4656 Toluca Ave · Las Cruces, NM 88012

$325,000

3 bd · 2.0 ba · 1,646 sqft · SingleFamily public records · 31 Days on market

Built 2020 5,619 sqft lot $197/sqft · 17% below area Est $390k · 17% under

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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).

• ARV discount +15.0/15.0
• Cash flow +7.3/30.0
• Schools +4.6/10.0
• Rent growth +3.4/5.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• 1% rule +1.4/10.0
• DSCR +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 4656 Toluca Ave in the desirable Metro Park Village subdivision of Las Cruces, New Mexico! Built in 2020 by Hakes Brothers Construction, this well-maintained 3-bedroom, 2-bath home offers 1,646 sq ft of modern living on a 5,619 sq ft lot. Enjoy an open floor plan with abundant natural light, a spacious kitchen, and comfortable living areas designed for today's lifestyle. The backyard features artificial turf and is fully enclosed with a rock wall--perfect for low-maintenance outdoor living. Xeriscape landscaping in both front and back enhances efficiency. Take in views of the Organ Mountains and enjoy a neighborhood park just around the block. Additional features include a 2-car

Key facts

• 5,619 sq ft lot
• 2 garage spots
• Built 2020

Property features AI

Exterior

• Parking: 2-car garage; Garage door opener
• Utilities: Public water; Public sewer; Natural gas available; Phone service available
• Home design: Single-family residence; One story; Built by Hakes Brothers
• Construction: Stucco exterior; Composition roof; Slab foundation
• Exterior features: Covered patio/porch; Back yard fencing; Has a view; Solar panels/solar generation

Interior

• Kitchen: Dishwasher; Range; Oven; Disposal; Gas cooktop; Microwave; Refrigerator
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Active solar heating; Central air conditioning
• Interior features: Kitchen island; Pantry; Walk-in closet(s); Open floor plan
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $325k.

Deal economics

• At list price, monthly cash flow is $-435 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $248k (23.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $208k (36.0% below list).
• Recommended offer: $208k (36.0% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 59/100 on livability (#120 in NM) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A; Watch: amenities D+, schools D-, crime F.
• Las Cruces Public Schools (urban): math 42% / reading 68% proficiency, ranked #5 of 29 in NM (top 17%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+3.5%/yr); 591 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 964 units permitted in Doña Ana County in 2024 (0 in 5+ unit buildings).
• This rent runs 36% of the median local income ($69k/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 $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($315k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 6y 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.

Recommended offer $208,094 (36.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 36% concession, seller financing, or rate buy-down credit?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. Crime grade is F 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.64% ✗
• Cap rate: 4.69%
• Cash-on-cash: -5.74%
• DSCR: 0.74
• GRM: 13.0

CMA / ARV

• ARV (median comp): $389,593
• List price: $325,000
• Delta: -16.58%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.52% rent growth · sell at horizon

5-year hold

• IRR: -25.6%
• Equity multiple: 0.13×
• Total profit: $-79,340
• Equity at exit: $48,459

10-year hold

• IRR: -20.8%
• Equity multiple: -0.10×
• Total profit: $-100,507
• Equity at exit: $28,100

Cash invested: $91,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 55 Moderately Landlord-Leaning
• State New Mexico: 55 Moderately Landlord-Leaning · D+3
• County: — inherits STATE
• City: — inherits STATE

3-day notice but with cure rights; relocation assistance in some cities.

Methodology + full state rankings →

ZIP-level market 88012

• Home prices YoY: -26.2%
• Rents YoY: 3.5%
• Active inventory: 591
• Price-to-rent: 13.0×

Monthly cashflow live

• Estimated rent: $2,081 high
• Mortgage (P&I): −$1,704
• Tax from tax record: −$239 /mo · $2,869/yr
• Insurance: −$135
• HOA: −$0
• Vacancy / Maint / Mgmt: −$437
• Net cashflow: $-435

Break-even live

Break-even rent $2,631

Max offer price $248,172

Occupancy floor —

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: $81,250
• Closing costs: $9,750
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3652 Springhaven Loop Las Cruces, NM	4.0	3.0	2126	$2,500	$1.18	13d	1	0.38mi
3833 Ranchers Rd Las Cruces, NM	3.0	2.0	1600	$2,000	$1.25	43d	1	0.90mi
3575 Sierra del Sol Ave Las Cruces, NM	3.0	2.0	1700	$1,950	$1.15	43d	1	0.93mi
7559 Vista de Oeste Pl Las Cruces, NM	3.0	2.0	1234	$2,000	$1.62	43d	1	1.02mi
7516 Sierra de Oro Pl Las Cruces, NM	4.0	2.0	1549	$1,895	$1.22	13d	1	1.03mi
4942 Sherwood Rd Las Cruces, NM	3.0	2.0	1376	$1,625	$1.18	13d	1	1.13mi
5014 Kenner Way Las Cruces, NM	3.0	2.0	1657	$1,825	$1.10	13d	1	1.22mi
7353 Vista de Sobre Dr Las Cruces, NM	3.0	2.0	1506	$1,895	$1.26	43d	1	1.31mi

