1016 Rencher St Unit 1016 1/2 Rencher

Clovis, NM 88101

$109,900C+

None bd · None ba · 1,978 sqft · Built 1952 · Condo · Active · 360 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,353/mo
• Mortgage (P&I): −$576
• Tax + insurance: −$183
• HOA: −$0
• Vac / Maint / Mgmt: −$284
• Net cashflow: $309/mo
• Annual: $3,713/yr
• Cap rate: 9.67%
• Cash-on-cash: 12.06%
• DSCR: 1.54
• 1% rule: 1.23%
• Cash to close: $30,772

Investor read

• This is a condo listed at $110k. Condition is rated fair.
• At list price, monthly cash flow is $309 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• It's been on market 360 days — a 12% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $97k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $760 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 56/100 on livability (#171 in NM) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: health & safety C-, schools F, crime F.
• Clovis Municipal Schools (town): math 31% / reading 49% proficiency, ranked #13 of 29 in NM (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+5.5%/yr); 464 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 169 units permitted in Curry County in 2024 (0 in 5+ unit buildings).
• Curry County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 5.5% rent growth), your $31k cash investment doubles in ~8 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 360 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?

Repairs flagged (vision-AI assessment)

• Major: exterior paint — Peeling paint
• Major: interior paint — Peeling paint
• Minor: bathroom fixtures — Needs updating