1217 Ross St

Clovis, NM 88101

$140,000B-

4 bd · 2.0 ba · 2,378 sqft · Built 1950 · Other · Pending · 58 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,717/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$116
• HOA: −$0
• Vac / Maint / Mgmt: −$360
• Net cashflow: $506/mo
• Annual: $6,076/yr
• Cap rate: 10.63%
• Cash-on-cash: 15.50%
• DSCR: 1.69
• 1% rule: 1.23%
• Cash to close: $39,200

Investor read

• This is a 4-bed/2.0-bath other listed at $140k.
• At list price, monthly cash flow is $506 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• It's been on market 58 days — a 3% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $136k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $968 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 56/100 on livability (#171 in NM) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: health & safety C-, schools F, crime F.
• Clovis Municipal Schools (town): math 31% / reading 49% proficiency, ranked #13 of 29 in NM (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+5.5%/yr); 464 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 169 units permitted in Curry County in 2024 (0 in 5+ unit buildings).
• Curry County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 3y ago; this cycle's ask is 16371% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• At projected returns (-3.0% appreciation + 5.5% rent growth), your $39k cash investment doubles in ~7 years — after that, you're playing with house money.
• This rent runs 36% of the median local income ($57k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 58 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.
• 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.