1502 S 21st St · Artesia, NM 88210

$240,000

3 bd · 2.0 ba · 1,498 sqft · SingleFamily · 5 Days on market

Built 1986 8,050 sqft lot

---

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
• DSCR +10.0/10.0
• 1% rule +8.5/10.0
• ARV discount +7.5/15.0
• Schools +3.3/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Office could make 3rd bedroom. Front Sprinkler System. Extremely nice 24x28 Workshop. Also has single car carport.

Key facts

• Attached garage
• Covered carport
• Spacious workshop

Tags

• CORNER LOT
• NEW ROOF
• HVAC SYSTEM
• ATTACHED GARAGE
• COVERED CARPORT
• SPACIOUS WORKSHOP

Property features AI

Exterior

• Parking: Attached garage (1 covered parking space, 1 total garage space)
• Utilities: Public water; Electricity connected
• Home design: Single-family residence; One story; One-level entry
• Construction: Brick and stucco construction; Shingle roof; Built with a foundation typical for the neighborhood
• Exterior features: Wood fencing; Front sprinklers; Workshop structure on the property

Interior

• Kitchen: Dishwasher; Free-standing range; Refrigerator
• Flooring: Hardwood flooring; Tile flooring
• Bathrooms: Two full bathrooms
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: Blinds on windows; Wood-burning fireplace in the living room
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $240k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $240k).

Location & tenants

• Location reads 63/100 on livability (#75 in NM) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, health & safety C-, schools F.
• Artesia Public Schools (town): math 29% / reading 42% proficiency, ranked #17 of 95 in NM (top 18%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 166 active listings in the ZIP; 3 comparable units currently listed for rent nearby; solid renter incomes; 156 units permitted in Eddy County in 2024 (0 in 5+ unit buildings).
• At $3,248/mo this rent would consume 49% of the median local household income ($80k/yr) (locally 159% 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 $7k of value loss. Plan a longer hold.
• Eddy County population projected at +36% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $67k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 13y 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.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk; extreme-heat days projected 5→13/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $240,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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?
4. 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.
5. 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.
6. 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: 1.35% ✓
• Cap rate: 11.89%
• Cash-on-cash: 19.99%
• DSCR: 1.89
• GRM: 6.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 12.1%
• Equity multiple: 1.48×
• Total profit: $32,334
• Equity at exit: $35,785

10-year hold

• IRR: 21.0%
• Equity multiple: 2.78×
• Total profit: $119,642
• Equity at exit: $20,751

Cash invested: $67,200 (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 88210

• Active inventory: 166
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $3,248 medium
• Mortgage (P&I): −$1,259
• Tax from tax record: −$87 /mo · $1,050/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$682
• Net cashflow: $1,120

Break-even live

Break-even rent $1,830

Max offer price $240,000

Occupancy floor 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: $60,000
• Closing costs: $7,200
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2106 W Bullock Ave Artesia, NM	3.0	2.0	1320	$1,800	$1.36	44d	1	0.36mi
1402 W Briscoe Ave Artesia, NM	3.0	2.0	1564	$1,750	$1.12	44d	1	0.68mi
3513 W Smith Ave heuristic Artesia, NM	3.0	2.0	1320	$2,500	$1.89	24d	1	1.38mi

Listing history 6 events

1. 2026-05-12
   status Pending
2. 2026-05-07
   listed $240,000 Active
3. 2014-04-21
   soldstatus
4. 2014-04-17
   soldstatus 114-char remark

   Show marketing remark (114 chars)

   Office could make 3rd bedroom. Front Sprinkler System. Extremely nice 24x28 Workshop. Also has single car carport.

5. 2013-10-02
   listed $159,000 114-char remark

   Show marketing remark (114 chars)

   Office could make 3rd bedroom. Front Sprinkler System. Extremely nice 24x28 Workshop. Also has single car carport.

6. 2008-02-08
   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: $1,050 · $87/mo
• Projected year-2 tax: $1,920 · $160/mo
• Expected delta: +$870/yr (+$73/mo · 82.9%)

ⓘ 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 6/10 Major
• 🌡 Heat 5/10 Major 5 d/yr ≥101°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $38,972
• − Mortgage interest: −$13,444
• − Property taxes: −$1,050
• − Insurance: −$1,200
• − Repairs & maintenance: −$3,118
• − Management: −$3,118
• − Depreciation: −$6,982
• Taxable income: $10,061
• Est. tax owed @ 24.0%: −$2,415
• After-tax cash flow: $11,020/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: Artesia Public Schools
• NCES district ID: 3500120
• Math proficiency: 29% —
• Reading proficiency: 42% —
• Median HH income: $51,397
• Composite: 33.48/100
• National rank: #10522
• State rank: #17 of 95 in NM

Livability — Artesia

• Score: 63/100
• State rank: #75
• US rank: #15300

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Artesia, NM
• County: Eddy County · 58,370 people
• City population: 18,542
• Metro: Carlsbad-Artesia, NM
• Population (ZIP): 18,542
• Household income: $79,632
• Rent vs Own: 28.7% rent · 71.3% own
• Severe rent burden: 159.0

Population outlook (Eddy County) Hauer SSP2

• Today (2025): 65,505 people
• By 2030: 69,797 · +6.6%
• By 2040: 79,191 · +20.9%
• By 2050: 89,199 · +36.2%
• By 2075: 115,829 · +76.8%
• By 2100: 129,336 · +97.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority Hispanic (55%)
• Race & ethnicity: Hispanic / Latino 55% White 40% Two or more races 19% Native American 3%
• Hispanic origin (detail): Mexican 50%
• Common ancestry: Italian 1% Romanian 1% Iranian 1%
• Foreign-born: 6% · Canada, Jamaica
• Languages at home: 74% English-only · Spanish 24%

Political lean MEDSL · Eddy

• 2024 margin: Solid R (+55.9) · D 21.4% · R 77.3% · Other 1.3%
• 2008→2024 swing: -30.2pp toward R · 2008: -25.6pp · 2024: -55.9pp
• All cycles: 2024: R+55.9 2020: R+51.8 2016: R+41.6 2012: R+33.5 2008: R+25.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -238.85%
• Current HPI: 115.6107
• Rent YoY: —
• Metro: Carlsbad-Artesia, NM
• State GDP YoY: —
• F500 in state: 0

Price history

+50.9% since first listed

6 events — show timeline

• 2026-05-12 Pending — NMMLS
• 2026-05-07 Listed $240,000 NMMLS
• 2014-04-21 Sold (Public Records) — Public Records
• 2014-04-17 Sold (MLS) — NMMLS
• 2013-10-02 Listed $159,000 NMMLS
• 2008-02-08 Sold (Public Records) — Public Records

Property tax history

-0.3%/yr

Latest (2025): $1,050 · -4.3% YoY. Source: county tax records.