3505 N Northwest Dr · Hobbs, NM 88240

$199,000

3 bd · 2.0 ba · 1,596 sqft · SingleFamily public records · 80 Days on market

Built 1983 4,000 sqft lot

---

Why this score? — see what drove the C+ 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 +27.3/30.0
• DSCR +9.5/10.0
• ARV discount +7.5/15.0
• 1% rule +6.7/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Come see this cute, comfortable townhome in a quiet North Hobbs neighborhood, conveniently located near shops, restaurants, and hotels. This spacious 3-bedroom, 2-bath home offers an inviting layout and includes solar panels for energy efficiency and savings, blending charm, comfort, and convenience.

Key facts

• Solar panels
• 2 garage spots
• Built 1983

Tags

• NORTH HOBBS NEIGHBORHOOD
• SOLAR PANELS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $199k.

Deal economics

• At list price, monthly cash flow is $451 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $199k).
• Recommended offer: $187k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 66/100 on livability (#37 in NM) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D+, schools F, crime F.
• Hobbs Municipal Schools (town): math 17% / reading 31% proficiency, ranked #45 of 95 in NM (top 47%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 231 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 172 units permitted in Lea County in 2024 (0 in 5+ unit buildings).
• This rent runs 44% of the median local income ($63k/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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Lea County population projected at +50% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($187k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 6y ago; this cycle's ask has dropped $31k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $122/mo.
• Climate carrying-cost: in FEMA flood zone AO (mandatory federal flood insurance); severe wildfire risk; extreme-heat days projected 6→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $187,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 80 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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?
7. 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.
8. 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.
9. 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: 1.17% ✓
• Cap rate: 9.75%
• Cash-on-cash: 12.36%
• DSCR: 1.55
• GRM: 7.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -1.6%
• Equity multiple: 0.94×
• Total profit: $-3,454
• Equity at exit: $29,672

10-year hold

• IRR: 8.1%
• Equity multiple: 1.61×
• Total profit: $34,176
• Equity at exit: $17,206

Cash invested: $55,720 (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 88240

• Active inventory: 231
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $2,321 medium
• Mortgage (P&I): −$1,044
• Tax from tax record: −$133 /mo · $1,597/yr
• Insurance: −$83
• Flood insurance flood zone: −$122 /mo · $1,468/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$487
• Net cashflow: $451

Break-even live

Break-even rent $1,749

Max offer price $199,000

Occupancy floor 76%

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5109 W Grey Ghost Rd Hobbs, NM	4.0	2.0	2088	$3,450	$1.65	43d	1	0.22mi
3901 N Central Dr Hobbs, NM	1.0–3.0	1.0–2.0	980	$1,958	$2.00	43d	14	0.41mi

Listing history 14 events

1. 2026-05-16
   status Pending 301-char remark

   Show marketing remark (301 chars)

   Come see this cute, comfortable townhome in a quiet North Hobbs neighborhood, conveniently located near shops, restaurants, and hotels. This spacious 3-bedroom, 2-bath home offers an inviting layout and includes solar panels for energy efficiency and savings, blending charm, comfort, and convenience.

2. 2026-05-07
   status Active 301-char remark

   Show marketing remark (301 chars)

   Come see this cute, comfortable townhome in a quiet North Hobbs neighborhood, conveniently located near shops, restaurants, and hotels. This spacious 3-bedroom, 2-bath home offers an inviting layout and includes solar panels for energy efficiency and savings, blending charm, comfort, and convenience.

3. 2026-03-19
   status Pending 301-char remark

   Show marketing remark (301 chars)

   Come see this cute, comfortable townhome in a quiet North Hobbs neighborhood, conveniently located near shops, restaurants, and hotels. This spacious 3-bedroom, 2-bath home offers an inviting layout and includes solar panels for energy efficiency and savings, blending charm, comfort, and convenience.

4. 2026-02-25
   price $199,000 301-char remark

   Show marketing remark (301 chars)

   Come see this cute, comfortable townhome in a quiet North Hobbs neighborhood, conveniently located near shops, restaurants, and hotels. This spacious 3-bedroom, 2-bath home offers an inviting layout and includes solar panels for energy efficiency and savings, blending charm, comfort, and convenience.

5. 2026-01-19
   price $220,000 301-char remark

   Show marketing remark (301 chars)

   Come see this cute, comfortable townhome in a quiet North Hobbs neighborhood, conveniently located near shops, restaurants, and hotels. This spacious 3-bedroom, 2-bath home offers an inviting layout and includes solar panels for energy efficiency and savings, blending charm, comfort, and convenience.

6. 2026-01-07
   listed $230,000 Active 301-char remark

   Show marketing remark (301 chars)

   Come see this cute, comfortable townhome in a quiet North Hobbs neighborhood, conveniently located near shops, restaurants, and hotels. This spacious 3-bedroom, 2-bath home offers an inviting layout and includes solar panels for energy efficiency and savings, blending charm, comfort, and convenience.

7. 2023-08-12
   historical 591-char remark

   Show marketing remark (591 chars)

   Come see this cute comfortable townhome located in a prime area in North Hobbs. Situated next to shops, restaurants and hotels this home offers a blend of convenience and charm. Spacious home includes 3 bedrooms and 2 baths in an inviting layout. One of the best features of the home is its solar panel system, which offers a sustainable lifestyle and helps saves significantly on energy costs. Don't miss the opportunity to make this wonderful home your own and enjoy a blend of comfort, convenience and energy efficiency. Call to schedule your showing with United Realty, LLC 575-392-3000.

