2400 S Slate St · Deming, NM 88030

$82,000

2 bd · 2.0 ba · 960 sqft · Other · 28 Days on market

Built 1994 6,960 sqft lot

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Why this score? — see what drove the C+ 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 +29.5/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.0/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Nice 2 bedroom 2 bath manufactured home on a corner lot! South Deming. Home is approximately 960'. Has nice deck in front. Super nice Rose bushes on sides of home. Fruit trees. All on irrigation system! Storage shed and nice sized carport! Home has been partially updated and ready for new owner!!

Key facts

• Covered deck
• Fenced yard
• Storage shed

Tags

• CORNER LOT
• FENCED YARD
• STORAGE SHED
• DRIP IRRIGATION
• FRUIT TREES
• COVERED DECK

Property features AI

Exterior

• Parking: Detached carport; 2 covered parking spaces; 2 garage spaces
• Utilities: Public water; Sewer connected; Electricity connected; Natural gas available and connected
• Home design: Manufactured home (single wide); Residential property
• Construction: Shingle roof; Manufactured house construction
• Exterior features: Covered patio/porch; Chain-link fencing; Shed(s)

Interior

• Kitchen: Dishwasher; Free-standing range; Refrigerator
• Flooring: Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating (natural gas); Ceiling fans; Electric cooling; Evaporative cooler; Window unit(s)
• Interior features: Ceiling fans; Pantry
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath other listed at $82k.

Deal economics

• At list price, monthly cash flow is $295 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($985 rent vs $82k).
• Recommended offer: $81k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 63/100 on livability (#73 in NM) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: commute C-, amenities D+, schools F.
• Deming Public Schools (town): math 18% / reading 27% proficiency, ranked #63 of 95 in NM (top 66%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 97% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 375 active listings in the ZIP; 7 units permitted in Luna County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $567 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Luna County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $23k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($81k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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: extreme-heat days projected 5→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $80,770 (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 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?
3. 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?
4. 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.
5. 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.
6. 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: 1.20% ✓
• Cap rate: 10.60%
• Cash-on-cash: 15.40%
• DSCR: 1.69
• GRM: 6.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 6.1%
• Equity multiple: 1.24×
• Total profit: $5,443
• Equity at exit: $12,226

10-year hold

• IRR: 15.4%
• Equity multiple: 2.25×
• Total profit: $28,758
• Equity at exit: $7,090

Cash invested: $22,960 (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 88030

• Home prices YoY: -32.9%
• Active inventory: 375
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $985 medium
• Mortgage (P&I): −$430
• Tax from tax record: −$20 /mo · $236/yr
• Insurance: −$34
• HOA: −$0
• Vacancy / Maint / Mgmt: −$207
• Net cashflow: $295

Break-even live

Break-even rent $612

Max offer price $82,000

Occupancy floor 65%

Sensitivity live

Price	-10% $341	-5% $318	+0% $295	+5% $271	+10% $248
Rent	-10% $217	-5% $256	+0% $295	+5% $334	+10% $373
Rate	-1.0pp $336	-0.5pp $316	base $295	+0.5pp $273	+1.0pp $252

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: $20,500
• Closing costs: $2,460
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-19
   days on market $82,000 Active 28 DOM
2. 2026-06-18
   days on market $82,000 Active 27 DOM
3. 2026-06-17
   days on market $82,000 Active 26 DOM
4. 2026-06-16
   days on market $82,000 Active 25 DOM
5. 2026-06-15
   days on market $82,000 Active 24 DOM
6. 2026-06-14
   days on market $82,000 Active 22 DOM
7. 2026-06-13
   days on market $82,000 Active 21 DOM
8. 2026-06-10
   days on market $82,000 Active 19 DOM
9. 2026-06-09
   days on market $82,000 Active 18 DOM
10. 2026-06-08
    days on market $82,000 Active 17 DOM
11. 2026-06-07
    days on market $82,000 Active 16 DOM
12. 2026-06-05
    days on market $82,000 Active 13 DOM
13. 2026-06-03
    days on market $82,000 Active 12 DOM
14. 2026-06-02
    days on market $82,000 Active 11 DOM
15. 2026-06-01
    days on market $82,000 Active 10 DOM
16. 2026-05-31
    days on market $82,000 Active 9 DOM
17. 2026-05-30
    days on market $82,000 Active 8 DOM
18. 2026-05-20
    listed $82,000 Active
19. 2026-03-03
    historical 297-char remark

    Show marketing remark (297 chars)

    Nice 2 bedroom 2 bath manufactured home on a corner lot! South Deming. Home is approximately 960'. Has nice deck in front. Super nice Rose bushes on sides of home. Fruit trees. All on irrigation system! Storage shed and nice sized carport! Home has been partially updated and ready for new owner!!

