941 Calle Mejia #825 · Santa Fe, NM 87501

$205,000

1 bd · 1.0 ba · 582 sqft · Condo public records · 121 Days on market

Built 1984 $303/mo HOA · 18% of rent

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Why this score? — see what drove the F 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 +7.6/30.0
• ARV discount +7.5/15.0
• Schools +4.5/10.0
• Livability +3.7/5.0
• 1% rule +3.4/10.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• DSCR +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Bright, efficient, and ideally located in the gated Reserve community, this one-bedroom, one-bath condo offers a comfortable living space. Enjoy an open floor plan with easy-care finishes, a light-filled living area, and a private balcony. Residents at The Reserve enjoy outstanding amenities, including a year-round heated pool, hot tub, fitness center, clubhouse, and beautifully landscaped grounds. With off-street parking and quick access to downtown Santa Fe, this condo is perfect for full-time living, a weekend getaway, or an excellent investment opportunity. Low-maintenance, move-in ready, and close to everything Santa Fe has to offer — this is a fantastic find in one of the city’s most desirable gated communities. Note: Pictures with furniture are virtually staged photos.

Key facts

• Open floor plan
• Fitness center
• Hot tub

Tags

• GATED RESERVE COMMUNITY
• OPEN FLOOR PLAN
• PRIVATE BALCONY
• YEAR-ROUND HEATED POOL
• HOT TUB
• FITNESS CENTER

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $205k.

Deal economics

• At list price, monthly cash flow is $-244 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $162k (21.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $171k (16.4% below list).
• Recommended offer: $162k (21.0% below list) — sets the bar for cash-flow.
• Cap rate 4.9% vs local median 2.3% in Santa Fe — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 74/100 on livability (#9 in NM, #4,641 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: schools D-, crime F.
• Santa Fe Public Schools (urban): math 34% / reading 70% proficiency, ranked #6 of 29 in NM (top 21%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+2.6%/yr); 240 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 71% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 244 units permitted in Santa Fe County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 121 days — a 12% lower offer ($180k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 7y 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.

Recommended offer $161,959 (21.0% below list)

Questions for the listing agent

1. 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?
2. It's been on market 121 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. 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?
9. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
10. 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.
11. 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.
12. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.84% ✗
• Cap rate: 4.87%
• Cash-on-cash: -5.09%
• DSCR: 0.77
• GRM: 10.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.65% rent growth · sell at horizon

5-year hold

• IRR: -25.3%
• Equity multiple: 0.14×
• Total profit: $-49,201
• Equity at exit: $30,566

10-year hold

• IRR: -22.5%
• Equity multiple: -0.13×
• Total profit: $-64,719
• Equity at exit: $17,725

Cash invested: $57,400 (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 87501

• Rents YoY: 2.6%
• Active inventory: 240
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $1,714 high
• Mortgage (P&I): −$1,075
• Tax from tax record: −$134 /mo · $1,609/yr
• Insurance: −$85
• HOA: −$303
• Vacancy / Maint / Mgmt: −$360
• Net cashflow: $-244

Break-even live

Break-even rent $2,022

Max offer price $161,959

Occupancy floor —

Sensitivity live

Price	-10% $-128	-5% $-186	+0% $-244	+5% $-302	+10% $-360
Rent	-10% $-379	-5% $-311	+0% $-244	+5% $-176	+10% $-108
Rate	-1.0pp $-140	-0.5pp $-192	base $-244	+0.5pp $-297	+1.0pp $-351

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: $51,250
• Closing costs: $6,150
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
941 Calle Mejia Santa Fe, NM	1.0	1.0	582	$1,700	$2.92	45d	1	0.03mi
512 Sandia St Santa Fe, NM	2.0	1.0	720	$2,900	$4.03	45d	1	0.90mi
941 Rio Vista St Unit 941-A Santa Fe, NM	1.0	1.0	500	$1,300	$2.60	22d	1	1.04mi
510 Sunset St Unit 6 Santa Fe, NM	—	1.0	434	$1,200	$2.76	45d	1	1.23mi
410 Sunset St Unit 3 Santa Fe, NM	1.0	1.0	573	$1,650	$2.88	22d	1	1.27mi
302 Artist Rd Apt 4 Santa Fe, NM	1.0	1.0	584	$1,350	$2.31	45d	1	1.27mi
211 W Water St Apt 205 Santa Fe, NM	—	1.0	450	$1,300	$2.89	45d	1	1.32mi

HOA detail condo

• Monthly dues: $303 · $3,636/yr
• Likely covers: landscapingpoolgymsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 27 events

1. 2026-06-22
   days on market $205,000 Active 121 DOM
2. 2026-06-19
   days on market $205,000 Active 119 DOM
3. 2026-06-18
   days on market $205,000 Active 118 DOM
4. 2026-06-17
   days on market $205,000 Active 117 DOM
5. 2026-06-16
   days on market $205,000 Active 116 DOM
6. 2026-06-15
   days on market $205,000 Active 115 DOM
7. 2026-06-14
   days on market $205,000 Active 113 DOM
8. 2026-06-13
   days on market $205,000 Active 112 DOM
9. 2026-06-10
   days on market $205,000 Active 110 DOM
10. 2026-06-09
    days on market $205,000 Active 109 DOM
11. 2026-06-08
    days on market $205,000 Active 108 DOM
12. 2026-06-07
    days on market $205,000 Active 107 DOM
13. 2026-06-03
    days on market $205,000 Active 103 DOM
14. 2026-06-02
    days on market $205,000 Active 102 DOM
15. 2026-06-01
    days on market $205,000 Active 101 DOM
16. 2026-05-31
    days on market $205,000 Active 100 DOM
17. 2026-05-30
    days on market $205,000 Active 99 DOM
18. 2026-05-18
    price $205,000 798-char remark

