210 W Dunnam St · Hobbs, NM 88240

$1,200,000

15 bd · 15.0 ba · 21,000 sqft · MultiFamily · 626 Days on market

Poor condition 0.48 ac lot

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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 +3.3/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 15 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Dunnam Apartments is a 15-unit multifamily property located in Hobbs, New Mexico, offering strong in-place cash flow with significant value-add potential. The property currently generates approximately $164,250 in annual rental income with an estimated NOI of approximately $138,275, providing an attractive ~11.5% cap rate at the $1.2M asking price. The building contains approximately 21,000 square feet across two levels and produces an average rent of approximately $912 per unit, providing investors with opportunities for gradual rent increases. A unique feature of the property is a large downstairs area that could potentially be converted into additional apartment units or repurposed as commercial space, creating additional income opportunities. Preliminary projections indicate the potential for approximately $4,000 per month in commercial lease income with improvements. With strong workforce housing demand in the Hobbs market and additional income opportunities through renovation and repositioning, Dunnam Apartments presents a compelling opportunity for investors seeking both stable cash flow and meaningful upside. Owner financing may be available for qualified buyers.

Key facts

• 0.48 acre lot
• Listed 625 days

What this means for you Summary

Snapshot

• This is a 15 × 1-bed/1.0-bath units multifamily listed at $1.20M. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $6k ($72k/yr) — positive. Per door: $398/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($18k rent vs $1.20M).
• Recommended offer: $1.06M (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 66/100 on livability (#37 in NM) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D+, schools F, crime 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; 172 units permitted in Lea County in 2024 (0 in 5+ unit buildings).
• At $18,060/mo this rent would consume 343% of the median local household income ($63k/yr) (locally 968% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $8k of loan paydown is wiped out by about $36k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $336k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 626 days — a 12% lower offer ($1.06M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 8y ago; this cycle's ask has dropped $100k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: severe wildfire risk; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,056,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 626 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.50% ✓
• Cap rate: 12.27%
• Cash-on-cash: 21.34%
• DSCR: 1.95
• GRM: 5.5

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: 13.9%
• Equity multiple: 1.55×
• Total profit: $186,338
• Equity at exit: $178,924

10-year hold

• IRR: 22.7%
• Equity multiple: 2.94×
• Total profit: $653,344
• Equity at exit: $103,754

Cash invested: $336,000 (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: 83.1×

Monthly cashflow live

• Estimated rent: $18,060 medium
• Mortgage (P&I): −$6,293
• Tax est. 1.5%: −$1,500 /mo · $18,000/yr
• Insurance: −$500
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,793
• Net cashflow: $5,974

Break-even live

Break-even rent $10,497

Max offer price $1,200,000

Occupancy floor 62%

15-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 15× units	1	1	$18,060
Total (15 units)			$18,060

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: $300,000
• Closing costs: $36,000
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $1,200,000 Active 626 DOM
2. 2026-06-17
   days on market $1,200,000 Active 625 DOM
3. 2026-06-16
   days on market $1,200,000 Active 624 DOM
4. 2026-06-15
   days on market $1,200,000 Active 623 DOM
5. 2026-06-14
   days on market $1,200,000 Active 621 DOM
6. 2026-06-13
   days on market $1,200,000 Active 620 DOM
7. 2026-06-10
   days on market $1,200,000 Active 618 DOM
8. 2026-06-09
   days on market $1,200,000 Active 617 DOM
9. 2026-06-08
   days on market $1,200,000 Active 616 DOM
10. 2026-06-07
    days on market $1,200,000 Active 615 DOM
11. 2026-06-05
    days on market $1,200,000 Active 612 DOM
12. 2026-06-02
    days on market $1,200,000 Active 610 DOM
13. 2026-06-01
    days on market $1,200,000 Active 609 DOM
14. 2026-05-31
    days on market $1,200,000 Active 608 DOM
15. 2026-05-30
    days on market $1,200,000 Active 607 DOM
16. 2024-11-07
    price $1,200,000 1189-char remark

    Show marketing remark (1189 chars)

    Dunnam Apartments is a 15-unit multifamily property located in Hobbs, New Mexico, offering strong in-place cash flow with significant value-add potential. The property currently generates approximately $164,250 in annual rental income with an estimated NOI of approximately $138,275, providing an attractive ~11.5% cap rate at the $1.2M asking price. The building contains approximately 21,000 square feet across two levels and produces an average rent of approximately $912 per unit, providing investors with opportunities for gradual rent increases. A unique feature of the property is a large downstairs area that could potentially be converted into additional apartment units or repurposed as commercial space, creating additional income opportunities. Preliminary projections indicate the potential for approximately $4,000 per month in commercial lease income with improvements. With strong workforce housing demand in the Hobbs market and additional income opportunities through renovation and repositioning, Dunnam Apartments presents a compelling opportunity for investors seeking both stable cash flow and meaningful upside. Owner financing may be available for qualified buyers.

