754A S Roosevelt Rd Q Unit 745b S Roosevelt Rd Q

Portales, NM 88130

$141,000F

None bd · 2.0 ba · 1,024 sqft · Built 2002 · Condo · Active · 294 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $907/mo
• Mortgage (P&I): −$739
• Tax + insurance: −$235
• HOA: −$0
• Vac / Maint / Mgmt: −$190
• Net cashflow: $-258/mo
• Annual: $-3,097/yr
• Cap rate: 4.10%
• Cash-on-cash: -7.84%
• DSCR: 0.65
• 1% rule: 0.64%
• Cash to close: $39,480

Investor read

• This is a ?-bed/2.0-bath condo listed at $141k. Condition is rated fair.
• At list price, monthly cash flow is $-258 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $104k (26.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $91k (35.7% below list).
• It's been on market 294 days — a 12% lower offer ($124k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $91k (35.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $975 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#63 in NM) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: schools F, crime F, amenities F.
• Portales Municipal Schools (town): math 17% / reading 57% proficiency, ranked #15 of 29 in NM (top 52%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+5.4%/yr); 128 active listings in the ZIP; 31 units permitted in Roosevelt County in 2024 (0 in 5+ unit buildings).
• Roosevelt County population projected at -28% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Questions for listing agent

• 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?
• It's been on market 294 days. Have you received any prior offers? Is the seller open to a 36% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?

Repairs flagged (vision-AI assessment)

• Major: roof — The independent satellite image shows visible wear and tear on the flat roof, indicating potential damage or need for replacement.
• Major: exterior siding — The exterior siding appears weathered and in need of repainting or replacement.
• Major: fencing — The fencing is in poor condition, with visible damage and missing sections.
• Major: flooring — The interior flooring appears to be carpeted and in need of cleaning or replacement.