401 E Blanco St

Aztec, NM 87410

$386,933B-

8 bd · 4.8 ba · 3,120 sqft · Built — · MultiFamily · Active · 37 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,236/mo
• Mortgage (P&I): −$2,029
• Tax + insurance: −$770
• HOA: −$0
• Vac / Maint / Mgmt: −$1,100
• Net cashflow: $1,337/mo
• Annual: $16,047/yr
• Cap rate: 10.83%
• Cash-on-cash: 16.20%
• DSCR: 1.72
• 1% rule: 1.35%
• Cash to close: $108,341

Investor read

• This is a 4 × 2-bed/1.2-bath units multifamily listed at $387k. Condition is rated fair.
• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $334/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $387k).
• It's been on market 37 days — a 3% lower offer ($375k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $375k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Location reads 61/100 on livability (#98 in NM) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: crime D+, employment D+, schools F.
• Aztec Municipal Schools (town): math 18% / reading 61% proficiency, ranked #12 of 29 in NM (top 41%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: flood insurance adds $125/mo.
• Market conditions: 157 active listings in the ZIP; 78 units permitted in San Juan County in 2024 (8 in 5+ unit buildings).
• San Juan County population projected at -51% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 11y 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $108k cash investment doubles in ~8 years — after that, you're playing with house money.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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 D 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?

Repairs flagged (vision-AI assessment)

• Moderate: kitchen cabinets — dated and worn
• Moderate: kitchen countertops — dated and worn
• Moderate: bathroom fixtures — basic and worn
• Moderate: paint — paint appears worn in some areas