1151 Grand #12 · Las Vegas, NM 87701

$114,000

2 bd · 1.0 ba · 1,502 sqft · Townhouse · 381 Days on market

Built 1940 Fair condition 3,005 sqft lot $76/sqft · 55% below area ↓ 17% since listing

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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 +27.0/30.0
• DSCR +9.3/10.0
• ARV discount +7.5/15.0
• 1% rule +7.3/10.0
• 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

Listing remarks MLS

This is a blank slate for those looking for live/work in a great location. This townhome was formerly part of the historic Inn on the Santa Fe Trail on Route 66! It was formerly three motel suites and was merged into one townhome with 2 bedrooms and 2 bathrooms. One of the bathrooms was gutted and one remains, but the space for the second bathroom is still there. Plumbing, electric and drywall were recently updated, but permitting process was started and not completed, so new owner will have to get electric permitting completed and turned on.

Key facts

• 2 parking spots
• Built 1940
• Listed 381 days

Tags

• MERGED INTO ONE TOWNHOME
• SPACE FOR SECOND BATHROOM

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath townhouse listed at $114k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $319 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $114k).
• Recommended offer: $100k (12.0% 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: crime F, commute F, employment 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.
• Zoned schools: Los Ninos Elementary (339 students, 100% FRL); Memorial Middle (168 students, 100% FRL); Robertson High (math 30% / reading 70%, grade D+, #36 of 110 statewide, top 45%, 402 students, 100% FRL) — zoned schools average 100% FRL vs 66% district-wide (34 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 50% at this address vs 24% district-wide (+26 pts) — the actual schools serving this property are materially stronger than the Las Vegas City Public Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 90 active listings in the ZIP.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $788 of loan paydown is wiped out by about $3k 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 $32k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 381 days — a 12% lower offer ($100k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $100,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 381 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 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.23% ✓
• Cap rate: 9.65%
• Cash-on-cash: 12.00%
• DSCR: 1.53
• GRM: 6.8

CMA / ARV

• ARV (median comp): $253,004
• List price: $114,000
• Delta: -54.94%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 1.5%
• Equity multiple: 1.06×
• Total profit: $1,886
• Equity at exit: $16,998

10-year hold

• IRR: 11.2%
• Equity multiple: 1.87×
• Total profit: $27,917
• Equity at exit: $9,857

Cash invested: $31,920 (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: 6.8×

Monthly cashflow live

• Estimated rent: $1,401 medium
• Mortgage (P&I): −$598
• Tax est. 1.5%: −$142 /mo · $1,710/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$294
• Net cashflow: $319

Break-even live

Break-even rent $997

Max offer price $114,000

Occupancy floor 72%

Sensitivity live

Price	-10% $398	-5% $359	+0% $319	+5% $280	+10% $241
Rent	-10% $209	-5% $264	+0% $319	+5% $375	+10% $430
Rate	-1.0pp $377	-0.5pp $348	base $319	+0.5pp $290	+1.0pp $260

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: $28,500
• Closing costs: $3,420
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-21
   days on market $114,000 Active 381 DOM
2. 2026-06-21
   days on market $114,000 Active 380 DOM
3. 2026-06-18
   days on market $114,000 Active 378 DOM
4. 2026-06-17
   days on market $114,000 Active 377 DOM
5. 2026-06-16
   days on market $114,000 Active 376 DOM
6. 2026-06-15
   days on market $114,000 Active 375 DOM
7. 2026-06-13
   days on market $114,000 Active 373 DOM
8. 2026-06-12
   days on market $114,000 Active 372 DOM
9. 2026-06-09
   days on market $114,000 Active 369 DOM
10. 2026-06-08
    days on market $114,000 Active 368 DOM
11. 2026-06-07
    days on market $114,000 Active 367 DOM
12. 2026-06-07
    days on market $114,000 Active 366 DOM
13. 2026-06-04
    days on market $114,000 Active 363 DOM
14. 2026-06-02
    days on market $114,000 Active 362 DOM
15. 2026-06-01
    days on market $114,000 Active 361 DOM
16. 2026-05-31
    days on market $114,000 Active 360 DOM
17. 2026-05-18
    price $114,000 548-char remark

    Show marketing remark (548 chars)

    This is a blank slate for those looking for live/work in a great location. This townhome was formerly part of the historic Inn on the Santa Fe Trail on Route 66! It was formerly three motel suites and was merged into one townhome with 2 bedrooms and 2 bathrooms. One of the bathrooms was gutted and one remains, but the space for the second bathroom is still there. Plumbing, electric and drywall were recently updated, but permitting process was started and not completed, so new owner will have to get electric permitting completed and turned on.

