342 E May Ave Unit 1 & 2 · Las Cruces, NM 88001

$130,000

None bd · None ba · 1,613 sqft · Condo · 187 Days on market

Built 1930 Poor condition ↓ 20% since listing

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Why this score? — see what drove the D+ 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 +18.0/30.0
• ARV discount +7.5/15.0
• DSCR +5.6/10.0
• 1% rule +4.8/10.0
• Schools +4.6/10.0
• Rent growth +3.4/5.0
• Livability +3.0/5.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Handyman Special Duplex sold As-Is! One Bedroom, one Bath, 404 SF, decent condition. Two-bedroom, two-bath, 1,209 SF unit in need of work and fixtures. Being marketed as mixed-use zoning.

Key facts

• 3,120 sq ft lot
• Built 1930
• Listed 187 days

What this means for you Summary

Snapshot

• This is a condo listed at $130k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $111 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $128k (1.7% below list).
• Recommended offer: $114k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 59/100 on livability (#120 in NM) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A; Watch: amenities D+, crime F, commute F.
• Las Cruces Public Schools (urban): math 42% / reading 68% proficiency, ranked #5 of 29 in NM (top 17%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Central Elementary (163 students, 100% FRL); Sierra Middle (799 students, 100% FRL); Las Cruces High (math 34% / reading 64%, grade D, #51 of 110 statewide, top 50%, 1,787 students, 100% FRL) — zoned schools average 100% FRL vs 62% district-wide (38 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.5%/yr); 147 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 964 units permitted in Doña Ana County in 2024 (0 in 5+ unit buildings).
• At $1,278/mo this rent would consume 46% of the median local household income ($33k/yr) (locally 2590% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $899 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 187 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $114,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 187 days. Have you received any prior offers? Is the seller open to a 12% 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. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
10. 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.
11. 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.
12. 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: 0.98% ✗
• Cap rate: 7.32%
• Cash-on-cash: 3.66%
• DSCR: 1.16
• GRM: 8.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.45% rent growth · sell at horizon

5-year hold

• IRR: -10.0%
• Equity multiple: 0.63×
• Total profit: $-13,398
• Equity at exit: $19,383

10-year hold

• IRR: -0.0%
• Equity multiple: 1.00×
• Total profit: $-82
• Equity at exit: $11,240

Cash invested: $36,400 (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 88001

• Rents YoY: 3.5%
• Active inventory: 147
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,278 high
• Mortgage (P&I): −$682
• Tax est. 1.5%: −$162 /mo · $1,950/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$268
• Net cashflow: $111

Break-even live

Break-even rent $1,137

Max offer price $130,000

Occupancy floor 86%

Sensitivity live

Price	-10% $201	-5% $156	+0% $111	+5% $66	+10% $21
Rent	-10% $10	-5% $60	+0% $111	+5% $161	+10% $212
Rate	-1.0pp $176	-0.5pp $144	base $111	+0.5pp $77	+1.0pp $43

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
560 El Molino Blvd Las Cruces, NM	3.0	2.0	1487	$1,500	$1.01	15d	1	0.58mi
1000 Coyote Trl Las Cruces, NM	3.0	2.0	1280	$1,524	$1.19	15d	1	0.95mi
1595 Carrillo Ct Unit A Las Cruces, NM	3.0	2.0	1405	$1,295	$0.92	46d	1	0.99mi
1048 McFie Ave Las Cruces, NM	3.0	2.0	1200	$1,550	$1.29	23d	1	1.03mi
2081 Nehemiah Ct Las Cruces, NM	3.0	1.5	1380	$1,700	$1.23	23d	1	1.35mi
169 Oban Ct Las Cruces, NM	3.0	2.0	1289	$1,350	$1.05	15d	1	1.45mi
1345 Branson Ave Las Cruces, NM	2.0	2.0	1199	$1,165	$0.97	23d	2	1.49mi
1345 Branson Ave Las Cruces, NM	2.0–3.0	2.0–2.5	1416	$1,050	$0.74	46d	2	1.49mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 21 events

1. 2026-06-23
   days on market $130,000 Active 187 DOM
2. 2026-06-22
   days on market $130,000 Active 186 DOM
3. 2026-06-18
   days on market $130,000 Active 183 DOM
4. 2026-06-17
   days on market $130,000 Active 182 DOM
5. 2026-06-16
   days on market $130,000 Active 181 DOM
6. 2026-06-15
   days on market $130,000 Active 180 DOM
7. 2026-06-14
   days on market $130,000 Active 178 DOM
8. 2026-06-13
   days on market $130,000 Active 177 DOM
9. 2026-06-10
   days on market $130,000 Active 175 DOM
10. 2026-06-09
    days on market $130,000 Active 174 DOM
11. 2026-06-08
    days on market $130,000 Active 173 DOM
12. 2026-06-07
    pricedays on market $130,000 Active 172 DOM
13. 2026-06-02
    days on market $140,000 Active 167 DOM
14. 2026-06-01
    days on market $140,000 Active 166 DOM
15. 2026-05-31
    days on market $140,000 Active 165 DOM
16. 2026-05-30
    days on market $140,000 Active 164 DOM
17. 2026-04-24
    price $140,000 187-char remark

    Show marketing remark (187 chars)

    Handyman Special Duplex sold As-Is! One Bedroom, one Bath, 404 SF, decent condition. Two-bedroom, two-bath, 1,209 SF unit in need of work and fixtures. Being marketed as mixed-use zoning.

