602 S Florida Ave · Alamogordo, NM 88310

$46,000

3 bd · 2.0 ba · 1,232 sqft · MultiFamily · 23 Days on market

Built 1995 Fair condition

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.9/5.0
• Schools +3.0/10.0
• Rent growth +2.9/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

This 1995 Redman doublewide manufactured home sits in the award-winning White Sands Manufactured Home & amp; RV Community at 602 S. Florida Avenue in Alamogordo, New Mexico & acirc; & euro; & rdquo; a scenic high-desert town at the foot of the 9,000-foot Sacramento Mountains. The 1,232 SF home features a functional galley kitchen with gas range, refrigerator, and in-unit washer/dryer hookups, an open living area, multiple bedrooms with generous closet space, and full bathrooms. The exterior includes a covered carport, a small deck/entry, fenced yard area, and central air conditioning. This is an ideal opportunity for a buyer looking for affordable homeownership in a well-ma

Key facts

• Galley kitchen
• Open living area
• Refrigerator

Tags

• GALLEY KITCHEN
• GAS RANGE
• REFRIGERATOR
• IN-UNIT WASHER DRYER HOOKUPS
• OPEN LIVING AREA
• GENEROUS CLOSET SPACE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $46k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $925 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $46k).
• Recommended offer: $45k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 77/100 on livability (#5 in NM, #3,233 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D, employment D, schools F.
• Alamogordo Public Schools (town): math 26% / reading 39% proficiency, ranked #26 of 95 in NM (top 27%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+1.6%/yr); 444 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 6 units permitted in Otero County in 2024 (0 in 5+ unit buildings).
• This rent runs 33% of the median local income ($57k/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 $318 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Otero County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 1.6% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($45k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major flood risk; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $45,310 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. Crime grade is D 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?
5. 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.
6. 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.
7. 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: 3.42% ✓
• Cap rate: 30.43%
• Cash-on-cash: 86.22%
• DSCR: 4.84
• GRM: 2.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.65% rent growth · sell at horizon

5-year hold

• IRR: 85.2%
• Equity multiple: 4.84×
• Total profit: $49,400
• Equity at exit: $6,859

10-year hold

• IRR: 88.1%
• Equity multiple: 9.59×
• Total profit: $110,583
• Equity at exit: $3,977

Cash invested: $12,880 (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 88310

• Rents YoY: 1.6%
• Active inventory: 444
• Price-to-rent: 2.4×

Monthly cashflow live

• Estimated rent: $1,574 high
• Mortgage (P&I): −$241
• Tax est. 1.5%: −$58 /mo · $690/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$330
• Net cashflow: $925

Break-even live

Break-even rent $402

Max offer price $46,000

Occupancy floor 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: $11,500
• Closing costs: $1,380
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1309 Jackson Ave Alamogordo, NM	4.0	2.0	1467	$1,500	$1.02	43d	1	0.93mi
2200 1st St Alamogordo, NM	1.0–3.0	1.0–3.0	1011	$1,979	$1.96	3d	18	1.18mi
1301 Fillmore Ave Alamogordo, NM	2.0	1.0	967	$1,095	$1.13	44d	2	1.49mi
1301 Jefferson Ave Unit LAST ONE AVAILABLE!! Alamogordo, NM	2.0	2.0	892	$1,425	$1.60	3d	1	1.49mi
1905 12th St Alamogordo, NM	2.0	1.0	704	$850	$1.21	14d	1	1.50mi

