521 Tenaja Ave · Maxwell, NM 87728

$59,900

2 bd · 1.0 ba · 924 sqft · Other · 88 Days on market

Built 1920 6,970 sqft lot ↓ 12% 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
• DSCR +10.0/10.0
• 1% rule +9.5/10.0
• ARV discount +7.5/15.0
• Appreciation +5.0/10.0
• Schools +5.0/10.0
• Livability +2.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Nice 924 +/- sq ft unfinished remodel of two bedroom home with large living and flex room, south facing kitchen with mudroom/utility room. Frame constructed with stucco finish, pitched metal roof. Approximately half of the 7,000 property is fenced. The remainder is partially fenced. Additional 364 +/- sq ft concrete block/stucco workshop. Formerly with a dirt floor would fit one small car. Now with wood floor. Quiet neighborhood, wonderful views. In past two years have a new pavement footpath on north side and currently located a couple of blocks south of the proposed new Maxwell School. Owner took interior of property back to the studs in many places and has sheet rocked much of the rooms with mudroom/utility room and bathroom unfinished. Appliances need to be installed with some on site, including upgraded efficient windows and more flooring. Much to see here for someone with skills to finish the remodel.

Key facts

• Wonderful views
• South facing kitchen
• Fenced property

Tags

• SOUTH FACING KITCHEN
• MUDROOM UTILITY ROOM
• FENCED PROPERTY
• CONCRETE BLOCK STUCCO WORKSHOP
• WONDERFUL VIEWS
• UPGRADED EFFICIENT WINDOWS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $60k.

Deal economics

• At list price, monthly cash flow is $294 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($871 rent vs $60k).
• Recommended offer: $56k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 56/100 on livability (#196 in NM) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A; Watch: health & safety C-, employment D, crime F.
• Market conditions: 2 active listings in the ZIP.

Forward outlook

• In year one you build about $2k of equity ($414 loan paydown + $2k appreciation (3.0% local appreciation)).
• Colfax County population projected at -39% 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 $17k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 88 days — a 6% lower offer ($56k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 4y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $56,306 (6.0% below list)

Questions for the listing agent

1. It's been on market 88 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
6. 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.
7. 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.
8. 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: 1.45% ✓
• Cap rate: 12.17%
• Cash-on-cash: 21.00%
• DSCR: 1.93
• GRM: 5.7

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: 27.3%
• Equity multiple: 2.55×
• Total profit: $25,914
• Equity at exit: $26,934

10-year hold

• IRR: 27.9%
• Equity multiple: 4.94×
• Total profit: $66,059
• Equity at exit: $41,508

Cash invested: $16,772 (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 87728

• Active inventory: 2
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $871 medium
• Mortgage (P&I): −$314
• Tax from tax record: −$55 /mo · $664/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$183
• Net cashflow: $294

Break-even live

Break-even rent $499

Max offer price $59,900

Occupancy floor 61%

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: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-18
   days on market $59,900 Active 88 DOM
2. 2026-06-17
   days on market $59,900 Active 87 DOM
3. 2026-06-16
   days on market $59,900 Active 86 DOM
4. 2026-06-15
   days on market $59,900 Active 85 DOM
5. 2026-06-13
   days on market $59,900 Active 83 DOM
6. 2026-06-12
   days on market $59,900 Active 82 DOM
7. 2026-06-09
   days on market $59,900 Active 79 DOM
8. 2026-06-08
   days on market $59,900 Active 78 DOM
9. 2026-06-07
   days on market $59,900 Active 77 DOM
10. 2026-06-05
    days on market $59,900 Active 75 DOM
11. 2026-06-04
    days on market $59,900 Active 73 DOM
12. 2026-06-02
    days on market $59,900 Active 72 DOM
13. 2026-06-01
    days on market $59,900 Active 71 DOM
14. 2026-05-31
    days on market $59,900 Active 70 DOM
15. 2026-03-22
    listed $59,900 Active 920-char remark

    Show marketing remark (920 chars)

