1 Road 6478 Unit 1,10, 2, 21, 25, 26, 30, · Kirtland, NM 87417

$850,000

24 bd · 16.0 ba · 8,648 sqft · MultiFamily · 81 Days on market

Fair condition ↓ 7% since listing

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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 +28.3/30.0
• DSCR +10.0/10.0
• 1% rule +7.8/10.0
• ARV discount +7.5/15.0
• Appreciation +7.1/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Schools +2.1/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Prime Multi-Parcel Mobile Home Park Investment -- Kirtland, NMEstablished mobile home park situated on nearly 9 acres and comprised of nine individually leased parcels, offering steady income and strong investment potential. Eight parcels include 2012 Clayton manufactured homes, each with 3 bedrooms and 2 bathrooms (two approximately 868 sq ft and six approximately 1,152 sq ft). The ninth parcel is leased as land only, providing an additional low-maintenance revenue stream. Each parcel ranges from approximately 0.90 to 1 acre and includes individual septic systems, water, and electric connections, simplifying management and providing tenants with independent utilities. With spacious lots, quality homes, and a stable rental base, this property offers both immediate cash flow and long-term appreciation potential in the Kirtland market. P & L available upon request. Buyer to verify square footage of manufactured homes.

Key facts

• Immediate cash flow
• Stable rental base
• Nearly 9 acres

Tags

• NEARLY 9 ACRES
• INDIVIDUAL SEPTIC SYSTEMS
• WATER AND ELECTRIC CONNECTIONS
• SPACIOUS LOTS
• STABLE RENTAL BASE
• IMMEDIATE CASH FLOW

What this means for you Summary

Snapshot

• This is a 24-bed/16.0-bath multifamily listed at $850k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $3k ($33k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $850k).
• Recommended offer: $799k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 66/100 on livability (#32 in NM) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, cost of living B; Watch: schools D+, amenities F, commute F.
• Central Consolidated Schools (rural): math 8% / reading 42% proficiency, ranked #26 of 29 in NM (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 95% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 19 active listings in the ZIP; 78 units permitted in San Juan County in 2024 (8 in 5+ unit buildings).

Forward outlook

• In year one you build about $41k of equity ($6k loan paydown + $35k appreciation (4.1% local appreciation)).
• San Juan County population projected at -51% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (4.1% appreciation + 3.0% rent growth), your $238k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$66k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 81 days — a 6% lower offer ($799k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $799,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 81 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 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: 1.28% ✓
• Cap rate: 10.14%
• Cash-on-cash: 13.72%
• DSCR: 1.61
• GRM: 6.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

4.14% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 22.9%
• Equity multiple: 2.38×
• Total profit: $328,513
• Equity at exit: $438,153

10-year hold

• IRR: 22.9%
• Equity multiple: 4.63×
• Total profit: $865,051
• Equity at exit: $722,432

Cash invested: $238,000 (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 87417

• Home prices YoY: 3.0%
• Active inventory: 19
• Price-to-rent: 58.3×

Monthly cashflow live

• Estimated rent: $10,881 medium
• Mortgage (P&I): −$4,457
• Tax est. 1.5%: −$1,062 /mo · $12,750/yr
• Insurance: −$354
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,285
• Net cashflow: $2,722

Break-even live

Break-even rent $7,436

Max offer price $850,000

Occupancy floor 70%

Sensitivity live

Price	-10% $3,309	-5% $3,016	+0% $2,722	+5% $2,428	+10% $2,134
Rent	-10% $1,862	-5% $2,292	+0% $2,722	+5% $3,152	+10% $3,581
Rate	-1.0pp $3,150	-0.5pp $2,938	base $2,722	+0.5pp $2,502	+1.0pp $2,277

9-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 8× units	3	2	$9,712
1× unit	0	0	$1,165
Total (9 units)			$10,881

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: $212,500
• Closing costs: $25,500
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-06-01
   days on market $850,000 Active 81 DOM
2. 2026-05-31
   days on market $850,000 Active 80 DOM
3. 2026-05-30
   days on market $850,000 Active 79 DOM
4. 2026-04-17
   price $850,000 933-char remark

   Show marketing remark (933 chars)

   Prime Multi-Parcel Mobile Home Park Investment -- Kirtland, NMEstablished mobile home park situated on nearly 9 acres and comprised of nine individually leased parcels, offering steady income and strong investment potential. Eight parcels include 2012 Clayton manufactured homes, each with 3 bedrooms and 2 bathrooms (two approximately 868 sq ft and six approximately 1,152 sq ft). The ninth parcel is leased as land only, providing an additional low-maintenance revenue stream. Each parcel ranges from approximately 0.90 to 1 acre and includes individual septic systems, water, and electric connections, simplifying management and providing tenants with independent utilities. With spacious lots, quality homes, and a stable rental base, this property offers both immediate cash flow and long-term appreciation potential in the Kirtland market. P & L available upon request. Buyer to verify square footage of manufactured homes.

