5224 Joshua Ln · Santa Fe, NM 87507

$360,000

4 bd · 2.0 ba · 1,580 sqft · SingleFamily public records · 128 Days on market

Built 2000 4,007 sqft 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 +13.9/30.0
• ARV discount +7.5/15.0
• Schools +4.5/10.0
• DSCR +4.2/10.0
• Livability +3.7/5.0
• 1% rule +2.6/10.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Well-maintained single-wide manufactured home on a permanent foundation in Santa Fe, NM. Features an open-concept layout, diamond-finish walls, updated kitchen appliances, and central air conditioning. Offering approximately 1,614 sq. ft. with comfortable bedrooms and bathrooms designed for both privacy and convenience. The property includes a well-kept yard with space for outdoor enjoyment or gardening. Conveniently located near shopping, dining, and Santa Fe amenities.

Key facts

• Diamond-finish walls
• Well-kept yard
• Open-concept layout

Tags

• OPEN-CONCEPT LAYOUT
• DIAMOND-FINISH WALLS
• UPDATED KITCHEN APPLIANCES
• CENTRAL AIR CONDITIONING
• WELL-KEPT YARD
• SPACE FOR OUTDOOR ENJOYMENT

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $360k.

Deal economics

• At list price, monthly cash flow is $42 ($509/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 $273k (24.2% below list).
• Recommended offer: $273k (24.2% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 2.4% in Santa Fe — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 74/100 on livability (#9 in NM, #4,641 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: schools D-, crime F.
• 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; 260 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 244 units permitted in Santa Fe County in 2024 (0 in 5+ unit buildings).
• At $2,731/mo this rent would consume 47% of the median local household income ($70k/yr) (locally 2054% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 128 days — a 12% lower offer ($317k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 6y 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.

Recommended offer $273,055 (24.2% below list)

Questions for the listing agent

1. It's been on market 128 days. Have you received any prior offers? Is the seller open to a 24% 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 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?
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.76% ✗
• Cap rate: 6.43%
• Cash-on-cash: 0.51%
• DSCR: 1.02
• GRM: 11.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.43% rent growth · sell at horizon

5-year hold

• IRR: -18.0%
• Equity multiple: 0.38×
• Total profit: $-62,705
• Equity at exit: $53,677

10-year hold

• IRR: -15.3%
• Equity multiple: 0.22×
• Total profit: $-78,717
• Equity at exit: $31,126

Cash invested: $100,800 (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 87507

• Rents YoY: 0.4%
• Active inventory: 260
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $2,731 high
• Mortgage (P&I): −$1,888
• Tax from tax record: −$77 /mo · $922/yr
• Insurance: −$150
• HOA: −$0
• Vacancy / Maint / Mgmt: −$573
• Net cashflow: $42

Break-even live

Break-even rent $2,677

Max offer price $360,000

Occupancy floor 93%

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: $90,000
• Closing costs: $10,800
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3480 Todos Santos St Santa Fe, NM	1.0–3.0	1.0–2.0	874	$2,305	$2.64	43d	6	0.59mi
3069 Primo Colores Santa Fe, NM	3.0	2.0	1400	$2,675	$1.91	43d	1	0.62mi
2800 S Meadows Rd Santa Fe, NM	1.0–3.0	1.0–2.0	1009	$2,659	$2.63	20d	26	0.72mi
2525 S Meadows Rd Santa Fe, NM	1.0–3.0	1.0–2.0	921	$2,647	$2.87	20d	34	0.76mi
4700 Wagon Rd Santa Fe, NM	1.0–3.0	1.0–2.0	991	$2,678	$2.70	20d	15	1.07mi
6036 Geo Park Ln Santa Fe, NM	3.0	2.0	1455	$2,800	$1.92	43d	1	1.14mi
6045 Geo Park Ln Santa Fe, NM	3.0	2.0	1317	$2,800	$2.13	20d	1	1.15mi
4138 Big Sky Rd Santa Fe, NM	3.0	2.0	1315	$2,675	$2.03	20d	1	1.42mi
955 Richards Ave Santa Fe, NM	1.0–3.0	1.0–2.0	970	$2,639	$2.72	20d	17	1.50mi

Listing history 25 events

1. 2026-06-19
   days on market $360,000 Active 128 DOM
2. 2026-06-18
   days on market $360,000 Active 127 DOM
3. 2026-06-17
   days on market $360,000 Active 126 DOM
4. 2026-06-16
   days on market $360,000 Active 125 DOM
5. 2026-06-15
   days on market $360,000 Active 124 DOM
6. 2026-06-14
   days on market $360,000 Active 122 DOM
7. 2026-06-13
   days on market $360,000 Active 121 DOM
8. 2026-06-10
   pricedays on market $360,000 Active 119 DOM
9. 2026-06-09
   days on market $365,000 Active 118 DOM
10. 2026-06-08
    days on market $365,000 Active 117 DOM
11. 2026-06-07
    days on market $365,000 Active 116 DOM
12. 2026-06-03
    remarks 498-char remark
13. 2026-06-03
    days on market $365,000 Active 112 DOM
14. 2026-06-02
    days on market $365,000 Active 111 DOM
15. 2026-06-01
    days on market $365,000 Active 110 DOM
16. 2026-05-31
    days on market $365,000 Active 109 DOM
17. 2026-05-30
    days on market $365,000 Active 108 DOM
18. 2026-04-07
    price $365,000 475-char remark

