237 Vermejo St · Raton, NM 87740

$32,000

2 bd · 1.0 ba · 706 sqft · Other · 270 Days on market

Built 1920 3,750 sqft lot $45/sqft · 82% below area ↓ 14% since listing

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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
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Attention investors, flippers, and savvy homebuyers! This 2-bedroom, 1-bath home is full of potential and ready for your vision. this property offers a good structure and a great layout—just waiting for the right buyer to bring it back to life. Whether you're looking for your next renovation project or a starter home you can make your own, this is the opportunity you've been waiting for. Priced to sell and being sold as-is, this is your chance to build equity from the ground up.

Key facts

• 3,750 sq ft lot
• Built 1920
• Listed 269 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $32k.

Deal economics

• At list price, monthly cash flow is $507 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($904 rent vs $32k).
• Recommended offer: $28k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 69/100 on livability (#23 in NM) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, amenities F, commute F.
• Raton Public Schools (town): math 14% / reading 24% proficiency, ranked #71 of 95 in NM (top 75%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Longfellow Elementary (251 students, 39% FRL); Raton High (math 50% / reading 70%, grade C+, #27 of 110 statewide, top 28%, 359 students, 0% FRL) — zoned schools average 20% FRL vs 59% district-wide (39 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 60% at this address vs 19% district-wide (+40 pts) — the actual schools serving this property are materially stronger than the Raton Public Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 66 active listings in the ZIP; 2 comparable units currently listed for rent nearby.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $221 of loan paydown is wiped out by about $960 of value loss. Plan a longer hold.
• Colfax County population projected at -39% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $9k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 270 days — a 12% lower offer ($28k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $28,160 (12.0% below list)

Questions for the listing agent

1. It's been on market 270 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — 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: 2.82% ✓
• Cap rate: 25.31%
• Cash-on-cash: 67.92%
• DSCR: 4.02
• GRM: 3.0

CMA / ARV

• ARV (median comp): $178,299
• List price: $32,000
• Delta: -82.05%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 67.3%
• Equity multiple: 4.03×
• Total profit: $27,120
• Equity at exit: $4,771

10-year hold

• IRR: 71.5%
• Equity multiple: 8.28×
• Total profit: $65,227
• Equity at exit: $2,767

Cash invested: $8,960 (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 87740

• Active inventory: 66
• Price-to-rent: 3.0×

Monthly cashflow live

• Estimated rent: $904 medium
• Mortgage (P&I): −$168
• Tax from tax record: −$26 /mo · $309/yr
• Insurance: −$13
• HOA: −$0
• Vacancy / Maint / Mgmt: −$190
• Net cashflow: $507

Break-even live

Break-even rent $262

Max offer price $32,000

Occupancy floor 39%

Sensitivity live

Price	-10% $525	-5% $516	+0% $507	+5% $498	+10% $489
Rent	-10% $436	-5% $471	+0% $507	+5% $543	+10% $579
Rate	-1.0pp $523	-0.5pp $515	base $507	+0.5pp $499	+1.0pp $490

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: $8,000
• Closing costs: $960
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
121 S 4th St Unit 5 Raton, NM	1.0	1.0	500	$850	$1.70	46d	1	0.47mi
704 Nevada Ave Apt 7 Raton, NM	2.0	1.0	700	$950	$1.36	46d	1	0.57mi

Listing history 21 events

1. 2026-06-22
   days on market $32,000 Active 270 DOM
2. 2026-06-21
   days on market $32,000 Active 269 DOM
3. 2026-06-21
   days on market $32,000 Active 268 DOM
4. 2026-06-18
   days on market $32,000 Active 266 DOM
5. 2026-06-17
   days on market $32,000 Active 265 DOM
6. 2026-06-16
   days on market $32,000 Active 264 DOM
7. 2026-06-15
   days on market $32,000 Active 263 DOM
8. 2026-06-13
   days on market $32,000 Active 261 DOM
9. 2026-06-12
   days on market $32,000 Active 260 DOM
10. 2026-06-09
    days on market $32,000 Active 257 DOM
11. 2026-06-08
    days on market $32,000 Active 256 DOM
12. 2026-06-07
    days on market $32,000 Active 255 DOM
13. 2026-06-05
    days on market $32,000 Active 253 DOM
14. 2026-06-04
    days on market $32,000 Active 251 DOM
15. 2026-06-02
    days on market $32,000 Active 250 DOM
16. 2026-06-01
    days on market $32,000 Active 249 DOM
17. 2026-05-31
    days on market $32,000 Active 248 DOM
18. 2026-03-24
    price $32,000 489-char remark

