3471 56 Cerrillos Rd Spc 56 · Santa Fe, NM 87507

$75,000

2 bd · 1.5 ba · 950 sqft · Townhouse · 6 Days on market

Built 2022

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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
• Schools +4.5/10.0
• Livability +3.7/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Key facts

• Built 2022
• Listed 6 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath townhouse listed at $75k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $75k).
• Cap rate 22.5% 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; 9 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 56% of comp listings sitting > 30 days — soft ceiling on asking rent; 244 units permitted in Santa Fe County in 2024 (0 in 5+ unit buildings).
• This rent runs 33% 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 $519 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 0.4% rent growth), your $21k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $75,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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?
4. 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.
5. 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.
6. 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: 2.58% ✓
• Cap rate: 22.47%
• Cash-on-cash: 57.79%
• DSCR: 3.57
• GRM: 3.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 53.4%
• Equity multiple: 3.26×
• Total profit: $47,406
• Equity at exit: $11,183

10-year hold

• IRR: 57.6%
• Equity multiple: 6.01×
• Total profit: $105,313
• Equity at exit: $6,485

Cash invested: $21,000 (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: 3.2×

Monthly cashflow live

• Estimated rent: $1,936 high
• Mortgage (P&I): −$393
• Tax est. 1.5%: −$94 /mo · $1,125/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$407
• Net cashflow: $1,011

Break-even live

Break-even rent $656

Max offer price $75,000

Occupancy floor 43%

Sensitivity live

Price	-10% $1,063	-5% $1,037	+0% $1,011	+5% $985	+10% $959
Rent	-10% $858	-5% $935	+0% $1,011	+5% $1,088	+10% $1,164
Rate	-1.0pp $1,049	-0.5pp $1,030	base $1,011	+0.5pp $992	+1.0pp $972

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
955 Richards Ave Santa Fe, NM	1.0–3.0	1.0–2.0	970	$2,168	$2.23	22d	17	0.29mi
1307 Rufina Ln Unit 3 Santa Fe, NM	2.0	1.0	840	$1,800	$2.14	45d	1	0.48mi
1405 Vegas Verdes #328 Santa Fe, NM	1.0	1.0	650	$1,900	$2.92	45d	1	0.49mi
1405 Vegas Verdes Dr Unit D-109 Santa Fe, NM	2.0	2.0	1061	$2,050	$1.93	22d	1	0.52mi
4501 San Ignacio Santa Fe, NM	1.0–2.0	1.0–2.0	798	$1,795	$2.25	45d	1	0.63mi
3480 Todos Santos St Santa Fe, NM	1.0–3.0	1.0–2.0	874	$1,942	$2.22	45d	6	0.73mi
2800 Cerrillos Rd #118 Santa Fe, NM	2.0	1.0	900	$1,395	$1.55	45d	1	1.16mi
4700 Wagon Rd Santa Fe, NM	1.0–3.0	1.0–2.0	991	$2,136	$2.15	22d	15	1.19mi
1469 Zepol Rd Santa Fe, NM	2.0	1.0	635	$1,605	$2.53	22d	18	1.31mi

Listing history 6 events

1. 2026-06-19
   days on market $75,000 Active 6 DOM
2. 2026-06-18
   days on market $75,000 Active 5 DOM
3. 2026-06-17
   days on market $75,000 Active 4 DOM
4. 2026-06-16
   days on market $75,000 Active 3 DOM
5. 2026-06-15
   days on market $75,000 Active 2 DOM
6. 2026-06-14
   listed $75,000 Active 1 DOM

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

Taxation est. · year 1

• Rental income: $23,235
• − Mortgage interest: −$4,201
• − Property taxes: −$1,125
• − Insurance: −$375
• − Repairs & maintenance: −$1,859
• − Management: −$1,859
• − Depreciation: −$2,182
• Taxable income: $11,634
• Est. tax owed @ 24.0%: −$2,792
• After-tax cash flow: $9,344/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

1 event — show timeline

• 2026-06-13 Listed $75,000 ForSaleByOwner.com