393 E San Miguel St Unit 1-4 · La Mesa, NM 88044

$475,000

28 bd · 16.0 ba · 4,460 sqft · MultiFamily · 10 Days on market

Fair condition 0.49 ac lot

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Why this score? — see what drove the C- 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 +18.6/30.0
• ARV discount +7.5/15.0
• Appreciation +6.1/10.0
• DSCR +5.8/10.0
• 1% rule +5.0/10.0
• Rent growth +2.5/5.0
• Livability +2.4/5.0
• Schools +2.2/10.0
• Condition / age +2.2/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

Located in La Mesa, NM is this charming adobe complex that sits on . 49 acre. You'll find two dwellings that are ideal for generating rental income or multi-generational living. The main structure is approximately 3978 s/f and consists of 3 apartments. Apt. #1 is a 2B/1BA. Apt. #2 is 2B/. 75 BA. Apt. #3 is a 2B/. 75BA and Apt. #4 (casita) is a 1B/1BA in approximately 482 s/f. Apt #1-#3 have washer/dryer hookups. Architectural elements in the form of nichos, vigas and beams, talavera and ceramic tile can be found throughout. There's plenty of parking space for tenants, guests and RV access if needed.

Key facts

• Community water
• Adobe construction
• Natural gas

Tags

• ADOBE CONSTRUCTION
• POTENTIAL RENTAL INCOME
• MULTI-GENERATIONAL LIVING
• CERAMIC TILE FLOORING
• COMMUNITY WATER
• NATURAL GAS

Property features AI

Finance

• Other: Directions: Take NM- Highway 28 toward La Mesa. Turn east onto San Jose Rd; property is on the northwest corner with E San Miguel Street.
• HOA & community: Storage available through the association

Exterior

• Parking: Paved parking with 6 total parking spaces
• Utilities: Public water; Public sewer
• Home design: Residential income property; Quadruplex; Approximately 0.49 acre lot
• Construction: Adobe and stucco construction
• Exterior features: Front yard and back yard fencing; Chain link and wire fencing; Flat roof

Interior

• Kitchen: Range
• Flooring: Ceramic tile
• Heating & cooling: Heat pump heating; Heat pump cooling; Window air conditioning units
• Interior features: Washer and dryer included; Ceramic tile flooring
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 4 × 7-bed/?-bath units multifamily listed at $475k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $460 ($6k/yr) — positive. Per door: $115/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $474k (0.3% below list).
• Recommended offer: $474k (0.3% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 48/100 on livability (#310 in NM) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: schools F, crime F, amenities F.
• Gadsden Independent Schools (rural): math 20% / reading 34% proficiency, ranked #21 of 29 in NM (top 72%) — 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: 24 active listings in the ZIP; 964 units permitted in Doña Ana County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $14k of equity ($3k loan paydown + $11k appreciation (2.2% local appreciation)).
• At projected returns (2.2% appreciation + 3.0% rent growth), your $133k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 4y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $473,800 (0.3% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.00% ✗
• Cap rate: 7.46%
• Cash-on-cash: 4.15%
• DSCR: 1.18
• GRM: 8.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

2.25% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 9.3%
• Equity multiple: 1.51×
• Total profit: $68,013
• Equity at exit: $193,791

10-year hold

• IRR: 12.3%
• Equity multiple: 2.69×
• Total profit: $225,065
• Equity at exit: $284,095

Cash invested: $133,000 (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 88044

• Home prices YoY: 0.9%
• Active inventory: 24
• Price-to-rent: 33.4×

Monthly cashflow live

• Estimated rent: $4,738 medium
• Mortgage (P&I): −$2,491
• Tax est. 1.5%: −$594 /mo · $7,125/yr
• Insurance: −$198
• HOA: −$0
• Vacancy / Maint / Mgmt: −$995
• Net cashflow: $460

Break-even live

Break-even rent $4,155

Max offer price $475,000

Occupancy floor 85%

Sensitivity live

Price	-10% $789	-5% $625	+0% $460	+5% $296	+10% $132
Rent	-10% $86	-5% $273	+0% $460	+5% $648	+10% $835
Rate	-1.0pp $700	-0.5pp $581	base $460	+0.5pp $337	+1.0pp $212

