103 Catron #48 · Santa Fe, NM 87501

$39,500

2 bd · 2.0 ba · 1,087 sqft · Condo public records · 242 Days on market

Built 2006 $794/mo HOA · 31% of rent ↓ 39% since listing

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +4.5/10.0
• Livability +3.7/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

* * Seller will pay 6 months of HOA fees at closing with a full-price offer! * * This is a fractional ownership offering: Eighth Share Estate H, consisting of an undivided 12.5% (one-eighth) interest as tenant-in-common in Eighth Share Unit 48 at El Corazon de Santa Fe. It is a deeded 1/8th share in Terra floorplan #48H. Owners are entitled to 4 weeks per year, with the possibility of more time if it's available. Two luxurious bedrooms and bathrooms, 1300 sqft, all single level. There is a main living room with fireplace, state-of-the-art kitchen with stainless steel appliances, separate dining area, master bath with dual vanities and jetted tub, private patio, and outdoor and covered garage parking available, accessed with key code. On-site gym, beautiful outdoor gathering spaces, gated property. Walk everywhere from this condo in the heart of downtown. Owners can exchange time through the Hyatt Vacation Club and Registry Collection.

Key facts

• On-site gym
• Gated property
• Private patio

Tags

• MAIN LIVING ROOM
• STATE-OF-THE-ART KITCHEN
• PRIVATE PATIO
• ON-SITE GYM
• OUTDOOR GATHERING SPACES
• GATED PROPERTY

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $40k.

Deal economics

• At list price, monthly cash flow is $969 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $40k).
• Recommended offer: $35k (12.0% below list) — sets the bar for market timing.
• Cap rate 35.7% vs local median 2.4% in Santa Fe — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 74/100 on livability (#9 in NM, #4,641 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: schools D-, crime F.
• Santa Fe Public Schools (urban): math 34% / reading 70% proficiency, ranked #6 of 29 in NM (top 21%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+2.6%/yr); 235 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 70% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 244 units permitted in Santa Fe County in 2024 (0 in 5+ unit buildings).
• This rent runs 39% of the median local income ($80k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $273 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 2.6% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 242 days — a 12% lower offer ($35k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $2k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 31% of rent.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $34,760 (12.0% below list)

Questions for the listing agent

1. It's been on market 242 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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?
8. 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?
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: 6.52% ✓
• Cap rate: 35.72%
• Cash-on-cash: 105.09%
• DSCR: 5.68
• GRM: 1.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.65% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 5.96×
• Total profit: $54,912
• Equity at exit: $5,890

10-year hold

• IRR: —
• Equity multiple: 12.37×
• Total profit: $125,708
• Equity at exit: $3,415

Cash invested: $11,060 (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 87501

• Rents YoY: 2.6%
• Active inventory: 235
• Price-to-rent: 1.3×

Monthly cashflow live

• Estimated rent: $2,577 high
• Mortgage (P&I): −$207
• Tax est. 1.5%: −$49 /mo · $592/yr
• Insurance: −$16
• HOA: −$794
• Vacancy / Maint / Mgmt: −$541
• Net cashflow: $969

Break-even live

Break-even rent $1,351

Max offer price $39,500

Occupancy floor 57%

Sensitivity live

Price	-10% $996	-5% $982	+0% $969	+5% $955	+10% $941
Rent	-10% $765	-5% $867	+0% $969	+5% $1,070	+10% $1,172
Rate	-1.0pp $988	-0.5pp $979	base $969	+0.5pp $958	+1.0pp $948

