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Stochastic variability in two out of four XMM-Newton observations of XMMUJ004303+4115 along with its power spectra and X-ray luminosities suggest alow-mass X-ray binary (LMXB) with a black hole primary. However, Chandraobservations resolve the object into two point sources. We use data from 35Chandra observations to analyse the contributions of each source, and attributethe variability to CXOM31 J004303.2+411528 (known as r2-3), which varies inintensity by a factor of ~100 between observations. We assume that the powerdensity spectra of LMXBs are governed by the luminosity, and that thetransition between types of power density spectra occurs at some criticalluminosity in Eddington units, l_c, that applies to all LMXBs. We use resultsfrom these XMM-Newton observations and past results from the availableliterature to estimate this transition luminosity, and find that all resultsare consistent with l_c ~0.1 in the 0.3--10 keV band. CXOM31 J004303.2+411528exhibits a low accretion rate power density spectrum at a 0.3--10 keVluminosity of (5.3+/-0.6)x10^{37} erg/s. Known stellar mass black holes havemasses of 4--15 M_{\odot}; hence our observations of CXOM31 J004303.2+411528are consistent with l_c ~0.1 if it has a black hole primary.Comment: Accepted for publication in A&A; 9 pages, 4 figure

Identifying a black hole X-ray transient in M 31 with XMM-Newton and Chandra