Preheat your oven to 350°F (175°C).
In a saucepan over medium heat, melt the granulated sugar until it becomes a golden caramel. Carefully pour the caramel into a 9-inch round baking dish, tilting the dish to evenly coat the bottom. Set aside to cool.
In a blender, combine the evaporated milk, sweetened condensed milk, eggs, vanilla extract, and milk. Blend until smooth and well combined.
Pour the blended mixture over the set caramel in the baking dish.
Place the baking dish in a larger baking pan. Fill the larger pan with hot water until it reaches halfway up the sides of the flan dish.
Bake in the preheated oven for about 60 minutes or until the edges are set and the center is slightly jiggly.
Remove the flan from the water bath and let it cool to room temperature. Refrigerate for at least 4 hours or overnight.
To serve, run a knife around the edges of the flan to loosen it and invert onto a platter. Slice and enjoy!