401 Stone St · Raton, NM 87740

$139,500

2 bd · 2.0 ba · 1,120 sqft · Other · 155 Days on market

Built 1988 1.00 ac lot

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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 +14.8/30.0
• ARV discount +7.5/15.0
• DSCR +4.5/10.0
• Livability +3.5/5.0
• 1% rule +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Are you looking for a quiet place on the edge of town? Yearning for an unabated view of the sunsets to the west? This might just be the place for you! Situated on an acre of fenced land, this single wide manufactured home is just the right size for a single person, a couple, or a small family. Built in 1988, the home has 2 bedrooms and 2 bathrooms. Recent interior paint and floor coverings, updated pex plumbing, and open concept living area really make this home feel fresh and inviting. The rooms are nice sized, with large windows allowing lots of natural light to flow in. Some windows have tint to help with heat from summer sun. The primairy suite is large enough for a king sized bed, and the ensuite bath is an added bonus! Lots of maintenance items have recently been checked off the list. A Roof coating with up to 15 years weather protection was recently rolled on. Exterior paint touch up in areas around windows as well. The front deck has had recent stain applied as well. If you are looking for an easy to maintain home with an attractive price, this is worth seeing. The yard has plenty of space for gardens, RV parking, a shop, or whatever you can dream up. A 40 foot shipping container is included, and offers great sealed storage ability. Contact Home Associates today for more information.

Key facts

• Large windows
• Updated pex plumbing
• Roof coating

Tags

• RECENT INTERIOR PAINT
• UPDATED PEX PLUMBING
• OPEN CONCEPT LIVING AREA
• LARGE WINDOWS
• TINT ON WINDOWS
• ROOF COATING

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath other listed at $140k.

Deal economics

• At list price, monthly cash flow is $37 ($448/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 $108k (22.4% below list).
• Recommended offer: $108k (22.4% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 69/100 on livability (#23 in NM) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, schools F, amenities F.
• Raton Public Schools (town): math 14% / reading 24% proficiency, ranked #71 of 95 in NM (top 75%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 66 active listings in the ZIP.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $964 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Colfax County population projected at -39% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 155 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

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

Recommended offer $108,256 (22.4% below list)

Questions for the listing agent

1. It's been on market 155 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 0.78% ✗
• Cap rate: 6.61%
• Cash-on-cash: 1.15%
• DSCR: 1.05
• GRM: 10.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -14.5%
• Equity multiple: 0.48×
• Total profit: $-20,301
• Equity at exit: $20,800

10-year hold

• IRR: -5.9%
• Equity multiple: 0.62×
• Total profit: $-14,914
• Equity at exit: $12,061

Cash invested: $39,060 (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 87740

• Active inventory: 66
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $1,083 medium
• Mortgage (P&I): −$732
• Tax from tax record: −$28 /mo · $338/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$227
• Net cashflow: $37

Break-even live

Break-even rent $1,035

Max offer price $139,500

Occupancy floor 92%

Sensitivity live

Price	-10% $116	-5% $77	+0% $37	+5% $-2	+10% $-42
Rent	-10% $-48	-5% $-5	+0% $37	+5% $80	+10% $123
Rate	-1.0pp $108	-0.5pp $73	base $37	+0.5pp $1	+1.0pp $-36

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: $34,875
• Closing costs: $4,185
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-21
   days on market $139,500 Active 155 DOM
2. 2026-06-18
   price $139,500 Active 153 DOM
3. 2026-06-18
   days on market $142,500 Active 153 DOM
4. 2026-06-17
   days on market $142,500 Active 152 DOM
5. 2026-06-16
   days on market $142,500 Active 151 DOM
6. 2026-06-15
   days on market $142,500 Active 150 DOM
7. 2026-06-13
   days on market $142,500 Active 148 DOM
8. 2026-06-12
   days on market $142,500 Active 147 DOM
9. 2026-06-09
   days on market $142,500 Active 144 DOM
10. 2026-06-08
    days on market $142,500 Active 143 DOM
11. 2026-06-07
    days on market $142,500 Active 142 DOM
12. 2026-06-05
    days on market $142,500 Active 140 DOM
13. 2026-06-04
    days on market $142,500 Active 138 DOM
14. 2026-06-02
    days on market $142,500 Active 137 DOM
15. 2026-06-01
    days on market $142,500 Active 136 DOM
16. 2026-05-31
    days on market $142,500 Active 135 DOM
17. 2026-01-16
    listed $142,500 Active 1318-char remark

    Show marketing remark (1318 chars)

