4362 San Benito St Unit C · Santa Fe, NM 87507

$319,000

3 bd · 1.0 ba · 1,265 sqft · Condo public records · 100 Days on market

Built 2007 $252/sqft · 14% below area Est $371k · 14% under $240/mo HOA · 10% of rent

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Why this score? — see what drove the D 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).

• ARV discount +13.8/15.0
• Cash flow +8.2/30.0
• Schools +4.5/10.0
• Livability +3.7/5.0
• Rent growth +2.6/5.0
• 1% rule +2.5/10.0
• Condition / age +2.5/5.0
• DSCR +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover easy, light-filled living in this beautiful second-floor condo ideally located within walking distance of Sprouts, shopping, and a variety of restaurants. With 2 spacious bedrooms and 1 3/4 baths, this home combines comfort, style, and convenience in a setting that feels both airy and welcoming. High ceilings and abundant windows fill the home with natural light, creating a bright and open atmosphere throughout. The gorgeous kitchen is designed for both everyday living and entertaining, featuring newer appliances, a gas stove, a roomy pantry, and a large island with expansive granite countertops—perfect for preparing meals or gathering with friends and family. The open living space flows effortlessly, enhanced by ceiling fans and large windows that frame beautiful views of the Sangre de Cristo and Jemez Mountains, bringing the surrounding landscape right into your home. Additional highlights include a private one-car garage downstairs, providing convenience and extra storage. Spacious, inviting, and perfectly located, this condo offers the ideal blend of comfort, views, and walkable living.

Key facts

• Gorgeous kitchen
• Newer appliances
• Light filled living

Tags

• LIGHT FILLED LIVING
• WALKING DISTANCE TO SPROUTS
• VARIETY OF RESTAURANTS
• GORGEOUS KITCHEN
• NEWER APPLIANCES
• GAS STOVE

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath condo listed at $319k.

Deal economics

• At list price, monthly cash flow is $-296 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $267k (16.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $238k (25.3% below list).
• Recommended offer: $238k (25.3% below list) — sets the bar for 1% rule.
• Cap rate 5.2% vs local median 2.4% 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 flat; 260 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 244 units permitted in Santa Fe County in 2024 (0 in 5+ unit buildings).
• This rent runs 41% of the median local income ($70k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 100 days — a 9% lower offer ($290k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 7y ago; this cycle's ask has dropped $31k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $238,335 (25.3% 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 100 days. Have you received any prior offers? Is the seller open to a 25% 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: 0.75% ✗
• Cap rate: 5.18%
• Cash-on-cash: -3.98%
• DSCR: 0.82
• GRM: 11.2

CMA / ARV

• ARV (median comp): $371,307
• List price: $319,000
• Delta: -14.09%
• Verdict: UNDERPRICED
• Comps: 8 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.43% rent growth · sell at horizon

5-year hold

• IRR: -25.9%
• Equity multiple: 0.14×
• Total profit: $-76,560
• Equity at exit: $47,564

10-year hold

• IRR: -33.3%
• Equity multiple: -0.28×
• Total profit: $-114,315
• Equity at exit: $27,581

Cash invested: $89,320 (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 87507

• Rents YoY: 0.4%
• Active inventory: 260
• Price-to-rent: 11.2×

Monthly cashflow live

• Estimated rent: $2,383 high
• Mortgage (P&I): −$1,673
• Tax from tax record: −$133 /mo · $1,602/yr
• Insurance: −$133
• HOA: −$240
• Vacancy / Maint / Mgmt: −$501
• Net cashflow: $-296

Break-even live

Break-even rent $2,759

Max offer price $266,634

Occupancy floor —

Sensitivity live

Price	-10% $-116	-5% $-206	+0% $-296	+5% $-387	+10% $-477
Rent	-10% $-485	-5% $-391	+0% $-296	+5% $-202	+10% $-108
Rate	-1.0pp $-136	-0.5pp $-215	base $-296	+0.5pp $-379	+1.0pp $-463

