2004 N Pine St · Morningside, NM 88210

$70,000

2 bd · 1.0 ba · 775 sqft · Other · 43 Days on market

9,170 sqft lot $90/sqft · 25% below area Est $93k · 25% under ↓ 39% since listing

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Livability +2.1/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Looking for a great remodeled home? Look no further. This four bedroom, two bath doublewide home has been remodeled. This includes new paint and wall texture, carpet and laminate flooring and making sure everything is move in ready. Master bedroom is nice size with a walk in closet and bathroom features a garden tub and separate shower. Kitchen has room for an island or kitchen table. Two living areas, one with a fireplace. Don't miss out. Seller is offering financing through 21ST Mortgage, Chris at 800-955-0021 ext 1411. This home has been moved more than once, so will probably not qualify FHA and doesn't have a permanent foundation system under it. Call for an appointment to see the home.

Key facts

• Double lot
• Double carport
• Fully fenced yard

Tags

• DOUBLE LOT
• DEDICATED LAUNDRY MUDROOM
• FULLY FENCED YARD
• DOUBLE CARPORT

Property features AI

Exterior

• Parking: 2 total parking spaces; 2 covered spaces; 2-car garage; Detached carport
• Utilities: Electricity connected; Sewer connected
• Home design: Single family residence; One story; One-level entry
• Construction: Frame, stucco and wood siding construction; Shingle roof
• Exterior features: Covered patio; Fenced front and back yard; Shed

Interior

• Flooring: Carpet; Laminate
• Bathrooms: 1 full bathroom
• Heating & cooling: Space heater; Cooling present; Heating present
• Interior features: Carpet and laminate flooring; Space heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $70k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $70k).
• Recommended offer: $68k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 43/100 on livability (#363 in NM) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing B; Watch: schools F, crime F, amenities F.
• Artesia Public Schools (town): math 29% / reading 42% proficiency, ranked #17 of 95 in NM (top 18%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 166 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 156 units permitted in Eddy County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $484 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Eddy County population projected at +36% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($68k) 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.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $67,900 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 2.75% ✓
• Cap rate: 24.11%
• Cash-on-cash: 63.63%
• DSCR: 3.83
• GRM: 3.0

CMA / ARV

• ARV (median comp): $92,942
• List price: $70,000
• Delta: -24.68%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 62.7%
• Equity multiple: 3.80×
• Total profit: $54,883
• Equity at exit: $10,437

10-year hold

• IRR: 67.2%
• Equity multiple: 7.79×
• Total profit: $133,149
• Equity at exit: $6,052

Cash invested: $19,600 (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 88210

• Active inventory: 166
• Price-to-rent: 3.0×

Monthly cashflow live

• Estimated rent: $1,928 medium
• Mortgage (P&I): −$367
• Tax est. 1.5%: −$88 /mo · $1,050/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$405
• Net cashflow: $1,039

Break-even live

Break-even rent $612

Max offer price $70,000

Occupancy floor 41%

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: $17,500
• Closing costs: $2,100
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
103 N 7th St Artesia, NM	3.0	1.0	1000	$1,200	$1.20	43d	1	1.09mi

Listing history 21 events

1. 2026-06-19
   days on market $70,000 Active 43 DOM
2. 2026-06-18
   days on market $70,000 Active 42 DOM
3. 2026-06-17
   days on market $70,000 Active 41 DOM
4. 2026-06-16
   days on market $70,000 Active 40 DOM
5. 2026-06-15
   days on market $70,000 Active 39 DOM
6. 2026-06-14
   days on market $70,000 Active 37 DOM
7. 2026-06-13
   days on market $70,000 Active 36 DOM
8. 2026-06-10
   days on market $70,000 Active 34 DOM
9. 2026-06-09
   days on market $70,000 Active 33 DOM
10. 2026-06-08
    days on market $70,000 Active 32 DOM
11. 2026-06-07
    days on market $70,000 Active 31 DOM
12. 2026-06-03
    days on market $70,000 Active 27 DOM
13. 2026-06-02
    days on market $70,000 Active 26 DOM
14. 2026-06-01
    days on market $70,000 Active 25 DOM
15. 2026-05-31
    days on market $70,000 Active 24 DOM
16. 2026-05-30
    days on market $70,000 Active 23 DOM
17. 2026-05-06
    listed $70,000 Active 720-char remark
18. 2022-04-26
    soldstatus 701-char remark

    Show marketing remark (502 chars)

    Looking for a great remodeled home? Look no further. This four bedroom, two bath doublewide home has been remodeled. This includes new paint and wall texture, carpet and laminate flooring and making sure everything is move in ready. Master bedroom is nice size with a walk in closet and bathroom features a garden tub and separate shower. Kitchen has room for an island or kitchen table. Two living areas, one with a fireplace. Seller is offering financing through 21ST Mrtg, Chris-800-955-0021 xt1411.