17. 2024-09-30
    listed $1,300,000 Active 1189-char remark

    Show marketing remark (1189 chars)

    Dunnam Apartments is a 15-unit multifamily property located in Hobbs, New Mexico, offering strong in-place cash flow with significant value-add potential. The property currently generates approximately $164,250 in annual rental income with an estimated NOI of approximately $138,275, providing an attractive ~11.5% cap rate at the $1.2M asking price. The building contains approximately 21,000 square feet across two levels and produces an average rent of approximately $912 per unit, providing investors with opportunities for gradual rent increases. A unique feature of the property is a large downstairs area that could potentially be converted into additional apartment units or repurposed as commercial space, creating additional income opportunities. Preliminary projections indicate the potential for approximately $4,000 per month in commercial lease income with improvements. With strong workforce housing demand in the Hobbs market and additional income opportunities through renovation and repositioning, Dunnam Apartments presents a compelling opportunity for investors seeking both stable cash flow and meaningful upside. Owner financing may be available for qualified buyers.

18. 2019-01-31
    soldstatus 125-char remark

    Show marketing remark (125 chars)

    15 UNITS FULLY FURNISHED WITH HIGH DEMAND-1 RETAIL SPACE ON THE BOTTOM THAT USED TO BE A RESTAURANT WITH MANY POSSIBILITIES.

19. 2018-10-03
    listed $495,000 125-char remark

    Show marketing remark (125 chars)

    15 UNITS FULLY FURNISHED WITH HIGH DEMAND-1 RETAIL SPACE ON THE BOTTOM THAT USED TO BE A RESTAURANT WITH MANY POSSIBILITIES.

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 21% chance over 30 yrs
• 🔥 Wildfire 8/10 Severe
• 🌡 Heat 5/10 Major 7 d/yr ≥100°F today · 18 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: $216,720
• − Mortgage interest: −$67,219
• − Property taxes: −$18,000
• − Insurance: −$6,000
• − Repairs & maintenance: −$17,338
• − Management: −$17,338
• − Depreciation: −$34,909
• Taxable income: $55,917
• Est. tax owed @ 24.0%: −$13,420
• After-tax cash flow: $58,274/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.

Condition & rehab AI · 2 photos

Poor 20/100 Extensive rehab

This 15-unit multifamily property in Hobbs, NM, requires extensive repairs and maintenance to bring it up to a livable condition. Significant exterior and interior work is needed to improve its resale and rental value.

Repairs flagged

• Major exterior walls — Significant damage and wear on the exterior walls.
• Major roof — Visible damage and potential leaks on the roof.
• Major HVAC/mechanicals — No visible systems, but overall condition suggests they may be in poor shape.
• Major landscaping — No visible landscaping, but overall condition suggests it may be in poor shape.

Value-add opportunities

• Both exterior repairs and painting — Improving the exterior appearance will enhance both resale and rental value.
• Both HVAC system replacement — A new HVAC system will improve comfort and energy efficiency, boosting both resale and rental value.
• Both landscaping and curb appeal improvements — Enhancing the landscaping and curb appeal will improve the property's overall appearance and attract more tenants or buyers.

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior walls · Significant damage and wear on the exterior walls.	Major	$15,000–50,000
roof · Visible damage and potential leaks on the roof.	Major	$15,000–50,000
HVAC/mechanicals · No visible systems, but overall condition suggests they may be in poor shape.	Major	$15,000–50,000
landscaping · No visible landscaping, but overall condition suggests it may be in poor shape.	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Both exterior repairs and painting — Improving the exterior appearance will enhance both resale and rental value. ↑
• Both HVAC system replacement — A new HVAC system will improve comfort and energy efficiency, boosting both resale and rental value. ↑
• Both landscaping and curb appeal improvements — Enhancing the landscaping and curb appeal will improve the property's overall appearance and attract more tenants or buyers. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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 — Hobbs

• Score: 66/100
• State rank: #37
• US rank: #11817

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

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

+142.4% since first listed

4 events — show timeline

• 2024-11-07 Price Changed $1,200,000 NMMLS
• 2024-09-30 Listed $1,300,000 NMMLS
• 2019-01-31 Sold (MLS) — NMMLS
• 2018-10-03 Listed $495,000 NMMLS