    Show marketing remark (489 chars)

    Attention investors, flippers, and savvy homebuyers! This 2-bedroom, 1-bath home is full of potential and ready for your vision. this property offers a good structure and a great layout—just waiting for the right buyer to bring it back to life. Whether you're looking for your next renovation project or a starter home you can make your own, this is the opportunity you've been waiting for. Priced to sell and being sold as-is, this is your chance to build equity from the ground up.

19. 2025-12-31
    price $34,000 489-char remark

    Show marketing remark (489 chars)

    Attention investors, flippers, and savvy homebuyers! This 2-bedroom, 1-bath home is full of potential and ready for your vision. this property offers a good structure and a great layout—just waiting for the right buyer to bring it back to life. Whether you're looking for your next renovation project or a starter home you can make your own, this is the opportunity you've been waiting for. Priced to sell and being sold as-is, this is your chance to build equity from the ground up.

20. 2025-09-26
    listed $37,000 Active 489-char remark

    Show marketing remark (489 chars)

    Attention investors, flippers, and savvy homebuyers! This 2-bedroom, 1-bath home is full of potential and ready for your vision. this property offers a good structure and a great layout—just waiting for the right buyer to bring it back to life. Whether you're looking for your next renovation project or a starter home you can make your own, this is the opportunity you've been waiting for. Priced to sell and being sold as-is, this is your chance to build equity from the ground up.

21. 2021-03-17
    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: $309 · $26/mo
• Projected year-2 tax: $309 · $26/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 6/10 Major FEMA zone X (shaded) · 67% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 2/10 Low 9 d/yr ≥88°F today · 26 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,847
• − Mortgage interest: −$1,792
• − Property taxes: −$309
• − Insurance: −$160
• − Repairs & maintenance: −$868
• − Management: −$868
• − Depreciation: −$931
• Taxable income: $5,918
• Est. tax owed @ 24.0%: −$1,420
• After-tax cash flow: $4,665/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: Raton Public Schools
• NCES district ID: 3502190
• Math proficiency: 14% —
• Reading proficiency: 24% —
• Median HH income: $33,774
• Composite: 18.8/100
• National rank: #13993
• State rank: #71 of 95 in NM

Livability — Raton

• Score: 69/100
• State rank: #23
• US rank: #8557

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Raton, NM
• Population (ZIP): 7,055

Population outlook (Colfax County) Hauer SSP2

• Today (2025): 10,260 people
• By 2030: 9,240 · -9.9%
• By 2040: 7,474 · -27.2%
• By 2050: 6,285 · -38.7%
• By 2075: 5,109 · -50.2%
• By 2100: 4,684 · -54.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority Hispanic (52%)
• Race & ethnicity: Hispanic / Latino 52% White 44% Two or more races 21% Native American 1%
• Hispanic origin (detail): Mexican 24%
• Common ancestry: Italian 2% Lithuanian 1% Iranian 1%
• Foreign-born: 2% · Canada
• Languages at home: 83% English-only · Spanish 14%

Political lean MEDSL · Colfax

• 2024 margin: R (+14.0) · D 41.9% · R 55.9% · Other 2.1%
• 2008→2024 swing: -24.8pp toward R · 2008: 10.7pp · 2024: -14.0pp
• All cycles: 2024: R+14.0 2020: R+11.0 2016: R+8.6 2012: D+2.0 2008: D+10.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -80.47%
• Current HPI: 133.0875
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-13.5% since first listed

4 events — show timeline

• 2026-03-24 Price Changed $32,000 NMMLS
• 2025-12-31 Price Changed $34,000 NMMLS
• 2025-09-26 Listed $37,000 NMMLS
• 2021-03-17 Sold (Public Records) — Public Records

Property tax history

+5.4%/yr

Latest (2025): $309 · +1.3% YoY. Source: county tax records.