903 W Iron Ave · Hobbs, NM 88240

$180,000

3 bd · 1.0 ba · 1,727 sqft · SingleFamily public records · 4 Days on market

Built 1961

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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
• DSCR +10.0/10.0
• 1% rule +8.7/10.0
• ARV discount +7.5/15.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Check out this perfect opportunity for an investment or a place to make your own. Has 3 bedrooms 1 full bath with Den that can be used for additional living space or as a fourth bedroom. It also includes a closed in patio with built in fire grill for those summer family gathering! This property is being sold in As Is condition. Seller is not willing to do any repairs.

Key facts

• Built in fire grill
• Closed in patio
• 2 garage spots

Tags

• CLOSED IN PATIO
• BUILT IN FIRE GRILL

Property features AI

Exterior

• Parking: Detached garage; Two covered parking spaces; Two total parking spaces; Two garage spaces
• Utilities: Public water; Sewer connected; Electricity connected; Natural gas connected; Natural gas available
• Home design: Single-family residence; One-story; One level
• Construction: Brick, frame, and stucco construction; Shingle roof; Slab foundation; Built with traditional materials
• Exterior features: Glass-enclosed patio/porch; Block fencing; Fenced yard; Shed(s)

Interior

• Kitchen: Free-standing range; Refrigerator
• Flooring: Carpet; Tile; Vinyl
• Bathrooms: One full bathroom
• Heating & cooling: Natural gas heating; Wall furnace; Ceiling fans for cooling; Evaporative cooling
• Interior features: Ceiling fans; Aluminum window frames
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $794 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).

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; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 172 units permitted in Lea County in 2024 (0 in 5+ unit buildings).
• At $2,458/mo this rent would consume 47% 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 $1k of loan paydown is wiped out by about $5k 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 $50k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• 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 $180,000

Questions for the listing agent

1. Built in 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.37% ✓
• Cap rate: 12.03%
• Cash-on-cash: 20.49%
• DSCR: 1.91
• GRM: 6.1

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: 10.7%
• Equity multiple: 1.42×
• Total profit: $21,382
• Equity at exit: $26,839

10-year hold

• IRR: 19.8%
• Equity multiple: 2.66×
• Total profit: $83,649
• Equity at exit: $15,563

Cash invested: $50,400 (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: 6.1×

Monthly cashflow live

• Estimated rent: $2,458 medium
• Mortgage (P&I): −$944
• Tax from tax record: −$62 /mo · $749/yr
• Insurance: −$75
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$516
• Net cashflow: $794

Break-even live

Break-even rent $1,453

Max offer price $180,000

Occupancy floor 63%

Sensitivity live

Price	-10% $896	-5% $845	+0% $794	+5% $743	+10% $692
Rent	-10% $600	-5% $697	+0% $794	+5% $891	+10% $988
Rate	-1.0pp $885	-0.5pp $840	base $794	+0.5pp $747	+1.0pp $700

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3901 N Central Dr Hobbs, NM	1.0–3.0	1.0–2.0	980	$1,958	$2.00	44d	14	0.81mi
5109 W Grey Ghost Rd Hobbs, NM	4.0	2.0	2088	$3,450	$1.65	44d	1	0.86mi
211 E Alto Dr Hobbs, NM	3.0	2.0	2066	$2,400	$1.16	44d	1	1.22mi
1107 E La Brea Ave Hobbs, NM	4.0	2.0	1900	$3,200	$1.68	44d	1	1.41mi

Listing history 5 events

1. 2026-06-18
   days on market $180,000 Active 4 DOM
2. 2026-06-17
   days on market $180,000 Active 3 DOM
3. 2026-06-16
   days on market $180,000 Active 2 DOM
4. 2026-06-15
   remarks 370-char remark
5. 2026-06-15
   listed $180,000 Active 1 DOM

ⓘ 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: $749 · $62/mo
• Projected year-2 tax: $1,440 · $120/mo
• Expected delta: +$691/yr (+$58/mo · 92.3%)

ⓘ 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 0% 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: $29,496
• − Mortgage interest: −$10,083
• − Property taxes: −$749
• − Insurance: −$1,697
• − Repairs & maintenance: −$2,360
• − Management: −$2,360
• − Depreciation: −$5,236
• Taxable income: $7,011
• Est. tax owed @ 24.0%: −$1,683
• After-tax cash flow: $7,846/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

1 event — show timeline

• 2026-06-14 Listed $180,000 NMMLS

Property tax history

+3.9%/yr

Latest (2025): $749 · +1.9% YoY. Source: county tax records.