941 Calle Mejia #108 · Santa Fe, NM 87501

$220,000

2 bd · 2.0 ba · 789 sqft · Condo public records · 198 Days on market

Built 1984 $279/sqft · 66% below area $600/mo HOA · 30% 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 +6.4/30.0
• Schools +4.5/10.0
• 1% rule +4.0/10.0
• Livability +3.7/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• DSCR +0.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Happy New Year. Simply, easy in and out to get home after long day of work! This lovely 2 bedroom/2 bath home opens up to treed area creating a sense of tranquility. The deck (with storage area) can be yours! Open concept living dining leads to efficient kitchen. Owner's suite has walk in closet and it's own 3/4 bath. Roomy second bedroom serves well for guests, office, as well as it's intended purpose. Easily accessible to 285 to get you to Los Alamos or hit 599 to head south. Close to the amenities that The Reserve offers will make this the smartest investment!

Key facts

• 3/4 bath
• Walk in closet
• Roomy second bedroom

Tags

• DECK WITH STORAGE AREA
• OPEN CONCEPT LIVING DINING
• WALK IN CLOSET
• 3/4 BATH
• ROOMY SECOND BEDROOM
• EASILY ACCESSIBLE TO 285

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $220k.

Deal economics

• At list price, monthly cash flow is $-378 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $153k (30.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $198k (10.2% below list).
• Recommended offer: $153k (30.4% below list) — sets the bar for cash-flow.
• Cap rate 4.2% 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; 10 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 60% 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).

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.

Negotiation context

• It's been on market 198 days — a 12% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 22y ago; this cycle's ask has dropped $35k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 30% of rent.

Recommended offer $153,171 (30.4% 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 198 days. Have you received any prior offers? Is the seller open to a 30% 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. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 0.90% ✗
• Cap rate: 4.23%
• Cash-on-cash: -7.37%
• DSCR: 0.67
• GRM: 9.3

CMA / ARV

• ARV (median comp): $639,000
• List price: $220,000
• Delta: -65.57%
• Verdict: UNDERPRICED
• Comps: 3 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -29.5%
• Equity multiple: 0.02×
• Total profit: $-60,150
• Equity at exit: $32,803

10-year hold

• IRR: -31.3%
• Equity multiple: -0.38×
• Total profit: $-85,062
• Equity at exit: $19,022

Cash invested: $61,600 (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: 9.3×

Monthly cashflow live

• Estimated rent: $1,976 high
• Mortgage (P&I): −$1,154
• Tax from tax record: −$94 /mo · $1,126/yr
• Insurance: −$92
• HOA: −$600
• Vacancy / Maint / Mgmt: −$415
• Net cashflow: $-378

Break-even live

Break-even rent $2,455

Max offer price $153,171

Occupancy floor —

Sensitivity live

Price	-10% $-254	-5% $-316	+0% $-378	+5% $-441	+10% $-503
Rent	-10% $-534	-5% $-456	+0% $-378	+5% $-300	+10% $-222
Rate	-1.0pp $-268	-0.5pp $-322	base $-378	+0.5pp $-435	+1.0pp $-493

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
941 Calle Mejia #105 Santa Fe, NM	2.0	2.0	848	$1,600	$1.89	21d	1	0.03mi
941 Calle Mejia Santa Fe, NM	1.0	1.0	582	$1,700	$2.92	44d	1	0.06mi
825 Calle Mejia Santa Fe, NM	2.0	1.0–2.0	947	$2,199	$2.32	21d	5	0.09mi
1250 Avenida Morelia #101 Santa Fe, NM	1.0	1.0	1024	$2,300	$2.25	44d	1	0.18mi
512 Sandia St Santa Fe, NM	2.0	1.0	720	$2,900	$4.03	44d	1	0.85mi
235 Irvine St Unit Main Santa Fe, NM	1.0	1.0	850	$2,500	$2.94	21d	1	1.20mi
410 Sunset St Unit 3 Santa Fe, NM	1.0	1.0	573	$1,650	$2.88	21d	1	1.26mi
302 Artist Rd Apt 4 Santa Fe, NM	1.0	1.0	584	$1,350	$2.31	44d	1	1.27mi
945 Agua Fria St Unit B Santa Fe, NM	1.0	1.0	1100	$2,250	$2.05	44d	1	1.40mi
739 Montez Pl Santa Fe, NM	1.0	1.0	700	$1,675	$2.39	44d	1	1.46mi