    Nice 924 +/- sq ft unfinished remodel of two bedroom home with large living and flex room, south facing kitchen with mudroom/utility room. Frame constructed with stucco finish, pitched metal roof. Approximately half of the 7,000 property is fenced. The remainder is partially fenced. Additional 364 +/- sq ft concrete block/stucco workshop. Formerly with a dirt floor would fit one small car. Now with wood floor. Quiet neighborhood, wonderful views. In past two years have a new pavement footpath on north side and currently located a couple of blocks south of the proposed new Maxwell School. Owner took interior of property back to the studs in many places and has sheet rocked much of the rooms with mudroom/utility room and bathroom unfinished. Appliances need to be installed with some on site, including upgraded efficient windows and more flooring. Much to see here for someone with skills to finish the remodel.

16. 2024-02-29
    soldstatus Closed 455-char remark

    Show marketing remark (455 chars)

    Nice 924 +/- sq ft two bedroom one bathroom home with large living and dining room, south facing kitchen and utility/mudroom. Frame constructed with stucco finish and pitched metal roof. Approximatley half of the 7,000 sq ft property is fenced. The remainder is partially fenced. Additional 374 +/- sq ft concrete block/stucco finished workshop. Formerly with a dirt floor would fit one small car. Now with wood floor. Quiet neighborhood, wonderful views.

17. 2024-02-29
    soldstatus

    Show marketing remark (455 chars)

    Nice 924 +/- sq ft two bedroom one bathroom home with large living and dining room, south facing kitchen and utility/mudroom. Frame constructed with stucco finish and pitched metal roof. Approximatley half of the 7,000 sq ft property is fenced. The remainder is partially fenced. Additional 374 +/- sq ft concrete block/stucco finished workshop. Formerly with a dirt floor would fit one small car. Now with wood floor. Quiet neighborhood, wonderful views.

18. 2024-02-14
    status Pending 455-char remark

    Show marketing remark (455 chars)

    Nice 924 +/- sq ft two bedroom one bathroom home with large living and dining room, south facing kitchen and utility/mudroom. Frame constructed with stucco finish and pitched metal roof. Approximatley half of the 7,000 sq ft property is fenced. The remainder is partially fenced. Additional 374 +/- sq ft concrete block/stucco finished workshop. Formerly with a dirt floor would fit one small car. Now with wood floor. Quiet neighborhood, wonderful views.

19. 2023-08-31
    status Active 455-char remark

    Show marketing remark (455 chars)

    Nice 924 +/- sq ft two bedroom one bathroom home with large living and dining room, south facing kitchen and utility/mudroom. Frame constructed with stucco finish and pitched metal roof. Approximatley half of the 7,000 sq ft property is fenced. The remainder is partially fenced. Additional 374 +/- sq ft concrete block/stucco finished workshop. Formerly with a dirt floor would fit one small car. Now with wood floor. Quiet neighborhood, wonderful views.

20. 2023-08-31
    price $63,000 455-char remark

    Show marketing remark (455 chars)

    Nice 924 +/- sq ft two bedroom one bathroom home with large living and dining room, south facing kitchen and utility/mudroom. Frame constructed with stucco finish and pitched metal roof. Approximatley half of the 7,000 sq ft property is fenced. The remainder is partially fenced. Additional 374 +/- sq ft concrete block/stucco finished workshop. Formerly with a dirt floor would fit one small car. Now with wood floor. Quiet neighborhood, wonderful views.

21. 2023-06-11
    status Active 455-char remark

    Show marketing remark (455 chars)

    Nice 924 +/- sq ft two bedroom one bathroom home with large living and dining room, south facing kitchen and utility/mudroom. Frame constructed with stucco finish and pitched metal roof. Approximatley half of the 7,000 sq ft property is fenced. The remainder is partially fenced. Additional 374 +/- sq ft concrete block/stucco finished workshop. Formerly with a dirt floor would fit one small car. Now with wood floor. Quiet neighborhood, wonderful views.