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: $9,875
• Closing costs: $1,185
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
512 Sandia St Santa Fe, NM	2.0	1.0	720	$2,900	$4.03	45d	1	0.23mi
602 Griffin St Santa Fe, NM	2.0	2.0	1500	$3,500	$2.33	45d	1	0.29mi
101 Williams St Unit A Santa Fe, NM	2.0	2.0	1314	$3,500	$2.66	45d	1	0.51mi
602 Agua Fria St Santa Fe, NM	2.0	1.5	1300	$2,950	$2.27	45d	1	0.61mi
231 W Manhattan Ave Unit A Santa Fe, NM	2.0	2.0	1250	$3,500	$2.80	45d	1	0.67mi
125 Martinez St Santa Fe, NM	1.0	1.0	963	$1,795	$1.86	45d	1	0.70mi
235 Irvine St Unit Main Santa Fe, NM	1.0	1.0	850	$2,500	$2.94	22d	1	0.74mi
1433 Paseo de Peralta Santa Fe, NM	2.0	1.0	1200	$2,300	$1.92	45d	1	0.79mi
739 Montez Pl Santa Fe, NM	1.0	1.0	700	$1,675	$2.39	45d	1	0.85mi
216 Miramonte St Santa Fe, NM	3.0	1.5	1300	$2,850	$2.19	45d	1	0.86mi
941 Calle Mejia #105 Santa Fe, NM	2.0	2.0	848	$1,600	$1.89	22d	1	0.94mi
1250 Avenida Morelia #101 Santa Fe, NM	1.0	1.0	1024	$2,300	$2.25	45d	1	0.96mi
825 Calle Mejia Santa Fe, NM	2.0	1.0–2.0	947	$2,199	$2.32	22d	5	0.97mi
701 Camino de la Familia Santa Fe, NM	1.0	2.0	1408	$3,375	$2.40	22d	1	0.98mi
945 Agua Fria St Unit B Santa Fe, NM	1.0	1.0	1100	$2,250	$2.05	45d	1	1.05mi
909 Don Gaspar Ave Santa Fe, NM	2.0	1.0	1000	$2,500	$2.50	22d	1	1.11mi
537 Kathryn Ave Unit C Santa Fe, NM	1.0	1.0	1174	$1,805	$1.54	45d	1	1.17mi
406 Cortez Pl Santa Fe, NM	3.0	2.0	1450	$2,650	$1.83	45d	1	1.19mi
295 Lomita St Unit 2 Santa Fe, NM	1.0	1.0	750	$1,600	$2.13	45d	1	1.24mi
950 W Cordova Rd Santa Fe, NM	1.0–2.0	1.0–2.0	781	$2,562	$3.28	22d	7	1.46mi

HOA detail condo

• Monthly dues: $794 · $9,528/yr
• Likely covers: gymsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 23 events

1. 2026-06-19
   days on market $39,500 Active 242 DOM
2. 2026-06-18
   days on market $39,500 Active 241 DOM
3. 2026-06-17
   days on market $39,500 Active 240 DOM
4. 2026-06-16
   days on market $39,500 Active 239 DOM
5. 2026-06-15
   days on market $39,500 Active 238 DOM
6. 2026-06-14
   days on market $39,500 Active 236 DOM
7. 2026-06-13
   days on market $39,500 Active 235 DOM
8. 2026-06-10
   days on market $39,500 Active 233 DOM
9. 2026-06-09
   days on market $39,500 Active 232 DOM
10. 2026-06-08
    days on market $39,500 Active 231 DOM
11. 2026-06-07
    days on market $39,500 Active 230 DOM
12. 2026-06-03
    days on market $39,500 Active 226 DOM
13. 2026-06-02
    days on market $39,500 Active 225 DOM
14. 2026-06-01
    days on market $39,500 Active 224 DOM
15. 2026-05-31
    days on market $39,500 Active 223 DOM
16. 2026-05-30
    days on market $39,500 Active 222 DOM
17. 2026-05-04
    price $39,500 952-char remark

    Show marketing remark (952 chars)

    * * Seller will pay 6 months of HOA fees at closing with a full-price offer! * * This is a fractional ownership offering: Eighth Share Estate H, consisting of an undivided 12.5% (one-eighth) interest as tenant-in-common in Eighth Share Unit 48 at El Corazon de Santa Fe. It is a deeded 1/8th share in Terra floorplan #48H. Owners are entitled to 4 weeks per year, with the possibility of more time if it's available. Two luxurious bedrooms and bathrooms, 1300 sqft, all single level. There is a main living room with fireplace, state-of-the-art kitchen with stainless steel appliances, separate dining area, master bath with dual vanities and jetted tub, private patio, and outdoor and covered garage parking available, accessed with key code. On-site gym, beautiful outdoor gathering spaces, gated property. Walk everywhere from this condo in the heart of downtown. Owners can exchange time through the Hyatt Vacation Club and Registry Collection.

