As the state capital, it boasts a strong government and military presence, supported by the nearby Air Force Base.

Hold for Long-Term IncomeBuffett has held AMEX for nearly 60 yearsHeld Coca-Cola for 35+ yearsSimilar to buy-and-hold real estate strategiesFocus on Cash Flow GrowthBoth AMEX and Coke have consistently increased dividendsJust like raising rents over time in quality propertiesLook for MoatsAMEX: Strong brand and network effectsCoca-Cola: Unbeatable brand powerLike owning property in irreplaceable locations💡 The Real Estate AdvantageWhile Buffett mastered dividend investing, real estate investors can do even better because:We can use significant leverage safelyWe control our asset's improvementWe get superior tax advantagesWe can force appreciation through improvementsWhat do you think, BiggerPockets community?

Never force the numbers—if they don’t add up, the property isn’t a good fit.

An experienced agent would have worked with the seller to do the repairs before they sold, and captured the forced equity in the sale.

60k is definitely a hit and unfortunate for sure but it sounds like you have two opportunities to force appreciation up front and collect off the back end.

Tough situation.Sounds like your mortgage forces your hand. 

As an active-duty (soon transitioning) Air Force myself, I know the VA loan is a powerful asset for us.

It may take 1-2 years and by the end you will have forced some appreciation from the renovations but also got some natural appreciation from the market.

I tried RE Investing many years ago before the internet and miraculously did not loose my shirt but broke even on one house and due to other circumstances was forced to walk away from another.

The local economy is anchored by institutions such as the University of New Mexico (UNM), Sandia National Laboratories, and Kirtland Air Force Base.