703 W Calle Sur St · North Hobbs, NM 88240

$350,000

None bd · None ba · — sqft · SingleFamily · 5 Days on market

Built 1981 4,761 sqft lot

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Why this score? — see what drove the F 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 +7.5/15.0
• Cash flow +4.3/30.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks

INVESTMENT OPPORTUNITY! Whether you are looking to expand your real estate portfolio or dive into the multi-family market, this property checks every single box. Located in North Hobbs just minutes away from shopping centers, grocery stores, and retail, this fourplex features four 2-bedroom, 1-bathroom units divided evenly with two accessible ground-level units on the first floor and two upper-level units on the second floor. The building is currently fully rented with tenants already in place, allowing you to start collecting income on day one! CALL TODAY FOR MORE DETAILS!

Key facts

• Multi-family market
• Fully rented
• 4,761 sq ft lot

Tags

• INVESTMENT OPPORTUNITY
• MULTI-FAMILY MARKET
• ACCESSIBLE GROUND-LEVEL UNITS
• FULLY RENTED

Property features AI

Exterior

• Utilities: Public water; Electricity connected; Sewer connected
• Home design: Residential income property; Multi-family (2–4 units)
• Construction: Brick construction; Slab foundation
• Exterior features: Shingle roof

Interior

• Kitchen: Free-standing range; Refrigerator
• Flooring: Carpet; Laminate; Tile
• Heating & cooling: Central air; Forced air heating
• Interior features: Free-standing range; Refrigerator

What this means for you Summary

Snapshot

• This is a single-family listed at $350k.

Deal economics

• At list price, monthly cash flow is $-936 ($-11k/yr) — negative.
• To cash-flow at today's rent, offer at most $185k (47.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $144k (58.8% below list).
• Recommended offer: $144k (58.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 72/100 on livability (#14 in NM) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools C-, crime D-, commute 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; 5 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 172 units permitted in Lea County in 2024 (0 in 5+ unit buildings).

Forward outlook

• 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.
• Lea County population projected at +50% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: severe wildfire risk; extreme-heat days projected 6→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $144,294 (58.8% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Crime grade is D 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. 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?
5. 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.
6. 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.
7. 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: 0.41% ✗
• Cap rate: 3.08%
• Cash-on-cash: -11.46%
• DSCR: 0.49
• GRM: 20.2

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: -37.4%
• Equity multiple: -0.19×
• Total profit: $-116,506
• Equity at exit: $52,186

10-year hold

• IRR: -55.1%
• Equity multiple: -0.83×
• Total profit: $-178,966
• Equity at exit: $30,262

Cash invested: $98,000 (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 88240

• Active inventory: 231
• Price-to-rent: 20.2×

Monthly cashflow live

• Estimated rent: $1,443 high
• Mortgage (P&I): −$1,835
• Tax from tax record: −$94 /mo · $1,133/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$303
• Net cashflow: $-936

Break-even live

Break-even rent $2,627

Max offer price $184,687

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3901 N Central Dr Hobbs, NM	1.0–3.0	1.0–2.0	980	$1,688	$1.72	44d	14	0.52mi
3500 N Fowler St Hobbs, NM	1.0–2.0	1.0–2.0	814	$1,495	$1.84	44d	4	0.60mi
3313 Belmont Pl Hobbs, NM	3.0	2.0	—	$1,900	—	44d	1	0.76mi
301 E Sunset Dr Unit 301 Hobbs, NM	2.0	2.0	—	$1,050	—	44d	1	1.19mi
301 E Sunset Dr #307 Hobbs, NM	2.0	2.0	—	$995	—	44d	1	1.19mi

Listing history 6 events

1. 2026-06-18
   days on market $350,000 Active 5 DOM
2. 2026-06-17
   days on market $350,000 Active 4 DOM
3. 2026-06-16
   days on market $350,000 Active 3 DOM
4. 2026-06-15
   days on market $350,000 Active 2 DOM
5. 2026-06-14
   remarks 580-char remark
6. 2026-06-14
   listed $350,000 Active 1 DOM

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

Tax reassessment forecast NM · Resets to sale price

• Current annual tax: $1,133 · $94/mo
• Projected year-2 tax: $2,800 · $233/mo
• Expected delta: +$1,667/yr (+$139/mo · 147.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 9/10 Extreme
• 🌡 Heat 5/10 Major 6 d/yr ≥100°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,315
• − Mortgage interest: −$19,605
• − Property taxes: −$1,133
• − Insurance: −$1,750
• − Repairs & maintenance: −$1,385
• − Management: −$1,385
• − Depreciation: −$10,182
• Taxable loss: −$18,126
• Est. tax savings @ 24.0%: +$4,350
• After-tax cash flow: $-6,879/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 — North Hobbs

• Score: 72/100
• State rank: #14
• US rank: #6476

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Hobbs, NM
• County: Lea County · 41,557 people
• 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

2 events — show timeline

• 2026-06-13 Listed $350,000 NMMLS
• 2005-02-21 Sold (Public Records) — Public Records

Property tax history

+3.8%/yr

Latest (2025): $1,133 · +1.7% YoY. Source: county tax records.