2 bd · 1.0 ba ·
850 sqft ·
Built 1973
· Condo
· Active
· 265 DOM
Cashflow @ list (25.0% down · 7.5%)
Estimated rent
$1,328/mo
Mortgage (P&I)
−$939
Tax + insurance
−$298
HOA
−$0
Vac / Maint / Mgmt
−$279
Net cashflow
$-188/mo
Annual
$-2,259/yr
Cap rate
5.03%
Cash-on-cash
-4.51%
DSCR
0.80
1% rule
0.74%
Cash to close
$50,120
Investor read
This is a 2-bed/1.0-bath condo listed at $179k.
At list price, monthly cash flow is $-188 ($-2k/yr) — negative.
To cash-flow at today's rent, offer at most $152k (15.2% below list).
To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $133k (25.8% below list).
It's been on market 265 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
Recommended offer: $133k (25.8% below list) — sets the bar for 1% rule.
Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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: 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 rising fast (+4.3%/yr); 182 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 1,316 units permitted in Bernalillo County in 2024 (546 in 5+ unit buildings).
Cap rate 5.0% 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.
Questions for listing agent
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?
It's been on market 265 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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?
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?
CashFlowRE · CFR-65TV010EPM8R2V
· Data 12 h agocashflowre.app · 2026-05-29