1122 S Bowen Ave Unit A,B,C,D · Farmington, NM 87401

$320,000

12 bd · None ba · 4,352 sqft · MultiFamily · 96 Days on market

Fair condition

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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
• Rent growth +3.8/5.0
• Livability +3.3/5.0
• Schools +3.2/10.0
• 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 MLS

Don't miss this solid income-producing opportunity! This small mobile home park features four 3-bedroom, 2-bathroom units, all tenant-occupied, providing immediate cash flow. Each unit is individually metered for utilities. Park currently receives $4,350 per month providing over 10% CAP income based on gross cap-rate calculations. Call for more details and to schedule an appointment.

Key facts

• Listed 95 days

What this means for you Summary

Snapshot

• This is a 12-bed/?-bath multifamily listed at $320k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($28k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $320k).
• Recommended offer: $291k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 66/100 on livability (#38 in NM) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, schools D-, crime F.
• Farmington Municipal Schools (urban): math 23% / reading 43% proficiency, ranked #23 of 95 in NM (top 24%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+5.1%/yr); 238 active listings in the ZIP; 78 units permitted in San Juan County in 2024 (8 in 5+ unit buildings).
• At $5,706/mo this rent would consume 111% of the median local household income ($62k/yr) (locally 1190% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• San Juan County population projected at -51% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 5.1% rent growth), your $90k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 96 days — a 9% lower offer ($291k) is reasonable based on typical stale-listing flexibility.

Recommended offer $291,200 (9.0% below list)

Questions for the listing agent

1. It's been on market 96 days. Have you received any prior offers? Is the seller open to a 9% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.78% ✓
• Cap rate: 14.90%
• Cash-on-cash: 30.75%
• DSCR: 2.37
• GRM: 4.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.08% rent growth · sell at horizon

5-year hold

• IRR: 27.8%
• Equity multiple: 2.19×
• Total profit: $106,673
• Equity at exit: $47,713

10-year hold

• IRR: 36.5%
• Equity multiple: 4.72×
• Total profit: $333,754
• Equity at exit: $27,668

Cash invested: $89,600 (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 87401

• Rents YoY: 5.1%
• Active inventory: 238
• Price-to-rent: 18.7×

Monthly cashflow live

• Estimated rent: $5,706 medium
• Mortgage (P&I): −$1,678
• Tax est. 1.5%: −$400 /mo · $4,800/yr
• Insurance: −$133
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,198
• Net cashflow: $2,296

Break-even live

Break-even rent $2,799

Max offer price $320,000

Occupancy floor 55%

Sensitivity live

Price	-10% $2,517	-5% $2,407	+0% $2,296	+5% $2,186	+10% $2,075
Rent	-10% $1,846	-5% $2,071	+0% $2,296	+5% $2,522	+10% $2,747
Rate	-1.0pp $2,457	-0.5pp $2,378	base $2,296	+0.5pp $2,213	+1.0pp $2,129

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

Units	Beds	Baths	Est. rent
▸ 4× units	3	2	$5,704
Total (4 units)			$5,706

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: $80,000
• Closing costs: $9,600
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-19
   days on market $320,000 Active 96 DOM
2. 2026-06-18
   days on market $320,000 Active 95 DOM
3. 2026-06-17
   days on market $320,000 Active 94 DOM
4. 2026-06-16
   days on market $320,000 Active 93 DOM
5. 2026-06-15
   days on market $320,000 Active 92 DOM
6. 2026-06-14
   days on market $320,000 Active 90 DOM
7. 2026-06-12
   days on market $320,000 Active 89 DOM
8. 2026-06-09
   days on market $320,000 Active 86 DOM
9. 2026-06-09
   days on market $320,000 Active 85 DOM
10. 2026-03-06
    listed $320,000 Active 386-char remark

    Show marketing remark (386 chars)

    Don't miss this solid income-producing opportunity! This small mobile home park features four 3-bedroom, 2-bathroom units, all tenant-occupied, providing immediate cash flow. Each unit is individually metered for utilities. Park currently receives $4,350 per month providing over 10% CAP income based on gross cap-rate calculations. Call for more details and to schedule an appointment.

