1516 Del Norte Blvd · Grants, NM 87020

$150,000

4 bd · 2.0 ba · 2,530 sqft · Other · 90 Days on market

Built 1958 9,147 sqft lot $59/sqft · 43% below area Est $264k · 43% 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).

• Cash flow +15.8/30.0
• ARV discount +15.0/15.0
• DSCR +4.9/10.0
• 1% rule +4.1/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Key facts

• 9,147 sq ft lot
• Built 1958
• Listed 90 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath other listed at $150k.

Deal economics

• At list price, monthly cash flow is $68 ($816/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $137k (8.6% below list).
• Recommended offer: $137k (8.6% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 60/100 on livability (#115 in NM) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, crime D+, employment D.
• Grants-Cibola County Schools (town): math 14% / reading 22% proficiency, ranked #74 of 95 in NM (top 78%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 76 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 $4k of value loss. Plan a longer hold.
• Cibola County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 90 days — a 6% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 9y ago 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 1958 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $137,051 (8.6% below list)

Questions for the listing agent

1. It's been on market 90 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1958 — 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. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.91% ✗
• Cap rate: 6.84%
• Cash-on-cash: 1.94%
• DSCR: 1.09
• GRM: 9.1

CMA / ARV

• ARV (median comp): $263,572
• List price: $150,000
• Delta: -43.09%
• 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: -13.2%
• Equity multiple: 0.52×
• Total profit: $-19,969
• Equity at exit: $22,365

10-year hold

• IRR: -4.2%
• Equity multiple: 0.72×
• Total profit: $-11,783
• Equity at exit: $12,969

Cash invested: $42,000 (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 87020

• Active inventory: 76
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $1,371 medium
• Mortgage (P&I): −$787
• Tax from tax record: −$166 /mo · $1,987/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$288
• Net cashflow: $68

Break-even live

Break-even rent $1,284

Max offer price $150,000

Occupancy floor 90%

Sensitivity live

Price	-10% $153	-5% $110	+0% $68	+5% $26	+10% $-17
Rent	-10% $-40	-5% $14	+0% $68	+5% $122	+10% $176
Rate	-1.0pp $144	-0.5pp $106	base $68	+0.5pp $29	+1.0pp $-10

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $150,000 Active 90 DOM
2. 2026-06-17
   days on market $150,000 Active 89 DOM
3. 2026-06-16
   days on market $150,000 Active 88 DOM
4. 2026-06-15
   days on market $150,000 Active 87 DOM
5. 2026-06-13
   days on market $150,000 Active 85 DOM
6. 2026-06-10
   days on market $150,000 Active 82 DOM
7. 2026-06-09
   days on market $150,000 Active 81 DOM
8. 2026-06-08
   days on market $150,000 Active 80 DOM
9. 2026-06-07
   days on market $150,000 Active 79 DOM
10. 2026-06-03
    days on market $150,000 Active 75 DOM
11. 2026-06-02
    days on market $150,000 Active 74 DOM
12. 2026-06-01
    days on market $150,000 Active 73 DOM
13. 2026-05-31
    days on market $150,000 Active 72 DOM
14. 2026-03-20
    listed $150,000 Active
15. 2025-08-25
    price $209,000
16. 2025-05-16
    price $239,900
17. 2024-06-15
    price $255,000
18. 2020-10-22
    soldstatus
19. 2019-02-12
    soldstatus
20. 2017-10-18
    listed $49,000

ⓘ 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: $1,987 · $166/mo
• Projected year-2 tax: $1,987 · $166/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 X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 19 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: $16,446
• − Mortgage interest: −$8,402
• − Property taxes: −$1,987
• − Insurance: −$750
• − Repairs & maintenance: −$1,316
• − Management: −$1,316
• − Depreciation: −$4,364
• Taxable loss: −$1,688
• Est. tax savings @ 24.0%: +$405
• After-tax cash flow: $1,221/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: Grants-Cibola County Schools
• NCES district ID: 3501170
• Math proficiency: 14% —
• Reading proficiency: 22% —
• Median HH income: $35,996
• Composite: 18.23/100
• National rank: #14064
• State rank: #74 of 95 in NM

Livability — Grants

• Score: 60/100
• State rank: #115
• US rank: #19558

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Grants, NM
• Population (ZIP): 11,874

Population outlook (Cibola County) Hauer SSP2

• Today (2025): 26,324 people
• By 2030: 25,594 · -2.8%
• By 2040: 24,117 · -8.4%
• By 2050: 22,568 · -14.3%
• By 2075: 18,653 · -29.1%
• By 2100: 12,719 · -51.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: Hispanic / Latino 53% White 27% Two or more races 19% Native American 13% Black 4%
• Hispanic origin (detail): Mexican 22%
• Common ancestry: Italian 5% Slovak 2% Lithuanian 1%
• Foreign-born: 5% · Canada, Vietnam
• Languages at home: 69% English-only · Spanish 24% Vietnamese 1%

Political lean MEDSL · Cibola

• 2024 margin: Toss-up / Even · D 49.6% · R 48.0% · Other 2.4%
• 2008→2024 swing: -28.1pp toward R · 2008: 29.6pp · 2024: 1.6pp
• All cycles: 2024: D+1.6 2020: D+8.7 2016: D+6.8 2012: D+23.8 2008: D+29.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -109.40%
• Current HPI: 167.6417
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+206.1% since first listed

7 events — show timeline

• 2026-03-20 Listed $150,000 NMMLS
• 2025-08-25 Price Changed $209,000 NMMLS
• 2025-05-16 Price Changed $239,900 NMMLS
• 2024-06-15 Price Changed $255,000 NMMLS
• 2020-10-22 Sold (Public Records) — Public Records
• 2019-02-12 Sold (MLS) — NMMLS
• 2017-10-18 Listed $49,000 NMMLS

Property tax history

+6.9%/yr

Latest (2025): $1,987 · +3.6% YoY. Source: county tax records.