Score
0Penasco, NM
1235 State Road 75
299K
bd • ba • sf
This analysis was generated on 2/19/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.
AI Property Analysis
0:000:00 / 0:00
List Price
$299,000
Price/Sq.Ft
$299,000
Year Built
AI Property Analysis
A comprehensive evaluation of this property's features, market position, and investment potential.
The Good
• Agricultural Potential: The property has been farmed in the past and is ready for crops. Fertile land ready for immediate use is valuable, as undeveloped land often requires extensive soil preparation.
• Water Resources: The property includes a well, spring-fed pond, and water rights associated with the Rio Santa Barbara. Access to water is a significant asset in the arid climate of New Mexico. Water rights can increase property value by 10-20% compared to similar properties without water access.
• Existing Infrastructure: The property features elk fencing, a 60 x 24 ft greenhouse, a garage, and 500 ft of gated piping for irrigation. These improvements reduce initial development costs and provide immediate functionality for agricultural pursuits. A greenhouse of this size can cost $10,000-$20,000 to construct.
• Electricity On-Site: Having electricity available simplifies development and reduces costs. Running electricity to a remote property can cost $5,000 to $20,000 per mile.
• Scenic Views: The property offers unobstructed views of Jicarito Peak. Attractive views enhance property value and appeal, making it more desirable for residential or recreational use. Properties with mountain views in Northern New Mexico often command a 5-10% premium.
The Bad
• Unimproved Land: The property lacks a habitable structure, requiring significant investment for building a home. Construction costs in rural areas of New Mexico can range from $150 to $300 per square foot.
• Limited Information: Details on the well's age, condition, and water quality are missing. A well inspection and water quality test are essential to assess its viability. These tests can cost $500 to $1,000.
• Rural Location: Peñasco is a small town with limited services and amenities. The distance to shopping, healthcare, and other essential services may be inconvenient for some buyers. The nearest major hospital is over an hour away.
• High Price Increase: The property was listed for $37,000 in 2019 and is now listed for $299,000, a 708.1% increase. This significant price jump warrants careful scrutiny to ensure the current price aligns with market values. Recent comparable sales in the area should be analyzed to justify the valuation.
The Ugly
• Unclear Water Rights: The specifics of the water rights associated with the Rio Santa Barbara need thorough investigation. New Mexico water law is complex, and any limitations or restrictions on water usage could significantly impact the property's agricultural viability. Legal fees for water rights research can range from $1,500 to $5,000.
• Potential Well Issues: The well's age, condition, and water quality are unknown. A malfunctioning or contaminated well could require costly repairs or replacement, potentially rendering the land unusable without significant investment. Drilling a new well can cost $8,000 to $20,000.
• Environmental Risks: The property's location in a high-risk wildfire zone poses a threat to any future structures. Implementing fire mitigation measures, such as creating defensible space and using fire-resistant building materials, will add to development costs. Insurance premiums may also be higher due to the fire risk, potentially adding $500-$1000 annually.
• Limited Market: Peñasco is a rural community with a small real estate market. Selling the property in the future may take longer and be more challenging than in more populated areas. Properties in rural New Mexico can take 120-180 days to sell, compared to the state average of 90 days.
Who is this property for?
These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.
Best For
• Agricultural Investors Seeking Established Infrastructure: The property's existing well, spring-fed pond, water rights, and irrigation system offer immediate agricultural capabilities. The elk fencing and greenhouse provide additional value for those focused on crop protection and extended growing seasons.
• Buyers Interested in Sustainable Living and Gardening: The existing infrastructure supports self-sufficiency. The greenhouse, water sources, and fertile land are ideal for individuals wanting to grow their own food and minimize their environmental impact.
• Buyers Seeking Land with Development Potential: The property's size and existing utilities (electricity, well) offer opportunities to build a home and additional structures while maintaining agricultural activities. The unobstructed views of Jicarito Peak are a selling point for future residential use.
• Buyers Comfortable with Rural Living: The property's location in Peñasco offers a quiet, rural lifestyle. Its proximity to the Rio Santa Barbara and Jicarito Peak provides recreational opportunities for nature enthusiasts.
Not For
• Buyers Requiring Immediate Residential Occupancy: The property is currently unimproved land, so it is not suitable for buyers needing a move-in ready home. Significant time and investment would be required to build a residence.
• Buyers on a Strict Budget: Developing unimproved land can be costly due to expenses like construction, utility hookups, and infrastructure development. Buyers with limited funds may find the total investment exceeds their budget.
• Buyers Seeking Urban Amenities: Peñasco is a rural community with limited access to shopping, dining, and entertainment options. Buyers who prefer urban conveniences may find the location unsuitable.
• Buyers Averse to Environmental Risks: The property is in a high-risk wildfire zone and relies on well water, which can be subject to drought conditions. Buyers uncomfortable with these environmental factors may want to consider other options.
Demographics
Area Median Income
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Property History
Price History
Sunlight Analysis
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Sunlight Analysis
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Schools
Nearby school quality by education level
Elementary
5.0/10
AverageMiddle
6.0/10
GoodHigh
7.0/10
GoodFinancials
Monthly Costs
Market Rent (0 bed)
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