Listing history 21 events

1. 2026-06-18
   days on market $325,000 Active 31 DOM
2. 2026-06-17
   days on market $325,000 Active 30 DOM
3. 2026-06-16
   days on market $325,000 Active 29 DOM
4. 2026-06-15
   days on market $325,000 Active 28 DOM
5. 2026-06-14
   days on market $325,000 Active 26 DOM
6. 2026-06-13
   days on market $325,000 Active 25 DOM
7. 2026-06-10
   days on market $325,000 Active 23 DOM
8. 2026-06-09
   days on market $325,000 Active 22 DOM
9. 2026-06-08
   days on market $325,000 Active 21 DOM
10. 2026-06-07
    days on market $325,000 Active 20 DOM
11. 2026-06-02
    days on market $325,000 Active 15 DOM
12. 2026-06-01
    days on market $325,000 Active 14 DOM
13. 2026-05-31
    days on market $325,000 Active 13 DOM
14. 2026-05-30
    days on market $325,000 Active 12 DOM
15. 2026-05-18
    listed $325,000 Active 848-char remark
16. 2026-05-05
    historical $325,000 848-char remark
17. 2022-05-13
    soldstatus
18. 2022-05-13
    soldstatus
19. 2021-12-30
    listed $270,000
20. 2020-10-06
    soldstatus
21. 2020-08-16
    listed $197,655

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

Tax reassessment forecast NM · Resets to sale price

• Current annual tax: $2,869 · $239/mo
• Projected year-2 tax: $2,869 · $239/mo
• Expected delta: $0/yr ($0/mo · -0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $24,971
• − Mortgage interest: −$18,205
• − Property taxes: −$2,869
• − Insurance: −$1,625
• − Repairs & maintenance: −$1,998
• − Management: −$1,998
• − Depreciation: −$9,455
• Taxable loss: −$11,178
• Est. tax savings @ 24.0%: +$2,683
• After-tax cash flow: $-2,536/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: Las Cruces Public Schools
• NCES district ID: 3501500
• Math proficiency: 42% ▲ 24.00%
• Reading proficiency: 68% ▲ 35.00%
• Median HH income: $41,157
• Composite: 45.98/100
• National rank: #2535
• State rank: #5 of 29 in NM

Livability — Las Cruces

• Score: 59/100
• State rank: #120
• US rank: #19687

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Las Cruces, NM
• County: Dona Ana County · 144,044 people
• City population: 131,421
• Metro: Las Cruces, NM
• Population (ZIP): 33,158
• Household income: $69,052
• Rent vs Own: 23.8% rent · 76.2% own
• Severe rent burden: 717.0

Population outlook (Doña Ana County) Hauer SSP2

• Today (2025): 219,177 people
• By 2030: 220,967 · +0.8%
• By 2040: 222,775 · +1.6%
• By 2050: 223,576 · +2.0%
• By 2075: 228,461 · +4.2%
• By 2100: 214,536 · -2.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority Hispanic (63%)
• Race & ethnicity: Hispanic / Latino 63% White 32% Two or more races 25% Native American 2% Black 1% Asian 1%
• Hispanic origin (detail): Mexican 55%
• Common ancestry: Slovak 2% Russian 1% Iranian 1%
• Foreign-born: 10% · Canada, South Korea
• Languages at home: 65% English-only · Spanish 33%

Political lean MEDSL · Doña Ana

• 2024 margin: Lean D (+9.8) · D 53.8% · R 44.0% · Other 2.2%
• 2008→2024 swing: -7.9pp toward R · 2008: 17.6pp · 2024: 9.8pp
• All cycles: 2024: D+9.8 2020: D+18.3 2016: D+18.0 2012: D+14.9 2008: D+17.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -66.04%
• Current HPI: 185.7733
• Rent YoY: ▲ 3.52%
• Metro: Las Cruces, NM
• State GDP YoY: —
• F500 in state: 0

Price history

+64.4% since first listed

7 events — show timeline

• 2026-05-18 Listed $325,000 SNMMLS as distributed by MLS GRID
• 2026-05-05 Coming Soon $325,000 SNMMLS as distributed by MLS GRID
• 2022-05-13 Sold (Public Records) — Public Records
• 2022-05-13 Sold (MLS) — SNMMLS as distributed by MLS GRID
• 2021-12-30 Listed $270,000 SNMMLS as distributed by MLS GRID
• 2020-10-06 Sold (MLS) — SNMMLS as distributed by MLS GRID
• 2020-08-16 Listed $197,655 SNMMLS as distributed by MLS GRID

Property tax history

+8.6%/yr

Latest (2025): $2,869 · +2.4% YoY. Source: county tax records.