1481 Alamo St Unit B · Las Cruces, NM 88001

$99,000

2 bd · 2.0 ba · 1,110 sqft · Condo public records · 91 Days on market

Built 1966 $175/mo HOA · 18% of rent

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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 +12.8/30.0
• ARV discount +7.5/15.0
• 1% rule +4.9/10.0
• Schools +4.6/10.0
• DSCR +3.8/10.0
• Rent growth +3.4/5.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Condo features 2 bedrooms, 1 full bath and 1 half bath. HOA covers exterior, roof and utilities except for electric.

Key facts

• $175 HOA
• Built 1966
• Listed 91 days

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $99k.

Deal economics

• At list price, monthly cash flow is $-9 ($-108/yr) — negative.
• To cash-flow at today's rent, offer at most $97k (1.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $98k (1.0% below list).
• Recommended offer: $90k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 59/100 on livability (#120 in NM) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A; Watch: amenities D+, crime F, commute F.
• Las Cruces Public Schools (urban): math 42% / reading 68% proficiency, ranked #5 of 29 in NM (top 17%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Valley View Elementary (371 students, 100% FRL); Lynn Middle (534 students, 100% FRL); Las Cruces High (math 34% / reading 64%, grade D, #51 of 110 statewide, top 50%, 1,787 students, 100% FRL) — zoned schools average 100% FRL vs 62% district-wide (38 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.5%/yr); 145 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 68% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 964 units permitted in Doña Ana County in 2024 (0 in 5+ unit buildings).
• This rent runs 36% of the median local income ($33k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $684 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 91 days — a 9% lower offer ($90k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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: extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $90,090 (9.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 91 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
3. Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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?
11. 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.
12. 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.
13. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.99% ✗
• Cap rate: 6.18%
• Cash-on-cash: -0.39%
• DSCR: 0.98
• GRM: 8.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.45% rent growth · sell at horizon

5-year hold

• IRR: -16.3%
• Equity multiple: 0.42×
• Total profit: $-16,096
• Equity at exit: $14,761

10-year hold

• IRR: -7.0%
• Equity multiple: 0.55×
• Total profit: $-12,604
• Equity at exit: $8,560

Cash invested: $27,720 (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 88001

• Rents YoY: 3.5%
• Active inventory: 145
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $980 high
• Mortgage (P&I): −$519
• Tax from tax record: −$48 /mo · $572/yr
• Insurance: −$41
• HOA: −$175
• Vacancy / Maint / Mgmt: −$206
• Net cashflow: $-9

Break-even live

Break-even rent $991

Max offer price $97,405

Occupancy floor 96%

Sensitivity live

Price	-10% $47	-5% $19	+0% $-9	+5% $-37	+10% $-65
Rent	-10% $-86	-5% $-48	+0% $-9	+5% $30	+10% $68
Rate	-1.0pp $41	-0.5pp $16	base $-9	+0.5pp $-35	+1.0pp $-61

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1400 S Espina St Las Cruces, NM	2.0	1.0	720	$795	$1.10	45d	1	0.10mi
518 E Boutz Rd Unit B Las Cruces, NM	2.0	1.0	864	$850	$0.98	45d	1	0.29mi
905 Branson Ave Las Cruces, NM	2.0	1.0	750	$750	$1.00	22d	1	0.30mi
905 Branson Ave Unit B Las Cruces, NM	2.0	1.0	750	$750	$1.00	45d	1	0.30mi
917 Branson Ave Las Cruces, NM	2.0	1.0	750	$750	$1.00	45d	1	0.30mi
1345 Branson Ave Las Cruces, NM	2.0	2.0	1199	$1,165	$0.97	22d	2	0.44mi
1345 Branson Ave Las Cruces, NM	2.0–3.0	2.0–2.5	1416	$1,050	$0.74	45d	2	0.44mi
290 Montana Ave Las Cruces, NM	1.0–2.0	1.0–2.0	831	$1,425	$1.71	15d	2	0.66mi
290 Montana Ave Unit 402 Las Cruces, NM	2.0	2.0	1030	$1,425	$1.38	45d	1	0.66mi
1815 Boston Dr Las Cruces, NM	3.0	1.5	980	$1,195	$1.22	45d	1	0.70mi
2306 S Espina St Las Cruces, NM	1.0–2.0	1.0–2.0	744	$975	$1.31	15d	7	0.74mi
2300 Kent Rd Las Cruces, NM	3.0	1.5	1200	$1,100	$0.92	45d	1	0.82mi
1875 Rentfrow Ave Unit C Las Cruces, NM	1.0	1.0	913	$900	$0.99	45d	1	0.85mi
251 Desert Rose Ct Unit B3 Las Cruces, NM	2.0	1.0	865	$895	$1.03	45d	1	0.90mi
2190 Bex St Unit 4 Las Cruces, NM	2.0	2.0	800	$825	$1.03	45d	1	0.92mi
2324 E Idaho Ave Las Cruces, NM	3.0	2.0	1241	$1,325	$1.07	45d	1	0.93mi
1255 E University Ave Las Cruces, NM	2.0	1.0	900	$995	$1.11	45d	1	1.01mi
204 N Virginia St Las Cruces, NM	2.0	1.0	876	$1,250	$1.43	45d	1	1.17mi
1020 S Triviz Dr Apt 101 Las Cruces, NM	2.0	2.0	1000	$895	$0.90	46d	1	1.21mi
560 El Molino Blvd Las Cruces, NM	3.0	2.0	1487	$1,500	$1.01	15d	1	1.22mi
2300 Stern Dr Las Cruces, NM	3.0	2.0	1082	$1,350	$1.25	15d	1	1.24mi
2050 E Wisconsin Ave Las Cruces, NM	1.0–2.0	1.0–2.0	893	$1,530	$1.71	15d	17	1.33mi
2060 S Triviz Dr Las Cruces, NM	2.0	2.0	1000	$1,162	$1.16	45d	4	1.36mi
310 N Alameda Blvd Unit 110 Las Cruces, NM	2.0	2.0	885	$1,350	$1.53	45d	1	1.48mi
320 E Union Ave Las Cruces, NM	3.0	3.0	1202	$672	$0.56	15d	6	1.50mi