22. 2023-03-27
    status Active 455-char remark

    Show marketing remark (455 chars)

    Nice 924 +/- sq ft two bedroom one bathroom home with large living and dining room, south facing kitchen and utility/mudroom. Frame constructed with stucco finish and pitched metal roof. Approximatley half of the 7,000 sq ft property is fenced. The remainder is partially fenced. Additional 374 +/- sq ft concrete block/stucco finished workshop. Formerly with a dirt floor would fit one small car. Now with wood floor. Quiet neighborhood, wonderful views.

23. 2022-11-15
    price $65,000 455-char remark

    Show marketing remark (455 chars)

    Nice 924 +/- sq ft two bedroom one bathroom home with large living and dining room, south facing kitchen and utility/mudroom. Frame constructed with stucco finish and pitched metal roof. Approximatley half of the 7,000 sq ft property is fenced. The remainder is partially fenced. Additional 374 +/- sq ft concrete block/stucco finished workshop. Formerly with a dirt floor would fit one small car. Now with wood floor. Quiet neighborhood, wonderful views.

24. 2022-10-11
    listed $68,000 Active 455-char remark

    Show marketing remark (455 chars)

    Nice 924 +/- sq ft two bedroom one bathroom home with large living and dining room, south facing kitchen and utility/mudroom. Frame constructed with stucco finish and pitched metal roof. Approximatley half of the 7,000 sq ft property is fenced. The remainder is partially fenced. Additional 374 +/- sq ft concrete block/stucco finished workshop. Formerly with a dirt floor would fit one small car. Now with wood floor. Quiet neighborhood, wonderful views.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NM · Resets to sale price

• Current annual tax: $664 · $55/mo
• Projected year-2 tax: $664 · $55/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $10,450
• − Mortgage interest: −$3,355
• − Property taxes: −$664
• − Insurance: −$300
• − Repairs & maintenance: −$836
• − Management: −$836
• − Depreciation: −$1,743
• Taxable income: $2,717
• Est. tax owed @ 24.0%: −$652
• After-tax cash flow: $2,871/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)

No district data.

Livability — Maxwell

• Score: 56/100
• State rank: #196
• US rank: #23074

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Maxwell, NM
• Population (ZIP): 464

Population outlook (Colfax County) Hauer SSP2

• Today (2025): 10,260 people
• By 2030: 9,240 · -9.9%
• By 2040: 7,474 · -27.2%
• By 2050: 6,285 · -38.7%
• By 2075: 5,109 · -50.2%
• By 2100: 4,684 · -54.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority Hispanic (60%)
• Race & ethnicity: Hispanic / Latino 60% White 38% Two or more races 13% Native American 1%
• Hispanic origin (detail): Mexican 37%
• Common ancestry: Serbian 8% Romanian 3% Slovak 3%
• Languages at home: 82% English-only · Spanish 17%

Political lean MEDSL · Colfax

• 2024 margin: R (+14.0) · D 41.9% · R 55.9% · Other 2.1%
• 2008→2024 swing: -24.8pp toward R · 2008: 10.7pp · 2024: -14.0pp
• All cycles: 2024: R+14.0 2020: R+11.0 2016: R+8.6 2012: D+2.0 2008: D+10.7

Not yet ingested

• Civics: —

Market trends

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

Price history

-11.9% since first listed

10 events — show timeline

• 2026-03-22 Listed $59,900 TCAR
• 2024-02-29 Sold (Public Records) — Public Records
• 2024-02-29 Sold (MLS) — TCAR
• 2024-02-14 Pending — TCAR
• 2023-08-31 Relisted — TCAR
• 2023-08-31 Price Changed $63,000 TCAR
• 2023-06-11 Relisted — TCAR
• 2023-03-27 Relisted — TCAR
• 2022-11-15 Price Changed $65,000 TCAR
• 2022-10-11 Listed $68,000 TCAR

Property tax history

-30.2%/yr

Latest (2025): $664 · +29.3% YoY. Source: county tax records.