701 Lava · Milan, NM 87021

$139,000

4 bd · 3.0 ba · 1,922 sqft · MultiFamily · 393 Days on market

Built 1977 Fair condition 0.38 ac lot

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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
• Appreciation +5.0/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Schools +1.8/10.0

Multi-family units

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

Listing remarks MLS

This versatile duplex in Milan, New Mexico, presents a fantastic investment opportunity with two distinct units. The first unit features 3 bedrooms and 2 baths, while the second offers 2 bedrooms and 1 bath. In addition, the property includes a spacious lot, ideal for parking a manufactured home to add another income-generating unit. Each unit is equipped with separate electric and gas meters, ensuring independent utilities for tenants. Both units currently have long-term renters in place, providing steady income. Swamp coolers offer efficient cooling, while the durable metal roof enhances the property's longevity.

Key facts

• Durable metal roof
• Spacious lot
• 0.38 acre lot

Tags

• SPACIOUS LOT
• DURABLE METAL ROOF

What this means for you Summary

Snapshot

• This is a 1×3bd/2ba + 1×2bd/1ba units multifamily listed at $139k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $430 ($5k/yr) — positive. Per door: $215/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $139k).
• Recommended offer: $122k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 58/100 on livability (#144 in NM) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A-; Watch: health & safety C-, housing D, schools F.
• Grants-Cibola County Schools (town): math 14% / reading 22% proficiency, ranked #74 of 95 in NM (top 78%) — 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: 17 active listings in the ZIP.

Forward outlook

• In year one you build about $5k of equity ($961 loan paydown + $4k appreciation (3.0% local appreciation)).
• Cibola County population projected at -14% 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 $39k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 393 days — a 12% lower offer ($122k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $122,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 393 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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?
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: 1.65% ✓
• Cap rate: 13.69%
• Cash-on-cash: 26.41%
• DSCR: 2.17
• GRM: 5.0

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: 20.0%
• Equity multiple: 2.14×
• Total profit: $44,419
• Equity at exit: $62,500

10-year hold

• IRR: 21.3%
• Equity multiple: 4.09×
• Total profit: $120,189
• Equity at exit: $96,321

Cash invested: $38,920 (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 87021

• Active inventory: 17
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $2,300 medium
• Mortgage (P&I): −$729
• Tax est. 1.5%: −$174 /mo · $2,085/yr
• Insurance: −$58
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$483
• Net cashflow: $430

Break-even live

Break-even rent $1,756

Max offer price $139,000

Occupancy floor 76%

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

Units	Beds	Baths	Est. rent
1× unit	3	2	$1,150
1× unit	2	1	$1,150
Total (2 units)			$2,300

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: $34,750
• Closing costs: $4,170
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-18
   days on market $139,000 Active 393 DOM
2. 2026-06-17
   days on market $139,000 Active 392 DOM
3. 2026-06-16
   days on market $139,000 Active 391 DOM
4. 2026-06-15
   days on market $139,000 Active 390 DOM
5. 2026-06-13
   days on market $139,000 Active 388 DOM
6. 2026-06-10
   days on market $139,000 Active 385 DOM
7. 2026-06-09
   days on market $139,000 Active 384 DOM
8. 2026-06-08
   days on market $139,000 Active 383 DOM
9. 2026-06-07
   days on market $139,000 Active 382 DOM
10. 2026-06-03
    days on market $139,000 Active 378 DOM
11. 2026-06-02
    days on market $139,000 Active 377 DOM
12. 2026-06-01
    days on market $139,000 Active 376 DOM
13. 2026-05-31
    days on market $139,000 Active 375 DOM
14. 2025-05-20
    listed $139,000 Active 622-char remark

    Show marketing remark (622 chars)

    This versatile duplex in Milan, New Mexico, presents a fantastic investment opportunity with two distinct units. The first unit features 3 bedrooms and 2 baths, while the second offers 2 bedrooms and 1 bath. In addition, the property includes a spacious lot, ideal for parking a manufactured home to add another income-generating unit. Each unit is equipped with separate electric and gas meters, ensuring independent utilities for tenants. Both units currently have long-term renters in place, providing steady income. Swamp coolers offer efficient cooling, while the durable metal roof enhances the property's longevity.

ⓘ 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 3/10 Moderate FEMA zone AE · 18% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°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: $27,600
• − Mortgage interest: −$7,786
• − Property taxes: −$2,085
• − Insurance: −$5,814
• − Repairs & maintenance: −$2,208
• − Management: −$2,208
• − Depreciation: −$4,044
• Taxable income: $3,456
• Est. tax owed @ 24.0%: −$829
• After-tax cash flow: $4,329/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 · 10 photos

Fair 45/100 Moderate rehab

This multi-family property in Milan, NM, requires moderate rehabilitation to improve its condition and increase its resale and rental value.

Repairs flagged

• Major fencing — Rusted and in poor condition
• Major landscaping — Overgrown vegetation and poor landscaping

Value-add opportunities

• Both paint exterior walls — Enhances curb appeal and property value
• Both repair and paint interior walls — Improves living space and rental appeal
• Both repair and paint kitchen and bathrooms — Enhances functionality and rental appeal
• Both landscaping and curb appeal — Improves property value and rental appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
fencing · Rusted and in poor condition	Major	$15,000–50,000
landscaping · Overgrown vegetation and poor landscaping	Major	$15,000–50,000
Total estimated repair cost · 2 items		$30,000–100,000

Value-add ROI direction

• Both paint exterior walls — Enhances curb appeal and property value ↑
• Both repair and paint interior walls — Improves living space and rental appeal ↑
• Both repair and paint kitchen and bathrooms — Enhances functionality and rental appeal ↑
• Both landscaping and curb appeal — Improves property value and rental appeal ↑

ⓘ 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: Grants-Cibola County Schools
• NCES district ID: 3501170
• Math proficiency: 14% —
• Reading proficiency: 22% —
• Median HH income: $35,996
• Composite: 18.23/100
• National rank: #14064
• State rank: #74 of 95 in NM

Livability — Milan

• Score: 58/100
• State rank: #144
• US rank: #21042

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Milan, NM
• Population (ZIP): 3,164

Population outlook (Cibola County) Hauer SSP2

• Today (2025): 26,324 people
• By 2030: 25,594 · -2.8%
• By 2040: 24,117 · -8.4%
• By 2050: 22,568 · -14.3%
• By 2075: 18,653 · -29.1%
• By 2100: 12,719 · -51.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.70)
• Race & ethnicity: Hispanic / Latino 51% Two or more races 33% Native American 25% White 21% Asian 2%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Italian 11% Scottish 2% Lithuanian 1%
• Foreign-born: 2% · China
• Languages at home: 68% English-only · Spanish 15% Chinese 1%

Political lean MEDSL · Cibola

• 2024 margin: Toss-up / Even · D 49.6% · R 48.0% · Other 2.4%
• 2008→2024 swing: -28.1pp toward R · 2008: 29.6pp · 2024: 1.6pp
• All cycles: 2024: D+1.6 2020: D+8.7 2016: D+6.8 2012: D+23.8 2008: D+29.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2025-05-20 Listed $139,000 Southwest MLS