HOA detail condo

• Monthly dues: $175 · $2,100/yr
• Likely covers: electric
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 5 events

1. 2026-04-20
   status Pending
2. 2026-04-03
   status Active
3. 2026-04-01
   soldstatus
4. 2026-03-31
   status Pending
5. 2026-01-16
   listed $99,000 Active

ⓘ 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: $572 · $48/mo
• Projected year-2 tax: $792 · $66/mo
• Expected delta: +$220/yr (+$18/mo · 38.4%)

ⓘ 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 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥99°F today · 25 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: $11,758
• − Mortgage interest: −$5,546
• − Property taxes: −$572
• − Insurance: −$495
• − Repairs & maintenance: −$941
• − Management: −$941
• − HOA: −$2,100
• − Depreciation: −$2,880
• Taxable loss: −$1,716
• Est. tax savings @ 24.0%: +$412
• After-tax cash flow: $303/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: Las Cruces Public Schools
• NCES district ID: 3501500
• Math proficiency: 42% ▲ 24.00%
• Reading proficiency: 68% ▲ 35.00%
• Median HH income: $41,157
• Composite: 45.98/100
• National rank: #2535
• State rank: #5 of 29 in NM

Livability — Las Cruces

• Score: 59/100
• State rank: #120
• US rank: #19687

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Las Cruces, NM
• County: Dona Ana County · 144,044 people
• City population: 131,421
• Metro: Las Cruces, NM
• Population (ZIP): 37,690
• Household income: $33,087
• Rent vs Own: 58.3% rent · 41.7% own
• Severe rent burden: 2590.0

Population outlook (Doña Ana County) Hauer SSP2

• Today (2025): 219,177 people
• By 2030: 220,967 · +0.8%
• By 2040: 222,775 · +1.6%
• By 2050: 223,576 · +2.0%
• By 2075: 228,461 · +4.2%
• By 2100: 214,536 · -2.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (72%)
• Race & ethnicity: Hispanic / Latino 72% Two or more races 24% White 21% Black 3% Asian 2% Native American 2%
• Hispanic origin (detail): Mexican 59%
• Common ancestry: Slovak 1% Italian 1% Romanian 1%
• Foreign-born: 12% · Canada, South Korea
• Languages at home: 56% English-only · Spanish 39% Other Indo-European 1% Other Asian/Pacific 1%

Political lean MEDSL · Doña Ana

• 2024 margin: Lean D (+9.8) · D 53.8% · R 44.0% · Other 2.2%
• 2008→2024 swing: -7.9pp toward R · 2008: 17.6pp · 2024: 9.8pp
• All cycles: 2024: D+9.8 2020: D+18.3 2016: D+18.0 2012: D+14.9 2008: D+17.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -239.44%
• Current HPI: 219.0404
• Rent YoY: ▲ 3.45%
• Metro: Las Cruces, NM
• State GDP YoY: —
• F500 in state: 0

Price history

5 events — show timeline

• 2026-04-20 Pending — SNMMLS as distributed by MLS GRID
• 2026-04-03 Relisted — SNMMLS as distributed by MLS GRID
• 2026-04-01 Sold (Public Records) — Public Records
• 2026-03-31 Pending — SNMMLS as distributed by MLS GRID
• 2026-01-16 Listed $99,000 SNMMLS as distributed by MLS GRID

Property tax history

+2.0%/yr

Latest (2025): $572 · +2.4% YoY. Source: county tax records.