105 N 5th St · Logan, NM 88426

$170,000

3 bd · 1.0 ba · 1,820 sqft · SingleFamily public records · 106 Days on market

Built 1965 0.37 ac lot ↓ 15% since listing

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Why this score? — see what drove the D+ 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 +15.3/30.0
• ARV discount +7.5/15.0
• Appreciation +6.2/10.0
• DSCR +4.7/10.0
• Schools +3.2/10.0
• 1% rule +3.1/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Located in Logan just three miles from the beautiful Ute Lake, this thoughtfully renovated 4-bedroom, 2-bath home offers approximately 1,820 square feet of comfortable living space. Originally built in the 1960s, the property has been recently updated to provide a fresh, modern feel while maintaining its character. Interior improvements include updated flooring throughout, a remodeled kitchen, and freshly repainted walls that create a clean, cohesive look. The spacious primary suite features a large walk-in closet, adding both convenience and functionality. Situated just a few blocks from the local school in a quiet, safe neighborhood, this property is well-suited as a full-time residence or as an investment opportunity. With close proximity to lake recreation and small-town charm, this home combines comfort, location, and versatility. Don't miss your chance to live and play at Ute Lake!

Key facts

• Renovated home
• Remodeled kitchen
• Updated flooring

Tags

• RENOVATED HOME
• UPDATED FLOORING
• REMODELED KITCHEN
• LARGE WALK-IN CLOSET
• QUIET NEIGHBORHOOD
• CLOSE PROXIMITY TO LAKE

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $170k.

Deal economics

• At list price, monthly cash flow is $63 ($753/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 $138k (18.9% below list).
• Recommended offer: $138k (18.9% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 59/100 on livability (#134 in NM) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, health & safety A+, crime A; Watch: amenities F, commute F, employment F.
• Logan Municipal Schools (rural): math 24% / reading 47% proficiency, ranked #20 of 95 in NM (top 21%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 28 active listings in the ZIP.

Forward outlook

• In year one you build about $5k of equity ($1k loan paydown + $4k appreciation (2.5% local appreciation)).
• Quay County population projected at -35% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (2.5% appreciation + 3.0% rent growth), your $48k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 106 days — a 9% lower offer ($155k) is reasonable based on typical stale-listing flexibility.

Recommended offer $137,862 (18.9% below list)

Questions for the listing agent

1. It's been on market 106 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
2. Built in 1965 — 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. 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?
6. 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.
7. 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.
8. 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: 0.81% ✗
• Cap rate: 6.74%
• Cash-on-cash: 1.58%
• DSCR: 1.07
• GRM: 10.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

2.45% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 7.4%
• Equity multiple: 1.41×
• Total profit: $19,476
• Equity at exit: $71,196

10-year hold

• IRR: 10.4%
• Equity multiple: 2.47×
• Total profit: $69,932
• Equity at exit: $105,807

Cash invested: $47,600 (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 88426

• Home prices YoY: 1.9%
• Active inventory: 28
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $1,379 medium
• Mortgage (P&I): −$891
• Tax from tax record: −$64 /mo · $768/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$290
• Net cashflow: $63

Break-even live

Break-even rent $1,299

Max offer price $170,000

Occupancy floor 90%

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: $42,500
• Closing costs: $5,100
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $170,000 Active 106 DOM
2. 2026-06-17
   days on market $170,000 Active 105 DOM
3. 2026-06-16
   days on market $170,000 Active 104 DOM
4. 2026-06-15
   days on market $170,000 Active 103 DOM
5. 2026-06-13
   days on market $170,000 Active 101 DOM
6. 2026-06-12
   days on market $170,000 Active 100 DOM
7. 2026-06-09
   days on market $170,000 Active 97 DOM
8. 2026-06-08
   days on market $170,000 Active 96 DOM
9. 2026-06-07
   days on market $170,000 Active 95 DOM
10. 2026-06-07
    days on market $170,000 Active 94 DOM
11. 2026-06-04
    days on market $170,000 Active 91 DOM
12. 2026-06-02
    days on market $170,000 Active 90 DOM
13. 2026-06-01
    days on market $170,000 Active 89 DOM
14. 2026-05-31
    days on market $170,000 Active 88 DOM
15. 2026-05-04
    price $170,000 900-char remark