20. 2026-03-02
    soldstatus Closed 297-char remark

    Show marketing remark (297 chars)

    Nice 2 bedroom 2 bath manufactured home on a corner lot! South Deming. Home is approximately 960'. Has nice deck in front. Super nice Rose bushes on sides of home. Fruit trees. All on irrigation system! Storage shed and nice sized carport! Home has been partially updated and ready for new owner!!

21. 2026-02-27
    soldstatus
22. 2026-02-08
    status Pending 297-char remark

    Show marketing remark (297 chars)

    Nice 2 bedroom 2 bath manufactured home on a corner lot! South Deming. Home is approximately 960'. Has nice deck in front. Super nice Rose bushes on sides of home. Fruit trees. All on irrigation system! Storage shed and nice sized carport! Home has been partially updated and ready for new owner!!

23. 2026-01-30
    price $77,500 297-char remark

    Show marketing remark (297 chars)

    Nice 2 bedroom 2 bath manufactured home on a corner lot! South Deming. Home is approximately 960'. Has nice deck in front. Super nice Rose bushes on sides of home. Fruit trees. All on irrigation system! Storage shed and nice sized carport! Home has been partially updated and ready for new owner!!

24. 2025-11-26
    listed $82,000 Active 297-char remark

    Show marketing remark (297 chars)

    Nice 2 bedroom 2 bath manufactured home on a corner lot! South Deming. Home is approximately 960'. Has nice deck in front. Super nice Rose bushes on sides of home. Fruit trees. All on irrigation system! Storage shed and nice sized carport! Home has been partially updated and ready for new owner!!

25. 2020-08-13
    soldstatus

ⓘ 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: $236 · $20/mo
• Projected year-2 tax: $656 · $55/mo
• Expected delta: +$420/yr (+$35/mo · 177.8%)

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

Climate risk First Street

• 🌊 Flood 2/10 Low FEMA zone X (unshaded) · 9% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 5/10 Major 5 d/yr ≥100°F today · 15 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: $11,826
• − Mortgage interest: −$4,593
• − Property taxes: −$236
• − Insurance: −$410
• − Repairs & maintenance: −$946
• − Management: −$946
• − Depreciation: −$2,385
• Taxable income: $2,309
• Est. tax owed @ 24.0%: −$554
• After-tax cash flow: $2,982/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: Deming Public Schools
• NCES district ID: 3500690
• Math proficiency: 18% —
• Reading proficiency: 27% —
• Median HH income: $28,092
• Composite: 21.02/100
• National rank: #13708
• State rank: #63 of 95 in NM

Livability — Deming

• Score: 63/100
• State rank: #73
• US rank: #15165

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Deming, NM
• Population (ZIP): 24,270

Population outlook (Luna County) Hauer SSP2

• Today (2025): 22,859 people
• By 2030: 22,105 · -3.3%
• By 2040: 20,738 · -9.3%
• By 2050: 19,336 · -15.4%
• By 2075: 15,439 · -32.5%
• By 2100: 9,313 · -59.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (66%)
• Race & ethnicity: Hispanic / Latino 66% Two or more races 32% White 30% Black 2% Native American 1%
• Hispanic origin (detail): Mexican 63%
• Common ancestry: Slovak 1% Lithuanian 1% Italian 1%
• Foreign-born: 16% · Canada
• Languages at home: 49% English-only · Spanish 50%

Political lean MEDSL · Luna

• 2024 margin: R (+18.9) · D 39.4% · R 58.3% · Other 2.3%
• 2008→2024 swing: -24.2pp toward R · 2008: 5.3pp · 2024: -18.9pp
• All cycles: 2024: R+18.9 2020: R+10.4 2016: R+3.9 2012: R+1.1 2008: D+5.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -56.37%
• Current HPI: 114.8626
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+0.0% since first listed

8 events — show timeline

• 2026-05-20 Listed $82,000 NMMLS
• 2026-03-03 Delisted — NMMLS
• 2026-03-02 Sold (MLS) — NMMLS
• 2026-02-27 Sold (Public Records) — Public Records
• 2026-02-08 Pending — NMMLS
• 2026-01-30 Price Changed $77,500 NMMLS
• 2025-11-26 Listed $82,000 NMMLS
• 2020-08-13 Sold (Public Records) — Public Records

Property tax history

+1.8%/yr

Latest (2025): $236 · +3.3% YoY. Source: county tax records.