602 Stonewood Ave · Wagon Mound, NM 87752

$135,000

3 bd · 1.0 ba · 1,400 sqft · SingleFamily · 590 Days on market

Built 1950 Fair condition 7,400 sqft lot

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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).

• Cash flow +18.8/30.0
• ARV discount +7.5/15.0
• DSCR +5.9/10.0
• Appreciation +5.0/10.0
• 1% rule +3.8/10.0
• Livability +2.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.0/5.0
• Schools +1.3/10.0

Listing remarks MLS

Come see this lovely 3-bedroom, 1 bath home. Owner has completed a few upgrades and continues to improve.

Key facts

• Adobe home
• Santa fe trail views
• Two municipal lots

Tags

• ADOBE HOME
• SANTA FE TRAIL VIEWS
• WAGON MOUND LANDMARK
• TWO MUNICIPAL LOTS
• OUTDOOR RAISED BEDS
• PRO-PANEL ROOF

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $135k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $136 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $118k (12.4% below list).
• Recommended offer: $118k (12.4% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 55/100 on livability (#215 in NM) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A; Watch: health & safety C-, schools F, amenities F.
• Wagon Mound Public Schools (rural): math 11% / reading 11% proficiency, ranked #86 of 95 in NM (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 87% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 2 active listings in the ZIP.

Forward outlook

• In year one you build about $5k of equity ($933 loan paydown + $4k appreciation (3.0% local appreciation)).
• Mora County population projected at -38% 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 $38k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 590 days — a 12% lower offer ($119k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 5y 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.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $118,318 (12.4% below list)

Questions for the listing agent

1. It's been on market 590 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.88% ✗
• Cap rate: 7.50%
• Cash-on-cash: 4.30%
• DSCR: 1.19
• GRM: 9.5

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: 11.5%
• Equity multiple: 1.66×
• Total profit: $24,834
• Equity at exit: $60,702

10-year hold

• IRR: 13.6%
• Equity multiple: 3.02×
• Total profit: $76,236
• Equity at exit: $93,549

Cash invested: $37,800 (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 87752

• Active inventory: 2
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $1,183 medium
• Mortgage (P&I): −$708
• Tax from tax record: −$35 /mo · $419/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$248
• Net cashflow: $136

Break-even live

Break-even rent $1,012

Max offer price $135,000

Occupancy floor 84%

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-18
   days on market $135,000 Active 590 DOM
2. 2026-06-17
   days on market $135,000 Active 589 DOM
3. 2026-06-16
   days on market $135,000 Active 588 DOM
4. 2026-06-15
   days on market $135,000 Active 587 DOM
5. 2026-06-13
   days on market $135,000 Active 585 DOM
6. 2026-06-12
   days on market $135,000 Active 584 DOM
7. 2026-06-09
   days on market $135,000 Active 581 DOM
8. 2026-06-08
   days on market $135,000 Active 580 DOM
9. 2026-06-07
   days on market $135,000 Active 579 DOM
10. 2026-06-05
    days on market $135,000 Active 577 DOM
11. 2026-06-04
    days on market $135,000 Active 575 DOM
12. 2026-06-02
    days on market $135,000 Active 574 DOM
13. 2026-06-01
    days on market $135,000 Active 573 DOM
14. 2026-05-31
    days on market $135,000 Active 572 DOM
15. 2025-05-12
    price $135,000 105-char remark

    Show marketing remark (105 chars)

    Come see this lovely 3-bedroom, 1 bath home. Owner has completed a few upgrades and continues to improve.

16. 2024-11-05
    listed $140,000 Active 105-char remark

    Show marketing remark (105 chars)

    Come see this lovely 3-bedroom, 1 bath home. Owner has completed a few upgrades and continues to improve.

17. 2023-09-05
    price $155,000
18. 2023-09-05
    price $155,000
19. 2023-07-31
    listed $160,000 Active
20. 2022-09-01
    soldstatus
21. 2021-11-08
    listed $135,000
22. 2021-11-08
    listed $135,000

ⓘ 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: $419 · $35/mo
• Projected year-2 tax: $1,080 · $90/mo
• Expected delta: +$661/yr (+$55/mo · 157.7%)

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

Taxation est. · year 1

• Rental income: $14,198
• − Mortgage interest: −$7,562
• − Property taxes: −$419
• − Insurance: −$675
• − Repairs & maintenance: −$1,136
• − Management: −$1,136
• − Depreciation: −$3,927
• Taxable loss: −$657
• Est. tax savings @ 24.0%: +$158
• After-tax cash flow: $1,785/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 · 1 photo

Fair 40/100 Moderate rehab

This single-family home requires significant exterior and interior repairs to improve its condition and value.

Repairs flagged

• Major Exterior siding — Significant damage and debris
• Major Exposed subflooring — Structural damage
• Major Painted walls — Peeling and damage

Value-add opportunities

• Both Paint and repair exterior siding — Enhances curb appeal and structural integrity
• Both Replace exposed subflooring — Stabilizes structure and improves safety
• Both Paint interior walls — Improves aesthetics and reduces maintenance costs

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · Significant damage and debris	Major	$15,000–50,000
Exposed subflooring · Structural damage	Major	$15,000–50,000
Painted walls · Peeling and damage	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both Paint and repair exterior siding — Enhances curb appeal and structural integrity ↑
• Both Replace exposed subflooring — Stabilizes structure and improves safety ↑
• Both Paint interior walls — Improves aesthetics and reduces maintenance costs ↑

ⓘ 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: Wagon Mound Public Schools
• NCES district ID: 3502730
• Math proficiency: 11% —
• Reading proficiency: 11% —
• Median HH income: $34,073
• Composite: 12.55/100
• National rank: #14560
• State rank: #86 of 95 in NM

Livability — Wagon Mound

• Score: 55/100
• State rank: #215
• US rank: #23583

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wagon Mound, NM
• Population (ZIP): 706

Population outlook (Mora County) Hauer SSP2

• Today (2025): 3,991 people
• By 2030: 3,684 · -7.7%
• By 2040: 3,032 · -24.0%
• By 2050: 2,461 · -38.3%
• By 2075: 1,595 · -60.0%
• By 2100: 1,000 · -74.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority Hispanic (64%)
• Race & ethnicity: Hispanic / Latino 64% White 35% Two or more races 18% Native American 2%
• Hispanic origin (detail): Mexican 21% Puerto Rican 3%
• Common ancestry: Lithuanian 21% Portuguese 20% Italian 3%
• Foreign-born: 0% · Canada
• Languages at home: 57% English-only · Spanish 42% Arabic 1%

Political lean MEDSL · Mora

• 2024 margin: D (+17.2) · D 57.9% · R 40.6% · Other 1.5%
• 2008→2024 swing: -40.7pp toward R · 2008: 57.9pp · 2024: 17.2pp
• All cycles: 2024: D+17.2 2020: D+31.4 2016: D+35.9 2012: D+52.3 2008: D+57.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+0.0% since first listed

8 events — show timeline

• 2025-05-12 Price Changed $135,000 NMMLS
• 2024-11-05 Listed $140,000 NMMLS
• 2023-09-05 Price Changed $155,000 NMMLS
• 2023-09-05 Price Changed $155,000 Santa Fe MLS
• 2023-07-31 Listed $160,000 Santa Fe MLS
• 2022-09-01 Sold (MLS) — NMMLS
• 2021-11-08 Listed $135,000 NMMLS
• 2021-11-08 Listed $135,000 Santa Fe MLS