108 N 3rd St · Melrose, NM 88124

$35,000

3 bd · 4.0 ba · 1,700 sqft · Other · 7 Days on market

Built 1927 0.47 ac lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +5.0/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0

Listing remarks MLS

Kitchen is large enough for an island or breakfast nook table. Cozy wood-paneled family room. Built-in cupboards for linens. Stylish beadboard, built-in vanity and relaxing jetted tub in full bath. Handy sink in large laundry room. Lower unfinished area provides tons of additional storage. provides tons of additional storage. Melrose High School was awarded a bronze medal in US high school ratings by USA Today. All just waiting for you!

Key facts

• Ready for renovation
• Investment property
• Melrose community

Tags

• INVESTMENT PROPERTY
• MELROSE COMMUNITY
• READY FOR RENOVATION

Property features AI

Exterior

• Parking: 2-car garage
• Utilities: Electricity available; Natural gas available; Public water; Public sewer
• Home design: 2-story home; Faces east; Resale property; Slab foundation
• Construction: Frame construction; Metal pitched roof; Built by unknown builder
• Exterior features: Private yard; Open patio; Lawn and landscaping; Few trees; Planned Unit Development setting; Paved city street frontage

Interior

• Bedrooms: Primary bedroom on the main level
• Flooring: Carpet-free flooring
• Bathrooms: 3 full bathrooms; 1 three-quarter bathroom
• Interior features: Main-level primary bedroom; Metal and single-pane windows; No carpet

What this means for you Summary

Snapshot

• This is a 3-bed/4.0-bath other listed at $35k.

Deal economics

• At list price, monthly cash flow is $695 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $35k).

Location & tenants

• Location reads 58/100 on livability (#142 in NM) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: schools C-, health & safety C-, employment D.
• Melrose Public Schools (rural): math 25% / reading 25% proficiency, ranked #24 of 29 in NM (top 83%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 10 active listings in the ZIP; 169 units permitted in Curry County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $1k of equity ($242 loan paydown + $1k appreciation (3.0% local appreciation)).
• Curry County population projected at -13% 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 $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 7y 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 1927 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wildfire risk; extreme-heat days projected 6→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $35,000

Questions for the listing agent

1. Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 3.41% ✓
• Cap rate: 30.14%
• Cash-on-cash: 85.15%
• DSCR: 4.79
• GRM: 2.4

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: 89.5%
• Equity multiple: 5.95×
• Total profit: $48,529
• Equity at exit: $15,738

10-year hold

• IRR: 89.1%
• Equity multiple: 12.30×
• Total profit: $110,723
• Equity at exit: $24,253

Cash invested: $9,800 (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 88124

• Active inventory: 10
• Price-to-rent: 2.4×

Monthly cashflow live

• Estimated rent: $1,195 medium
• Mortgage (P&I): −$184
• Tax from tax record: −$51 /mo · $607/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$251
• Net cashflow: $695

Break-even live

Break-even rent $315

Max offer price $35,000

Occupancy floor 37%

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: $8,750
• Closing costs: $1,050
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-19
   days on market $35,000 Active 7 DOM
2. 2026-06-18
   days on market $35,000 Active 6 DOM
3. 2026-06-17
   days on market $35,000 Active 5 DOM
4. 2026-06-16
   days on market $35,000 Active 4 DOM
5. 2026-06-15
   days on market $35,000 Active 3 DOM
6. 2026-06-12
   listed $35,000 Active 1 DOM

ⓘ 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: $607 · $51/mo
• Projected year-2 tax: $607 · $51/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 8/10 Severe
• 🌡 Heat 5/10 Major 6 d/yr ≥98°F today · 17 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: $14,341
• − Mortgage interest: −$1,961
• − Property taxes: −$607
• − Insurance: −$175
• − Repairs & maintenance: −$1,147
• − Management: −$1,147
• − Depreciation: −$1,018
• Taxable income: $8,286
• Est. tax owed @ 24.0%: −$1,989
• After-tax cash flow: $6,356/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: Melrose Public Schools
• NCES district ID: 3501830
• Math proficiency: 25% ▲ 5.00%
• Reading proficiency: 25% ▼ -30.00%
• Median HH income: $38,315
• Composite: 20.95/100
• National rank: #8475
• State rank: #24 of 29 in NM

Livability — Melrose

• Score: 58/100
• State rank: #142
• US rank: #20976

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Melrose, NM
• Population (ZIP): 907

Population outlook (Curry County) Hauer SSP2

• Today (2025): 48,742 people
• By 2030: 47,759 · -2.0%
• By 2040: 45,444 · -6.8%
• By 2050: 42,403 · -13.0%
• By 2075: 33,878 · -30.5%
• By 2100: 22,414 · -54.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Hispanic / Latino 15% Two or more races 8%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: German 3% Iranian 3% Lithuanian 2%
• Foreign-born: 5% · Canada, Jamaica
• Languages at home: 89% English-only · Spanish 10% German/W. Germanic 1%

Political lean MEDSL · Curry

• 2024 margin: Solid R (+42.6) · D 27.8% · R 70.4% · Other 1.8%
• 2008→2024 swing: -8.5pp toward R · 2008: -34.1pp · 2024: -42.6pp
• All cycles: 2024: R+42.6 2020: R+40.6 2016: R+42.4 2012: R+38.6 2008: R+34.1

Not yet ingested

• Civics: —

Market trends

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

Price history

+42.9% since first listed

5 events — show timeline

• 2026-06-09 Listed $35,000 Southwest MLS
• 2019-03-22 Sold (MLS) — NMMLS
• 2019-01-02 Listed $24,500 NMMLS
• 2019-01-02 Listed $24,500 Southwest MLS
• 2018-11-05 Sold (Public Records) — Public Records

Property tax history

+7.1%/yr

Latest (2025): $607 · +3.9% YoY. Source: county tax records.