334 Otero Unit 14-2 · Santa Fe, NM 87501

$250,000

2 bd · 3.0 ba · 1,166 sqft · Timeshare · 149 Days on market

Built 1987 $674/mo HOA · 26% of rent

---

Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Cash flow +7.0/30.0
• 1% rule +5.3/10.0
• Schools +4.5/10.0
• Livability +3.7/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• DSCR +1.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming condominium quarter ownership just a few blocks from the Plaza. Beautiful architectural details found in gracious old adobe home with vigas, kiva fireplaces, sculptural smooth plaster walls, hand adzed lintels above windows and doors. Tile kitchen and baths. All furnishings and maintenance, inside and out by Owners Association. Owners Association management operates established rental program.

Key facts

• Kiva fireplaces
• Tile kitchen
• Smooth plaster walls

Tags

• ARCHITECTURAL DETAILS
• OLD ADOBE HOME
• KIVA FIREPLACES
• SMOOTH PLASTER WALLS
• HAND ADZED LINTELS
• TILE KITCHEN

What this means for you Summary

Snapshot

• This is a 2-bed/3.0-bath timeshare listed at $250k.

Deal economics

• At list price, monthly cash flow is $-370 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $196k (21.4% below list).
• Meets the 1% rule at list price ($3k rent vs $250k).
• Recommended offer: $196k (21.4% below list) — sets the bar for cash-flow.
• Cap rate 4.5% vs local median 2.3% 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); 240 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 74% 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 $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 149 days — a 12% lower offer ($220k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 15y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: HOA is 26% of rent.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $196,456 (21.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 149 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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 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: 1.03% ✓
• Cap rate: 4.52%
• Cash-on-cash: -6.34%
• DSCR: 0.72
• GRM: 8.1

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: -27.5%
• Equity multiple: 0.08×
• Total profit: $-64,527
• Equity at exit: $37,276

10-year hold

• IRR: -26.8%
• Equity multiple: -0.26×
• Total profit: $-88,373
• Equity at exit: $21,615

Cash invested: $70,000 (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 87501

• Rents YoY: 2.6%
• Active inventory: 240
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $2,572 high
• Mortgage (P&I): −$1,311
• Tax est. 1.5%: −$312 /mo · $3,750/yr
• Insurance: −$104
• HOA: −$674
• Vacancy / Maint / Mgmt: −$540
• Net cashflow: $-370

Break-even live

Break-even rent $3,040

Max offer price $196,456

Occupancy floor —

Sensitivity live

Price	-10% $-197	-5% $-284	+0% $-370	+5% $-456	+10% $-543
Rent	-10% $-573	-5% $-472	+0% $-370	+5% $-268	+10% $-167
Rate	-1.0pp $-244	-0.5pp $-306	base $-370	+0.5pp $-435	+1.0pp $-501

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
101 Williams St Unit A Santa Fe, NM	2.0	2.0	1314	$3,500	$2.66	45d	1	0.28mi
125 Martinez St Santa Fe, NM	1.0	1.0	963	$1,795	$1.86	45d	1	0.39mi
512 Sandia St Santa Fe, NM	2.0	1.0	720	$2,900	$4.03	45d	1	0.57mi
602 Griffin St Santa Fe, NM	2.0	2.0	1500	$3,500	$2.33	45d	1	0.63mi
231 W Manhattan Ave Unit A Santa Fe, NM	2.0	2.0	1250	$3,500	$2.80	45d	1	0.77mi
602 Agua Fria St Santa Fe, NM	2.0	1.5	1300	$2,950	$2.27	45d	1	0.85mi
1433 Paseo de Peralta Santa Fe, NM	2.0	1.0	1200	$2,300	$1.92	45d	1	0.90mi
235 Irvine St Unit Main Santa Fe, NM	1.0	1.0	850	$2,500	$2.94	22d	1	1.03mi
739 Montez Pl Santa Fe, NM	1.0	1.0	700	$1,675	$2.39	45d	1	1.06mi
909 Don Gaspar Ave Santa Fe, NM	2.0	1.0	1000	$2,500	$2.50	22d	1	1.11mi
701 Camino de la Familia Santa Fe, NM	1.0	2.0	1408	$3,375	$2.40	22d	1	1.16mi
1250 Avenida Morelia #101 Santa Fe, NM	1.0	1.0	1024	$2,300	$2.25	45d	1	1.18mi
941 Calle Mejia #105 Santa Fe, NM	2.0	2.0	848	$1,600	$1.89	22d	1	1.20mi
216 Miramonte St Santa Fe, NM	3.0	1.5	1300	$2,850	$2.19	45d	1	1.21mi
825 Calle Mejia Santa Fe, NM	2.0	1.0–2.0	947	$2,199	$2.32	22d	5	1.25mi
295 Lomita St Unit 2 Santa Fe, NM	1.0	1.0	750	$1,600	$2.13	45d	1	1.30mi
945 Agua Fria St Unit B Santa Fe, NM	1.0	1.0	1100	$2,250	$2.05	45d	1	1.34mi
537 Kathryn Ave Unit C Santa Fe, NM	1.0	1.0	1174	$1,805	$1.54	45d	1	1.43mi
406 Cortez Pl Santa Fe, NM	3.0	2.0	1450	$2,650	$1.83	45d	1	1.47mi

HOA detail

• Monthly dues: $674 · $8,088/yr
• Likely covers: gas

Listing history 19 events

1. 2026-06-22
   days on market $250,000 Active 149 DOM
2. 2026-06-19
   days on market $250,000 Active 147 DOM
3. 2026-06-18
   days on market $250,000 Active 146 DOM
4. 2026-06-17
   days on market $250,000 Active 145 DOM
5. 2026-06-16
   days on market $250,000 Active 144 DOM
6. 2026-06-15
   days on market $250,000 Active 143 DOM
7. 2026-06-14
   days on market $250,000 Active 141 DOM
8. 2026-06-13
   days on market $250,000 Active 140 DOM
9. 2026-06-10
   days on market $250,000 Active 138 DOM
10. 2026-06-09
    days on market $250,000 Active 137 DOM
11. 2026-06-08
    days on market $250,000 Active 136 DOM
12. 2026-06-07
    days on market $250,000 Active 135 DOM
13. 2026-06-03
    days on market $250,000 Active 131 DOM
14. 2026-06-02
    days on market $250,000 Active 130 DOM
15. 2026-06-01
    days on market $250,000 Active 129 DOM
16. 2026-05-31
    days on market $250,000 Active 128 DOM
17. 2026-05-30
    days on market $250,000 Active 127 DOM
18. 2026-01-23
    listed $250,000 Active 405-char remark

    Show marketing remark (405 chars)

    Charming condominium quarter ownership just a few blocks from the Plaza. Beautiful architectural details found in gracious old adobe home with vigas, kiva fireplaces, sculptural smooth plaster walls, hand adzed lintels above windows and doors. Tile kitchen and baths. All furnishings and maintenance, inside and out by Owners Association. Owners Association management operates established rental program.

19. 2011-05-30
    listed $240,000

ⓘ 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 ≥88°F today · 22 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: $30,861
• − Mortgage interest: −$14,004
• − Property taxes: −$3,750
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,469
• − Management: −$2,469
• − HOA: −$8,088
• − Depreciation: −$7,273
• Taxable loss: −$8,442
• Est. tax savings @ 24.0%: +$2,026
• After-tax cash flow: $-2,414/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

+4.2% since first listed

2 events — show timeline

• 2026-01-23 Listed $250,000 Santa Fe MLS
• 2011-05-30 Listed $240,000 Santa Fe MLS