4362 San Benito St Unit C

Santa Fe, NM 87507

$319,000D

3 bd · 1.0 ba · 1,265 sqft · Built 2007 · Condo · Active · 100 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,383/mo
• Mortgage (P&I): −$1,673
• Tax + insurance: −$266
• HOA: −$240
• Vac / Maint / Mgmt: −$501
• Net cashflow: $-296/mo
• Annual: $-3,557/yr
• Cap rate: 5.18%
• Cash-on-cash: -3.98%
• DSCR: 0.82
• 1% rule: 0.75%
• Cash to close: $89,320

Investor read

• This is a 3-bed/1.0-bath condo listed at $319k.
• 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).
• It's been on market 100 days — a 9% lower offer ($290k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $238k (25.3% below list) — sets the bar for 1% rule.
• 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.
• 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).
• 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.
• 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.
• This rent runs 41% of the median local income ($70k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• 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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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 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?
• 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?