19. 2022-04-26
    soldstatus

    Show marketing remark (502 chars)

    Looking for a great remodeled home? Look no further. This four bedroom, two bath doublewide home has been remodeled. This includes new paint and wall texture, carpet and laminate flooring and making sure everything is move in ready. Master bedroom is nice size with a walk in closet and bathroom features a garden tub and separate shower. Kitchen has room for an island or kitchen table. Two living areas, one with a fireplace. Seller is offering financing through 21ST Mrtg, Chris-800-955-0021 xt1411.

20. 2020-07-31
    listed $115,000 701-char remark

    Show marketing remark (502 chars)

    Looking for a great remodeled home? Look no further. This four bedroom, two bath doublewide home has been remodeled. This includes new paint and wall texture, carpet and laminate flooring and making sure everything is move in ready. Master bedroom is nice size with a walk in closet and bathroom features a garden tub and separate shower. Kitchen has room for an island or kitchen table. Two living areas, one with a fireplace. Seller is offering financing through 21ST Mrtg, Chris-800-955-0021 xt1411.

21. 2020-07-31
    listed $115,000

    Show marketing remark (502 chars)

    Looking for a great remodeled home? Look no further. This four bedroom, two bath doublewide home has been remodeled. This includes new paint and wall texture, carpet and laminate flooring and making sure everything is move in ready. Master bedroom is nice size with a walk in closet and bathroom features a garden tub and separate shower. Kitchen has room for an island or kitchen table. Two living areas, one with a fireplace. Seller is offering financing through 21ST Mrtg, Chris-800-955-0021 xt1411.

ⓘ 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 6/10 Major
• 🌡 Heat 6/10 Major 7 d/yr ≥101°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,136
• − Mortgage interest: −$3,921
• − Property taxes: −$1,050
• − Insurance: −$350
• − Repairs & maintenance: −$1,851
• − Management: −$1,851
• − Depreciation: −$2,036
• Taxable income: $12,077
• Est. tax owed @ 24.0%: −$2,898
• After-tax cash flow: $9,574/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: Artesia Public Schools
• NCES district ID: 3500120
• Math proficiency: 29% —
• Reading proficiency: 42% —
• Median HH income: $51,397
• Composite: 33.48/100
• National rank: #10522
• State rank: #17 of 95 in NM

Livability — Morningside

• Score: 43/100
• State rank: #363
• US rank: #26873

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Morningside, NM
• County: Eddy County · 58,370 people
• City population: 18,542
• Metro: Carlsbad-Artesia, NM
• Population (ZIP): 18,542
• Household income: $79,632
• Rent vs Own: 28.7% rent · 71.3% own
• Severe rent burden: 159.0

Population outlook (Eddy County) Hauer SSP2

• Today (2025): 65,505 people
• By 2030: 69,797 · +6.6%
• By 2040: 79,191 · +20.9%
• By 2050: 89,199 · +36.2%
• By 2075: 115,829 · +76.8%
• By 2100: 129,336 · +97.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority Hispanic (55%)
• Race & ethnicity: Hispanic / Latino 55% White 40% Two or more races 19% Native American 3%
• Hispanic origin (detail): Mexican 50%
• Common ancestry: Italian 1% Romanian 1% Iranian 1%
• Foreign-born: 6% · Canada, Jamaica
• Languages at home: 74% English-only · Spanish 24%

Political lean MEDSL · Eddy

• 2024 margin: Solid R (+55.9) · D 21.4% · R 77.3% · Other 1.3%
• 2008→2024 swing: -30.2pp toward R · 2008: -25.6pp · 2024: -55.9pp
• All cycles: 2024: R+55.9 2020: R+51.8 2016: R+41.6 2012: R+33.5 2008: R+25.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -238.85%
• Current HPI: 115.6107
• Rent YoY: —
• Metro: Carlsbad-Artesia, NM
• State GDP YoY: —
• F500 in state: 0

Price history

-39.1% since first listed

5 events — show timeline

• 2026-05-06 Listed $70,000 NMMLS
• 2022-04-26 Sold (MLS) — NMMLS
• 2022-04-26 Sold (MLS) — NMMLS
• 2020-07-31 Listed $115,000 NMMLS
• 2020-07-31 Listed $115,000 NMMLS

Property tax history

-1.0%/yr

Latest (2025): $5 · -5.0% YoY. Source: county tax records.