906 W 3rd St · Mountainair, NM 87036

$120,000

3 bd · 2.0 ba · 1,440 sqft · Other · 52 Days on market

Built 1993 0.46 ac lot ↓ 19% 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 +27.3/30.0
• DSCR +9.5/10.0
• ARV discount +7.5/15.0
• Appreciation +6.9/10.0
• 1% rule +6.1/10.0
• Livability +2.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0

Listing remarks

Escape to the ease of small-town living in this ultra single-wide manufactured home on nearly half an acre, just 70 miles from Albuquerque. Generously sized, and rare 18x80, you'll find an eat-in kitchen with a large island, open to a bright and welcoming living area--perfect for everyday comfort or casual gatherings. The spacious primary suite offers a relaxing retreat with a well-appointed bath. Lovingly maintained and move-in ready, this home also features a charming covered porch and a large detached garage ideal for vehicles, storage, or a workshop. Bonus: With an acceptable offer, much of the furniture can convey! For further appeal, the lot may be large enough to add an additional AD

Key facts

• Covered porch
• Second mobile home
• Additional adu

Tags

• EAT-IN KITCHEN
• LARGE ISLAND
• COVERED PORCH
• DETACHED GARAGE
• ADDITIONAL ADU
• SECOND MOBILE HOME

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $120k.

Deal economics

• At list price, monthly cash flow is $347 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Recommended offer: $116k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 56/100 on livability (#188 in NM) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A; Watch: amenities C-, schools F, crime F.
• Mountainair Public Schools (rural): math 25% / reading 25% proficiency, ranked #25 of 29 in NM (top 86%) — 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.
• Market conditions: 52 active listings in the ZIP.

Forward outlook

• In year one you build about $5k of equity ($830 loan paydown + $5k appreciation (3.9% local appreciation)).
• Torrance County population projected at -29% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.9% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($116k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $116,400 (3.0% below list)

Questions for the listing agent

1. It's been on market 52 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: 1.11% ✓
• Cap rate: 9.76%
• Cash-on-cash: 12.39%
• DSCR: 1.55
• GRM: 7.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

3.89% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 21.1%
• Equity multiple: 2.26×
• Total profit: $42,229
• Equity at exit: $60,062

10-year hold

• IRR: 21.5%
• Equity multiple: 4.35×
• Total profit: $112,482
• Equity at exit: $97,620

Cash invested: $33,600 (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 87036

• Home prices YoY: 3.8%
• Active inventory: 52
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,331 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$26 /mo · $309/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$280
• Net cashflow: $347

Break-even live

Break-even rent $892

Max offer price $120,000

Occupancy floor 69%

Sensitivity live

Price	-10% $415	-5% $381	+0% $347	+5% $313	+10% $279
Rent	-10% $242	-5% $294	+0% $347	+5% $399	+10% $452
Rate	-1.0pp $407	-0.5pp $377	base $347	+0.5pp $316	+1.0pp $284

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-04-23
   status Pending
2. 2026-04-03
   price $120,000
3. 2026-02-23
   listed $135,000 Active
4. 2025-09-30
   price $149,000

ⓘ 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: $309 · $26/mo
• Projected year-2 tax: $960 · $80/mo
• Expected delta: +$651/yr (+$54/mo · 211.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 3/10 Moderate 5 d/yr ≥91°F today · 13 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: $15,978
• − Mortgage interest: −$6,722
• − Property taxes: −$309
• − Insurance: −$600
• − Repairs & maintenance: −$1,278
• − Management: −$1,278
• − Depreciation: −$3,491
• Taxable income: $2,300
• Est. tax owed @ 24.0%: −$552
• After-tax cash flow: $3,610/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: Mountainair Public Schools
• NCES district ID: 3501950
• Math proficiency: 25% ▲ 15.00%
• Reading proficiency: 25% ▼ -10.00%
• Median HH income: $37,198
• Composite: 20.84/100
• National rank: #8501
• State rank: #25 of 29 in NM

Livability — Mountainair

• Score: 56/100
• State rank: #188
• US rank: #22919

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mountainair, NM
• Population (ZIP): 2,052

Population outlook (Torrance County) Hauer SSP2

• Today (2025): 13,807 people
• By 2030: 12,946 · -6.2%
• By 2040: 11,214 · -18.8%
• By 2050: 9,802 · -29.0%
• By 2075: 7,634 · -44.7%
• By 2100: 5,637 · -59.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 47% Hispanic / Latino 41% Two or more races 13% Black 6%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Lithuanian 3% Slovak 2% Romanian 1%
• Foreign-born: 4% · Canada
• Languages at home: 82% English-only · Spanish 18%

Political lean MEDSL · Torrance

• 2024 margin: Solid R (+38.1) · D 29.9% · R 68.0% · Other 2.2%
• 2008→2024 swing: -28.8pp toward R · 2008: -9.3pp · 2024: -38.1pp
• All cycles: 2024: R+38.1 2020: R+33.4 2016: R+30.8 2012: R+17.4 2008: R+9.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 3.89%
• Current HPI: 105.5739
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-19.5% since first listed

4 events — show timeline

• 2026-04-23 Pending — Southwest MLS
• 2026-04-03 Price Changed $120,000 Southwest MLS
• 2026-02-23 Listed $135,000 Southwest MLS
• 2025-09-30 Price Changed $149,000 Southwest MLS

Property tax history

+9.3%/yr

Latest (2025): $309 · +9.3% YoY. Source: county tax records.