589 Horseshoe Trl SE · Albuquerque, NM 87123

$98,000

3 bd · 2.0 ba · 980 sqft · Manufactured · 116 Days on market

Built 2020 Fair condition 3,485 sqft lot $100/sqft · 7% below area Est $105k · 7% under

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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
• ARV discount +10.6/15.0
• DSCR +10.0/10.0
• 1% rule +8.9/10.0
• Schools +5.3/10.0
• Livability +3.6/5.0
• Condition / age +2.2/5.0
• Rent growth +2.0/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Modern & contemporary 2020 Champion. Many upgrades including, beautiful upgraded laminate wood flooring throughout. Storm door by Andersen and higher end sturdy push/pull blinds. Renovated gourmet kitchen featuring custom high-end cabinetry, counter tops and upgraded stainless sink/faucet. Functional luxury primary bedroom bathroom with walk-in shower. Upgraded shower heads in both bathrooms. Convenient location in Four Hills Community with many amenities. Near Community Center and pool. Close access to I-40, shopping and restaurants. Potential buyers must apply and obtain approval with Four Hills Management prior to purchase for lot space rent. Lot space rent is subject to increase upon new lease agreement.

Key facts

• Walk in shower
• 3,485 sq ft lot
• Built 2020

Tags

• STORM DOOR BY ANDERSEN
• RENOVATED GOURMET KITCHEN
• CUSTOM HIGH END CABINETRY
• UPGRADED STAINLESS SINK FAUCET
• WALK IN SHOWER
• UPGRADED SHOWER HEADS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $98k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $396 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $98k).
• Recommended offer: $89k (9.0% below list) — sets the bar for market timing.
• Cap rate 11.1% 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.

Location & tenants

• 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: schools D-, 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.
• Market conditions: Rents soft (-2.1%/yr); 202 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,316 units permitted in Bernalillo County in 2024 (546 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $678 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $27k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 116 days — a 9% lower offer ($89k) is reasonable based on typical stale-listing flexibility.

Recommended offer $89,180 (9.0% below list)

Questions for the listing agent

1. It's been on market 116 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.39% ✓
• Cap rate: 11.14%
• Cash-on-cash: 17.33%
• DSCR: 1.77
• GRM: 6.0

CMA / ARV

• ARV (median comp): $105,148
• List price: $98,000
• Delta: -6.80%
• Verdict: FAIR
• Comps: 2 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
625 Fox Ln SE	0.16mi	2/2.0 (-1)	1,066 (+9%)	2mo	$90,000	$84	71

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 5.2%
• Equity multiple: 1.20×
• Total profit: $5,394
• Equity at exit: $14,612

10-year hold

• IRR: 11.7%
• Equity multiple: 1.80×
• Total profit: $21,885
• Equity at exit: $8,473

Cash invested: $27,440 (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 87123

• Rents YoY: -2.1%
• Active inventory: 202
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $1,359 high
• Mortgage (P&I): −$514
• Tax est. 1.5%: −$122 /mo · $1,470/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$285
• Net cashflow: $396

Break-even live

Break-even rent $857

Max offer price $98,000

Occupancy floor 66%

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: $24,500
• Closing costs: $2,940
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
301 Western Skies Dr SE Albuquerque, NM	1.0–3.0	1.0–2.0	806	$1,511	$1.87	3d	17	0.14mi
221 Hanosh Ct SE Albuquerque, NM	2.0	1.0	700	$800	$1.14	43d	1	0.20mi
225 Hanosh Ct SE Apt 3 Albuquerque, NM	2.0	1.0	650	$1,200	$1.85	3d	1	0.20mi
309 Whispering Sands Ct SE Unit 3 Albuquerque, NM	2.0	1.0	825	$1,200	$1.45	23d	1	0.22mi
408 Rainbow Ct SE Albuquerque, NM	2.0	1.0	950	$1,200	$1.26	23d	1	0.27mi
405 Dorado Ct SE Unit D Albuquerque, NM	2.0	1.0	800	$900	$1.12	43d	1	0.28mi
405 Dorado Ct SE Albuquerque, NM	2.0	1.0	800	$1,000	$1.25	44d	1	0.28mi
12736 Singing Arrow Ave SE Unit C Albuquerque, NM	2.0	1.0	800	$950	$1.19	23d	1	0.33mi
521 Nathan St SE Albuquerque, NM	3.0	2.0	1060	$1,895	$1.79	19d	1	0.37mi
200 Figueroa St NE Albuquerque, NM	1.0–2.0	1.0	734	$1,207	$1.64	3d	10	0.43mi
12021 Skyline Rd NE Albuquerque, NM	1.0–3.0	1.0–2.0	875	$1,592	$1.82	3d	17	0.56mi
13150 Wenonah Ave SE Albuquerque, NM	1.0–2.0	1.0–2.0	789	$1,633	$2.07	3d	16	0.65mi
12032 Copper Ave NE Albuquerque, NM	2.0	2.5	1090	$1,900	$1.74	3d	1	0.98mi
12008 Copper Ave NE Unit C Albuquerque, NM	2.0	1.0	827	$1,250	$1.51	3d	1	0.99mi
12624 Copper Ave NE Apt 3 Albuquerque, NM	2.0	2.0	900	$995	$1.11	43d	1	1.00mi
517 Ida Pl NE Albuquerque, NM	3.0	1.5	1058	$2,000	$1.89	21d	1	1.00mi
187 Monte Largo Dr NE Albuquerque, NM	2.0	1.0	787	$1,050	$1.33	43d	1	1.02mi
187 Monte Largo Dr NE Apt 1 Albuquerque, NM	2.0	1.0	787	$1,050	$1.33	23d	1	1.02mi
628 Marquis Ct NE Albuquerque, NM	2.0	2.0	1099	$2,800	$2.55	43d	1	1.04mi
701 Stephen Moody St SE Albuquerque, NM	1.0–2.0	1.0–2.0	814	$1,715	$2.11	3d	10	1.05mi
600 Morris St NE Albuquerque, NM	1.0–2.0	1.0	625	$1,149	$1.84	3d	1	1.07mi
557 Tramway Blvd NE Albuquerque, NM	1.0–3.0	1.0–2.0	891	$1,405	$1.58	3d	9	1.15mi
12412 Grand Ave NE Albuquerque, NM	3.0	2.0	1022	$1,850	$1.81	44d	1	1.19mi
717 Grace St NE Albuquerque, NM	3.0	1.5	1040	$1,875	$1.80	23d	1	1.45mi
14124 Copper Ave NE Albuquerque, NM	1.0–2.0	1.0	770	$1,350	$1.75	23d	11	1.45mi

