106 Inca St · Elephant Butte, NM 87935

$429,900

12 bd · 9.0 ba · 1,940 sqft · MultiFamily · 79 Days on market

Built 2026 Excellent condition 5,000 sqft lot

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Cash flow +5.4/30.0
• Condition / age +5.0/5.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Schools +2.0/10.0
• 1% rule +1.0/10.0
• Appreciation +0.4/10.0
• DSCR +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Brand-New 2026 Triplex – Prime Investment or Owner-Occupant Opportunity! Don’t miss this incredible opportunity to own a newly built 2026 triplex in a growing area near Elephant Butte Lake and Truth or Consequences! This modern property features three well-designed units, including one spacious 2-bedroom, 1-bath unit and two comfortable 1-bedroom, 1-bath units. Each unit is thoughtfully finished with stylish granite countertops, sleek stainless steel appliances, and beautiful white shaker cabinets, offering a clean, contemporary look that tenants will love. With open, functional layouts and quality finishes throughout, this triplex is perfect for investors seeking strong renta

Key facts

• Outdoor recreation
• Local amenities
• Granite countertops

Tags

• GRANITE COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• WHITE SHAKER CABINETS
• OPEN FUNCTIONAL LAYOUTS
• OUTDOOR RECREATION
• LOCAL AMENITIES

Property features AI

Exterior

• Utilities: Public water; Sewer connected
• Home design: Residential income property; Multi-family (2–4 units); One story / single-level
• Construction: Frame and stucco construction; Shingle roof
• Exterior features: Natural vegetation

Interior

• Kitchen: Cooktop; Dishwasher; Microwave; Free-standing range; Refrigerator; Oven
• Flooring: Laminate flooring; Vinyl flooring
• Heating & cooling: Electric heating; Ceiling fan(s); Electric cooling
• Interior features: Ceiling fans
• Laundry & utility: No laundry in unit

What this means for you Summary

Snapshot

• This is a 1×2bd/1.0ba + 2×1bd/1.0ba units multifamily listed at $430k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-934 ($-11k/yr) — negative. Per door: $-311/mo.
• To cash-flow at today's rent, offer at most $295k (31.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $258k (40.0% below list).
• Recommended offer: $258k (40.0% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 65/100 on livability (#54 in NM) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: schools F, amenities F, commute F.
• T Or C Municipal Schools (town): math 25% / reading 25% proficiency, ranked #29 of 29 in NM (top 100%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 104 active listings in the ZIP.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Sierra County population projected at -38% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 79 days — a 6% lower offer ($404k) is reasonable based on typical stale-listing flexibility.

Recommended offer $257,900 (40.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 79 days. Have you received any prior offers? Is the seller open to a 40% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
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 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.60% ✗
• Cap rate: 3.69%
• Cash-on-cash: -9.31%
• DSCR: 0.59
• GRM: 13.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -32.9%
• Equity multiple: -0.07×
• Total profit: $-129,081
• Equity at exit: $64,099

10-year hold

• IRR: -39.2%
• Equity multiple: -0.57×
• Total profit: $-188,804
• Equity at exit: $37,170

Cash invested: $120,372 (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 87935

• Home prices YoY: -6.1%
• Active inventory: 104
• Price-to-rent: 37.4×

Monthly cashflow live

• Estimated rent: $2,579 medium
• Mortgage (P&I): −$2,254
• Tax est. 1.5%: −$537 /mo · $6,448/yr
• Insurance: −$179
• HOA: −$0
• Vacancy / Maint / Mgmt: −$542
• Net cashflow: $-934

Break-even live

Break-even rent $3,761

Max offer price $294,816

Occupancy floor —

Sensitivity live

Price	-10% $-636	-5% $-785	+0% $-934	+5% $-1,082	+10% $-1,231
Rent	-10% $-1,137	-5% $-1,035	+0% $-934	+5% $-832	+10% $-730
Rate	-1.0pp $-717	-0.5pp $-824	base $-934	+0.5pp $-1,045	+1.0pp $-1,158

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$958
▸ 2× units	1	1	$1,620
Total (3 units)			$2,579

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: $107,475
• Closing costs: $12,897
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $429,900 Active 79 DOM
2. 2026-06-17
   days on market $429,900 Active 78 DOM
3. 2026-06-16
   days on market $429,900 Active 77 DOM
4. 2026-06-15
   days on market $429,900 Active 76 DOM
5. 2026-06-14
   days on market $429,900 Active 74 DOM
6. 2026-06-13
   days on market $429,900 Active 73 DOM
7. 2026-06-10
   days on market $429,900 Active 71 DOM
8. 2026-06-09
   days on market $429,900 Active 70 DOM
9. 2026-06-08
   days on market $429,900 Active 69 DOM
10. 2026-06-07
    days on market $429,900 Active 68 DOM
11. 2026-06-02
    days on market $429,900 Active 63 DOM
12. 2026-06-01
    days on market $429,900 Active 62 DOM
13. 2026-05-31
    days on market $429,900 Active 61 DOM
14. 2026-05-30
    days on market $429,900 Active 60 DOM
15. 2026-03-31
    listed $429,900 Active

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

Taxation est. · year 1

• Rental income: $30,948
• − Mortgage interest: −$24,081
• − Property taxes: −$6,448
• − Insurance: −$2,150
• − Repairs & maintenance: −$2,476
• − Management: −$2,476
• − Depreciation: −$12,506
• Taxable loss: −$19,189
• Est. tax savings @ 24.0%: +$4,605
• After-tax cash flow: $-6,597/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

Excellent 100/100 None rehab

This newly built triplex is in excellent condition with no visible repairs or maintenance needed. The home is move-in ready and would benefit from landscaping and curb appeal to further enhance its value.

Value-add opportunities

• Both Landscaping and curb appeal — Enhancing the landscaping and curb appeal can improve the home's visual appeal and attract more potential buyers or renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping and curb appeal — Enhancing the landscaping and curb appeal can improve the home's visual appeal and attract more 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: T Or C Municipal Schools
• NCES district ID: 3502610
• Math proficiency: 25% ▲ 1.00%
• Reading proficiency: 25% ▼ -7.00%
• Median HH income: $28,449
• Composite: 20.0/100
• National rank: #8666
• State rank: #29 of 29 in NM

Livability — Elephant Butte

• Score: 65/100
• State rank: #54
• US rank: #13228

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Elephant Butte, NM
• Population (ZIP): 1,848

Population outlook (Sierra County) Hauer SSP2

• Today (2025): 9,498 people
• By 2030: 8,580 · -9.7%
• By 2040: 6,994 · -26.4%
• By 2050: 5,914 · -37.7%
• By 2075: 4,083 · -57.0%
• By 2100: 2,499 · -73.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Hispanic / Latino 15% Two or more races 13%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Serbian 2% Portuguese 1% Slovak 1%
• Foreign-born: 2%
• Languages at home: 89% English-only · Spanish 10% Tagalog/Filipino 1% German/W. Germanic 1%

Political lean MEDSL · Sierra

• 2024 margin: R (+19.2) · D 39.2% · R 58.3% · Other 2.5%
• 2008→2024 swing: -7.1pp toward R · 2008: -12.1pp · 2024: -19.2pp
• All cycles: 2024: R+19.2 2020: R+21.5 2016: R+27.2 2012: R+18.9 2008: R+12.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -9.28%
• Current HPI: 143.564
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-03-31 Listed $429,900 NMMLS