    Show marketing remark (900 chars)

    Located in Logan just three miles from the beautiful Ute Lake, this thoughtfully renovated 4-bedroom, 2-bath home offers approximately 1,820 square feet of comfortable living space. Originally built in the 1960s, the property has been recently updated to provide a fresh, modern feel while maintaining its character. Interior improvements include updated flooring throughout, a remodeled kitchen, and freshly repainted walls that create a clean, cohesive look. The spacious primary suite features a large walk-in closet, adding both convenience and functionality. Situated just a few blocks from the local school in a quiet, safe neighborhood, this property is well-suited as a full-time residence or as an investment opportunity. With close proximity to lake recreation and small-town charm, this home combines comfort, location, and versatility. Don't miss your chance to live and play at Ute Lake!

16. 2026-03-04
    listed $200,000 Active 900-char remark

    Show marketing remark (900 chars)

    Located in Logan just three miles from the beautiful Ute Lake, this thoughtfully renovated 4-bedroom, 2-bath home offers approximately 1,820 square feet of comfortable living space. Originally built in the 1960s, the property has been recently updated to provide a fresh, modern feel while maintaining its character. Interior improvements include updated flooring throughout, a remodeled kitchen, and freshly repainted walls that create a clean, cohesive look. The spacious primary suite features a large walk-in closet, adding both convenience and functionality. Situated just a few blocks from the local school in a quiet, safe neighborhood, this property is well-suited as a full-time residence or as an investment opportunity. With close proximity to lake recreation and small-town charm, this home combines comfort, location, and versatility. Don't miss your chance to live and play at Ute Lake!

17. 2023-05-01
    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: $768 · $64/mo
• Projected year-2 tax: $1,360 · $113/mo
• Expected delta: +$592/yr (+$49/mo · 77.0%)

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

Taxation est. · year 1

• Rental income: $16,543
• − Mortgage interest: −$9,523
• − Property taxes: −$768
• − Insurance: −$850
• − Repairs & maintenance: −$1,323
• − Management: −$1,323
• − Depreciation: −$4,945
• Taxable loss: −$2,190
• Est. tax savings @ 24.0%: +$526
• After-tax cash flow: $1,279/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: Logan Municipal Schools
• NCES district ID: 3501590
• Math proficiency: 24% —
• Reading proficiency: 47% —
• Median HH income: $35,864
• Composite: 31.98/100
• National rank: #11025
• State rank: #20 of 95 in NM

Livability — Logan

• Score: 59/100
• State rank: #134
• US rank: #20476

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Logan, NM
• Population (ZIP): 997

Population outlook (Quay County) Hauer SSP2

• Today (2025): 7,255 people
• By 2030: 6,656 · -8.3%
• By 2040: 5,560 · -23.4%
• By 2050: 4,702 · -35.2%
• By 2075: 3,404 · -53.1%
• By 2100: 2,593 · -64.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Hispanic / Latino 21% Two or more races 3%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Romanian 2% Slovak 2% Serbian 1%
• Foreign-born: 1%
• Languages at home: 82% English-only · Spanish 18%

Political lean MEDSL · Quay

• 2024 margin: Solid R (+40.9) · D 28.5% · R 69.4% · Other 2.1%
• 2008→2024 swing: -20.4pp toward R · 2008: -20.5pp · 2024: -40.9pp
• All cycles: 2024: R+40.9 2020: R+37.8 2016: R+33.6 2012: R+22.0 2008: R+20.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.45%
• Current HPI: 134.4989
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-15.0% since first listed

3 events — show timeline

• 2026-05-04 Price Changed $170,000 NMMLS
• 2026-03-04 Listed $200,000 NMMLS
• 2023-05-01 Sold (Public Records) — Public Records

Property tax history

+9.0%/yr

Latest (2025): $768 · +1.0% YoY. Source: county tax records.