Listing history 16 events

1. 2026-06-18
   days on market $98,000 Active 116 DOM
2. 2026-06-17
   days on market $98,000 Active 115 DOM
3. 2026-06-16
   days on market $98,000 Active 114 DOM
4. 2026-06-15
   days on market $98,000 Active 113 DOM
5. 2026-06-13
   days on market $98,000 Active 111 DOM
6. 2026-06-10
   days on market $98,000 Active 108 DOM
7. 2026-06-09
   days on market $98,000 Active 107 DOM
8. 2026-06-08
   days on market $98,000 Active 106 DOM
9. 2026-06-07
   days on market $98,000 Active 105 DOM
10. 2026-06-05
    days on market $98,000 Active 102 DOM
11. 2026-06-03
    days on market $98,000 Active 101 DOM
12. 2026-06-02
    days on market $98,000 Active 100 DOM
13. 2026-06-01
    days on market $98,000 Active 99 DOM
14. 2026-06-01
    price $98,000 Active 98 DOM
15. 2026-05-31
    days on market $105,000 Active 98 DOM
16. 2026-02-22
    listed $105,000 Active 723-char remark

    Show marketing remark (723 chars)

    Modern & contemporary 2020 Champion. Many upgrades including, beautiful upgraded laminate wood flooring throughout. Storm door by Andersen and higher end sturdy push/pull blinds. Renovated gourmet kitchen featuring custom high-end cabinetry, counter tops and upgraded stainless sink/faucet. Functional luxury primary bedroom bathroom with walk-in shower. Upgraded shower heads in both bathrooms. Convenient location in Four Hills Community with many amenities. Near Community Center and pool. Close access to I-40, shopping and restaurants. Potential buyers must apply and obtain approval with Four Hills Management prior to purchase for lot space rent. Lot space rent is subject to increase upon new lease agreement.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 3 d/yr ≥91°F today · 8 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: $16,306
• − Mortgage interest: −$5,490
• − Property taxes: −$1,470
• − Insurance: −$490
• − Repairs & maintenance: −$1,304
• − Management: −$1,304
• − Depreciation: −$2,851
• Taxable income: $3,397
• Est. tax owed @ 24.0%: −$815
• After-tax cash flow: $3,939/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.

Condition & rehab AI · 12 photos

Fair 45/100 Cosmetic rehab

This 2020 Champion mobile home is in fair condition with good upgrades and a good location. A minor paint job on the exterior trim would significantly enhance its curb appeal and value.

Value-add opportunities

• Both Paint exterior trim — Enhances curb appeal and value
• Both Replace ceiling fan with energy-efficient model — Improves energy efficiency and aesthetics
• Both Install smart home devices — Enhances convenience and marketability

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior trim — Enhances curb appeal and value ↑
• Both Replace ceiling fan with energy-efficient model — Improves energy efficiency and aesthetics ↑
• Both Install smart home devices — Enhances convenience and marketability ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Albuquerque Public Schools
• NCES district ID: 3500060
• Math proficiency: 51% ▲ 30.00%
• Reading proficiency: 75% ▲ 45.00%
• Median HH income: $48,151
• Composite: 53.29/100
• National rank: #1487
• State rank: #3 of 29 in NM

Livability — Albuquerque

• Score: 72/100
• State rank: #13
• US rank: #6219

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Albuquerque, NM
• County: Bernalillo County · 647,165 people
• City population: 647,165
• Metro: Albuquerque, NM
• Population (ZIP): 42,252
• Household income: $64,359
• Rent vs Own: 33.0% rent · 67.0% own
• Severe rent burden: 1657.0

Population outlook (Bernalillo County) Hauer SSP2

• Today (2025): 704,528 people
• By 2030: 711,723 · +1.0%
• By 2040: 714,522 · +1.4%
• By 2050: 709,274 · +0.7%
• By 2075: 680,015 · -3.5%
• By 2100: 619,879 · -12.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: Hispanic / Latino 44% White 40% Two or more races 18% Native American 6% Asian 5% Black 2%
• Hispanic origin (detail): Mexican 28%
• Common ancestry: Italian 2% Romanian 2% Lithuanian 1%
• Foreign-born: 12% · Canada, Vietnam
• Languages at home: 71% English-only · Spanish 22% Vietnamese 2%

Political lean MEDSL · Bernalillo

• 2024 margin: Strong D (+21.0) · D 59.2% · R 38.2% · Other 2.6%
• 2008→2024 swing: -0.3pp no change · 2008: 21.4pp · 2024: 21.0pp
• All cycles: 2024: D+21.0 2020: D+24.4 2016: D+17.8 2012: D+16.2 2008: D+21.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -231.76%
• Current HPI: 233.3553
• Rent YoY: ▼ -2.10%
• Metro: Albuquerque, NM
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-02-22 Listed $105,000 Southwest MLS