARDEX
• 2026-03-13 Pending — WARDEX
• 2026-03-08 Listed $54,900 WARDEX
• 2025-08-27 Price Changed $79,700 WARDEX
• 2025-07-21 Price Changed $87,900 WARDEX
• 2025-07-01 Price Changed $89,900 WARDEX
• 2025-05-13 Listed $102,000 WARDEX
• 2021-04-30 Sold (MLS) $80,000 WARDEX
• 2021-03-08 Listed $84,900 WARDEX