348 Meander Dr

Bullhead City, AZ 86442

$99,900C+

2 bd · 1.0 ba · 907 sqft · Built 1983 · Land · Active · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,260/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$72
• HOA: −$0
• Vac / Maint / Mgmt: −$265
• Net cashflow: $400/mo
• Annual: $4,797/yr
• Cap rate: 11.09%
• Cash-on-cash: 17.15%
• DSCR: 1.76
• 1% rule: 1.26%
• Cash to close: $27,972

Investor read

• This is a 2-bed/1.0-bath land listed at $100k.
• At list price, monthly cash flow is $400 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• 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, crime D-.
• 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.
• Zoned schools: Sunrise Elementary (math 17% / reading 17%, grade F, #814 of 1,109 statewide, top 76%, 434 students, 77% FRL); Bullhead City Middle School (math 14% / reading 23%, grade F, #140 of 218 statewide, top 65%, 508 students, 78% FRL).
• Market conditions: Rents soft (-0.9%/yr); 710 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 2,543 units permitted in Mohave County in 2024 (33 in 5+ unit buildings).
• Mohave County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 3 sale attempts since 2y 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.
• Current owner paid $85k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $28k cash investment doubles in ~10 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 11.1% 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.
• This rent runs 31% of the median local income ($48k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.
• 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.