6118 Chicago Dr SE · Albuquerque, NM 87106

$389,990

3 bd · 3.0 ba · 1,850 sqft · SingleFamily · 64 Days on market

Built 2026 4,400 sqft lot $211/sqft · 12% below area Est $446k · 12% under $63/mo HOA · 2% of rent ↓ 7% since listing

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Why this score? — see what drove the D- 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).

• ARV discount +13.1/15.0
• Cash flow +7.4/30.0
• Schools +5.3/10.0
• Livability +3.6/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• 1% rule +2.3/10.0
• DSCR +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

The property is located at 6118 Chicago Dr SE ALBUQUERQUE NM 87106 priced at 399990, the square foot and stories are 1850, 2.The number of bath is 2, halfbath is 1 there are 3 bedrooms and 2 garages. For more details please, call or email.

Key facts

• 4,400 sq ft lot
• 2 garage spots
• Built 2026

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath single-family listed at $390k.

Deal economics

• At list price, monthly cash flow is $-501 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $318k (18.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $286k (26.7% below list).
• Recommended offer: $286k (26.7% below list) — sets the bar for 1% rule.
• Cap rate 4.8% vs local median 3.7% in Albuquerque — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 flat; 183 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); 1,316 units permitted in Bernalillo County in 2024 (546 in 5+ unit buildings).
• At $2,857/mo this rent would consume 69% of the median local household income ($50k/yr) (locally 2859% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($367k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $30k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $285,728 (26.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 64 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.73% ✗
• Cap rate: 4.75%
• Cash-on-cash: -5.50%
• DSCR: 0.76
• GRM: 11.4

CMA / ARV

• ARV (median comp): $445,618
• List price: $389,990
• Delta: -12.48%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1924 Gorman Ave SE	0.03mi	3/3.0	1,787 (-3%)	2mo	$439,990	$246	91
1914 Houser Ave SE	0.07mi	3/2.0	1,975 (+7%)	1mo	$499,995	$253	81
6024 Nauman Dr SE	0.32mi	3/2.0	1,870 (+1%)	1mo	$419,000	$224	78
6028 Hardin Dr SE	0.25mi	3/2.0	1,802 (-3%)	4mo	$520,000	$289	77
2128 Bobby Foster Rd SE	0.55mi	3/3.0	1,850 (0%)	3mo	$379,990	$205	72
1918 Gorman Ave SE	0.03mi	3/2.0	1,628 (-12%)	4mo	$389,990	$240	72
6026 Chicago Rd SE	0.17mi	4/2.0 (+1)	1,950 (+5%)	4mo	$469,995	$241	71
6124 Chicago Dr SE	0.02mi	4/2.5 (+1)	2,079 (+12%)	1mo	$419,990	$202	70
5763 University Blvd SE	0.62mi	3/2.0	1,841 (-0%)	1mo	$417,500	$227	65
5632 Sagan Loop SE	0.49mi	3/2.0	1,930 (+4%)	1mo	$400,000	$207	65
2404 De Kooning Ave SE	0.33mi	3/2.5	2,046 (+11%)	2mo	$485,614	$237	63
2119 Stieglitz Ave SE	0.41mi	4/2.5 (+1)	2,079 (+12%)	4mo	$409,990	$197	50

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 · 0.5% rent growth · sell at horizon

5-year hold

• IRR: -28.6%
• Equity multiple: 0.07×
• Total profit: $-102,027
• Equity at exit: $58,149

10-year hold

• IRR: -42.0%
• Equity multiple: -0.44×
• Total profit: $-156,958
• Equity at exit: $33,719

Cash invested: $109,197 (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 87106

• Rents YoY: 0.5%
• Active inventory: 183
• Price-to-rent: 11.4×

Monthly cashflow live

• Estimated rent: $2,857 high
• Mortgage (P&I): −$2,045
• Tax est. 1.5%: −$487 /mo · $5,850/yr
• Insurance: −$162
• HOA: −$63
• Vacancy / Maint / Mgmt: −$600
• Net cashflow: $-501

Break-even live

Break-even rent $3,491

Max offer price $317,512

Occupancy floor —

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: $97,498
• Closing costs: $11,700
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6057 Nauman Dr Albuquerque, NM	4.0	2.0	2114	$4,600	$2.18	2d	1	0.24mi
1913 Pena Ave SE Albuquerque, NM	4.0	2.0	1707	$2,950	$1.73	11d	1	0.27mi
1905 Pena Ave SE Albuquerque, NM	3.0	2.0	1433	$2,700	$1.88	11d	1	0.27mi
6119 Motherwell Dr SE Albuquerque, NM	3.0	2.5	2080	$2,250	$1.08	2d	1	0.36mi
2327 Stieglitz Ave SE Albuquerque, NM	3.0	2.5	2411	$5,000	$2.07	2d	1	0.44mi
5608 Arbus Dr SE Albuquerque, NM	3.0	2.0	1402	$2,200	$1.57	21d	1	0.57mi

