521 Tenaja Ave

Maxwell, NM 87728

$59,900B

2 bd · 1.0 ba · 924 sqft · Built 1920 · Other · Active · 88 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $871/mo
• Mortgage (P&I): −$314
• Tax + insurance: −$80
• HOA: −$0
• Vac / Maint / Mgmt: −$183
• Net cashflow: $294/mo
• Annual: $3,523/yr
• Cap rate: 12.17%
• Cash-on-cash: 21.00%
• DSCR: 1.93
• 1% rule: 1.45%
• Cash to close: $16,772

Investor read

• This is a 2-bed/1.0-bath other listed at $60k.
• 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).
• It's been on market 88 days — a 6% lower offer ($56k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $56k (6.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($414 loan paydown + $2k appreciation (3.0% local appreciation)).
• 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.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 2 active listings in the ZIP.
• Colfax County population projected at -39% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 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.
• 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.

Questions for listing agent

• 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?
• Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.