8. 2023-08-11
   soldstatus Closed 591-char remark

   Show marketing remark (591 chars)

   Come see this cute comfortable townhome located in a prime area in North Hobbs. Situated next to shops, restaurants and hotels this home offers a blend of convenience and charm. Spacious home includes 3 bedrooms and 2 baths in an inviting layout. One of the best features of the home is its solar panel system, which offers a sustainable lifestyle and helps saves significantly on energy costs. Don't miss the opportunity to make this wonderful home your own and enjoy a blend of comfort, convenience and energy efficiency. Call to schedule your showing with United Realty, LLC 575-392-3000.

9. 2023-07-07
   status Pending 591-char remark

   Show marketing remark (591 chars)

   Come see this cute comfortable townhome located in a prime area in North Hobbs. Situated next to shops, restaurants and hotels this home offers a blend of convenience and charm. Spacious home includes 3 bedrooms and 2 baths in an inviting layout. One of the best features of the home is its solar panel system, which offers a sustainable lifestyle and helps saves significantly on energy costs. Don't miss the opportunity to make this wonderful home your own and enjoy a blend of comfort, convenience and energy efficiency. Call to schedule your showing with United Realty, LLC 575-392-3000.

10. 2023-06-29
    listed $205,000 Active 591-char remark

    Show marketing remark (591 chars)

    Come see this cute comfortable townhome located in a prime area in North Hobbs. Situated next to shops, restaurants and hotels this home offers a blend of convenience and charm. Spacious home includes 3 bedrooms and 2 baths in an inviting layout. One of the best features of the home is its solar panel system, which offers a sustainable lifestyle and helps saves significantly on energy costs. Don't miss the opportunity to make this wonderful home your own and enjoy a blend of comfort, convenience and energy efficiency. Call to schedule your showing with United Realty, LLC 575-392-3000.

11. 2023-05-26
    price $199,000
12. 2021-04-21
    soldstatus
13. 2020-10-21
    listed $160,000
14. 1996-10-08
    soldstatus

ⓘ 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: $1,597 · $133/mo
• Projected year-2 tax: $1,597 · $133/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone AO · 0% chance over 30 yrs
• 🔥 Wildfire 8/10 Severe
• 🌡 Heat 5/10 Major 6 d/yr ≥100°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,848
• − Mortgage interest: −$11,147
• − Property taxes: −$1,597
• − Insurance: −$2,462
• − Repairs & maintenance: −$2,228
• − Management: −$2,228
• − Depreciation: −$5,789
• Taxable income: $2,397
• Est. tax owed @ 24.0%: −$575
• After-tax cash flow: $4,842/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: Hobbs Municipal Schools
• NCES district ID: 3501260
• Math proficiency: 17% —
• Reading proficiency: 31% —
• Median HH income: $52,575
• Composite: 24.53/100
• National rank: #13068
• State rank: #45 of 95 in NM

Livability — Hobbs

• Score: 66/100
• State rank: #37
• US rank: #11817

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hobbs, NM
• County: Lea County · 41,557 people
• City population: 41,557
• Metro: Hobbs, NM
• Population (ZIP): 41,557
• Household income: $63,270
• Rent vs Own: 32.9% rent · 67.1% own
• Severe rent burden: 968.0

Population outlook (Lea County) Hauer SSP2

• Today (2025): 84,268 people
• By 2030: 91,695 · +8.8%
• By 2040: 108,366 · +28.6%
• By 2050: 126,264 · +49.8%
• By 2075: 170,606 · +102.5%
• By 2100: 199,235 · +136.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority Hispanic (63%)
• Race & ethnicity: Hispanic / Latino 63% Two or more races 32% White 29% Black 5%
• Hispanic origin (detail): Mexican 55%
• Common ancestry: Italian 2% Lithuanian 1% Slovak 1%
• Foreign-born: 18% · Canada
• Languages at home: 57% English-only · Spanish 41% German/W. Germanic 1%

Political lean MEDSL · Lea

• 2024 margin: Solid R (+61.6) · D 18.5% · R 80.1% · Other 1.3%
• 2008→2024 swing: -17.4pp toward R · 2008: -44.2pp · 2024: -61.6pp
• All cycles: 2024: R+61.6 2020: R+59.6 2016: R+48.5 2012: R+49.7 2008: R+44.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -246.71%
• Current HPI: 100.9905
• Rent YoY: —
• Metro: Hobbs, NM
• State GDP YoY: —
• F500 in state: 0

Price history

+24.4% since first listed

14 events — show timeline

• 2026-05-16 Pending — NMMLS
• 2026-05-07 Relisted — NMMLS
• 2026-03-19 Pending — NMMLS
• 2026-02-25 Price Changed $199,000 NMMLS
• 2026-01-19 Price Changed $220,000 NMMLS
• 2026-01-07 Listed $230,000 NMMLS
• 2023-08-12 Delisted — NMMLS
• 2023-08-11 Sold (MLS) — NMMLS
• 2023-07-07 Pending — NMMLS
• 2023-06-29 Listed $205,000 NMMLS
• 2023-05-26 Price Changed $199,000 NMMLS
• 2021-04-21 Sold (MLS) — NMMLS
• 2020-10-21 Listed $160,000 NMMLS
• 1996-10-08 Sold (Public Records) — Public Records

Property tax history

+8.1%/yr

Latest (2025): $1,597 · -1.2% YoY. Source: county tax records.