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

Units	Beds	Baths	Est. rent
▸ 4× units	7	—	$4,736
Total (4 units)			$4,738

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: $118,750
• Closing costs: $14,250
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-06-19
   days on market $475,000 Active 10 DOM
2. 2026-06-18
   days on market $475,000 Active 9 DOM
3. 2026-06-17
   days on market $475,000 Active 8 DOM
4. 2026-06-16
   days on market $475,000 Active 7 DOM
5. 2026-06-15
   days on market $475,000 Active 6 DOM
6. 2026-06-14
   days on market $475,000 Active 4 DOM
7. 2026-06-13
   days on market $475,000 Active 3 DOM
8. 2026-06-10
   remarks 699-char remark
9. 2026-06-10
   listed $475,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥100°F today · 28 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: $56,856
• − Mortgage interest: −$26,607
• − Property taxes: −$7,125
• − Insurance: −$2,375
• − Repairs & maintenance: −$4,548
• − Management: −$4,548
• − Depreciation: −$13,818
• Taxable loss: −$2,167
• Est. tax savings @ 24.0%: +$520
• After-tax cash flow: $6,045/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 · 12 photos

Fair 45/100 Moderate rehab

This multi-family property requires moderate renovations to update the kitchens and bathrooms, repair the exterior, and replace the HVAC system. The home has potential for rental income and multi-generational living.

Repairs flagged

• Moderate kitchen cabinets — dated and in need of updating
• Moderate bathroom cabinets — dated and in need of updating
• Moderate kitchen appliances — dated and in need of updating
• Moderate bathroom fixtures — dated and in need of updating

Value-add opportunities

• Both update kitchen cabinets and appliances — modernizing the kitchen will appeal to buyers and renters
• Both update bathroom cabinets and fixtures — modernizing the bathrooms will appeal to buyers and renters
• Both paint exterior — fresh paint will improve curb appeal and value
• Both repair/replace roof — a new roof will improve the home's appearance and value
• Both repair/replace HVAC system — a new HVAC system will improve comfort and energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and in need of updating	Moderate	$3,000–15,000
bathroom cabinets · dated and in need of updating	Moderate	$3,000–15,000
kitchen appliances · dated and in need of updating	Moderate	$3,000–15,000
bathroom fixtures · dated and in need of updating	Moderate	$3,000–15,000
Total estimated repair cost · 4 items		$12,000–60,000

Value-add ROI direction

• Both update kitchen cabinets and appliances — modernizing the kitchen will appeal to buyers and renters ↑
• Both update bathroom cabinets and fixtures — modernizing the bathrooms will appeal to buyers and renters ↑
• Both paint exterior — fresh paint will improve curb appeal and value ↑
• Both repair/replace roof — a new roof will improve the home's appearance and value ↑
• Both repair/replace HVAC system — a new HVAC system will improve comfort and energy efficiency ↑

ⓘ 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: Gadsden Independent Schools
• NCES district ID: 3501080
• Math proficiency: 20% ▼ -2.00%
• Reading proficiency: 34% ▼ -3.00%
• Median HH income: $28,461
• Composite: 21.6/100
• National rank: #8298
• State rank: #21 of 29 in NM

Livability — La Mesa

• Score: 48/100
• State rank: #310
• US rank: #26180

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: La Mesa, NM
• Population (ZIP): 2,684

Population outlook (Doña Ana County) Hauer SSP2

• Today (2025): 219,177 people
• By 2030: 220,967 · +0.8%
• By 2040: 222,775 · +1.6%
• By 2050: 223,576 · +2.0%
• By 2075: 228,461 · +4.2%
• By 2100: 214,536 · -2.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (86%)
• Race & ethnicity: Hispanic / Latino 86% Two or more races 17% White 14% Native American 6%
• Hispanic origin (detail): Mexican 79%
• Common ancestry: Lithuanian 9% Italian 2%
• Foreign-born: 22% · Canada
• Languages at home: 43% English-only · Spanish 57%

Political lean MEDSL · Doña Ana

• 2024 margin: Lean D (+9.8) · D 53.8% · R 44.0% · Other 2.2%
• 2008→2024 swing: -7.9pp toward R · 2008: 17.6pp · 2024: 9.8pp
• All cycles: 2024: D+9.8 2020: D+18.3 2016: D+18.0 2012: D+14.9 2008: D+17.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.25%
• Current HPI: 242.9324
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+46.2% since first listed

3 events — show timeline

• 2026-06-08 Listed $475,000 SNMMLS as distributed by MLS GRID
• 2022-08-31 Sold (MLS) — SNMMLS as distributed by MLS GRID
• 2022-06-14 Listed $325,000 SNMMLS as distributed by MLS GRID