1200 E 3rd St · Portales, NM 88130

$120,000

3 bd · 2.0 ba · 1,941 sqft · Other · 251 Days on market

8,400 sqft lot ↓ 4% since listing

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Why this score? — see what drove the C+ 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 +25.4/30.0
• DSCR +8.4/10.0
• ARV discount +7.5/15.0
• 1% rule +6.3/10.0
• Rent growth +3.8/5.0
• Livability +3.2/5.0
• Schools +3.1/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This property offers a unique opportunity to anyone willing to put some sweat equity and creativity to use! With over 1900 sq. ft, this home features a nice floor plan with three large bedrooms, an open concept living and kitchen area, two baths plus a bonus area that would be great for a large second living area, play room or game room. Corner lot with a large backyard and cinderblock fence. Will be getting new roof soon. Being sold AS-IS. CASH OR CONVENTIONAL LOAN ONLY.

Key facts

• Large backyard
• Bonus area
• Corner lot

Tags

• CORNER LOT
• LARGE BACKYARD
• BONUS AREA

Property features AI

Exterior

• Parking: No garage
• Utilities: Public water; Electricity connected
• Home design: Single-family residence; Residential property
• Construction: Brick construction
• Exterior features: Shingle roof

Interior

• Flooring: Laminate; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: Laminate and tile flooring; Living room fireplace (1)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $120k.

Deal economics

• At list price, monthly cash flow is $276 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Recommended offer: $106k (12.0% below list) — sets the bar for market timing.

Location & tenants

• 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; 4 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 31 units permitted in Roosevelt County in 2024 (0 in 5+ unit buildings).
• This rent runs 31% of the median local income ($52k/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 $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Roosevelt County population projected at -28% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 5.4% rent growth), your $34k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 251 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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: severe wildfire risk; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $105,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 251 days. Have you received any prior offers? Is the seller open to a 12% 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 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?
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. 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.
7. 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.
8. 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: 1.13% ✓
• Cap rate: 9.05%
• Cash-on-cash: 9.86%
• DSCR: 1.44
• GRM: 7.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.38% rent growth · sell at horizon

5-year hold

• IRR: 1.1%
• Equity multiple: 1.04×
• Total profit: $1,462
• Equity at exit: $17,892

10-year hold

• IRR: 12.9%
• Equity multiple: 2.14×
• Total profit: $38,242
• Equity at exit: $10,375

Cash invested: $33,600 (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 88130

• Rents YoY: 5.4%
• Active inventory: 128
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $1,357 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$117 /mo · $1,398/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$285
• Net cashflow: $276

Break-even live

Break-even rent $1,007

Max offer price $120,000

Occupancy floor 75%

Sensitivity live

Price	-10% $344	-5% $310	+0% $276	+5% $242	+10% $208
Rent	-10% $169	-5% $222	+0% $276	+5% $330	+10% $383
Rate	-1.0pp $336	-0.5pp $307	base $276	+0.5pp $245	+1.0pp $213

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1515 S Abilene Ave Portales, NM	3.0	2.0	2462	$1,500	$0.61	45d	1	0.78mi
312 North Avenue B Portales, NM	3.0	3.0	1500	$1,250	$0.83	45d	1	0.96mi
1700 South Avenue B Unit B Portales, NM	3.0	2.0	1706	$1,800	$1.06	45d	1	1.02mi
1802 South Avenue A Unit A Portales, NM	3.0	2.0	1570	$1,150	$0.73	45d	1	1.09mi

Listing history 8 events

1. 2026-04-28
   status Pending
2. 2025-12-28
   price $120,000
3. 2025-09-18
   status Active
4. 2025-08-07
   status Pending
5. 2025-07-09
   listed $125,000 Active
6. 2023-09-22
   soldstatus
7. 2023-09-22
   soldstatus
8. 2014-10-02
   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: $1,398 · $117/mo
• Projected year-2 tax: $1,398 · $117/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 8/10 Severe
• 🌡 Heat 5/10 Major 7 d/yr ≥98°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,281
• − Mortgage interest: −$6,722
• − Property taxes: −$1,398
• − Insurance: −$600
• − Repairs & maintenance: −$1,302
• − Management: −$1,302
• − Depreciation: −$3,491
• Taxable income: $1,465
• Est. tax owed @ 24.0%: −$352
• After-tax cash flow: $2,961/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: Portales Municipal Schools
• NCES district ID: 3502100
• Math proficiency: 17% ▼ -5.00%
• Reading proficiency: 57% ▲ 20.00%
• Median HH income: $36,151
• Composite: 30.52/100
• National rank: #6209
• State rank: #15 of 29 in NM

Livability — Portales

• Score: 64/100
• State rank: #63
• US rank: #13640

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Portales, NM
• County: Roosevelt County · 17,842 people
• City population: 17,842
• Metro: Portales, NM
• Population (ZIP): 17,842
• Household income: $52,434
• Rent vs Own: 40.6% rent · 59.4% own
• Severe rent burden: 574.0

Population outlook (Roosevelt County) Hauer SSP2

• Today (2025): 16,821 people
• By 2030: 15,818 · -6.0%
• By 2040: 13,766 · -18.2%
• By 2050: 12,152 · -27.8%
• By 2075: 9,601 · -42.9%
• By 2100: 8,241 · -51.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 48% Hispanic / Latino 45% Two or more races 18% Native American 1%
• Hispanic origin (detail): Mexican 39% Puerto Rican 1%
• Common ancestry: Italian 2% Slovak 2% Serbian 1%
• Foreign-born: 6% · Canada
• Languages at home: 78% English-only · Spanish 21%

Political lean MEDSL · Roosevelt

• 2024 margin: Solid R (+43.2) · D 27.4% · R 70.6% · Other 2.0%
• 2008→2024 swing: -13.3pp toward R · 2008: -29.9pp · 2024: -43.2pp
• All cycles: 2024: R+43.2 2020: R+42.9 2016: R+41.3 2012: R+38.9 2008: R+29.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -154.72%
• Current HPI: 108.0555
• Rent YoY: ▲ 5.38%
• Metro: Portales, NM
• State GDP YoY: —
• F500 in state: 0

Price history

-4.0% since first listed

8 events — show timeline

• 2026-04-28 Pending — NMMLS
• 2025-12-28 Price Changed $120,000 NMMLS
• 2025-09-18 Relisted — NMMLS
• 2025-08-07 Pending — NMMLS
• 2025-07-09 Listed $125,000 NMMLS
• 2023-09-22 Sold (Public Records) — Public Records
• 2023-09-22 Sold (Public Records) — Public Records
• 2014-10-02 Sold (Public Records) — Public Records

Property tax history

+6.6%/yr

Latest (2025): $1,398 · +5.4% YoY. Source: county tax records.