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: $79,750
• Closing costs: $9,570
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4349 Santo Domingo St Unit A Santa Fe, NM	2.0	2.0	1408	$2,400	$1.70	22d	1	0.08mi
4501 San Ignacio Santa Fe, NM	1.0–2.0	1.0–2.0	798	$1,795	$2.25	44d	1	0.21mi
3480 Todos Santos St Santa Fe, NM	1.0–3.0	1.0–2.0	874	$2,305	$2.64	44d	6	0.31mi
1405 Vegas Verdes Dr Unit D-109 Santa Fe, NM	2.0	2.0	1061	$2,050	$1.93	22d	1	0.47mi
1259 Senda del Valle Santa Fe, NM	2.0	3.0	1321	$2,650	$2.01	22d	1	0.62mi
955 Richards Ave Santa Fe, NM	1.0–3.0	1.0–2.0	970	$2,639	$2.72	22d	17	0.76mi
4700 Wagon Rd Santa Fe, NM	1.0–3.0	1.0–2.0	991	$2,678	$2.70	22d	15	0.95mi
4138 Big Sky Rd Santa Fe, NM	3.0	2.0	1315	$2,675	$2.03	22d	1	1.08mi
993 Calle Katarina Santa Fe, NM	3.0	2.0	1726	$3,000	$1.74	22d	1	1.16mi
2525 S Meadows Rd Santa Fe, NM	1.0–3.0	1.0–2.0	921	$2,647	$2.87	22d	34	1.20mi
2800 S Meadows Rd Santa Fe, NM	1.0–3.0	1.0–2.0	1009	$2,659	$2.63	22d	26	1.35mi
3069 Primo Colores Santa Fe, NM	3.0	2.0	1400	$2,675	$1.91	44d	1	1.36mi
4129 S Meadows Rd Santa Fe, NM	1.0–3.0	1.0–2.0	789	$1,989	$2.52	22d	20	1.48mi

HOA detail condo

• Monthly dues: $240 · $2,880/yr
• Likely covers: gas
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 29 events

1. 2026-06-19
   pricedays on market $319,000 Active 100 DOM
2. 2026-06-18
   days on market $330,000 Active 99 DOM
3. 2026-06-17
   days on market $330,000 Active 98 DOM
4. 2026-06-16
   days on market $330,000 Active 97 DOM
5. 2026-06-15
   days on market $330,000 Active 96 DOM
6. 2026-06-14
   days on market $330,000 Active 94 DOM
7. 2026-06-13
   days on market $330,000 Active 93 DOM
8. 2026-06-10
   days on market $330,000 Active 91 DOM
9. 2026-06-09
   days on market $330,000 Active 90 DOM
10. 2026-06-08
    days on market $330,000 Active 89 DOM
11. 2026-06-07
    remarks 699-char remark
12. 2026-06-07
    days on market $330,000 Active 88 DOM
13. 2026-06-03
    pricedays on market $330,000 Active 84 DOM
14. 2026-06-02
    days on market $340,000 Active 83 DOM
15. 2026-06-01
    days on market $340,000 Active 82 DOM
16. 2026-05-31
    days on market $340,000 Active 81 DOM
17. 2026-05-30
    days on market $340,000 Active 80 DOM
18. 2026-05-15
    status Active 1122-char remark

    Show marketing remark (1122 chars)

    Discover easy, light-filled living in this beautiful second-floor condo ideally located within walking distance of Sprouts, shopping, and a variety of restaurants. With 2 spacious bedrooms and 1 3/4 baths, this home combines comfort, style, and convenience in a setting that feels both airy and welcoming. High ceilings and abundant windows fill the home with natural light, creating a bright and open atmosphere throughout. The gorgeous kitchen is designed for both everyday living and entertaining, featuring newer appliances, a gas stove, a roomy pantry, and a large island with expansive granite countertops—perfect for preparing meals or gathering with friends and family. The open living space flows effortlessly, enhanced by ceiling fans and large windows that frame beautiful views of the Sangre de Cristo and Jemez Mountains, bringing the surrounding landscape right into your home. Additional highlights include a private one-car garage downstairs, providing convenience and extra storage. Spacious, inviting, and perfectly located, this condo offers the ideal blend of comfort, views, and walkable living.

