302 E Coal Ave · Gallup, NM 87301

$129,000

8 bd · 12.0 ba · 4,257 sqft · MultiFamily · 337 Days on market

Built 1940 0.47 ac lot ↓ 22% since listing

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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: 4 units. confirmed

Listing remarks

Prime 4-Unit Multi-Family Investment Opportunity Discover an exceptional income-producing property in a desirable location, perfect for investors or owner-occupants seeking rental income. This 4-unit multi-family property, situated on a spacious 0.47-acre lot, offers a diverse mix of living spaces to attract a variety of tenants. With a total of 4,257 square feet of living space across four distinct units, this property is a rare find with strong rental potential. Property Details: • House #1: Spacious 3-bedroom, 1-bathroom home with 1,509 sq. ft. of living space. Ideal for families or professionals, this unit boasts generous room sizes and a comfortable layout, perfect for long-term t

Key facts

• 4 unit multi family
• Spacious lot
• Prime location

Tags

• 4 UNIT MULTI FAMILY
• INCOME PRODUCING PROPERTY
• SPACIOUS LOT
• STRONG RENTAL POTENTIAL
• LOW MAINTENANCE LIVING
• PRIME LOCATION

Property features AI

Exterior

• Parking: Guest parking
• Utilities: Public water; Natural gas available and connected; Electricity connected; Sewer connected; Cable connected
• Home design: Multi-family residential (2–4 units); One story
• Construction: Brick, stone and stucco construction; Metal roof; Shingle roof; Unfinished basement
• Exterior features: Covered patio; Deck; Fenced yard

Interior

• Kitchen: Free-standing range; Refrigerator
• Flooring: Carpet; Hardwood; Laminate; Tile; Vinyl
• Heating & cooling: Forced air heating; Wall furnace; Floor furnace; Fireplace heating; Ceiling fans; Electric cooling; Evaporative cooling
• Interior features: Ceiling fans; Masonry fireplace

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/3.0-bath units multifamily listed at $129k.

Deal economics

• At list price, monthly cash flow is $2k ($27k/yr) — positive. Per door: $558/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $129k).
• Recommended offer: $114k (12.0% 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: 96 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 $892 of loan paydown is wiped out by about $4k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 337 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $113,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 337 days. Have you received any prior offers? Is the seller open to a 12% 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. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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. 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: 3.07% ✓
• Cap rate: 27.06%
• Cash-on-cash: 74.16%
• DSCR: 4.30
• GRM: 2.7

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: 74.0%
• Equity multiple: 4.36×
• Total profit: $121,324
• Equity at exit: $19,234

10-year hold

• IRR: 77.8%
• Equity multiple: 9.00×
• Total profit: $288,954
• Equity at exit: $11,154

Cash invested: $36,120 (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: 96
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $3,954 medium
• Mortgage (P&I): −$676
• Tax est. 1.5%: −$161 /mo · $1,935/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$830
• Net cashflow: $2,232

Break-even live

Break-even rent $1,128

Max offer price $129,000

Occupancy floor 39%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	3	$3,952
Total (4 units)			$3,954

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: $32,250
• Closing costs: $3,870
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $129,000 Active 337 DOM
2. 2026-06-17
   days on market $129,000 Active 336 DOM
3. 2026-06-16
   days on market $129,000 Active 335 DOM
4. 2026-06-15
   days on market $129,000 Active 334 DOM
5. 2026-06-13
   days on market $129,000 Active 332 DOM
6. 2026-06-12
   days on market $129,000 Active 331 DOM
7. 2026-06-09
   days on market $129,000 Active 328 DOM
8. 2026-06-08
   days on market $129,000 Active 327 DOM
9. 2026-06-07
   days on market $129,000 Active 326 DOM
10. 2026-06-07
    days on market $129,000 Active 325 DOM
11. 2026-06-04
    days on market $129,000 Active 322 DOM
12. 2026-06-02
    days on market $129,000 Active 321 DOM
13. 2026-06-01
    days on market $129,000 Active 320 DOM
14. 2026-05-31
    days on market $129,000 Active 319 DOM
15. 2026-05-13
    price $129,000
16. 2025-12-31
    price $139,000
17. 2025-08-08
    price $145,000
18. 2025-07-16
    listed $165,000 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 6 d/yr ≥90°F today · 15 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: $47,448
• − Mortgage interest: −$7,226
• − Property taxes: −$1,935
• − Insurance: −$645
• − Repairs & maintenance: −$3,796
• − Management: −$3,796
• − Depreciation: −$3,753
• Taxable income: $26,298
• Est. tax owed @ 24.0%: −$6,311
• After-tax cash flow: $20,475/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.

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

-21.8% since first listed

4 events — show timeline

• 2026-05-13 Price Changed $129,000 NMMLS
• 2025-12-31 Price Changed $139,000 NMMLS
• 2025-08-08 Price Changed $145,000 NMMLS
• 2025-07-16 Listed $165,000 NMMLS