Listing history 16 events

1. 2026-06-18
   days on market $46,000 Active 23 DOM
2. 2026-06-17
   days on market $46,000 Active 22 DOM
3. 2026-06-16
   days on market $46,000 Active 21 DOM
4. 2026-06-15
   days on market $46,000 Active 20 DOM
5. 2026-06-13
   days on market $46,000 Active 18 DOM
6. 2026-06-13
   days on market $46,000 Active 17 DOM
7. 2026-06-10
   days on market $46,000 Active 15 DOM
8. 2026-06-09
   days on market $46,000 Active 14 DOM
9. 2026-06-08
   days on market $46,000 Active 13 DOM
10. 2026-06-07
    days on market $46,000 Active 12 DOM
11. 2026-06-05
    days on market $46,000 Active 9 DOM
12. 2026-06-03
    days on market $46,000 Active 8 DOM
13. 2026-06-03
    days on market $46,000 Active 7 DOM
14. 2026-06-01
    days on market $46,000 Active 6 DOM
15. 2026-05-31
    days on market $46,000 Active 5 DOM
16. 2026-05-27
    listed $46,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 68% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥96°F today · 22 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: $18,886
• − Mortgage interest: −$2,577
• − Property taxes: −$690
• − Insurance: −$230
• − Repairs & maintenance: −$1,511
• − Management: −$1,511
• − Depreciation: −$1,338
• Taxable income: $11,029
• Est. tax owed @ 24.0%: −$2,647
• After-tax cash flow: $8,458/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.

Condition & rehab AI · 1 photo

Fair 45/100 Moderate rehab

This 1995 Redman doublewide manufactured home requires significant repairs and maintenance, particularly to the exterior and roof, to improve its condition and value.

Repairs flagged

• Major exterior siding — Significant wear and potential damage.
• Major roof — Discoloration and potential damage.
• Major flooring — Worn appearance and likely needs replacement.
• Major interior walls/paint — Needs freshening and touch-up for aesthetic appeal and durability.

Value-add opportunities

• Both repair and paint exterior siding — Improves curb appeal and structural integrity.
• Both repair and replace roof — Enhances structural integrity and protects the home.
• Both replace worn flooring — Improves comfort and aesthetic appeal.
• Both paint interior walls and refresh paint — Enhances interior aesthetics and creates a more inviting space.

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Significant wear and potential damage.	Major	$15,000–50,000
roof · Discoloration and potential damage.	Major	$15,000–50,000
flooring · Worn appearance and likely needs replacement.	Major	$15,000–50,000
interior walls/paint · Needs freshening and touch-up for aesthetic appeal and durability.	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Both repair and paint exterior siding — Improves curb appeal and structural integrity. ↑
• Both repair and replace roof — Enhances structural integrity and protects the home. ↑
• Both replace worn flooring — Improves comfort and aesthetic appeal. ↑
• Both paint interior walls and refresh paint — Enhances interior aesthetics and creates a more inviting space. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Alamogordo Public Schools
• NCES district ID: 3500030
• Math proficiency: 26% —
• Reading proficiency: 39% —
• Median HH income: $42,194
• Composite: 30.24/100
• National rank: #11572
• State rank: #26 of 95 in NM

Livability — Alamogordo

• Score: 77/100
• State rank: #5
• US rank: #3233

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Alamogordo, NM
• County: Otero County · 36,983 people
• City population: 36,983
• Metro: Alamogordo, NM
• Population (ZIP): 36,983
• Household income: $57,214
• Rent vs Own: 34.4% rent · 65.6% own
• Severe rent burden: 1231.0

Population outlook (Otero County) Hauer SSP2

• Today (2025): 62,967 people
• By 2030: 62,164 · -1.3%
• By 2040: 60,253 · -4.3%
• By 2050: 58,575 · -7.0%
• By 2075: 55,411 · -12.0%
• By 2100: 48,551 · -22.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 56% Hispanic / Latino 31% Two or more races 18% Black 5% Asian 2% Native American 2%
• Hispanic origin (detail): Mexican 25%
• Common ancestry: Slovak 3% Lithuanian 2% Italian 1%
• Foreign-born: 6% · Canada
• Languages at home: 85% English-only · Spanish 12% Tagalog/Filipino 1%

Political lean MEDSL · Otero

• 2024 margin: Strong R (+27.0) · D 35.4% · R 62.4% · Other 2.2%
• 2008→2024 swing: -7.7pp toward R · 2008: -19.3pp · 2024: -27.0pp
• All cycles: 2024: R+27.0 2020: R+25.6 2016: R+29.1 2012: R+28.0 2008: R+19.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -174.88%
• Current HPI: 181.737
• Rent YoY: ▲ 1.65%
• Metro: Alamogordo, NM
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-05-27 Listed $46,000 FSBO.com