HOA detail condo

• Monthly dues: $600 · $7,200/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 24 events

1. 2026-06-19
   days on market $220,000 Active 198 DOM
2. 2026-06-18
   days on market $220,000 Active 197 DOM
3. 2026-06-17
   days on market $220,000 Active 196 DOM
4. 2026-06-16
   days on market $220,000 Active 195 DOM
5. 2026-06-15
   days on market $220,000 Active 194 DOM
6. 2026-06-14
   days on market $220,000 Active 192 DOM
7. 2026-06-13
   days on market $220,000 Active 191 DOM
8. 2026-06-10
   days on market $220,000 Active 189 DOM
9. 2026-06-09
   days on market $220,000 Active 188 DOM
10. 2026-06-08
    days on market $220,000 Active 187 DOM
11. 2026-06-07
    days on market $220,000 Active 186 DOM
12. 2026-06-03
    days on market $220,000 Active 182 DOM
13. 2026-06-02
    remarks 578-char remark
14. 2026-06-02
    pricedays on market $220,000 Active 181 DOM
15. 2026-06-01
    days on market $234,500 Active 180 DOM
16. 2026-05-31
    days on market $234,500 Active 179 DOM
17. 2026-05-30
    days on market $234,500 Active 178 DOM
18. 2026-03-27
    price $234,500 571-char remark

    Show marketing remark (571 chars)

    Happy New Year. Simply, easy in and out to get home after long day of work! This lovely 2 bedroom/2 bath home opens up to treed area creating a sense of tranquility. The deck (with storage area) can be yours! Open concept living dining leads to efficient kitchen. Owner's suite has walk in closet and it's own 3/4 bath. Roomy second bedroom serves well for guests, office, as well as it's intended purpose. Easily accessible to 285 to get you to Los Alamos or hit 599 to head south. Close to the amenities that The Reserve offers will make this the smartest investment!

19. 2025-12-18
    price $240,000 571-char remark

    Show marketing remark (571 chars)

    Happy New Year. Simply, easy in and out to get home after long day of work! This lovely 2 bedroom/2 bath home opens up to treed area creating a sense of tranquility. The deck (with storage area) can be yours! Open concept living dining leads to efficient kitchen. Owner's suite has walk in closet and it's own 3/4 bath. Roomy second bedroom serves well for guests, office, as well as it's intended purpose. Easily accessible to 285 to get you to Los Alamos or hit 599 to head south. Close to the amenities that The Reserve offers will make this the smartest investment!

20. 2025-12-03
    listed $255,000 Active 571-char remark

    Show marketing remark (571 chars)

    Happy New Year. Simply, easy in and out to get home after long day of work! This lovely 2 bedroom/2 bath home opens up to treed area creating a sense of tranquility. The deck (with storage area) can be yours! Open concept living dining leads to efficient kitchen. Owner's suite has walk in closet and it's own 3/4 bath. Roomy second bedroom serves well for guests, office, as well as it's intended purpose. Easily accessible to 285 to get you to Los Alamos or hit 599 to head south. Close to the amenities that The Reserve offers will make this the smartest investment!

21. 2023-10-20
    historical $2,100
22. 2023-09-27
    listed $2,100
23. 2009-02-19
    soldstatus
24. 2004-07-14
    listed $162,120

ⓘ 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: $1,126 · $94/mo
• Projected year-2 tax: $1,760 · $147/mo
• Expected delta: +$634/yr (+$53/mo · 56.3%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 2/10 Low 7 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: $23,710
• − Mortgage interest: −$12,323
• − Property taxes: −$1,126
• − Insurance: −$1,100
• − Repairs & maintenance: −$1,897
• − Management: −$1,897
• − HOA: −$7,200
• − Depreciation: −$6,400
• Taxable loss: −$8,233
• Est. tax savings @ 24.0%: +$1,976
• After-tax cash flow: $-2,564/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

+44.6% since first listed

7 events — show timeline

• 2026-03-27 Price Changed $234,500 Santa Fe MLS
• 2025-12-18 Price Changed $240,000 Santa Fe MLS
• 2025-12-03 Listed $255,000 Santa Fe MLS
• 2023-10-20 Rental Removed $2,100 Avail
• 2023-09-27 Listed for Rent $2,100 Avail
• 2009-02-19 Sold (Public Records) — Public Records
• 2004-07-14 Listed $162,120 Santa Fe MLS

Property tax history

+1.9%/yr

Latest (2025): $1,126 · +2.6% YoY. Source: county tax records.