203 Romero Ave · Hurley, NM 88043

$110,000

3 bd · 2.0 ba · 1,496 sqft · SingleFamily public records · 64 Days on market

Built 1938 0.25 ac lot ↓ 15% since listing

---

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 +26.6/30.0
• DSCR +9.1/10.0
• ARV discount +7.5/15.0
• 1% rule +6.1/10.0
• Appreciation +3.8/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0

Listing remarks MLS

This three-bedroom, 1.5-bath home in Hurley, New Mexico is full of character and potential. Beautiful wood floors, high ceilings, and unique built-in shelving create a bright and inviting atmosphere, while the spacious layout offers great bones for future updates. Vintage charm is found throughout the home. Some work is needed, and the price reflects the opportunity to customize and add value. The fully fenced yard provides privacy and room to enjoy the outdoors, and the property includes both a carport and a separate garage. A great option for buyers looking for a home with personality and possibilities.

Key facts

• Wood floors
• Separate garage
• Carport

Tags

• WOOD FLOORS
• HIGH CEILINGS
• BUILT-IN SHELVING
• FULLY FENCED YARD
• CARPORT
• SEPARATE GARAGE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $295 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Recommended offer: $103k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 64/100 on livability (#65 in NM) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A; Watch: employment D, schools F, amenities F.
• Cobre Consolidated Schools (town): math 13% / reading 33% proficiency, ranked #56 of 95 in NM (top 59%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 92% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 18 active listings in the ZIP.

Forward outlook

• Local home prices are declining (-2.3%/yr); year-one equity from $761 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Grant County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-2.3% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1938 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $103,400 (6.0% below list)

Questions for the listing agent

1. It's been on market 64 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1938 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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.
7. 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.
8. 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: 1.11% ✓
• Cap rate: 9.51%
• Cash-on-cash: 11.49%
• DSCR: 1.51
• GRM: 7.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-2.31% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 3.3%
• Equity multiple: 1.13×
• Total profit: $4,115
• Equity at exit: $19,809

10-year hold

• IRR: 11.6%
• Equity multiple: 1.99×
• Total profit: $30,413
• Equity at exit: $15,469

Cash invested: $30,800 (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 88043

• Home prices YoY: -1.7%
• Active inventory: 18
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,218 medium
• Mortgage (P&I): −$577
• Tax from tax record: −$45 /mo · $536/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$256
• Net cashflow: $295

Break-even live

Break-even rent $845

Max offer price $110,000

Occupancy floor 71%

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $110,000 Active 64 DOM
2. 2026-06-17
   days on market $110,000 Active 63 DOM
3. 2026-06-16
   days on market $110,000 Active 62 DOM
4. 2026-06-15
   days on market $110,000 Active 61 DOM
5. 2026-06-13
   days on market $110,000 Active 59 DOM
6. 2026-06-12
   days on market $110,000 Active 58 DOM
7. 2026-06-09
   days on market $110,000 Active 55 DOM
8. 2026-06-08
   days on market $110,000 Active 54 DOM
9. 2026-06-07
   days on market $110,000 Active 53 DOM
10. 2026-06-07
    days on market $110,000 Active 52 DOM
11. 2026-06-04
    days on market $110,000 Active 49 DOM
12. 2026-06-02
    days on market $110,000 Active 48 DOM
13. 2026-06-01
    days on market $110,000 Active 47 DOM
14. 2026-05-31
    days on market $110,000 Active 46 DOM
15. 2026-04-16
    listed $110,000 Active 612-char remark

    Show marketing remark (612 chars)

    This three-bedroom, 1.5-bath home in Hurley, New Mexico is full of character and potential. Beautiful wood floors, high ceilings, and unique built-in shelving create a bright and inviting atmosphere, while the spacious layout offers great bones for future updates. Vintage charm is found throughout the home. Some work is needed, and the price reflects the opportunity to customize and add value. The fully fenced yard provides privacy and room to enjoy the outdoors, and the property includes both a carport and a separate garage. A great option for buyers looking for a home with personality and possibilities.

16. 2026-01-12
    price $110,000
17. 2025-07-06
    price $129,900
18. 2025-06-09
    listed $129,900 Active
19. 2025-06-09
    listed $135,000 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: $536 · $45/mo
• Projected year-2 tax: $880 · $73/mo
• Expected delta: +$344/yr (+$29/mo · 64.1%)

ⓘ 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 8/10 Severe
• 🌡 Heat 3/10 Moderate 5 d/yr ≥93°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,615
• − Mortgage interest: −$6,162
• − Property taxes: −$536
• − Insurance: −$550
• − Repairs & maintenance: −$1,169
• − Management: −$1,169
• − Depreciation: −$3,200
• Taxable income: $1,829
• Est. tax owed @ 24.0%: −$439
• After-tax cash flow: $3,099/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: Cobre Consolidated Schools
• NCES district ID: 3500600
• Math proficiency: 13% —
• Reading proficiency: 33% —
• Median HH income: $32,044
• Composite: 21.77/100
• National rank: #13581
• State rank: #56 of 95 in NM

Livability — Hurley

• Score: 64/100
• State rank: #65
• US rank: #14013

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hurley, NM
• Population (ZIP): 1,218

Population outlook (Grant County) Hauer SSP2

• Today (2025): 26,478 people
• By 2030: 25,179 · -4.9%
• By 2040: 22,711 · -14.2%
• By 2050: 20,807 · -21.4%
• By 2075: 16,893 · -36.2%
• By 2100: 13,020 · -50.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (77%)
• Race & ethnicity: Hispanic / Latino 77% Two or more races 45% White 21%
• Hispanic origin (detail): Mexican 67%
• Common ancestry: Lithuanian 1% Scotch-Irish 1%
• Foreign-born: 3% · Canada
• Languages at home: 47% English-only · Spanish 52% Other Indo-European 1% Other Asian/Pacific 1%

Political lean MEDSL · Grant

• 2024 margin: Lean D (+5.1) · D 51.3% · R 46.3% · Other 2.4%
• 2008→2024 swing: -14.8pp toward R · 2008: 19.9pp · 2024: 5.1pp
• All cycles: 2024: D+5.1 2020: D+7.2 2016: D+7.7 2012: D+13.5 2008: D+19.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -2.31%
• Current HPI: 134.3788
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-15.3% since first listed

5 events — show timeline

• 2026-04-16 Listed $110,000 SCRMLS
• 2026-01-12 Price Changed $110,000 SCRMLS
• 2025-07-06 Price Changed $129,900 SCRMLS
• 2025-06-09 Listed $135,000 SCRMLS
• 2025-06-09 Listed $129,900 SCRMLS

Property tax history

+4.5%/yr

Latest (2025): $536 · +1.1% YoY. Source: county tax records.