60 Santistevan Rd

Taos Pueblo, NM 87529

$277,000D

3 bd · 2.0 ba · 1,140 sqft · Built 2023 · Manufactured · Active · 153 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,448/mo
• Mortgage (P&I): −$1,453
• Tax + insurance: −$462
• HOA: −$0
• Vac / Maint / Mgmt: −$514
• Net cashflow: $20/mo
• Annual: $236/yr
• Cap rate: 6.38%
• Cash-on-cash: 0.30%
• DSCR: 1.01
• 1% rule: 0.88%
• Cash to close: $77,560

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $277k. Condition is rated excellent.
• At list price, monthly cash flow is $20 ($236/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 $245k (11.6% below list).
• It's been on market 153 days — a 12% lower offer ($244k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $244k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#57 in NM) — a middle-class / working-renter tenant base. Strengths: cost of living A-, crime B; Watch: health & safety C-, amenities F, commute F.
• Taos Municipal Schools (town): math 19% / reading 33% proficiency, ranked #43 of 95 in NM (top 45%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 77% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Taos Middle (326 students, 100% FRL) — zoned schools average 100% FRL vs 77% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 149 active listings in the ZIP; 127 units permitted in Taos County in 2024 (0 in 5+ unit buildings).
• Taos County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $62k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 153 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.