610 S Fifth St Unit 502 W. Logan Avenue · Gallup, NM 87301

$235,000

6 bd · 3.0 ba · 2,832 sqft · MultiFamily · 113 Days on market

Built 1935 Fair condition 7,361 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 +25.2/30.0
• DSCR +8.3/10.0
• ARV discount +7.5/15.0
• 1% rule +6.6/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +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

Investment Opportunity – 3 Unit Multi-Family | Gallup, NM Excellent opportunity to acquire a centrally located 3-unit multi-family property at 610 S Fifth Street. This 2–4 unit property features three 2-bedroom, 1-bath units totaling approximately 2,832 square feet. Property is tenant occupied with separate electric, gas, and water meters, helping simplify management and expense control. Current rents are below market value, creating immediate upside potential for investors seeking improved cash flow. With strategic rent adjustments aligned to market rates, this asset offers strong income growth potential and attractive long-term returns. Situated on a corner lot near Fifth and

Key facts

• Pitched shingle roof
• Tenant occupied
• Corner lot

Tags

• MULTI-FAMILY PROPERTY
• TENANT OCCUPIED
• CORNER LOT
• ON-SITE LAUNDRY FACILITIES
• FRAME AND STUCCO CONSTRUCTION
• PITCHED SHINGLE ROOF

Property features AI

Exterior

• Parking: Has garage
• Utilities: Public water; Natural gas available and connected; Electricity connected; Sewer connected; Cable available
• Home design: Residential income property (multi-family, 2–4 units); Single-story
• Construction: Frame and stucco construction; Shingle roof; Crawl space foundation; Built as multi-family (residential income)
• Exterior features: Rain gutters; Fenced yard; Sidewalks

Interior

• Kitchen: Free‑standing range; Refrigerator; Gas water heater
• Flooring: Hardwood; Laminate; Tile
• Heating & cooling: Baseboard heating; Wall furnace; Ceiling fans for cooling; Window air conditioning units
• Interior features: Ceiling fans

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $235k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $530 ($6k/yr) — positive. Per door: $177/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $235k).
• Recommended offer: $214k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 71/100 on livability (#15 in NM) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, schools F, crime F.
• Gallup-Mckinley Cty Schools (rural): math 17% / reading 30% proficiency, ranked #54 of 95 in NM (top 57%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 84% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 97 active listings in the ZIP; 1 units permitted in McKinley County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• McKinley County population projected at +36% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 113 days — a 9% lower offer ($214k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $213,850 (9.0% below list)

Questions for the listing agent

1. It's been on market 113 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1935 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
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: 1.16% ✓
• Cap rate: 9.00%
• Cash-on-cash: 9.66%
• DSCR: 1.43
• GRM: 7.2

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: -1.7%
• Equity multiple: 0.93×
• Total profit: $-4,314
• Equity at exit: $35,039

10-year hold

• IRR: 8.0%
• Equity multiple: 1.61×
• Total profit: $39,836
• Equity at exit: $20,319

Cash invested: $65,800 (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 87301

• Active inventory: 97
• Price-to-rent: 21.6×

Monthly cashflow live

• Estimated rent: $2,726 medium
• Mortgage (P&I): −$1,232
• Tax est. 1.5%: −$294 /mo · $3,525/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$572
• Net cashflow: $530

Break-even live

Break-even rent $2,056

Max offer price $235,000

Occupancy floor 76%

Sensitivity live

Price	-10% $692	-5% $611	+0% $530	+5% $448	+10% $367
Rent	-10% $314	-5% $422	+0% $530	+5% $637	+10% $745
Rate	-1.0pp $648	-0.5pp $589	base $530	+0.5pp $469	+1.0pp $407

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$2,724
Total (3 units)			$2,726

