506 Blanchard St · Las Vegas, NM 87701

$68,000

2 bd · 1.0 ba · 1,154 sqft · Other · 4 Days on market

Built 1930 3,450 sqft lot ↓ 51% 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 +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks

Cute adobe/frame home located a short distance from the Old Town Plaza. There are 2 bedrooms, 1 bath, living room, which is the original adobe section, dining room, spacious kitchen with lots of wood cabinets, and laundry room. This could be a nice starter home or an investment rental property. This property is being sold in "as is" condition. Come take a look, see what you think!

Key facts

• Adobe frame home
• Laundry room
• Spacious kitchen

Tags

• ADOBE FRAME HOME
• ORIGINAL ADOBE SECTION
• SPACIOUS KITCHEN
• LOTS OF WOOD CABINETS
• LAUNDRY ROOM

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $68k.

Deal economics

• At list price, monthly cash flow is $594 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $68k).

Location & tenants

• Location reads 70/100 on livability (#22 in NM) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, amenities A; Watch: schools D-, crime F, commute F.
• West Las Vegas Public Schools (town): math 10% / reading 25% proficiency, ranked #76 of 95 in NM (top 80%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 92% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 89 active listings in the ZIP; 1 comparable units currently listed for rent nearby.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $470 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• San Miguel County population projected at -26% 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 $19k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $68,000

Questions for the listing agent

1. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.91% ✓
• Cap rate: 16.78%
• Cash-on-cash: 37.44%
• DSCR: 2.67
• GRM: 4.4

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: 33.4%
• Equity multiple: 2.41×
• Total profit: $26,809
• Equity at exit: $10,139

10-year hold

• IRR: 40.3%
• Equity multiple: 4.78×
• Total profit: $72,046
• Equity at exit: $5,879

Cash invested: $19,040 (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 87701

• Active inventory: 89
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $1,300 medium
• Mortgage (P&I): −$357
• Tax from tax record: −$48 /mo · $577/yr
• Insurance: −$28
• HOA: −$0
• Vacancy / Maint / Mgmt: −$273
• Net cashflow: $594

Break-even live

Break-even rent $548

Max offer price $68,000

Occupancy floor 49%

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: $17,000
• Closing costs: $2,040
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
221 Railroad Ave Las Vegas, NM	1.0	1.0	800	$1,300	$1.62	21d	1	0.78mi

Listing history 6 events

1. 2026-03-11
   status Pending
2. 2026-03-06
   listed $68,000 Active
3. 2025-10-21
   price $120,000
4. 2025-09-29
   price $135,000
5. 2025-08-05
   listed $140,000 Active
6. 2001-10-29
   soldstatus

ⓘ 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: $577 · $48/mo
• Projected year-2 tax: $577 · $48/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 2/10 Low 6 d/yr ≥89°F today · 16 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: $15,600
• − Mortgage interest: −$3,809
• − Property taxes: −$577
• − Insurance: −$340
• − Repairs & maintenance: −$1,248
• − Management: −$1,248
• − Depreciation: −$1,978
• Taxable income: $6,400
• Est. tax owed @ 24.0%: −$1,536
• After-tax cash flow: $5,592/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: West Las Vegas Public Schools
• NCES district ID: 3501560
• Math proficiency: 10% —
• Reading proficiency: 25% —
• Median HH income: $27,499
• Composite: 17.01/100
• National rank: #14192
• State rank: #76 of 95 in NM

Livability — Las Vegas

• Score: 70/100
• State rank: #22
• US rank: #8084

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Las Vegas, NM
• Population (ZIP): 17,864

Population outlook (San Miguel County) Hauer SSP2

• Today (2025): 25,750 people
• By 2030: 24,399 · -5.2%
• By 2040: 21,705 · -15.7%
• By 2050: 19,188 · -25.5%
• By 2075: 15,030 · -41.6%
• By 2100: 12,418 · -51.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (77%)
• Race & ethnicity: Hispanic / Latino 77% Two or more races 28% White 16% Native American 3% Black 1%
• Hispanic origin (detail): Mexican 31%
• Common ancestry: Lithuanian 1% Serbian 1% Romanian 1%
• Foreign-born: 3% · Canada
• Languages at home: 55% English-only · Spanish 42%

Political lean MEDSL · San Miguel

• 2024 margin: Strong D (+27.9) · D 62.9% · R 35.0% · Other 2.1%
• 2008→2024 swing: -32.7pp toward R · 2008: 60.6pp · 2024: 27.9pp
• All cycles: 2024: D+27.9 2020: D+38.7 2016: D+46.4 2012: D+56.8 2008: D+60.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -94.60%
• Current HPI: 166.7301
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-51.4% since first listed

6 events — show timeline

• 2026-03-11 Pending — NMMLS
• 2026-03-06 Listed $68,000 NMMLS
• 2025-10-21 Price Changed $120,000 Santa Fe MLS
• 2025-09-29 Price Changed $135,000 Santa Fe MLS
• 2025-08-05 Listed $140,000 Santa Fe MLS
• 2001-10-29 Sold (Public Records) — Public Records

Property tax history

+2.8%/yr

Latest (2025): $577 · +2.7% YoY. Source: county tax records.