37 Airport Rd

Escudilla Bonita, NM 87829

$55,000B

2 bd · 1.0 ba · 720 sqft · Built 1979 · Manufactured · Active · 22 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $835/mo
• Mortgage (P&I): −$288
• Tax + insurance: −$92
• HOA: −$0
• Vac / Maint / Mgmt: −$175
• Net cashflow: $280/mo
• Annual: $3,358/yr
• Cap rate: 12.40%
• Cash-on-cash: 21.80%
• DSCR: 1.97
• 1% rule: 1.52%
• Cash to close: $15,400

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $55k. Condition is rated poor.
• At list price, monthly cash flow is $280 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($835 rent vs $55k).
• It's been on market 22 days — a 2% lower offer ($54k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $54k (1.5% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($380 loan paydown + $2k appreciation (3.5% local appreciation)).
• Location reads 57/100 on livability (#161 in NM) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A, employment B+; Watch: amenities F, commute F, health & safety F.
• Quemado Independent Schools (rural): math 25% / reading 75% proficiency, ranked #10 of 29 in NM (top 34%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 67% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 97 active listings in the ZIP.
• Catron County population projected at -52% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.5% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1979 — 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.

Repairs flagged (vision-AI assessment)

• Major: roof — Significant damage to the roof as seen in the independent image.
• Major: siding — Significant damage to the siding as seen in the independent image.
• Major: interior walls — Peeling paint and discoloration on the interior walls as seen in the independent image.
• Major: windows — Damaged windows with peeling paint and discoloration as seen in the independent image.
• Major: foundation — Damaged foundation with visible wear and tear as seen in the independent image.
• Major: HVAC unit — Damaged HVAC unit with visible wear and tear as seen in the independent image.