ⓘ 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 4/10 Moderate 7 d/yr ≥93°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $68,472
• − Mortgage interest: −$17,925
• − Property taxes: −$4,800
• − Insurance: −$1,600
• − Repairs & maintenance: −$5,478
• − Management: −$5,478
• − Depreciation: −$9,309
• Taxable income: $23,882
• Est. tax owed @ 24.0%: −$5,732
• After-tax cash flow: $21,824/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 · 5 photos

Fair 45/100 Moderate rehab

This multi-family property requires significant exterior and interior repairs, but presents a solid income-producing opportunity with immediate cash flow.

Repairs flagged

• Major exterior siding — Significant wear
• Major roof — Visible signs of wear
• Major interior walls/paint — No visible interior
• Major bathrooms — No visible bathrooms
• Major kitchen — No visible kitchen
• Major systems — No visible systems

Value-add opportunities

• Both paint exterior — Enhances curb appeal and value
• Both repair roof — Improves structural integrity and value
• Both update interior walls/paint — Enhances interior aesthetics and value
• Both update bathrooms — Enhances functionality and value
• Both update kitchen — Enhances functionality and value
• Both update systems — Improves functionality and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Significant wear	Major	$15,000–50,000
roof · Visible signs of wear	Major	$15,000–50,000
interior walls/paint · No visible interior	Major	$15,000–50,000
bathrooms · No visible bathrooms	Major	$15,000–50,000
kitchen · No visible kitchen	Major	$15,000–50,000
systems · No visible systems	Major	$15,000–50,000
Total estimated repair cost · 6 items		$90,000–300,000

Value-add ROI direction

• Both paint exterior — Enhances curb appeal and value ↑
• Both repair roof — Improves structural integrity and value ↑
• Both update interior walls/paint — Enhances interior aesthetics and value ↑
• Both update bathrooms — Enhances functionality and value ↑
• Both update kitchen — Enhances functionality and value ↑
• Both update systems — Improves functionality and value ↑

ⓘ 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: Farmington Municipal Schools
• NCES district ID: 3500990
• Math proficiency: 23% —
• Reading proficiency: 43% —
• Median HH income: $51,365
• Composite: 31.5/100
• National rank: #11178
• State rank: #23 of 95 in NM

Livability — Farmington

• Score: 66/100
• State rank: #38
• US rank: #11926

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Farmington, NM
• County: San Juan County · 45,229 people
• City population: 45,229
• Metro: Farmington, NM
• Population (ZIP): 45,229
• Household income: $61,886
• Rent vs Own: 35.2% rent · 64.8% own
• Severe rent burden: 1190.0

Population outlook (San Juan County) Hauer SSP2

• Today (2025): 95,201 people
• By 2030: 84,154 · -11.6%
• By 2040: 63,810 · -33.0%
• By 2050: 46,929 · -50.7%
• By 2075: 21,097 · -77.8%
• By 2100: 9,410 · -90.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.80)
• Race & ethnicity: White 38% Native American 32% Hispanic / Latino 24% Two or more races 12% Asian 1%
• Hispanic origin (detail): Mexican 14%
• Common ancestry: Lithuanian 2% Slovak 2% Italian 2%
• Foreign-born: 4% · Canada
• Languages at home: 72% English-only · Spanish 13%

Political lean MEDSL · San Juan

• 2024 margin: Solid R (+31.7) · D 33.0% · R 64.7% · Other 2.3%
• 2008→2024 swing: -10.6pp toward R · 2008: -21.2pp · 2024: -31.7pp
• All cycles: 2024: R+31.7 2020: R+28.3 2016: R+33.1 2012: R+28.5 2008: R+21.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -224.62%
• Current HPI: 170.162
• Rent YoY: ▲ 5.08%
• Metro: Farmington, NM
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-03-06 Listed $320,000 SJCMLS