700 E Permian Dr · Hobbs, NM 88240

$225,000

3 bd · 2.0 ba · 2,128 sqft · SingleFamily public records · 66 Days on market

Built 1955 6,760 sqft lot $106/sqft · 55% above area ↓ 8% since listing

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Why this score? — see what drove the C- 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 +20.9/30.0
• ARV discount +7.5/15.0
• DSCR +6.7/10.0
• 1% rule +4.4/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Schedule Your Tour for this Spacious Home Located in an Established Neighborhood in Hobbs, NM. This home features 3 bedrooms and 2 baths with cozy fireplace. Home also has an in-ground pool in the back of the property. This is a unique property located in close proximity to schools, shopping, and restaurants. Schedule Your Showing Today!

Key facts

• In-ground pool
• 6,760 sq ft lot
• Built 1955

Tags

• IN-GROUND POOL
• ESTABLISHED NEIGHBORHOOD
• CLOSE PROXIMITY TO SCHOOLS
• CLOSE PROXIMITY TO SHOPPING
• CLOSE PROXIMITY TO RESTAURANTS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $225k.

Deal economics

• At list price, monthly cash flow is $248 ($3k/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 $211k (6.1% below list).
• Recommended offer: $211k (6.1% below list) — sets the bar for 1% rule.

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; 2 comparable units currently listed for rent nearby; 172 units permitted in Lea County in 2024 (0 in 5+ unit buildings).
• This rent runs 40% of the median local income ($63k/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 $2k of loan paydown is wiped out by about $7k 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.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($212k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $20k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; severe wildfire risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $211,181 (6.1% below list)

Questions for the listing agent

1. It's been on market 66 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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 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?
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. 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: 0.94% ✗
• Cap rate: 7.97%
• Cash-on-cash: 5.98%
• DSCR: 1.27
• GRM: 8.9

CMA / ARV

• ARV (median comp): $120,359
• List price: $225,000
• Delta: 86.94%
• Verdict: OVERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -9.0%
• Equity multiple: 0.67×
• Total profit: $-20,742
• Equity at exit: $33,548

10-year hold

• IRR: 0.5%
• Equity multiple: 1.03×
• Total profit: $2,038
• Equity at exit: $19,454

Cash invested: $63,000 (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: 8.9×

Monthly cashflow live

• Estimated rent: $2,112 medium
• Mortgage (P&I): −$1,180
• Tax from tax record: −$81 /mo · $967/yr
• Insurance: −$94
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$443
• Net cashflow: $248

Break-even live

Break-even rent $1,798

Max offer price $225,000

Occupancy floor 83%

Sensitivity live

Price	-10% $375	-5% $311	+0% $248	+5% $184	+10% $120
Rent	-10% $81	-5% $164	+0% $248	+5% $331	+10% $414
Rate	-1.0pp $361	-0.5pp $305	base $248	+0.5pp $189	+1.0pp $130

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
211 E Alto Dr Hobbs, NM	3.0	2.0	2066	$2,400	$1.16	44d	1	0.41mi
1107 E La Brea Ave Hobbs, NM	4.0	2.0	1900	$3,200	$1.68	44d	1	1.27mi

Listing history 12 events

1. 2026-06-14
   statusdays on market $225,000 Pending 66 DOM
2. 2026-06-13
   statusdays on market $225,000 Active 65 DOM
3. 2026-06-01
   status $225,000 Pending 64 DOM
4. 2026-05-31
   days on market $225,000 Active 64 DOM
5. 2026-05-30
   days on market $225,000 Active 63 DOM
6. 2026-04-27
   status Active 339-char remark

   Show marketing remark (339 chars)

   Schedule Your Tour for this Spacious Home Located in an Established Neighborhood in Hobbs, NM. This home features 3 bedrooms and 2 baths with cozy fireplace. Home also has an in-ground pool in the back of the property. This is a unique property located in close proximity to schools, shopping, and restaurants. Schedule Your Showing Today!

7. 2026-03-02
   status Pending 339-char remark

   Show marketing remark (339 chars)

   Schedule Your Tour for this Spacious Home Located in an Established Neighborhood in Hobbs, NM. This home features 3 bedrooms and 2 baths with cozy fireplace. Home also has an in-ground pool in the back of the property. This is a unique property located in close proximity to schools, shopping, and restaurants. Schedule Your Showing Today!

8. 2026-02-20
   price $225,000 339-char remark

   Show marketing remark (339 chars)

   Schedule Your Tour for this Spacious Home Located in an Established Neighborhood in Hobbs, NM. This home features 3 bedrooms and 2 baths with cozy fireplace. Home also has an in-ground pool in the back of the property. This is a unique property located in close proximity to schools, shopping, and restaurants. Schedule Your Showing Today!

9. 2026-02-03
   status Active 339-char remark

   Show marketing remark (339 chars)

   Schedule Your Tour for this Spacious Home Located in an Established Neighborhood in Hobbs, NM. This home features 3 bedrooms and 2 baths with cozy fireplace. Home also has an in-ground pool in the back of the property. This is a unique property located in close proximity to schools, shopping, and restaurants. Schedule Your Showing Today!

10. 2026-01-20
    status Pending 339-char remark

    Show marketing remark (339 chars)

    Schedule Your Tour for this Spacious Home Located in an Established Neighborhood in Hobbs, NM. This home features 3 bedrooms and 2 baths with cozy fireplace. Home also has an in-ground pool in the back of the property. This is a unique property located in close proximity to schools, shopping, and restaurants. Schedule Your Showing Today!

11. 2026-01-16
    listed $245,000 Active 339-char remark

    Show marketing remark (339 chars)

    Schedule Your Tour for this Spacious Home Located in an Established Neighborhood in Hobbs, NM. This home features 3 bedrooms and 2 baths with cozy fireplace. Home also has an in-ground pool in the back of the property. This is a unique property located in close proximity to schools, shopping, and restaurants. Schedule Your Showing Today!

12. 2005-03-07
    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: $967 · $81/mo
• Projected year-2 tax: $1,800 · $150/mo
• Expected delta: +$833/yr (+$69/mo · 86.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 8/10 Severe
• 🌡 Heat 5/10 Major 7 d/yr ≥100°F today · 19 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: $25,342
• − Mortgage interest: −$12,603
• − Property taxes: −$967
• − Insurance: −$1,922
• − Repairs & maintenance: −$2,027
• − Management: −$2,027
• − Depreciation: −$6,545
• Taxable loss: −$752
• Est. tax savings @ 24.0%: +$180
• After-tax cash flow: $3,151/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: 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

-8.2% since first listed

7 events — show timeline

• 2026-04-27 Relisted — NMMLS
• 2026-03-02 Pending — NMMLS
• 2026-02-20 Price Changed $225,000 NMMLS
• 2026-02-03 Relisted — NMMLS
• 2026-01-20 Pending — NMMLS
• 2026-01-16 Listed $245,000 NMMLS
• 2005-03-07 Sold (Public Records) — Public Records

Property tax history

+1.7%/yr

Latest (2025): $967 · -1.2% YoY. Source: county tax records.