610 E Gypsy St · Hobbs, NM 88240

$75,000

3 bd · 2.0 ba · 1,175 sqft · SingleFamily public records · 6 Days on market

Built 1950 7,000 sqft lot $64/sqft · 36% below area Est $116k · 36% under

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

Listing remarks

This 3 bedroom, 2 bath property offers great potential for a remodel or investment opportunity. Situated on a spacious 140x50 lot with a metal fence surrounding the property, there is plenty of room for parking, storage, or future improvements. The home needs work and renovations, but could be transformed into a rental, flip, or new construction project.

Key facts

• Spacious lot
• Metal fence
• Remodel opportunity

Tags

• SPACIOUS LOT
• METAL FENCE
• REMODEL OPPORTUNITY
• INVESTMENT OPPORTUNITY

Property features AI

Finance

• Financial info: Annual tax amount reported

Exterior

• Parking: No garage
• Utilities: Public water; Electricity connected
• Home design: Single-family residential property
• Exterior features: Lot measures approximately 50 x 140 feet (about 7,000 sq ft / 0.1607 acres)

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: No heating
• Interior features: No central heating

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $633 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $75k).

Location & tenants

• Location reads 66/100 on livability (#37 in NM) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D+, schools F, crime F.
• Hobbs Municipal Schools (town): math 17% / reading 31% proficiency, ranked #45 of 95 in NM (top 47%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 231 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 172 units permitted in Lea County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $519 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Lea County population projected at +50% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: flood insurance adds $122/mo; built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AO (mandatory federal flood insurance); severe wildfire risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $75,000

Questions for the listing agent

1. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 2.02% ✓
• Cap rate: 18.38%
• Cash-on-cash: 43.18%
• DSCR: 2.92
• GRM: 4.1

CMA / ARV

• ARV (median comp): $116,344
• List price: $75,000
• Delta: -35.54%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 32.0%
• Equity multiple: 2.34×
• Total profit: $28,232
• Equity at exit: $11,183

10-year hold

• IRR: 39.1%
• Equity multiple: 4.65×
• Total profit: $76,729
• Equity at exit: $6,485

Cash invested: $21,000 (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 88240

• Active inventory: 231
• Price-to-rent: 4.1×

Monthly cashflow live

• Estimated rent: $1,516 medium
• Mortgage (P&I): −$393
• Tax from tax record: −$18 /mo · $215/yr
• Insurance: −$31
• Flood insurance flood zone: −$122 /mo · $1,468/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$318
• Net cashflow: $633

Break-even live

Break-even rent $715

Max offer price $75,000

Occupancy floor 53%

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1122 3 E Broadway St Unit B-302 Hobbs, NM	3.0	2.0	976	$1,200	$1.23	44d	1	0.52mi

Listing history 2 events

1. 2026-05-14
   listed $75,000 Active 356-char remark
2. 2007-05-29
   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: $215 · $18/mo
• Projected year-2 tax: $600 · $50/mo
• Expected delta: +$385/yr (+$32/mo · 179.2%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone AO · 0% chance over 30 yrs
• 🔥 Wildfire 8/10 Severe
• 🌡 Heat 5/10 Major 7 d/yr ≥100°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,198
• − Mortgage interest: −$4,201
• − Property taxes: −$215
• − Insurance: −$1,843
• − Repairs & maintenance: −$1,456
• − Management: −$1,456
• − Depreciation: −$2,182
• Taxable income: $6,846
• Est. tax owed @ 24.0%: −$1,643
• After-tax cash flow: $5,956/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: Hobbs Municipal Schools
• NCES district ID: 3501260
• Math proficiency: 17% —
• Reading proficiency: 31% —
• Median HH income: $52,575
• Composite: 24.53/100
• National rank: #13068
• State rank: #45 of 95 in NM

Livability — Hobbs

• Score: 66/100
• State rank: #37
• US rank: #11817

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hobbs, NM
• County: Lea County · 41,557 people
• City population: 41,557
• Metro: Hobbs, NM
• Population (ZIP): 41,557
• Household income: $63,270
• Rent vs Own: 32.9% rent · 67.1% own
• Severe rent burden: 968.0

Population outlook (Lea County) Hauer SSP2

• Today (2025): 84,268 people
• By 2030: 91,695 · +8.8%
• By 2040: 108,366 · +28.6%
• By 2050: 126,264 · +49.8%
• By 2075: 170,606 · +102.5%
• By 2100: 199,235 · +136.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority Hispanic (63%)
• Race & ethnicity: Hispanic / Latino 63% Two or more races 32% White 29% Black 5%
• Hispanic origin (detail): Mexican 55%
• Common ancestry: Italian 2% Lithuanian 1% Slovak 1%
• Foreign-born: 18% · Canada
• Languages at home: 57% English-only · Spanish 41% German/W. Germanic 1%

Political lean MEDSL · Lea

• 2024 margin: Solid R (+61.6) · D 18.5% · R 80.1% · Other 1.3%
• 2008→2024 swing: -17.4pp toward R · 2008: -44.2pp · 2024: -61.6pp
• All cycles: 2024: R+61.6 2020: R+59.6 2016: R+48.5 2012: R+49.7 2008: R+44.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -246.71%
• Current HPI: 100.9905
• Rent YoY: —
• Metro: Hobbs, NM
• State GDP YoY: —
• F500 in state: 0

Price history

4 events — show timeline

• 2026-06-01 Sold (MLS) — NMMLS
• 2026-05-21 Pending — NMMLS
• 2026-05-14 Listed $75,000 NMMLS
• 2007-05-29 Sold (Public Records) — Public Records

Property tax history

+6.4%/yr

Latest (2025): $215 · +1.7% YoY. Source: county tax records.