1203 Drake St · Socorro, NM 87801

$169,900

4 bd · 2.0 ba · 1,296 sqft · Other · 260 Days on market

Built 1974 0.26 ac lot $131/sqft · 21% below area Est $214k · 21% under

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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 +15.0/15.0
• Cash flow +10.5/30.0
• Livability +3.2/5.0
• DSCR +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.3/10.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great starter home with an especially large lot. 4 bedrooms, 2 bath home with lots of ways to expand or accommodate your family the way it is today. Large trees in the front yard, with plenty of space to park.

Key facts

• Large trees
• Large lot
• Space to park

Tags

• LARGE LOT
• LARGE TREES
• SPACE TO PARK

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath other listed at $170k.

Deal economics

• At list price, monthly cash flow is $-87 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $155k (9.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $123k (27.4% below list).
• Recommended offer: $123k (27.4% below list) — sets the bar for 1% rule.
• Cap rate 5.7% vs local median 2.8% in Socorro — 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 65/100 on livability (#59 in NM) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety B; Watch: employment D+, schools F, crime F.
• Socorro Consolidated Schools (town): math 12% / reading 21% proficiency, ranked #76 of 95 in NM (top 80%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 99 active listings in the ZIP.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Socorro County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 260 days — a 12% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask is 11% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Climate carrying-cost: major flood risk; moderate wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $123,431 (27.4% 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 260 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
3. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.73% ✗
• Cap rate: 5.68%
• Cash-on-cash: -2.20%
• DSCR: 0.90
• GRM: 11.5

CMA / ARV

• ARV (median comp): $213,943
• List price: $169,900
• Delta: -20.59%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -20.0%
• Equity multiple: 0.30×
• Total profit: $-33,132
• Equity at exit: $25,333

10-year hold

• IRR: -13.0%
• Equity multiple: 0.24×
• Total profit: $-36,202
• Equity at exit: $14,690

Cash invested: $47,572 (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 87801

• Active inventory: 99
• Price-to-rent: 11.5×

Monthly cashflow live

• Estimated rent: $1,234 medium
• Mortgage (P&I): −$891
• Tax from tax record: −$100 /mo · $1,206/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$259
• Net cashflow: $-87

Break-even live

Break-even rent $1,345

Max offer price $154,504

Occupancy floor —

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $169,900 Active 260 DOM
2. 2026-06-17
   days on market $169,900 Active 259 DOM
3. 2026-06-16
   days on market $169,900 Active 258 DOM
4. 2026-06-15
   days on market $169,900 Active 257 DOM
5. 2026-06-13
   days on market $169,900 Active 255 DOM
6. 2026-06-12
   days on market $169,900 Active 254 DOM
7. 2026-06-09
   days on market $169,900 Active 251 DOM
8. 2026-06-08
   days on market $169,900 Active 250 DOM
9. 2026-06-07
   days on market $169,900 Active 249 DOM
10. 2026-06-07
    pricedays on market $169,900 Active 248 DOM
11. 2026-06-04
    days on market $169,500 Active 245 DOM
12. 2026-06-02
    days on market $169,500 Active 244 DOM
13. 2026-06-01
    days on market $169,500 Active 243 DOM
14. 2026-05-31
    days on market $169,500 Active 242 DOM
15. 2025-12-20
    status Active 209-char remark

    Show marketing remark (209 chars)

    Great starter home with an especially large lot. 4 bedrooms, 2 bath home with lots of ways to expand or accommodate your family the way it is today. Large trees in the front yard, with plenty of space to park.

16. 2025-08-28
    historical 209-char remark

    Show marketing remark (209 chars)

    Great starter home with an especially large lot. 4 bedrooms, 2 bath home with lots of ways to expand or accommodate your family the way it is today. Large trees in the front yard, with plenty of space to park.

17. 2025-06-07
    listed $152,500 Active 209-char remark

    Show marketing remark (209 chars)

    Great starter home with an especially large lot. 4 bedrooms, 2 bath home with lots of ways to expand or accommodate your family the way it is today. Large trees in the front yard, with plenty of space to park.

18. 2022-05-03
    soldstatus
19. 2022-03-24
    soldstatus
20. 2020-06-24
    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: $1,206 · $100/mo
• Projected year-2 tax: $1,359 · $113/mo
• Expected delta: +$153/yr (+$13/mo · 12.7%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (shaded) · 71% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 5/10 Major 7 d/yr ≥97°F today · 21 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: $14,812
• − Mortgage interest: −$9,517
• − Property taxes: −$1,206
• − Insurance: −$850
• − Repairs & maintenance: −$1,185
• − Management: −$1,185
• − Depreciation: −$4,943
• Taxable loss: −$4,073
• Est. tax savings @ 24.0%: +$978
• After-tax cash flow: $-68/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: Socorro Consolidated Schools
• NCES district ID: 3502460
• Math proficiency: 12% —
• Reading proficiency: 21% —
• Median HH income: $35,586
• Composite: 17.01/100
• National rank: #14193
• State rank: #76 of 95 in NM

Livability — Socorro

• Score: 65/100
• State rank: #59
• US rank: #13325

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 9,309

Population outlook (Socorro County) Hauer SSP2

• Today (2025): 16,091 people
• By 2030: 15,334 · -4.7%
• By 2040: 13,876 · -13.8%
• By 2050: 12,542 · -22.1%
• By 2075: 10,157 · -36.9%
• By 2100: 8,116 · -49.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: Hispanic / Latino 51% White 36% Two or more races 29% Native American 5% Asian 3%
• Hispanic origin (detail): Mexican 24%
• Common ancestry: Portuguese 1% Italian 1% Slovak 1%
• Foreign-born: 8% · Canada, South Korea, China
• Languages at home: 67% English-only · Spanish 26% Other Indo-European 2%

Political lean MEDSL · Socorro

• 2024 margin: Toss-up / Even · D 46.8% · R 50.5% · Other 2.7%
• 2008→2024 swing: -24.8pp toward R · 2008: 21.1pp · 2024: -3.7pp
• All cycles: 2024: R+3.7 2020: D+6.5 2016: D+10.1 2012: D+18.1 2008: D+21.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -81.16%
• Current HPI: 127.044
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

6 events — show timeline

• 2025-12-20 Relisted — Southwest MLS
• 2025-08-28 Delisted — Southwest MLS
• 2025-06-07 Listed $152,500 Southwest MLS
• 2022-05-03 Sold (Public Records) — Public Records
• 2022-03-24 Sold (Public Records) — Public Records
• 2020-06-24 Sold (Public Records) — Public Records

Property tax history

+3.5%/yr

Latest (2025): $1,206 · -3.7% YoY. Source: county tax records.