802 1/2 Larkspur St · Alamogordo, NM 88310

$189,500

3 bd · 2.0 ba · 1,348 sqft · SingleFamily · 15 Days on market

Built 1985 Good condition 6,229 sqft lot ↓ 5% since listing

---

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 +21.7/30.0
• ARV discount +7.5/15.0
• DSCR +6.9/10.0
• 1% rule +5.7/10.0
• Livability +3.9/5.0
• Condition / age +3.8/5.0
• Schools +3.0/10.0
• Rent growth +2.9/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home to this inviting 3-bedroom, 2-bath residence offering comfort, functionality, and modern updates. Featuring newer vinyl plank flooring throughout, the home boasts a fresh, contemporary feel with spacious living areas and abundant natural light. The screened-in patio provides the perfect space to relax, entertain, or enjoy the outdoors in comfort throughout the year. A covered 1-car carport offers convenient parking, while two exterior storage areas provide ample space for tools, hobbies, and seasonal items. With a well-designed floor plan and desirable features both inside and out, this property is ready to welcome its next owner. Don't miss the opportunity to make this charmin

Key facts

• Covered carport
• Screened-in patio
• Vinyl plank flooring

Tags

• VINYL PLANK FLOORING
• SCREENED-IN PATIO
• COVERED CARPORT
• EXTERIOR STORAGE AREAS

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence; Single story
• Construction: Wood siding; Shingle roof; Site-built home
• Exterior features: Covered patio

Interior

• Kitchen: Dishwasher; Refrigerator; Range; Oven
• Flooring: Carpet; Vinyl
• Interior features: Dishwasher; Refrigerator; Range; Oven

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $190k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $292 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• Recommended offer: $187k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 77/100 on livability (#5 in NM, #3,233 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D, employment D, schools F.
• Alamogordo Public Schools (town): math 26% / reading 39% proficiency, ranked #26 of 95 in NM (top 27%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+1.6%/yr); 444 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 6 units permitted in Otero County in 2024 (0 in 5+ unit buildings).
• This rent runs 43% of the median local income ($57k/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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Otero County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($187k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $186,657 (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 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?
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: 1.07% ✓
• Cap rate: 8.14%
• Cash-on-cash: 6.61%
• DSCR: 1.29
• GRM: 7.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.65% rent growth · sell at horizon

5-year hold

• IRR: -7.7%
• Equity multiple: 0.72×
• Total profit: $-14,777
• Equity at exit: $28,255

10-year hold

• IRR: 0.1%
• Equity multiple: 1.01×
• Total profit: $375
• Equity at exit: $16,384

Cash invested: $53,060 (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 88310

• Rents YoY: 1.6%
• Active inventory: 444
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $2,028 high
• Mortgage (P&I): −$994
• Tax est. 1.5%: −$237 /mo · $2,842/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$426
• Net cashflow: $292

Break-even live

Break-even rent $1,658

Max offer price $189,500

Occupancy floor 81%

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: $47,375
• Closing costs: $5,685
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1104 San Miguel Alamogordo, NM	3.0	2.0	1749	$2,500	$1.43	3d	1	0.43mi
323 Camino Real Alamogordo, NM	3.0	2.5	1848	$2,000	$1.08	14d	1	1.12mi
2200 1st St Alamogordo, NM	1.0–3.0	1.0–3.0	1011	$1,979	$1.96	3d	18	1.21mi
1309 Jackson Ave Alamogordo, NM	4.0	2.0	1467	$1,500	$1.02	43d	1	1.25mi
491 Desert Sun Ct Alamogordo, NM	3.0	2.0	1729	$1,800	$1.04	43d	1	1.39mi

Listing history 12 events

1. 2026-06-18
   days on market $189,500 Active 15 DOM
2. 2026-06-17
   days on market $189,500 Active 14 DOM
3. 2026-06-16
   days on market $189,500 Active 13 DOM
4. 2026-06-15
   days on market $189,500 Active 12 DOM
5. 2026-06-13
   days on market $189,500 Active 10 DOM
6. 2026-06-13
   days on market $189,500 Active 9 DOM
7. 2026-06-10
   days on market $189,500 Active 7 DOM
8. 2026-06-09
   days on market $189,500 Active 6 DOM
9. 2026-06-08
   days on market $189,500 Active 5 DOM
10. 2026-06-07
    days on market $189,500 Active 4 DOM
11. 2026-06-05
    remarks 699-char remark
12. 2026-06-05
    listed $189,500 Active 1 DOM

