924 Seventh St #4 · Las Vegas, NM 87701

$450,000

3 bd · 3.0 ba · 2,600 sqft · MultiFamily · 15 Days on market

Built 1898 Fair condition 7,125 sqft 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 +27.6/30.0
• DSCR +9.7/10.0
• 1% rule +7.5/10.0
• ARV discount +7.5/15.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Schools +2.3/10.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Located in the heart of our Las Vegas, NM community is this historical Colonial Revival style home with a stunning alcove featuring a lovely ornate staircase. The main level of this home offers a spacious living room with fireplace, formal dining room, large kitchen with lots of wood cabinets, breakfast area, an office, laundry room, and a half bath. Upstairs is the main bedroom with a huge ensuite bath, plus 4 more bedrooms and a bath. There is an attached garage, a carport, and a full basement which houses the boiler for the hot water baseboard heating system, the water heater, and provides plenty of storage. Not so fast . . . there is a separate structure with 3 delightful one bedroom, 1

Key facts

• Formal dining room
• Attached garage
• Ornate staircase

Tags

• ORNATE STAIRCASE
• SPACIOUS LIVING ROOM
• FORMAL DINING ROOM
• LARGE KITCHEN
• BREAKFAST AREA
• ATTACHED GARAGE

Property features AI

Finance

• Financial info: Property offered for sale; Four total units

Exterior

• Utilities: Electricity available; Public water; Public sewer
• Home design: Multi-family property
• Construction: Metal roof; Year built per assessor
• Exterior features: Zoned R-1 through R-6 for multi-family residential

Interior

• Bedrooms: Three one-bedroom units (month-to-month tenancy)
• Bathrooms: Each one-bedroom unit has one bathroom
• Heating & cooling: Forced air heating; Hot water heating; Radiant heating
• Interior features: Interior steps

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath multifamily listed at $450k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $450k).
• Recommended offer: $443k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 70/100 on livability (#22 in NM) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, amenities A; Watch: schools D-, crime F, commute F.
• Las Vegas City Public Schools (town): math 17% / reading 31% proficiency, ranked #52 of 95 in NM (top 55%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 90 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 $14k of value loss. Plan a longer hold.
• San Miguel County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $126k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($443k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1898 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $443,250 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1898 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.25% ✓
• Cap rate: 9.89%
• Cash-on-cash: 12.83%
• DSCR: 1.57
• GRM: 6.6

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: 2.7%
• Equity multiple: 1.10×
• Total profit: $12,978
• Equity at exit: $67,096

10-year hold

• IRR: 12.3%
• Equity multiple: 1.97×
• Total profit: $122,144
• Equity at exit: $38,908

Cash invested: $126,000 (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 87701

• Active inventory: 90
• Price-to-rent: 33.2×

Monthly cashflow live

• Estimated rent: $5,642 medium
• Mortgage (P&I): −$2,360
• Tax est. 1.5%: −$562 /mo · $6,750/yr
• Insurance: −$188
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,185
• Net cashflow: $1,347

Break-even live

Break-even rent $3,937

Max offer price $450,000

Occupancy floor 71%

Sensitivity live

Price	-10% $1,658	-5% $1,503	+0% $1,347	+5% $1,192	+10% $1,036
Rent	-10% $902	-5% $1,124	+0% $1,347	+5% $1,570	+10% $1,793
Rate	-1.0pp $1,574	-0.5pp $1,462	base $1,347	+0.5pp $1,231	+1.0pp $1,112

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

Units	Beds	Baths	Est. rent
▸ 5× units	1	1	$5,640
Total (5 units)			$5,642

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: $112,500
• Closing costs: $13,500
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-06-09
   days on market $450,000 Active 15 DOM
2. 2026-06-08
   days on market $450,000 Active 14 DOM
3. 2026-06-07
   days on market $450,000 Active 13 DOM
4. 2026-06-07
   days on market $450,000 Active 12 DOM
5. 2026-06-04
   days on market $450,000 Active 9 DOM
6. 2026-06-02
   days on market $450,000 Active 8 DOM
7. 2026-06-01
   days on market $450,000 Active 7 DOM
8. 2026-05-31
   days on market $450,000 Active 6 DOM
9. 2026-05-15
   listed $450,000 Active

ⓘ 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 7/10 Severe
• 🌡 Heat 2/10 Low 7 d/yr ≥89°F today · 18 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: $67,704
• − Mortgage interest: −$25,207
• − Property taxes: −$6,750
• − Insurance: −$2,250
• − Repairs & maintenance: −$5,416
• − Management: −$5,416
• − Depreciation: −$13,091
• Taxable income: $9,573
• Est. tax owed @ 24.0%: −$2,298
• After-tax cash flow: $13,870/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

Fair 45/100 Moderate rehab

This multi-family home requires moderate repairs and maintenance to improve its condition and increase its resale and rental value.

Repairs flagged

• Minor kitchen cabinets — slight wear
• Minor bathroom fixtures — slight discoloration
• Moderate exterior siding — visible wear
• Unknown HVAC system — not visible

Value-add opportunities

• Both paint interior walls — enhances curb appeal and interior aesthetics
• Both replace worn carpet — improves comfort and reduces maintenance
• Both repair exterior siding — enhances curb appeal and structural integrity
• Both service HVAC system — improves comfort and energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · slight wear	Minor	$500–3,000
bathroom fixtures · slight discoloration	Minor	$500–3,000
exterior siding · visible wear	Moderate	$3,000–15,000
HVAC system · not visible	Unknown	$500–3,000
Total estimated repair cost · 4 items		$4,500–24,000

Value-add ROI direction

• Both paint interior walls — enhances curb appeal and interior aesthetics ↑
• Both replace worn carpet — improves comfort and reduces maintenance ↑
• Both repair exterior siding — enhances curb appeal and structural integrity ↑
• Both service HVAC system — improves 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: Las Vegas City Public Schools
• NCES district ID: 3501530
• Math proficiency: 17% —
• Reading proficiency: 31% —
• Median HH income: $32,148
• Composite: 22.58/100
• National rank: #13441
• State rank: #52 of 95 in NM

Livability — Las Vegas

• Score: 70/100
• State rank: #22
• US rank: #8084

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Las Vegas, NM
• Population (ZIP): 17,864

Population outlook (San Miguel County) Hauer SSP2

• Today (2025): 25,750 people
• By 2030: 24,399 · -5.2%
• By 2040: 21,705 · -15.7%
• By 2050: 19,188 · -25.5%
• By 2075: 15,030 · -41.6%
• By 2100: 12,418 · -51.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (77%)
• Race & ethnicity: Hispanic / Latino 77% Two or more races 28% White 16% Native American 3% Black 1%
• Hispanic origin (detail): Mexican 31%
• Common ancestry: Lithuanian 1% Serbian 1% Romanian 1%
• Foreign-born: 3% · Canada
• Languages at home: 55% English-only · Spanish 42%

Political lean MEDSL · San Miguel

• 2024 margin: Strong D (+27.9) · D 62.9% · R 35.0% · Other 2.1%
• 2008→2024 swing: -32.7pp toward R · 2008: 60.6pp · 2024: 27.9pp
• All cycles: 2024: D+27.9 2020: D+38.7 2016: D+46.4 2012: D+56.8 2008: D+60.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -94.60%
• Current HPI: 166.7301
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-05-15 Listed $450,000 Santa Fe MLS