    Are you looking for a quiet place on the edge of town? Yearning for an unabated view of the sunsets to the west? This might just be the place for you! Situated on an acre of fenced land, this single wide manufactured home is just the right size for a single person, a couple, or a small family. Built in 1988, the home has 2 bedrooms and 2 bathrooms. Recent interior paint and floor coverings, updated pex plumbing, and open concept living area really make this home feel fresh and inviting. The rooms are nice sized, with large windows allowing lots of natural light to flow in. Some windows have tint to help with heat from summer sun. The primairy suite is large enough for a king sized bed, and the ensuite bath is an added bonus! Lots of maintenance items have recently been checked off the list. A Roof coating with up to 15 years weather protection was recently rolled on. Exterior paint touch up in areas around windows as well. The front deck has had recent stain applied as well. If you are looking for an easy to maintain home with an attractive price, this is worth seeing. The yard has plenty of space for gardens, RV parking, a shop, or whatever you can dream up. A 40 foot shipping container is included, and offers great sealed storage ability. Contact Home Associates today for more information.

18. 2021-10-14
    soldstatus 379-char remark

    Show marketing remark (379 chars)

    Large one acre lot and beautiful views, mature landscaping and more! This lot is perfect for a large garden, animals, space to build a garage and for more toys! Manufactured home was built in 1988. 2 bed, 2 bath home incudes pellet stove and all kitchen appliances. Completely fenced with large gate for easy access. Quiet and private at the end of the road! Call today to view!

19. 2021-10-14
    soldstatus

    Show marketing remark (379 chars)

    Large one acre lot and beautiful views, mature landscaping and more! This lot is perfect for a large garden, animals, space to build a garage and for more toys! Manufactured home was built in 1988. 2 bed, 2 bath home incudes pellet stove and all kitchen appliances. Completely fenced with large gate for easy access. Quiet and private at the end of the road! Call today to view!

20. 2021-09-05
    listed $67,000 379-char remark

    Show marketing remark (379 chars)

    Large one acre lot and beautiful views, mature landscaping and more! This lot is perfect for a large garden, animals, space to build a garage and for more toys! Manufactured home was built in 1988. 2 bed, 2 bath home incudes pellet stove and all kitchen appliances. Completely fenced with large gate for easy access. Quiet and private at the end of the road! Call today to view!

21. 2018-05-24
    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: $338 · $28/mo
• Projected year-2 tax: $1,116 · $93/mo
• Expected delta: +$778/yr (+$65/mo · 229.7%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 2/10 Low 8 d/yr ≥89°F today · 23 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,991
• − Mortgage interest: −$7,814
• − Property taxes: −$338
• − Insurance: −$698
• − Repairs & maintenance: −$1,039
• − Management: −$1,039
• − Depreciation: −$4,058
• Taxable loss: −$1,996
• Est. tax savings @ 24.0%: +$479
• After-tax cash flow: $927/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: Raton Public Schools
• NCES district ID: 3502190
• Math proficiency: 14% —
• Reading proficiency: 24% —
• Median HH income: $33,774
• Composite: 18.8/100
• National rank: #13993
• State rank: #71 of 95 in NM

Livability — Raton

• Score: 69/100
• State rank: #23
• US rank: #8557

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Raton, NM
• Population (ZIP): 7,055

Population outlook (Colfax County) Hauer SSP2

• Today (2025): 10,260 people
• By 2030: 9,240 · -9.9%
• By 2040: 7,474 · -27.2%
• By 2050: 6,285 · -38.7%
• By 2075: 5,109 · -50.2%
• By 2100: 4,684 · -54.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority Hispanic (52%)
• Race & ethnicity: Hispanic / Latino 52% White 44% Two or more races 21% Native American 1%
• Hispanic origin (detail): Mexican 24%
• Common ancestry: Italian 2% Lithuanian 1% Iranian 1%
• Foreign-born: 2% · Canada
• Languages at home: 83% English-only · Spanish 14%

Political lean MEDSL · Colfax

• 2024 margin: R (+14.0) · D 41.9% · R 55.9% · Other 2.1%
• 2008→2024 swing: -24.8pp toward R · 2008: 10.7pp · 2024: -14.0pp
• All cycles: 2024: R+14.0 2020: R+11.0 2016: R+8.6 2012: D+2.0 2008: D+10.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -80.47%
• Current HPI: 133.0875
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+112.7% since first listed

5 events — show timeline

• 2026-01-16 Listed $142,500 NMMLS
• 2021-10-14 Sold (Public Records) — Public Records
• 2021-10-14 Sold (MLS) — NMMLS
• 2021-09-05 Listed $67,000 NMMLS
• 2018-05-24 Sold (Public Records) — Public Records

Property tax history

+4.3%/yr

Latest (2025): $338 · +1.3% YoY. Source: county tax records.