    Show marketing remark (475 chars)

    Well-maintained single-wide manufactured home on a permanent foundation in Santa Fe, NM. Features an open-concept layout, diamond-finish walls, updated kitchen appliances, and central air conditioning. Offering approximately 1,614 sq. ft. with comfortable bedrooms and bathrooms designed for both privacy and convenience. The property includes a well-kept yard with space for outdoor enjoyment or gardening. Conveniently located near shopping, dining, and Santa Fe amenities.

19. 2026-02-11
    listed $375,000 Active 475-char remark

    Show marketing remark (475 chars)

    Well-maintained single-wide manufactured home on a permanent foundation in Santa Fe, NM. Features an open-concept layout, diamond-finish walls, updated kitchen appliances, and central air conditioning. Offering approximately 1,614 sq. ft. with comfortable bedrooms and bathrooms designed for both privacy and convenience. The property includes a well-kept yard with space for outdoor enjoyment or gardening. Conveniently located near shopping, dining, and Santa Fe amenities.

20. 2023-09-27
    historical Active Under Contract
21. 2023-09-20
    listed $315,000 Active
22. 2020-11-24
    historical
23. 2020-10-23
    listed $249,000 Active
24. 2013-03-28
    soldstatus
25. 2004-12-10
    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: $922 · $77/mo
• Projected year-2 tax: $2,880 · $240/mo
• Expected delta: +$1,958/yr (+$163/mo · 212.5%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥90°F today · 20 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: $32,767
• − Mortgage interest: −$20,166
• − Property taxes: −$922
• − Insurance: −$1,800
• − Repairs & maintenance: −$2,621
• − Management: −$2,621
• − Depreciation: −$10,473
• Taxable loss: −$5,836
• Est. tax savings @ 24.0%: +$1,401
• After-tax cash flow: $1,910/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: Santa Fe Public Schools
• NCES district ID: 3502370
• Math proficiency: 34% ▲ 16.00%
• Reading proficiency: 70% ▲ 40.00%
• Median HH income: $55,031
• Composite: 44.78/100
• National rank: #2744
• State rank: #6 of 29 in NM

Livability — Santa Fe

• Score: 74/100
• State rank: #9
• US rank: #4641

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Santa Fe, NM
• County: Santa Fe County · 118,003 people
• City population: 118,003
• Metro: Santa Fe, NM
• Population (ZIP): 51,386
• Household income: $70,398
• Rent vs Own: 32.7% rent · 67.3% own
• Severe rent burden: 2054.0

Population outlook (Santa Fe County) Hauer SSP2

• Today (2025): 156,674 people
• By 2030: 159,422 · +1.8%
• By 2040: 160,891 · +2.7%
• By 2050: 159,966 · +2.1%
• By 2075: 161,318 · +3.0%
• By 2100: 157,302 · +0.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (68%)
• Race & ethnicity: Hispanic / Latino 68% Two or more races 28% White 25% Native American 3% Asian 2%
• Hispanic origin (detail): Mexican 42%
• Common ancestry: Slovak 2% Lithuanian 2% Italian 1%
• Foreign-born: 20% · Canada, China
• Languages at home: 56% English-only · Spanish 41% Russian/Polish/Slavic 1%

Political lean MEDSL · Santa Fe

• 2024 margin: Solid D (+48.9) · D 73.3% · R 24.4% · Other 2.2%
• 2008→2024 swing: -6.1pp toward R · 2008: 55.0pp · 2024: 48.9pp
• All cycles: 2024: D+48.9 2020: D+53.8 2016: D+51.0 2012: D+51.0 2008: D+55.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -272.71%
• Current HPI: 248.2978
• Rent YoY: ▲ 0.43%
• Metro: Santa Fe, NM
• State GDP YoY: —
• F500 in state: 0

Price history

+46.6% since first listed

8 events — show timeline

• 2026-04-07 Price Changed $365,000 Santa Fe MLS
• 2026-02-11 Listed $375,000 Santa Fe MLS
• 2023-09-27 Contingent — Santa Fe MLS
• 2023-09-20 Listed $315,000 Santa Fe MLS
• 2020-11-24 Delisted — Santa Fe MLS
• 2020-10-23 Listed $249,000 Santa Fe MLS
• 2013-03-28 Sold (Public Records) — Public Records
• 2004-12-10 Sold (Public Records) — Public Records

Property tax history

-1.3%/yr

Latest (2023): $922 · +2.3% YoY. Source: county tax records.