18. 2025-10-20
    listed $42,000 Active 952-char remark

    Show marketing remark (952 chars)

    * * Seller will pay 6 months of HOA fees at closing with a full-price offer! * * This is a fractional ownership offering: Eighth Share Estate H, consisting of an undivided 12.5% (one-eighth) interest as tenant-in-common in Eighth Share Unit 48 at El Corazon de Santa Fe. It is a deeded 1/8th share in Terra floorplan #48H. Owners are entitled to 4 weeks per year, with the possibility of more time if it's available. Two luxurious bedrooms and bathrooms, 1300 sqft, all single level. There is a main living room with fireplace, state-of-the-art kitchen with stainless steel appliances, separate dining area, master bath with dual vanities and jetted tub, private patio, and outdoor and covered garage parking available, accessed with key code. On-site gym, beautiful outdoor gathering spaces, gated property. Walk everywhere from this condo in the heart of downtown. Owners can exchange time through the Hyatt Vacation Club and Registry Collection.

19. 2025-08-14
    price $50,000
20. 2025-05-19
    price $53,000
21. 2024-09-03
    price $58,000
22. 2024-08-06
    listed $65,000 Active
23. 2018-06-15
    soldstatus

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 2/10 Low 8 d/yr ≥87°F today · 21 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,920
• − Mortgage interest: −$2,213
• − Property taxes: −$592
• − Insurance: −$198
• − Repairs & maintenance: −$2,474
• − Management: −$2,474
• − HOA: −$9,528
• − Depreciation: −$1,149
• Taxable income: $12,293
• Est. tax owed @ 24.0%: −$2,950
• After-tax cash flow: $8,673/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: Santa Fe Public Schools
• NCES district ID: 3502370
• Math proficiency: 34% ▲ 16.00%
• Reading proficiency: 70% ▲ 40.00%
• Median HH income: $55,031
• Composite: 44.78/100
• National rank: #2744
• State rank: #6 of 29 in NM

Livability — Santa Fe

• Score: 74/100
• State rank: #9
• US rank: #4641

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Santa Fe, NM
• County: Santa Fe County · 118,003 people
• City population: 118,003
• Metro: Santa Fe, NM
• Population (ZIP): 16,007
• Household income: $79,603
• Rent vs Own: 34.8% rent · 65.2% own
• Severe rent burden: 905.0

Population outlook (Santa Fe County) Hauer SSP2

• Today (2025): 156,674 people
• By 2030: 159,422 · +1.8%
• By 2040: 160,891 · +2.7%
• By 2050: 159,966 · +2.1%
• By 2075: 161,318 · +3.0%
• By 2100: 157,302 · +0.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (64%)
• Race & ethnicity: White 64% Hispanic / Latino 28% Two or more races 15% Native American 1% Asian 1%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Italian 4% Slovak 3% Lithuanian 3%
• Foreign-born: 8% · Canada, Dominican Republic, China
• Languages at home: 82% English-only · Spanish 12% German/W. Germanic 1% Other Indo-European 1%

Political lean MEDSL · Santa Fe

• 2024 margin: Solid D (+48.9) · D 73.3% · R 24.4% · Other 2.2%
• 2008→2024 swing: -6.1pp toward R · 2008: 55.0pp · 2024: 48.9pp
• All cycles: 2024: D+48.9 2020: D+53.8 2016: D+51.0 2012: D+51.0 2008: D+55.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -595.93%
• Current HPI: 250.8292
• Rent YoY: ▲ 2.65%
• Metro: Santa Fe, NM
• State GDP YoY: —
• F500 in state: 0

Price history

-39.2% since first listed

7 events — show timeline

• 2026-05-04 Price Changed $39,500 Santa Fe MLS
• 2025-10-20 Listed $42,000 Santa Fe MLS
• 2025-08-14 Price Changed $50,000 Santa Fe MLS
• 2025-05-19 Price Changed $53,000 Santa Fe MLS
• 2024-09-03 Price Changed $58,000 Santa Fe MLS
• 2024-08-06 Listed $65,000 Santa Fe MLS
• 2018-06-15 Sold (Public Records) — Public Records

Property tax history

+1.1%/yr

Latest (2025): $3,603 · +2.6% YoY. Source: county tax records.