17 County Rd. 144

Alcalde, NM 87511

$80,000B

2 bd · 1.0 ba · 1,306 sqft · Built 1950 · SingleFamily · Pending · 123 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,084/mo
• Mortgage (P&I): −$420
• Tax + insurance: −$93
• HOA: −$0
• Vac / Maint / Mgmt: −$228
• Net cashflow: $344/mo
• Annual: $4,128/yr
• Cap rate: 11.45%
• Cash-on-cash: 18.43%
• DSCR: 1.82
• 1% rule: 1.36%
• Cash to close: $22,400

Investor read

• This is a 2-bed/1.0-bath single-family listed at $80k.
• At list price, monthly cash flow is $344 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• It's been on market 123 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($553 loan paydown + $2k appreciation (3.0% local appreciation)).
• Location reads 50/100 on livability (#280 in NM) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing B+; Watch: schools D, crime F, amenities F.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 8 active listings in the ZIP.
• Rio Arriba County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $66k (45%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~3 years — after that, you're playing with house money.
• 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 123 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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?
• 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.