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-21
   days on market $235,000 Active 113 DOM
2. 2026-06-18
   days on market $235,000 Active 111 DOM
3. 2026-06-17
   days on market $235,000 Active 110 DOM
4. 2026-06-16
   days on market $235,000 Active 109 DOM
5. 2026-06-15
   days on market $235,000 Active 108 DOM
6. 2026-06-13
   days on market $235,000 Active 106 DOM
7. 2026-06-12
   days on market $235,000 Active 105 DOM
8. 2026-06-09
   days on market $235,000 Active 102 DOM
9. 2026-06-08
   days on market $235,000 Active 101 DOM
10. 2026-06-07
    days on market $235,000 Active 100 DOM
11. 2026-06-07
    days on market $235,000 Active 99 DOM
12. 2026-06-04
    days on market $235,000 Active 96 DOM
13. 2026-06-02
    days on market $235,000 Active 95 DOM
14. 2026-06-01
    days on market $235,000 Active 94 DOM
15. 2026-05-31
    days on market $235,000 Active 93 DOM
16. 2026-02-27
    listed $235,000 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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 5 d/yr ≥89°F today · 13 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: $32,712
• − Mortgage interest: −$13,164
• − Property taxes: −$3,525
• − Insurance: −$1,175
• − Repairs & maintenance: −$2,617
• − Management: −$2,617
• − Depreciation: −$6,836
• Taxable income: $2,778
• Est. tax owed @ 24.0%: −$667
• After-tax cash flow: $5,687/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 50/100 Moderate rehab

The property is in fair condition with some minor repairs and maintenance needed. Painting the exterior and interior walls and landscaping can significantly improve its curb appeal and value.

Repairs flagged

• Minor Paint touch-ups — There are some minor scuffs and marks on the walls that could be touched up.
• Minor Landscaping — The landscaping is minimal and could be improved with some additional plants and shrubs.

Value-add opportunities

• Both Painting the exterior and interior walls — Painting the exterior and interior walls can improve the curb appeal and the overall condition of the property, making it more attractive to potential buyers or renters.
• Both Landscaping — Landscaping can improve the curb appeal and the overall condition of the property, making it more attractive to potential buyers or renters.
• Rental HVAC maintenance — Maintaining the HVAC system can improve the comfort of the tenants and reduce energy costs, which can lead to higher rental rates.
• Rental Electrical inspection — An electrical inspection can ensure that the electrical system is safe and up to code, which can reduce the risk of electrical issues and improve the comfort of the tenants.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Paint touch-ups · There are some minor scuffs and marks on the walls that could be touched up.	Minor	$500–3,000
Landscaping · The landscaping is minimal and could be improved with some additional plants and shrubs.	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both Painting the exterior and interior walls — Painting the exterior and interior walls can improve the curb appeal and the overall condition of the property, making it more attractive to potential buyers or renters. ↑
• Both Landscaping — Landscaping can improve the curb appeal and the overall condition of the property, making it more attractive to potential buyers or renters. ↑
• Rental HVAC maintenance — Maintaining the HVAC system can improve the comfort of the tenants and reduce energy costs, which can lead to higher rental rates. ↑
• Rental Electrical inspection — An electrical inspection can ensure that the electrical system is safe and up to code, which can reduce the risk of electrical issues and improve the comfort of the tenants. ↑

ⓘ 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: Gallup-Mckinley Cty Schools
• NCES district ID: 3501110
• Math proficiency: 17% —
• Reading proficiency: 30% —
• Median HH income: $30,298
• Composite: 22.01/100
• National rank: #13541
• State rank: #54 of 95 in NM

Livability — Gallup

• Score: 71/100
• State rank: #15
• US rank: #6953

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gallup, NM
• City population: 21,981
• Population (ZIP): 21,981

Population outlook (McKinley County) Hauer SSP2

• Today (2025): 88,386 people
• By 2030: 94,451 · +6.9%
• By 2040: 107,369 · +21.5%
• By 2050: 119,937 · +35.7%
• By 2075: 148,818 · +68.4%
• By 2100: 160,771 · +81.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.91)
• Race & ethnicity: Native American 51% Hispanic / Latino 24% White 17% Two or more races 10% Asian 3% Black 1%
• Hispanic origin (detail): Mexican 19%
• Common ancestry: Lithuanian 1% Italian 1% Iranian 1%
• Foreign-born: 6% · Canada
• Languages at home: 66% English-only · Spanish 11% Other Indo-European 2% Tagalog/Filipino 2%

Political lean MEDSL · McKinley

• 2024 margin: Strong D (+24.5) · D 60.7% · R 36.2% · Other 3.1%
• 2008→2024 swing: -19.4pp toward R · 2008: 43.9pp · 2024: 24.5pp
• All cycles: 2024: D+24.5 2020: D+38.6 2016: D+39.8 2012: D+46.6 2008: D+43.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -77.73%
• Current HPI: 143.4008
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-02-27 Listed $235,000 NMMLS