1309 N Reid St Unit 1311 N Reid St

Clovis, NM 88101

$205,000F

None bd · None ba · — sqft · Built 1962 · Condo · Active · 93 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,051/mo
• Mortgage (P&I): −$1,075
• Tax + insurance: −$342
• HOA: −$0
• Vac / Maint / Mgmt: −$221
• Net cashflow: $-586/mo
• Annual: $-7,036/yr
• Cap rate: 2.86%
• Cash-on-cash: -12.26%
• DSCR: 0.45
• 1% rule: 0.51%
• Cash to close: $57,400

Investor read

• This is a condo listed at $205k. Condition is rated good.
• At list price, monthly cash flow is $-586 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $120k (41.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $105k (48.7% below list).
• It's been on market 93 days — a 9% lower offer ($187k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $105k (48.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 56/100 on livability (#171 in NM) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: health & safety C-, schools F, crime F.
• Clovis Municipal Schools (town): math 31% / reading 49% proficiency, ranked #13 of 29 in NM (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+5.5%/yr); 464 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 169 units permitted in Curry County in 2024 (0 in 5+ unit buildings).
• Curry County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• 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?
• It's been on market 93 days. Have you received any prior offers? Is the seller open to a 49% concession, seller financing, or rate buy-down credit?
• Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?