1 Thru 16 Sams Ct

La Luz, NM 88337

$1,300,000B-

54 bd · 36.0 ba · — sqft · Built — · MultiFamily · Active · 254 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $22,381/mo
• Mortgage (P&I): −$6,817
• Tax + insurance: −$2,167
• HOA: −$0
• Vac / Maint / Mgmt: −$4,700
• Net cashflow: $8,697/mo
• Annual: $104,364/yr
• Cap rate: 14.32%
• Cash-on-cash: 28.67%
• DSCR: 2.28
• 1% rule: 1.72%
• Cash to close: $364,000

Investor read

• This is a 18 × 3-bed/?-bath units multifamily listed at $1.30M. Condition is rated poor.
• At list price, monthly cash flow is $9k ($104k/yr) — positive. Per door: $483/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($22k rent vs $1.30M).
• It's been on market 254 days — a 12% lower offer ($1.14M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.14M (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $9k of loan paydown is wiped out by about $39k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#70 in NM) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing B+; Watch: health & safety C-, schools F, amenities F.
• Alamogordo Public Schools (town): math 26% / reading 39% proficiency, ranked #26 of 95 in NM (top 27%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 35 active listings in the ZIP; 6 units permitted in Otero County in 2024 (0 in 5+ unit buildings).
• Otero County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $364k cash investment doubles in ~5 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 254 days. Have you received any prior offers? Is the seller open to a 12% 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?
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Roof replacement — Structural damage visible on multiple roofs.
• Major: Exterior siding repair — Significant wear and tear on siding.
• Major: Interior wall repairs — Visible cracks and damage on interior walls.
• Major: Flooring replacement — Worn and damaged flooring in multiple units.
• Major: Kitchen and bathroom updates — No visible photos of kitchens and bathrooms.
• Major: HVAC and mechanical updates — No visible photos of HVAC and mechanical systems.