19. 2026-04-16
    historical Active Under Contract 1122-char remark

    Show marketing remark (1122 chars)

    Discover easy, light-filled living in this beautiful second-floor condo ideally located within walking distance of Sprouts, shopping, and a variety of restaurants. With 2 spacious bedrooms and 1 3/4 baths, this home combines comfort, style, and convenience in a setting that feels both airy and welcoming. High ceilings and abundant windows fill the home with natural light, creating a bright and open atmosphere throughout. The gorgeous kitchen is designed for both everyday living and entertaining, featuring newer appliances, a gas stove, a roomy pantry, and a large island with expansive granite countertops—perfect for preparing meals or gathering with friends and family. The open living space flows effortlessly, enhanced by ceiling fans and large windows that frame beautiful views of the Sangre de Cristo and Jemez Mountains, bringing the surrounding landscape right into your home. Additional highlights include a private one-car garage downstairs, providing convenience and extra storage. Spacious, inviting, and perfectly located, this condo offers the ideal blend of comfort, views, and walkable living.

20. 2026-03-11
    listed $350,000 Active 1122-char remark

    Show marketing remark (1122 chars)

    Discover easy, light-filled living in this beautiful second-floor condo ideally located within walking distance of Sprouts, shopping, and a variety of restaurants. With 2 spacious bedrooms and 1 3/4 baths, this home combines comfort, style, and convenience in a setting that feels both airy and welcoming. High ceilings and abundant windows fill the home with natural light, creating a bright and open atmosphere throughout. The gorgeous kitchen is designed for both everyday living and entertaining, featuring newer appliances, a gas stove, a roomy pantry, and a large island with expansive granite countertops—perfect for preparing meals or gathering with friends and family. The open living space flows effortlessly, enhanced by ceiling fans and large windows that frame beautiful views of the Sangre de Cristo and Jemez Mountains, bringing the surrounding landscape right into your home. Additional highlights include a private one-car garage downstairs, providing convenience and extra storage. Spacious, inviting, and perfectly located, this condo offers the ideal blend of comfort, views, and walkable living.

21. 2025-02-22
    historical $2,000
22. 2025-02-05
    price $2,000
23. 2024-12-28
    price $2,100
24. 2024-09-24
    listed $2,300
25. 2023-08-05
    historical $2,400
26. 2023-07-16
    listed $2,400
27. 2019-04-30
    soldstatus
28. 2019-03-18
    status Pending
29. 2019-03-12
    listed $219,900 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: $1,602 · $133/mo
• Projected year-2 tax: $2,552 · $213/mo
• Expected delta: +$950/yr (+$79/mo · 59.3%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥89°F today · 19 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,600
• − Mortgage interest: −$17,869
• − Property taxes: −$1,602
• − Insurance: −$1,595
• − Repairs & maintenance: −$2,288
• − Management: −$2,288
• − HOA: −$2,880
• − Depreciation: −$9,280
• Taxable loss: −$9,202
• Est. tax savings @ 24.0%: +$2,208
• After-tax cash flow: $-1,349/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): 51,386
• Household income: $70,398
• Rent vs Own: 32.7% rent · 67.3% own
• Severe rent burden: 2054.0

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: Predominantly Hispanic (68%)
• Race & ethnicity: Hispanic / Latino 68% Two or more races 28% White 25% Native American 3% Asian 2%
• Hispanic origin (detail): Mexican 42%
• Common ancestry: Slovak 2% Lithuanian 2% Italian 1%
• Foreign-born: 20% · Canada, China
• Languages at home: 56% English-only · Spanish 41% Russian/Polish/Slavic 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: ▼ -272.71%
• Current HPI: 248.2978
• Rent YoY: ▲ 0.43%
• Metro: Santa Fe, NM
• State GDP YoY: —
• F500 in state: 0

Price history

+59.2% since first listed

12 events — show timeline

• 2026-05-15 Relisted — Santa Fe MLS
• 2026-04-16 Contingent — Santa Fe MLS
• 2026-03-11 Listed $350,000 Santa Fe MLS
• 2025-02-22 Rental Removed $2,000 APPFOLIO
• 2025-02-05 Price Changed $2,000 APPFOLIO
• 2024-12-28 Price Changed $2,100 APPFOLIO
• 2024-09-24 Listed for Rent $2,300 APPFOLIO
• 2023-08-05 Rental Removed $2,400 APPFOLIO
• 2023-07-16 Listed for Rent $2,400 APPFOLIO
• 2019-04-30 Sold (Public Records) — Public Records
• 2019-03-18 Pending — Santa Fe MLS
• 2019-03-12 Listed $219,900 Santa Fe MLS

Property tax history

+5.3%/yr

Latest (2025): $1,602 · +2.6% YoY. Source: county tax records.