439 N Alameda Blvd · Las Cruces, NM 88005

$299,000

3 bd · 2.0 ba · 2,136 sqft · MultiFamily public records · 88 Days on market

Built 1920 9,148 sqft lot $140/sqft · 21% below area Est $550k · 46% under

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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 +20.5/30.0
• ARV discount +15.0/15.0
• DSCR +6.5/10.0
• 1% rule +4.7/10.0
• Schools +4.6/10.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Don't miss this incredible investment opportunity in beautiful Las Cruces! This unique multi-unit property offers flexibility, comfort, and strong income potential all in one. The main unit welcomes you with a spacious three-bedroom layout and a two-car garage that adds both convenience and value. Tucked behind, the additional units provide wonderful rental opportunities, a cozy one-bedroom ideal for steady income and a two-bedroom featuring modern updates and stylish finishes that today's tenants will love. Each unit includes its own designated parking, mini-split refrigerated air for year-round comfort, and all appliances, making this a truly turnkey property. Imagine living in the main home while the two back units help offset your mortgage or adding a solid, income-producing asset to your portfolio. Opportunities like this don't come along often. Schedule your showing and see the potential for yourself!

Key facts

• Turnkey property
• Rental opportunities
• Multi-unit property

Tags

• MULTI-UNIT PROPERTY
• RENTAL OPPORTUNITIES
• DESIGNATED PARKING
• MINI-SPLIT REFRIGERATED AIR
• TURNKEY PROPERTY

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $299k.

Deal economics

• At list price, monthly cash flow is $397 ($5k/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 $289k (3.2% below list).
• Recommended offer: $281k (6.0% below list) — sets the bar for market timing.

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 soft (-0.9%/yr); 178 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 40% 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).
• At $2,893/mo this rent would consume 64% of the median local household income ($54k/yr) (locally 1248% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 88 days — a 6% lower offer ($281k) 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

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $281,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 88 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.97% ✗
• Cap rate: 7.89%
• Cash-on-cash: 5.69%
• DSCR: 1.25
• GRM: 8.6

CMA / ARV

• ARV (median comp): $549,990
• List price: $299,000
• Delta: -45.64%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -10.7%
• Equity multiple: 0.62×
• Total profit: $-31,727
• Equity at exit: $44,582

10-year hold

• IRR: -6.0%
• Equity multiple: 0.66×
• Total profit: $-28,121
• Equity at exit: $25,852

Cash invested: $83,720 (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 88005

• Rents YoY: -0.9%
• Active inventory: 178
• Price-to-rent: 22.6×

Monthly cashflow live

• Estimated rent: $2,893 medium
• Mortgage (P&I): −$1,568
• Tax from tax record: −$196 /mo · $2,354/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$608
• Net cashflow: $397

Break-even live

Break-even rent $2,391

Max offer price $299,000

Occupancy floor 81%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
1× unit	3	2	$1,104
1× unit	1	1	$862
1× unit	2	1	$927
Total (3 units)			$2,893

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: $74,750
• Closing costs: $8,970
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
560 El Molino Blvd Las Cruces, NM	3.0	2.0	1487	$1,500	$1.01	13d	1	0.60mi
1595 Carrillo Ct Unit A Las Cruces, NM	3.0	2.0	1405	$1,295	$0.92	44d	1	0.86mi
1000 Coyote Trl Las Cruces, NM	3.0	2.0	1280	$1,524	$1.19	13d	1	1.09mi
2035 Rosedale Dr Las Cruces, NM	3.0	2.0	1425	$1,550	$1.09	13d	1	1.30mi
2040 Carlyle Dr Las Cruces, NM	3.0	2.0	1852	$1,595	$0.86	44d	1	1.34mi

Listing history 10 events

1. 2026-06-02
   days on market $299,000 Active 88 DOM
2. 2026-06-01
   days on market $299,000 Active 87 DOM
3. 2026-05-31
   days on market $299,000 Active 86 DOM
4. 2026-05-30
   days on market $299,000 Active 85 DOM
5. 2026-03-07
   status Active 920-char remark

   Show marketing remark (920 chars)

   Don't miss this incredible investment opportunity in beautiful Las Cruces! This unique multi-unit property offers flexibility, comfort, and strong income potential all in one. The main unit welcomes you with a spacious three-bedroom layout and a two-car garage that adds both convenience and value. Tucked behind, the additional units provide wonderful rental opportunities, a cozy one-bedroom ideal for steady income and a two-bedroom featuring modern updates and stylish finishes that today's tenants will love. Each unit includes its own designated parking, mini-split refrigerated air for year-round comfort, and all appliances, making this a truly turnkey property. Imagine living in the main home while the two back units help offset your mortgage or adding a solid, income-producing asset to your portfolio. Opportunities like this don't come along often. Schedule your showing and see the potential for yourself!

