1550 Durazno ST Las Cruces, NM 88001

TThe owner of this property has held it in their family for over 40 years and are ready to retire. This is a value add opportunity with seven single family patio home style residences that share a common walls, but are separately metered for gas, electric and water, refuse and sewer. Located in New Mexico's 2nd largest town, home to NM State University and its ~11,000 students this property is well situated for repositioning in the marketplace. Current rents range from $510 to $750 for identically sized units. With an average rent of $633, the measures of investment performance at the list price of $525,000 include a GRM of 9.88, Before Reserves Cap rate of 6.00% and after tax IRR of 16.90%. If rents are raised to market of $895, the cap rates goes to 9.34%, cash on cash to 18.12%. With am