Clovis’s current Zillow ZHVI is $162,727 and ZORI is $1,206 a month. That produces an 8.9% gross yield, calculated as annual ZORI divided by ZHVI, before taxes, insurance, maintenance, management, vacancy, utilities or financing. Against ACS median household income, the Zillow value is 3.0x income and annual ZORI is 26.4% of income. These are citywide screening measures, not a property cash flow or a claim that a given household can afford the rent.
Clovis has 17,125 housing units, and 37.9% of occupied units are renter-occupied. The ACS surveyed occupied stock reports a $169,400 median home value and $988 median gross rent, the latter including contract rent plus selected utilities. Those measures differ from Zillow’s typical city home value and typical observed market rent in definition and period, so they should not be averaged or substituted for one another.
Within the city, 50.1% of renter households are rent-burdened. The housing stock is 77.7% single-family and 2.9% large multifamily; this structure mix does not measure available investment inventory. Citywide vacancy is 12.7%; among vacant units, 449 are for rent, 251 for sale and 204 seasonal, so vacancy does not establish that a specific rental will lease quickly. Population fell 2.4% between overlapping ACS vintages, which is not annualized and may reflect boundary changes. Median household income is $54,820, while poverty is 21.7% and unemployment 8.8%; these describe demand constraints, not causes or tenant quality.
At the county scope, Curry County listings had a median 61 days on market and 16.9% price-reduced share, indicating that resale timing and seller concessions deserve conservative assumptions rather than being attributed to Clovis itself. At the metro scope, Clovis, NM jobs were down 1.4%, while housing supply was 5.5 months; these broader metro measures point to softer demand and more choice but do not measure city employment or city inventory. At the national scope, the Freddie Mac 30-year mortgage rate was 6.66%, a financing input that can materially affect debt service but says nothing about local property performance.
Underwriting remains limited by citywide medians, overlapping survey vintages, broader-context indicators and gross rather than net economics. Before deciding, verify the target property’s achievable rent, lease terms, utility responsibility, taxes, insurance and hazard exclusions, physical condition, repair reserves, management cost, expected downtime, title and zoning. Obtain current financing terms and inspect comparable property-level leases and sales; stress-test cash flow without treating city vacancy, county listings, metro labor or the national rate as a guarantee.