20 Camino De La Bajada

La Bajada, NM 87507

$110,000B-

2 bd · 1.0 ba · 599 sqft · Built 1960 · SingleFamily · Pending · 58 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,570/mo
• Mortgage (P&I): −$577
• Tax + insurance: −$67
• HOA: −$0
• Vac / Maint / Mgmt: −$330
• Net cashflow: $596/mo
• Annual: $7,153/yr
• Cap rate: 12.80%
• Cash-on-cash: 23.22%
• DSCR: 2.03
• 1% rule: 1.43%
• Cash to close: $30,800

Investor read

• This is a 2-bed/1.0-bath single-family listed at $110k.
• At list price, monthly cash flow is $596 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• It's been on market 58 days — a 3% lower offer ($107k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $107k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $761 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Santa Fe Public Schools (urban): math 34% / reading 70% proficiency, ranked #6 of 29 in NM (top 21%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents flat; 266 active listings in the ZIP; 244 units permitted in Santa Fe County in 2024 (0 in 5+ unit buildings).
• 4 sale attempts; this cycle's ask has dropped $40k (27%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 0.4% rent growth), your $31k cash investment doubles in ~7 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 58 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.