HOA detail

• Monthly dues: $63 · $756/yr

Listing history 19 events

1. 2026-06-18
   days on market $389,990 Active 64 DOM
2. 2026-06-17
   days on market $389,990 Active 63 DOM
3. 2026-06-16
   days on market $389,990 Active 62 DOM
4. 2026-06-15
   days on market $389,990 Active 61 DOM
5. 2026-06-13
   days on market $389,990 Active 59 DOM
6. 2026-06-10
   days on market $389,990 Active 56 DOM
7. 2026-06-09
   days on market $389,990 Active 55 DOM
8. 2026-06-08
   days on market $389,990 Active 54 DOM
9. 2026-06-07
   days on market $389,990 Active 53 DOM
10. 2026-06-05
    days on market $389,990 Active 50 DOM
11. 2026-06-03
    days on market $389,990 Active 49 DOM
12. 2026-06-02
    pricedays on market $389,990 Active 48 DOM
13. 2026-06-01
    days on market $394,990 Active 47 DOM
14. 2026-05-31
    days on market $394,990 Active 46 DOM
15. 2026-05-01
    price $399,990 239-char remark

    Show marketing remark (239 chars)

    The property is located at 6118 Chicago Dr SE ALBUQUERQUE NM 87106 priced at 399990, the square foot and stories are 1850, 2.The number of bath is 2, halfbath is 1 there are 3 bedrooms and 2 garages. For more details please, call or email.

16. 2026-04-29
    price $399,990 522-char remark

    Show marketing remark (522 chars)

    The Lemongrass at Mesa Del Sol offers a thoughtfully designed two-story, alley loaded home that blends modern style with everyday functionality. This floor plan features 3 spacious bedrooms, 2.5 bathrooms, and a versatile upstairs loft. The main level showcases an open concept living, dining, and kitchen space - designed for easy entertaining and comfortable daily living. Primary bedroom is located on the main level with primary bath and 1/2 bath. Second level will have the other 2 bedrooms and another full bathroom.

17. 2026-04-17
    price $419,990 239-char remark

    Show marketing remark (239 chars)

    The property is located at 6118 Chicago Dr SE ALBUQUERQUE NM 87106 priced at 399990, the square foot and stories are 1850, 2.The number of bath is 2, halfbath is 1 there are 3 bedrooms and 2 garages. For more details please, call or email.

18. 2026-04-14
    listed $419,990 Active 522-char remark

    Show marketing remark (522 chars)

    The Lemongrass at Mesa Del Sol offers a thoughtfully designed two-story, alley loaded home that blends modern style with everyday functionality. This floor plan features 3 spacious bedrooms, 2.5 bathrooms, and a versatile upstairs loft. The main level showcases an open concept living, dining, and kitchen space - designed for easy entertaining and comfortable daily living. Primary bedroom is located on the main level with primary bath and 1/2 bath. Second level will have the other 2 bedrooms and another full bathroom.

19. 2026-01-07
    listed $428,990 Active 239-char remark

    Show marketing remark (239 chars)

    The property is located at 6118 Chicago Dr SE ALBUQUERQUE NM 87106 priced at 399990, the square foot and stories are 1850, 2.The number of bath is 2, halfbath is 1 there are 3 bedrooms and 2 garages. For more details please, call or email.

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

Taxation est. · year 1

• Rental income: $34,287
• − Mortgage interest: −$21,846
• − Property taxes: −$5,850
• − Insurance: −$1,950
• − Repairs & maintenance: −$2,743
• − Management: −$2,743
• − HOA: −$756
• − Depreciation: −$11,345
• Taxable loss: −$12,945
• Est. tax savings @ 24.0%: +$3,107
• After-tax cash flow: $-2,904/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: 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): 26,953
• Household income: $49,781
• Rent vs Own: 61.5% rent · 38.5% own
• Severe rent burden: 2859.0

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: White 46% Hispanic / Latino 39% Two or more races 16% Native American 5% Asian 4% Black 3%
• Hispanic origin (detail): Mexican 24%
• Common ancestry: Lithuanian 2% Slovak 2% Iranian 2%
• Foreign-born: 12% · Canada, Vietnam, China
• Languages at home: 77% English-only · Spanish 15% Other Indo-European 1% Vietnamese 1%

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: ▼ -420.04%
• Current HPI: 245.4275
• Rent YoY: ▲ 0.50%
• Metro: Albuquerque, NM
• State GDP YoY: —
• F500 in state: 0

Price history

-6.8% since first listed

5 events — show timeline

• 2026-05-01 Price Changed $399,990 Zillow
• 2026-04-29 Price Changed $399,990 Southwest MLS
• 2026-04-17 Price Changed $419,990 Zillow
• 2026-04-14 Listed $419,990 Southwest MLS
• 2026-01-07 Listed $428,990 Zillow