6. 2026-03-01
   historical 920-char remark

   Show marketing remark (920 chars)

   Don't miss this incredible investment opportunity in beautiful Las Cruces! This unique multi-unit property offers flexibility, comfort, and strong income potential all in one. The main unit welcomes you with a spacious three-bedroom layout and a two-car garage that adds both convenience and value. Tucked behind, the additional units provide wonderful rental opportunities, a cozy one-bedroom ideal for steady income and a two-bedroom featuring modern updates and stylish finishes that today's tenants will love. Each unit includes its own designated parking, mini-split refrigerated air for year-round comfort, and all appliances, making this a truly turnkey property. Imagine living in the main home while the two back units help offset your mortgage or adding a solid, income-producing asset to your portfolio. Opportunities like this don't come along often. Schedule your showing and see the potential for yourself!

7. 2026-02-28
   listed $299,000 Active 920-char remark

   Show marketing remark (920 chars)

   Don't miss this incredible investment opportunity in beautiful Las Cruces! This unique multi-unit property offers flexibility, comfort, and strong income potential all in one. The main unit welcomes you with a spacious three-bedroom layout and a two-car garage that adds both convenience and value. Tucked behind, the additional units provide wonderful rental opportunities, a cozy one-bedroom ideal for steady income and a two-bedroom featuring modern updates and stylish finishes that today's tenants will love. Each unit includes its own designated parking, mini-split refrigerated air for year-round comfort, and all appliances, making this a truly turnkey property. Imagine living in the main home while the two back units help offset your mortgage or adding a solid, income-producing asset to your portfolio. Opportunities like this don't come along often. Schedule your showing and see the potential for yourself!

8. 2022-03-11
   soldstatus
9. 2022-03-11
   soldstatus
10. 2015-07-24
    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: $2,354 · $196/mo
• Projected year-2 tax: $2,392 · $199/mo
• Expected delta: +$38/yr (+$3/mo · 1.6%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 67% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥100°F today · 25 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: $34,716
• − Mortgage interest: −$16,749
• − Property taxes: −$2,354
• − Insurance: −$1,495
• − Repairs & maintenance: −$2,777
• − Management: −$2,777
• − Depreciation: −$8,698
• Taxable loss: −$134
• Est. tax savings @ 24.0%: +$32
• After-tax cash flow: $4,793/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): 27,509
• Household income: $54,452
• Rent vs Own: 39.2% rent · 60.8% own
• Severe rent burden: 1248.0

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 (58%)
• Race & ethnicity: Hispanic / Latino 58% White 35% Two or more races 28% Black 2% Native American 1%
• Hispanic origin (detail): Mexican 48%
• Common ancestry: Italian 2% Lithuanian 1% Slovak 1%
• Foreign-born: 9% · Canada
• Languages at home: 68% English-only · Spanish 30%

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: ▼ -186.66%
• Current HPI: 188.4624
• Rent YoY: ▼ -0.88%
• Metro: Las Cruces, NM
• State GDP YoY: —
• F500 in state: 0

Price history

6 events — show timeline

• 2026-03-07 Relisted — SNMMLS as distributed by MLS GRID
• 2026-03-01 Delisted — SNMMLS as distributed by MLS GRID
• 2026-02-28 Listed $299,000 SNMMLS as distributed by MLS GRID
• 2022-03-11 Sold (Public Records) — Public Records
• 2022-03-11 Sold (Public Records) — Public Records
• 2015-07-24 Sold (Public Records) — Public Records

Property tax history

+5.8%/yr

Latest (2025): $2,354 · +2.4% YoY. Source: county tax records.