4801 Irving Blvd NW

Albuquerque, NM 87114

$235,000D

3 bd · 3.0 ba · 1,153 sqft · Built 1999 · Condo · Under Contract · 35 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,893/mo
• Mortgage (P&I): −$1,232
• Tax + insurance: −$202
• HOA: −$0
• Vac / Maint / Mgmt: −$398
• Net cashflow: $61/mo
• Annual: $736/yr
• Cap rate: 6.61%
• Cash-on-cash: 1.12%
• DSCR: 1.05
• 1% rule: 0.81%
• Cash to close: $65,800

Investor read

• This is a 3-bed/3.0-bath condo listed at $235k.
• At list price, monthly cash flow is $61 ($736/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $189k (19.4% below list).
• It's been on market 35 days — a 3% lower offer ($228k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $189k (19.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#13 in NM) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime F.
• Albuquerque Public Schools (urban): math 51% / reading 75% proficiency, ranked #3 of 29 in NM (top 10%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Seven Bar Elementary (486 students, 43% FRL); James Monroe Middle (689 students, 45% FRL); Cibola High (math 37% / reading 72%, grade C-, #34 of 110 statewide, top 31%, 1,762 students, 34% FRL) — zoned schools average 41% FRL vs 60% district-wide (20 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents soft (-2.5%/yr); 348 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,316 units permitted in Bernalillo County in 2024 (546 in 5+ unit buildings).
• 2 sale attempts since 7y 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.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.6% vs local median 3.7% in Albuquerque — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• It's been on market 35 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.