5. 2026-03-12
   listed $910,000 Active 933-char remark

   Show marketing remark (933 chars)

   Prime Multi-Parcel Mobile Home Park Investment -- Kirtland, NMEstablished mobile home park situated on nearly 9 acres and comprised of nine individually leased parcels, offering steady income and strong investment potential. Eight parcels include 2012 Clayton manufactured homes, each with 3 bedrooms and 2 bathrooms (two approximately 868 sq ft and six approximately 1,152 sq ft). The ninth parcel is leased as land only, providing an additional low-maintenance revenue stream. Each parcel ranges from approximately 0.90 to 1 acre and includes individual septic systems, water, and electric connections, simplifying management and providing tenants with independent utilities. With spacious lots, quality homes, and a stable rental base, this property offers both immediate cash flow and long-term appreciation potential in the Kirtland market. P & L available upon request. Buyer to verify square footage of manufactured homes.

ⓘ 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 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥94°F today · 19 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $130,572
• − Mortgage interest: −$47,613
• − Property taxes: −$12,750
• − Insurance: −$4,250
• − Repairs & maintenance: −$10,446
• − Management: −$10,446
• − Depreciation: −$24,727
• Taxable income: $20,340
• Est. tax owed @ 24.0%: −$4,882
• After-tax cash flow: $27,780/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.

Condition & rehab AI · 13 photos

Fair 45/100 Cosmetic rehab

The property is in fair condition with some cosmetic updates needed to improve its appearance and appeal for both resale and rental.

Repairs flagged

• Minor Kitchen flooring — The flooring in the kitchen looks dated and could be replaced for a more modern look.
• Minor Bathroom flooring — The bathroom flooring looks dated and could be replaced for a more modern look.
• Minor Paint — The paint on the interior walls could be refreshed for a more updated look.
• Minor Landscaping — The landscaping is sparse and could benefit from some maintenance and landscaping improvements.

Value-add opportunities

• Both Painting the interior walls and updating the flooring in the kitchen and bathroom — Refreshing the paint and updating the flooring will improve the overall appearance and appeal of the home, both for resale and rental.
• Both Landscaping improvements — Landscaping improvements will enhance the curb appeal and overall aesthetic of the property, making it more attractive to potential buyers or renters.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen flooring · The flooring in the kitchen looks dated and could be replaced for a more modern look.	Minor	$500–3,000
Bathroom flooring · The bathroom flooring looks dated and could be replaced for a more modern look.	Minor	$500–3,000
Paint · The paint on the interior walls could be refreshed for a more updated look.	Minor	$500–3,000
Landscaping · The landscaping is sparse and could benefit from some maintenance and landscaping improvements.	Minor	$500–3,000
Total estimated repair cost · 4 items		$2,000–12,000

Value-add ROI direction

• Both Painting the interior walls and updating the flooring in the kitchen and bathroom — Refreshing the paint and updating the flooring will improve the overall appearance and appeal of the home, both for resale and rental. ↑
• Both Landscaping improvements — Landscaping improvements will enhance the curb appeal and overall aesthetic of the property, making it more attractive to potential buyers or renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Central Consolidated Schools
• NCES district ID: 3500390
• Math proficiency: 8% ▼ -5.00%
• Reading proficiency: 42% ▲ 11.00%
• Median HH income: $36,722
• Composite: 20.65/100
• National rank: #8542
• State rank: #26 of 29 in NM

Livability — Kirtland

• Score: 66/100
• State rank: #32
• US rank: #11261

Category grades

Amenities F Commute F Cost of living B Crime C+ Employment A+ Housing A+ Health & safety F User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 6,507

Population outlook (San Juan County) Hauer SSP2

• Today (2025): 95,201 people
• By 2030: 84,154 · -11.6%
• By 2040: 63,810 · -33.0%
• By 2050: 46,929 · -50.7%
• By 2075: 21,097 · -77.8%
• By 2100: 9,410 · -90.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.87)
• Race & ethnicity: Native American 55% White 35% Hispanic / Latino 6% Two or more races 5%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Slovak 5% Lithuanian 1% Romanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 67% English-only · Spanish 5%

Political lean MEDSL · San Juan

• 2024 margin: Solid R (+31.7) · D 33.0% · R 64.7% · Other 2.3%
• 2008→2024 swing: -10.6pp toward R · 2008: -21.2pp · 2024: -31.7pp
• All cycles: 2024: R+31.7 2020: R+28.3 2016: R+33.1 2012: R+28.5 2008: R+21.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.14%
• Current HPI: 140.67
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-6.6% since first listed

2 events — show timeline

• 2026-04-17 Price Changed $850,000 SJCMLS
• 2026-03-12 Listed $910,000 SJCMLS