402 Trout St

Logan, NM 88426

$44,900B

2 bd · 1.0 ba · 896 sqft · Built 1980 · SingleFamily · Active · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $996/mo
• Mortgage (P&I): −$235
• Tax + insurance: −$37
• HOA: −$0
• Vac / Maint / Mgmt: −$209
• Net cashflow: $514/mo
• Annual: $6,169/yr
• Cap rate: 20.03%
• Cash-on-cash: 49.07%
• DSCR: 3.18
• 1% rule: 2.22%
• Cash to close: $12,572

Investor read

• This is a 2-bed/1.0-bath single-family listed at $45k.
• At list price, monthly cash flow is $514 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($996 rent vs $45k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $1k of equity ($310 loan paydown + $1k appreciation (2.5% local appreciation)).
• Location reads 59/100 on livability (#134 in NM) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, health & safety A+, crime A; Watch: amenities F, commute F, employment F.
• Logan Municipal Schools (rural): math 24% / reading 47% proficiency, ranked #20 of 95 in NM (top 21%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 29 active listings in the ZIP.
• Quay County population projected at -35% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (2.5% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

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