37A Private Drive 1318, Cordova · Chimayo, NM 87522

$60,000

2 bd · 1.0 ba · 2,538 sqft · SingleFamily · 334 Days on market

Built 1925 0.32 ac lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +6.5/10.0
• Schools +5.0/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

A historic opportunity awaits in the small, mountain community of Cordova. This property includes two adobe structures—a main residence and a potential studio—offering a piece of the past for a buyer willing to preserve its original charm. Both structures require critical review. The community benefits from good water and sewer systems, particularly considering the density of this part of Cordova. The buyer will be responsible for all inspections, including the septic system evaluation and any necessary upgrades. The buyer will be responsible for the cost of any additional survey or Improvement Location Report (ILR) required by the title company. Please note: The seller will not

Key facts

• Two adobe structures
• 0.32 acre lot
• 4 parking spots

Tags

• HISTORIC MOUNTAIN COMMUNITY
• TWO ADOBE STRUCTURES
• WATER AND SEWER SYSTEM

Property features AI

Finance

• Financial info: Offered for sale

Exterior

• Parking: 4 parking spaces
• Utilities: Electricity available; Septic tank
• Home design: Single-story; Estimated to be approximately 100 years old
• Construction: Adobe construction; Metal roof
• Exterior features: Detached studio; Lot approximately 0.32 acres

Interior

• Kitchen: Gas cooktop; Oven; Range
• Flooring: Concrete; Vinyl; Wood
• Bathrooms: 1 full bathroom
• Heating & cooling: Propane heating; Space heater; Heating noted in remarks
• Interior features: Interior steps; Not ADA compliant

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $551 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Recommended offer: $53k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 66/100 on livability (#34 in NM) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment A-; Watch: schools F, amenities F, commute F.
• Market conditions: 20 active listings in the ZIP.

Forward outlook

• In year one you build about $2k of equity ($415 loan paydown + $2k appreciation (3.0% local appreciation)).
• Rio Arriba County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 334 days — a 12% lower offer ($53k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $52,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 334 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 1925 — 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. 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?
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: 2.04% ✓
• Cap rate: 17.31%
• Cash-on-cash: 39.35%
• DSCR: 2.75
• GRM: 4.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

2.96% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 44.8%
• Equity multiple: 3.51×
• Total profit: $42,220
• Equity at exit: $26,856

10-year hold

• IRR: 44.6%
• Equity multiple: 7.03×
• Total profit: $101,302
• Equity at exit: $41,293

Cash invested: $16,800 (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 87522

• Home prices YoY: 2.1%
• Active inventory: 20
• Price-to-rent: 4.1×

Monthly cashflow live

• Estimated rent: $1,222 medium
• Mortgage (P&I): −$315
• Tax est. 1.5%: −$75 /mo · $900/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$257
• Net cashflow: $551

Break-even live

Break-even rent $525

Max offer price $60,000

Occupancy floor 50%

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: $15,000
• Closing costs: $1,800
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $60,000 Active 334 DOM
2. 2026-06-17
   days on market $60,000 Active 333 DOM
3. 2026-06-16
   days on market $60,000 Active 332 DOM
4. 2026-06-15
   days on market $60,000 Active 331 DOM
5. 2026-06-13
   days on market $60,000 Active 329 DOM
6. 2026-06-12
   days on market $60,000 Active 328 DOM
7. 2026-06-09
   days on market $60,000 Active 325 DOM
8. 2026-06-08
   days on market $60,000 Active 324 DOM
9. 2026-06-07
   days on market $60,000 Active 323 DOM
10. 2026-06-07
    days on market $60,000 Active 322 DOM
11. 2026-06-04
    days on market $60,000 Active 319 DOM
12. 2026-06-02
    days on market $60,000 Active 318 DOM
13. 2026-06-01
    days on market $60,000 Active 317 DOM
14. 2026-05-31
    days on market $60,000 Active 316 DOM
15. 2025-07-18
    listed $95,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥90°F today · 20 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,667
• − Mortgage interest: −$3,361
• − Property taxes: −$900
• − Insurance: −$300
• − Repairs & maintenance: −$1,173
• − Management: −$1,173
• − Depreciation: −$1,745
• Taxable income: $6,014
• Est. tax owed @ 24.0%: −$1,443
• After-tax cash flow: $5,168/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 — Chimayo

• Score: 66/100
• State rank: #34
• US rank: #11609

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Chimayo, NM
• Population (ZIP): 2,937

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 (96%)
• Race & ethnicity: Hispanic / Latino 96% Two or more races 38% White 4%
• Hispanic origin (detail): Mexican 34%
• Common ancestry: Lithuanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 31% English-only · Spanish 69%

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: ▲ 2.96%
• Current HPI: 142.674
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2025-07-18 Listed $95,000 Santa Fe MLS