    Show marketing remark (798 chars)

    Bright, efficient, and ideally located in the gated Reserve community, this one-bedroom, one-bath condo offers a comfortable living space. Enjoy an open floor plan with easy-care finishes, a light-filled living area, and a private balcony. Residents at The Reserve enjoy outstanding amenities, including a year-round heated pool, hot tub, fitness center, clubhouse, and beautifully landscaped grounds. With off-street parking and quick access to downtown Santa Fe, this condo is perfect for full-time living, a weekend getaway, or an excellent investment opportunity. Low-maintenance, move-in ready, and close to everything Santa Fe has to offer — this is a fantastic find in one of the city’s most desirable gated communities. Note: Pictures with furniture are virtually staged photos.

19. 2026-02-20
    listed $215,000 Active 798-char remark

    Show marketing remark (798 chars)

    Bright, efficient, and ideally located in the gated Reserve community, this one-bedroom, one-bath condo offers a comfortable living space. Enjoy an open floor plan with easy-care finishes, a light-filled living area, and a private balcony. Residents at The Reserve enjoy outstanding amenities, including a year-round heated pool, hot tub, fitness center, clubhouse, and beautifully landscaped grounds. With off-street parking and quick access to downtown Santa Fe, this condo is perfect for full-time living, a weekend getaway, or an excellent investment opportunity. Low-maintenance, move-in ready, and close to everything Santa Fe has to offer — this is a fantastic find in one of the city’s most desirable gated communities. Note: Pictures with furniture are virtually staged photos.

20. 2026-01-22
    historical Hold
21. 2025-10-21
    listed $199,000 Active
22. 2025-06-30
    listed $219,000 Active
23. 2022-04-13
    soldstatus
24. 2022-03-23
    historical Pending (Please Show)
25. 2022-03-18
    listed $220,000 Active
26. 2019-03-08
    status Pending
27. 2019-03-08
    listed $147,500 Active

ⓘ 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: $1,609 · $134/mo
• Projected year-2 tax: $1,640 · $137/mo
• Expected delta: +$31/yr (+$3/mo · 1.9%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 2/10 Low 8 d/yr ≥87°F today · 22 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,565
• − Mortgage interest: −$11,483
• − Property taxes: −$1,609
• − Insurance: −$1,025
• − Repairs & maintenance: −$1,645
• − Management: −$1,645
• − HOA: −$3,636
• − Depreciation: −$5,964
• Taxable loss: −$6,442
• Est. tax savings @ 24.0%: +$1,546
• After-tax cash flow: $-1,378/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: Santa Fe Public Schools
• NCES district ID: 3502370
• Math proficiency: 34% ▲ 16.00%
• Reading proficiency: 70% ▲ 40.00%
• Median HH income: $55,031
• Composite: 44.78/100
• National rank: #2744
• State rank: #6 of 29 in NM

Livability — Santa Fe

• Score: 74/100
• State rank: #9
• US rank: #4641

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Santa Fe, NM
• County: Santa Fe County · 118,003 people
• City population: 118,003
• Metro: Santa Fe, NM
• Population (ZIP): 16,007
• Household income: $79,603
• Rent vs Own: 34.8% rent · 65.2% own
• Severe rent burden: 905.0

Population outlook (Santa Fe County) Hauer SSP2

• Today (2025): 156,674 people
• By 2030: 159,422 · +1.8%
• By 2040: 160,891 · +2.7%
• By 2050: 159,966 · +2.1%
• By 2075: 161,318 · +3.0%
• By 2100: 157,302 · +0.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (64%)
• Race & ethnicity: White 64% Hispanic / Latino 28% Two or more races 15% Native American 1% Asian 1%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Italian 4% Slovak 3% Lithuanian 3%
• Foreign-born: 8% · Canada, Dominican Republic, China
• Languages at home: 82% English-only · Spanish 12% German/W. Germanic 1% Other Indo-European 1%

Political lean MEDSL · Santa Fe

• 2024 margin: Solid D (+48.9) · D 73.3% · R 24.4% · Other 2.2%
• 2008→2024 swing: -6.1pp toward R · 2008: 55.0pp · 2024: 48.9pp
• All cycles: 2024: D+48.9 2020: D+53.8 2016: D+51.0 2012: D+51.0 2008: D+55.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -595.93%
• Current HPI: 250.8292
• Rent YoY: ▲ 2.65%
• Metro: Santa Fe, NM
• State GDP YoY: —
• F500 in state: 0

Price history

+39.0% since first listed

10 events — show timeline

• 2026-05-18 Price Changed $205,000 Santa Fe MLS
• 2026-02-20 Listed $215,000 Santa Fe MLS
• 2026-01-22 Delisted — Santa Fe MLS
• 2025-10-21 Listed $199,000 Santa Fe MLS
• 2025-06-30 Listed $219,000 Santa Fe MLS
• 2022-04-13 Sold (Public Records) — Public Records
• 2022-03-23 Contingent — Santa Fe MLS
• 2022-03-18 Listed $220,000 Santa Fe MLS
• 2019-03-08 Pending — Santa Fe MLS
• 2019-03-08 Listed $147,500 Santa Fe MLS

Property tax history

+8.2%/yr

Latest (2025): $1,609 · -3.4% YoY. Source: county tax records.