106 Fierro · Hanover, NM 88041

$115,000

3 bd · 1.0 ba · 1,369 sqft · SingleFamily public records · 86 Days on market

Built 1940 9,583 sqft lot ↓ 11% 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 +25.1/30.0
• DSCR +8.2/10.0
• ARV discount +7.5/15.0
• Appreciation +6.9/10.0
• 1% rule +5.5/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0

Listing remarks MLS

Escape to the quiet charm of rural living with this unique property at 106 Fierro in Hanover. Nestled in a peaceful setting, this home offers privacy, scenic surroundings, and plenty of space to make it your own. Ideal for those seeking a getaway, investment opportunity, or full-time residence with easy access to nearby Silver City amenities.

Key facts

• Easy access
• 9,583 sq ft lot
• Built 1940

Tags

• INVESTMENT OPPORTUNITY
• EASY ACCESS

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $253 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Recommended offer: $108k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 57/100 on livability (#162 in NM) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A; Watch: employment C-, schools D+, crime F.
• Cobre Consolidated Schools (town): math 13% / reading 33% proficiency, ranked #56 of 95 in NM (top 59%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 92% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 15 active listings in the ZIP.

Forward outlook

• In year one you build about $5k of equity ($795 loan paydown + $4k appreciation (3.8% local appreciation)).
• Grant County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.8% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 86 days — a 6% lower offer ($108k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $108,100 (6.0% below list)

Questions for the listing agent

1. It's been on market 86 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 1940 — 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 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.05% ✓
• Cap rate: 8.93%
• Cash-on-cash: 9.41%
• DSCR: 1.42
• GRM: 7.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

3.79% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 18.2%
• Equity multiple: 2.08×
• Total profit: $34,788
• Equity at exit: $56,904

10-year hold

• IRR: 19.0%
• Equity multiple: 3.96×
• Total profit: $95,415
• Equity at exit: $91,969

Cash invested: $32,200 (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 88041

• Home prices YoY: 2.7%
• Active inventory: 15
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $1,208 medium
• Mortgage (P&I): −$603
• Tax from tax record: −$51 /mo · $612/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$254
• Net cashflow: $253

Break-even live

Break-even rent $889

Max offer price $115,000

Occupancy floor 74%

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $115,000 Active 86 DOM
2. 2026-06-17
   days on market $115,000 Active 85 DOM
3. 2026-06-16
   days on market $115,000 Active 84 DOM
4. 2026-06-15
   days on market $115,000 Active 83 DOM
5. 2026-06-13
   days on market $115,000 Active 81 DOM
6. 2026-06-12
   days on market $115,000 Active 80 DOM
7. 2026-06-09
   days on market $115,000 Active 77 DOM
8. 2026-06-08
   days on market $115,000 Active 76 DOM
9. 2026-06-07
   days on market $115,000 Active 75 DOM
10. 2026-06-07
    days on market $115,000 Active 74 DOM
11. 2026-06-04
    days on market $115,000 Active 71 DOM
12. 2026-06-02
    days on market $115,000 Active 70 DOM
13. 2026-06-01
    days on market $115,000 Active 69 DOM
14. 2026-05-31
    days on market $115,000 Active 68 DOM
15. 2026-04-22
    price $115,000 344-char remark

    Show marketing remark (344 chars)

    Escape to the quiet charm of rural living with this unique property at 106 Fierro in Hanover. Nestled in a peaceful setting, this home offers privacy, scenic surroundings, and plenty of space to make it your own. Ideal for those seeking a getaway, investment opportunity, or full-time residence with easy access to nearby Silver City amenities.

16. 2026-03-23
    listed $129,000 Active 344-char remark

    Show marketing remark (344 chars)

    Escape to the quiet charm of rural living with this unique property at 106 Fierro in Hanover. Nestled in a peaceful setting, this home offers privacy, scenic surroundings, and plenty of space to make it your own. Ideal for those seeking a getaway, investment opportunity, or full-time residence with easy access to nearby Silver City amenities.

ⓘ 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: $612 · $51/mo
• Projected year-2 tax: $920 · $77/mo
• Expected delta: +$308/yr (+$26/mo · 50.2%)

ⓘ 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 10/10 Extreme
• 🌡 Heat 2/10 Low 9 d/yr ≥89°F today · 28 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,501
• − Mortgage interest: −$6,442
• − Property taxes: −$612
• − Insurance: −$575
• − Repairs & maintenance: −$1,160
• − Management: −$1,160
• − Depreciation: −$3,345
• Taxable income: $1,206
• Est. tax owed @ 24.0%: −$289
• After-tax cash flow: $2,742/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: Cobre Consolidated Schools
• NCES district ID: 3500600
• Math proficiency: 13% —
• Reading proficiency: 33% —
• Median HH income: $32,044
• Composite: 21.77/100
• National rank: #13581
• State rank: #56 of 95 in NM

Livability — Hanover

• Score: 57/100
• State rank: #162
• US rank: #22074

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hanover, NM
• Population (ZIP): 1,352

Population outlook (Grant County) Hauer SSP2

• Today (2025): 26,478 people
• By 2030: 25,179 · -4.9%
• By 2040: 22,711 · -14.2%
• By 2050: 20,807 · -21.4%
• By 2075: 16,893 · -36.2%
• By 2100: 13,020 · -50.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (56%)
• Race & ethnicity: White 56% Hispanic / Latino 44% Two or more races 22%
• Hispanic origin (detail): Mexican 36%
• Common ancestry: Italian 8% Slovak 2% Portuguese 1%
• Foreign-born: 1% · Canada
• Languages at home: 81% English-only · Spanish 19%

Political lean MEDSL · Grant

• 2024 margin: Lean D (+5.1) · D 51.3% · R 46.3% · Other 2.4%
• 2008→2024 swing: -14.8pp toward R · 2008: 19.9pp · 2024: 5.1pp
• All cycles: 2024: D+5.1 2020: D+7.2 2016: D+7.7 2012: D+13.5 2008: D+19.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 3.79%
• Current HPI: 142.6912
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-10.9% since first listed

2 events — show timeline

• 2026-04-22 Price Changed $115,000 SCRMLS
• 2026-03-23 Listed $129,000 SCRMLS

Property tax history

+2.8%/yr

Latest (2025): $612 · +0.7% YoY. Source: county tax records.