18. 2025-12-02
    price $124,500 548-char remark

    Show marketing remark (548 chars)

    This is a blank slate for those looking for live/work in a great location. This townhome was formerly part of the historic Inn on the Santa Fe Trail on Route 66! It was formerly three motel suites and was merged into one townhome with 2 bedrooms and 2 bathrooms. One of the bathrooms was gutted and one remains, but the space for the second bathroom is still there. Plumbing, electric and drywall were recently updated, but permitting process was started and not completed, so new owner will have to get electric permitting completed and turned on.

19. 2025-07-02
    price $129,500 548-char remark

    Show marketing remark (548 chars)

    This is a blank slate for those looking for live/work in a great location. This townhome was formerly part of the historic Inn on the Santa Fe Trail on Route 66! It was formerly three motel suites and was merged into one townhome with 2 bedrooms and 2 bathrooms. One of the bathrooms was gutted and one remains, but the space for the second bathroom is still there. Plumbing, electric and drywall were recently updated, but permitting process was started and not completed, so new owner will have to get electric permitting completed and turned on.

20. 2025-06-05
    listed $137,500 Active 548-char remark

    Show marketing remark (548 chars)

    This is a blank slate for those looking for live/work in a great location. This townhome was formerly part of the historic Inn on the Santa Fe Trail on Route 66! It was formerly three motel suites and was merged into one townhome with 2 bedrooms and 2 bathrooms. One of the bathrooms was gutted and one remains, but the space for the second bathroom is still there. Plumbing, electric and drywall were recently updated, but permitting process was started and not completed, so new owner will have to get electric permitting completed and turned on.

ⓘ 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: $16,818
• − Mortgage interest: −$6,386
• − Property taxes: −$1,710
• − Insurance: −$570
• − Repairs & maintenance: −$1,345
• − Management: −$1,345
• − Depreciation: −$3,316
• Taxable income: $2,145
• Est. tax owed @ 24.0%: −$515
• After-tax cash flow: $3,317/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 Extensive rehab

This townhome requires extensive repairs and updates, including painting, cleaning, and bathroom renovation, to improve its condition and value.

Repairs flagged

• Major Paint — Exterior walls appear weathered and in need of paint
• Minor Cleaning — Disorganized and dusty interior
• Major Bathroom Renovation — One bathroom gutted, other needs updating

Value-add opportunities

• Resale Painting exterior — Fresh paint can significantly improve curb appeal
• Both Deep cleaning — A clean interior can attract both buyers and renters
• Both Bathroom renovation — A modern, functional bathroom is crucial for both resale and rental

Renovation cost estimate screening

Repair item	Severity	Est. cost
Paint · Exterior walls appear weathered and in need of paint	Major	$15,000–50,000
Cleaning · Disorganized and dusty interior	Minor	$500–3,000
Bathroom Renovation · One bathroom gutted, other needs updating	Major	$15,000–50,000
Total estimated repair cost · 3 items		$30,500–103,000

Value-add ROI direction

• Resale Painting exterior — Fresh paint can significantly improve curb appeal ↑
• Both Deep cleaning — A clean interior can attract both buyers and renters ↑
• Both Bathroom renovation — A modern, functional bathroom is crucial for both resale and rental ↑

ⓘ 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

-17.1% since first listed

4 events — show timeline

• 2026-05-18 Price Changed $114,000 Santa Fe MLS
• 2025-12-02 Price Changed $124,500 Santa Fe MLS
• 2025-07-02 Price Changed $129,500 Santa Fe MLS
• 2025-06-05 Listed $137,500 Santa Fe MLS