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥96°F today · 24 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: $24,333
• − Mortgage interest: −$10,615
• − Property taxes: −$2,842
• − Insurance: −$948
• − Repairs & maintenance: −$1,947
• − Management: −$1,947
• − Depreciation: −$5,513
• Taxable income: $522
• Est. tax owed @ 24.0%: −$125
• After-tax cash flow: $3,382/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.

Condition & rehab AI · 2 photos

Good 75/100 Cosmetic rehab

This 3-bedroom, 2-bath home is in good condition with minimal repairs needed. It offers a good investment opportunity with potential for significant value increases through cosmetic updates and modernizations.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint can enhance the curb appeal and interior aesthetics.
• Both Updating the flooring — New flooring can improve the overall look and feel of the home.
• Both Upgrading the HVAC system — A new HVAC system can improve comfort and energy efficiency.
• Both Landscaping improvements — Enhanced landscaping can increase curb appeal and property value.
• Both Kitchen and bathroom updates — Modernizing these spaces can attract more buyers and renters.
• Both Adding smart home features — Smart home features can increase convenience and appeal to tech-savvy buyers and renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior walls — Fresh paint can enhance the curb appeal and interior aesthetics. ↑
• Both Updating the flooring — New flooring can improve the overall look and feel of the home. ↑
• Both Upgrading the HVAC system — A new HVAC system can improve comfort and energy efficiency. ↑
• Both Landscaping improvements — Enhanced landscaping can increase curb appeal and property value. ↑
• Both Kitchen and bathroom updates — Modernizing these spaces can attract more buyers and renters. ↑
• Both Adding smart home features — Smart home features can increase convenience and appeal to tech-savvy buyers and renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Alamogordo Public Schools
• NCES district ID: 3500030
• Math proficiency: 26% —
• Reading proficiency: 39% —
• Median HH income: $42,194
• Composite: 30.24/100
• National rank: #11572
• State rank: #26 of 95 in NM

Livability — Alamogordo

• Score: 77/100
• State rank: #5
• US rank: #3233

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Alamogordo, NM
• County: Otero County · 36,983 people
• City population: 36,983
• Metro: Alamogordo, NM
• Population (ZIP): 36,983
• Household income: $57,214
• Rent vs Own: 34.4% rent · 65.6% own
• Severe rent burden: 1231.0

Population outlook (Otero County) Hauer SSP2

• Today (2025): 62,967 people
• By 2030: 62,164 · -1.3%
• By 2040: 60,253 · -4.3%
• By 2050: 58,575 · -7.0%
• By 2075: 55,411 · -12.0%
• By 2100: 48,551 · -22.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 56% Hispanic / Latino 31% Two or more races 18% Black 5% Asian 2% Native American 2%
• Hispanic origin (detail): Mexican 25%
• Common ancestry: Slovak 3% Lithuanian 2% Italian 1%
• Foreign-born: 6% · Canada
• Languages at home: 85% English-only · Spanish 12% Tagalog/Filipino 1%

Political lean MEDSL · Otero

• 2024 margin: Strong R (+27.0) · D 35.4% · R 62.4% · Other 2.2%
• 2008→2024 swing: -7.7pp toward R · 2008: -19.3pp · 2024: -27.0pp
• All cycles: 2024: R+27.0 2020: R+25.6 2016: R+29.1 2012: R+28.0 2008: R+19.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -174.88%
• Current HPI: 181.737
• Rent YoY: ▲ 1.65%
• Metro: Alamogordo, NM
• State GDP YoY: —
• F500 in state: 0

Price history

-5.2% since first listed

2 events — show timeline

• 2026-06-03 Listed $189,500 OCAOR
• 2025-08-01 Price Changed $199,900 OCAOR