6732 San Bernardino Ave NE

Albuquerque, NM 87109

$199,000D+

2 bd · 2.0 ba · 1,490 sqft · Built 1976 · Manufactured · Active · 133 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,046/mo
• Mortgage (P&I): −$1,044
• Tax + insurance: −$214
• HOA: −$0
• Vac / Maint / Mgmt: −$430
• Net cashflow: $359/mo
• Annual: $4,307/yr
• Cap rate: 8.46%
• Cash-on-cash: 7.73%
• DSCR: 1.34
• 1% rule: 1.03%
• Cash to close: $55,720

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $199k.
• At list price, monthly cash flow is $359 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $199k).
• It's been on market 133 days — a 12% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $175k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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: Edmund G Ross Elementary (405 students, 100% FRL); Mckinley Middle (486 students, 100% FRL); Del Norte High (1,070 students, 100% FRL) — zoned schools average 100% FRL vs 60% district-wide (40 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-1.0%/yr); 158 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); 1,316 units permitted in Bernalillo County in 2024 (546 in 5+ unit buildings).
• 3 sale attempts since 9y ago; this cycle's ask has dropped $26k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 8.5% vs local median 3.6% 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.
• This rent runs 42% of the median local income ($59k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 133 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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.