604 W Sanchez St · Española, NM 87532

$160,000

1 bd · 2.0 ba · 1,043 sqft · Other public records · 178 Days on market

Built 1930 8,712 sqft lot ↓ 11% 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 +23.7/30.0
• DSCR +7.6/10.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• Schools +5.0/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

A truly unique adobe town home, perched on a small hill in Española, offers breathtaking views of the valley and the Sangre de Cristo Mountains. This property presents an exciting opportunity for a visionary buyer to transform it into an incredible home. Previously used as a beauty salon and massage parlor, the structure itself is remarkable. Its appeal lies in the semi-exposed adobe walls, beautiful plank flooring, and artistic walls, all awaiting a creative touch to make it a showcase residence. The original home was previously divided by a false wall, and into two separate units, each with its own front and back door. Removing this wall would easily restore the property to its ori

Key facts

• Breathtaking views
• Charming porch
• Artistic walls

Tags

• BREATHTAKING VIEWS
• SEMI-EXPOSED ADOBE WALLS
• PLANK FLOORING
• ARTISTIC WALLS
• CHARMING PORCH
• PRIVATE BACKYARD

Property features AI

Finance

• Other: For Sale
• HOA & community: Association fee includes maintenance of structure

Exterior

• Parking: 4 parking spaces (total)
• Utilities: Electricity available (220 volts); Public water; Public sewer
• Home design: Slab foundation
• Construction: Metal roof; Slab foundation
• Exterior features: Metal roof; 0.2-acre lot

Interior

• Bathrooms: Two three-quarter bathrooms
• Heating & cooling: Natural gas heating; Wood stove; Wall furnace
• Interior features: Interior steps; Not ADA compliant

What this means for you Summary

Snapshot

• This is a 1-bed/2.0-bath other listed at $160k.

Deal economics

• At list price, monthly cash flow is $304 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $141k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Market conditions: 54 active listings in the ZIP; 1 comparable units currently listed for rent nearby.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Rio Arriba County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 178 days — a 12% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $30k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $140,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 178 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.00% ✓
• Cap rate: 8.57%
• Cash-on-cash: 8.15%
• DSCR: 1.36
• GRM: 8.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -3.9%
• Equity multiple: 0.85×
• Total profit: $-6,621
• Equity at exit: $23,857

10-year hold

• IRR: 5.7%
• Equity multiple: 1.42×
• Total profit: $18,911
• Equity at exit: $13,834

Cash invested: $44,800 (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 87532

• Home prices YoY: -23.5%
• Active inventory: 54
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,600 medium
• Mortgage (P&I): −$839
• Tax from tax record: −$54 /mo · $650/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$336
• Net cashflow: $304

Break-even live

Break-even rent $1,215

Max offer price $160,000

Occupancy floor 76%

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: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
820 NM 76 Espanola, NM	2.0	1.0	1100	$1,600	$1.45	44d	1	1.38mi

Listing history 19 events

1. 2026-06-18
   days on market $160,000 Active 178 DOM
2. 2026-06-17
   days on market $160,000 Active 177 DOM
3. 2026-06-16
   days on market $160,000 Active 176 DOM
4. 2026-06-15
   days on market $160,000 Active 175 DOM
5. 2026-06-13
   days on market $160,000 Active 173 DOM
6. 2026-06-12
   days on market $160,000 Active 172 DOM
7. 2026-06-09
   days on market $160,000 Active 169 DOM
8. 2026-06-08
   days on market $160,000 Active 168 DOM
9. 2026-06-07
   days on market $160,000 Active 167 DOM
10. 2026-06-07
    days on market $160,000 Active 166 DOM
11. 2026-06-04
    days on market $160,000 Active 163 DOM
12. 2026-06-02
    days on market $160,000 Active 162 DOM
13. 2026-06-01
    pricedays on market $160,000 Active 161 DOM
14. 2026-05-31
    days on market $170,000 Active 160 DOM
15. 2026-05-06
    price $170,000
16. 2026-04-11
    status Active
17. 2026-04-05
    status Pending
18. 2026-03-17
    price $180,000
19. 2025-12-15
    listed $190,000 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: $650 · $54/mo
• Projected year-2 tax: $1,280 · $107/mo
• Expected delta: +$630/yr (+$53/mo · 97.0%)

ⓘ 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 5/10 Major
• 🌡 Heat 4/10 Moderate 7 d/yr ≥93°F today · 21 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,200
• − Mortgage interest: −$8,962
• − Property taxes: −$650
• − Insurance: −$800
• − Repairs & maintenance: −$1,536
• − Management: −$1,536
• − Depreciation: −$4,655
• Taxable income: $1,061
• Est. tax owed @ 24.0%: −$255
• After-tax cash flow: $3,395/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)

No district data.

Livability — Española

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Española, NM
• Population (ZIP): 19,522

Population outlook (Rio Arriba County) Hauer SSP2

• Today (2025): 36,893 people
• By 2030: 35,060 · -5.0%
• By 2040: 31,035 · -15.9%
• By 2050: 27,056 · -26.7%
• By 2075: 19,056 · -48.3%
• By 2100: 12,332 · -66.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (72%)
• Race & ethnicity: Hispanic / Latino 72% Two or more races 20% White 15% Native American 11%
• Hispanic origin (detail): Mexican 30%
• Common ancestry: Lithuanian 1% Slovak 1%
• Foreign-born: 9% · Canada
• Languages at home: 46% English-only · Spanish 47%

Political lean MEDSL · Rio Arriba

• 2024 margin: D (+19.4) · D 58.6% · R 39.2% · Other 2.2%
• 2008→2024 swing: -31.4pp toward R · 2008: 50.9pp · 2024: 19.4pp
• All cycles: 2024: D+19.4 2020: D+33.6 2016: D+40.3 2012: D+52.6 2008: D+50.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -63.39%
• Current HPI: 206.6572
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-10.5% since first listed

5 events — show timeline

• 2026-05-06 Price Changed $170,000 Santa Fe MLS
• 2026-04-11 Relisted — Santa Fe MLS
• 2026-04-05 Pending — Santa Fe MLS
• 2026-03-17 Price Changed $180,000 Santa Fe MLS
• 2025-12-15 Listed $190,000 Santa Fe MLS

Property tax history

+4.6%/yr

Latest (2025): $650 · +10.9% YoY. Source: county tax records.