18. 2026-03-18
    price $150,000 187-char remark

    Show marketing remark (187 chars)

    Handyman Special Duplex sold As-Is! One Bedroom, one Bath, 404 SF, decent condition. Two-bedroom, two-bath, 1,209 SF unit in need of work and fixtures. Being marketed as mixed-use zoning.

19. 2026-02-17
    price $160,000 187-char remark

    Show marketing remark (187 chars)

    Handyman Special Duplex sold As-Is! One Bedroom, one Bath, 404 SF, decent condition. Two-bedroom, two-bath, 1,209 SF unit in need of work and fixtures. Being marketed as mixed-use zoning.

20. 2026-01-16
    price $170,000 187-char remark

    Show marketing remark (187 chars)

    Handyman Special Duplex sold As-Is! One Bedroom, one Bath, 404 SF, decent condition. Two-bedroom, two-bath, 1,209 SF unit in need of work and fixtures. Being marketed as mixed-use zoning.

21. 2025-12-15
    listed $175,000 Active 187-char remark

    Show marketing remark (187 chars)

    Handyman Special Duplex sold As-Is! One Bedroom, one Bath, 404 SF, decent condition. Two-bedroom, two-bath, 1,209 SF unit in need of work and fixtures. Being marketed as mixed-use zoning.

ⓘ 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 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥100°F today · 25 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: $15,332
• − Mortgage interest: −$7,282
• − Property taxes: −$1,950
• − Insurance: −$650
• − Repairs & maintenance: −$1,227
• − Management: −$1,227
• − Depreciation: −$3,782
• Taxable loss: −$785
• Est. tax savings @ 24.0%: +$188
• After-tax cash flow: $1,520/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

Poor 20/100 Extensive rehab

This property requires extensive repairs and updates to bring it up to a livable condition. Significant work is needed on the exterior, interior, bathrooms, kitchen, and HVAC systems.

Repairs flagged

• Major Exterior walls — Significant damage and missing siding
• Major Roof — Significant damage
• Major Flooring — Significant damage
• Major Interior walls/paint — Significant damage and missing paint
• Major Bathrooms — Significant damage
• Major Kitchen — Significant damage
• Major HVAC/mechanicals — Significant damage

Value-add opportunities

• Both Exterior repairs and repainting — Improves curb appeal and overall condition
• Both Interior repairs and repainting — Improves condition and appearance
• Both Bathroom updates — Improves functionality and appearance
• Both Kitchen updates — Improves functionality and appearance
• Both HVAC/mechanical updates — Improves comfort and functionality

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior walls · Significant damage and missing siding	Major	$15,000–50,000
Roof · Significant damage	Major	$15,000–50,000
Flooring · Significant damage	Major	$15,000–50,000
Interior walls/paint · Significant damage and missing paint	Major	$15,000–50,000
Bathrooms · Significant damage	Major	$15,000–50,000
Kitchen · Significant damage	Major	$15,000–50,000
HVAC/mechanicals · Significant damage	Major	$15,000–50,000
Total estimated repair cost · 7 items		$105,000–350,000

Value-add ROI direction

• Both Exterior repairs and repainting — Improves curb appeal and overall condition ↑
• Both Interior repairs and repainting — Improves condition and appearance ↑
• Both Bathroom updates — Improves functionality and appearance ↑
• Both Kitchen updates — Improves functionality and appearance ↑
• Both HVAC/mechanical updates — Improves comfort and functionality ↑

ⓘ 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: Las Cruces Public Schools
• NCES district ID: 3501500
• Math proficiency: 42% ▲ 24.00%
• Reading proficiency: 68% ▲ 35.00%
• Median HH income: $41,157
• Composite: 45.98/100
• National rank: #2535
• State rank: #5 of 29 in NM

Livability — Las Cruces

• Score: 59/100
• State rank: #120
• US rank: #19687

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Las Cruces, NM
• County: Dona Ana County · 144,044 people
• City population: 131,421
• Metro: Las Cruces, NM
• Population (ZIP): 37,690
• Household income: $33,087
• Rent vs Own: 58.3% rent · 41.7% own
• Severe rent burden: 2590.0

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 (72%)
• Race & ethnicity: Hispanic / Latino 72% Two or more races 24% White 21% Black 3% Asian 2% Native American 2%
• Hispanic origin (detail): Mexican 59%
• Common ancestry: Slovak 1% Italian 1% Romanian 1%
• Foreign-born: 12% · Canada, South Korea
• Languages at home: 56% English-only · Spanish 39% Other Indo-European 1% Other Asian/Pacific 1%

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: ▼ -239.44%
• Current HPI: 219.0404
• Rent YoY: ▲ 3.45%
• Metro: Las Cruces, NM
• State GDP YoY: —
• F500 in state: 0

Price history

-20.0% since first listed

5 events — show timeline

• 2026-04-24 Price Changed $140,000 SNMMLS as distributed by MLS GRID
• 2026-03-18 Price Changed $150,000 SNMMLS as distributed by MLS GRID
• 2026-02-17 Price Changed $160,000 SNMMLS as distributed by MLS GRID
• 2026-01-16 Price Changed $170,000 SNMMLS as distributed by MLS GRID
• 2025-12-15 Listed $175,000 SNMMLS as distributed by MLS GRID