421 E Chama St SE #4 · Albuquerque, NM 87108

$319,900

4 bd · 4.0 ba · 2,136 sqft · MultiFamily · 30 Days on market

Built 1960 Good condition 6,752 sqft lot $150/sqft · at area comps Est $331k · at est.

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Why this score? — see what drove the C 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 +19.4/30.0
• ARV discount +9.0/15.0
• DSCR +6.1/10.0
• Schools +5.3/10.0
• 1% rule +5.2/10.0
• Condition / age +3.8/5.0
• Livability +3.6/5.0
• Rent growth +3.1/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

Excellent 4 plex, each unit has tile, Windows updated and TPO roof installed 5 years ago. In addition, laundry hookups but each tenant brings their own laundry appliances. One unit will be available to show by the end of April.

Key facts

• Tpo roof
• Laundry hookups
• Windows updated

Tags

• WINDOWS UPDATED
• TPO ROOF
• LAUNDRY HOOKUPS

What this means for you Summary

Snapshot

• This is a 4 × 1-bed/1.0-bath units multifamily listed at $320k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $358 ($4k/yr) — positive. Per door: $89/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $320k).
• Recommended offer: $315k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.6% 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.

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 rising (+2.5%/yr); 164 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 1,316 units permitted in Bernalillo County in 2024 (546 in 5+ unit buildings).
• At $3,251/mo this rent would consume 91% of the median local household income ($43k/yr) (locally 3480% 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 $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($315k) is reasonable based on typical stale-listing flexibility.

Recommended offer $315,101 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.02% ✓
• Cap rate: 7.63%
• Cash-on-cash: 4.79%
• DSCR: 1.21
• GRM: 8.2

CMA / ARV

• ARV (median comp): $331,207
• List price: $319,900
• Delta: -3.41%
• Verdict: FAIR
• Comps: 14 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.54% rent growth · sell at horizon

5-year hold

• IRR: -9.3%
• Equity multiple: 0.66×
• Total profit: $-30,515
• Equity at exit: $47,698

10-year hold

• IRR: -0.5%
• Equity multiple: 0.96×
• Total profit: $-3,140
• Equity at exit: $27,659

Cash invested: $89,572 (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 87108

• Rents YoY: 2.5%
• Active inventory: 164
• Price-to-rent: 32.8×

Monthly cashflow live

• Estimated rent: $3,251 high
• Mortgage (P&I): −$1,678
• Tax est. 1.5%: −$400 /mo · $4,798/yr
• Insurance: −$133
• HOA: −$0
• Vacancy / Maint / Mgmt: −$683
• Net cashflow: $358

Break-even live

Break-even rent $2,798

Max offer price $319,900

Occupancy floor 84%

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$3,252
Total (4 units)			$3,251

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: $79,975
• Closing costs: $9,597
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1109 Indiana St SE Albuquerque, NM	3.0	2.0	1650	$1,850	$1.12	3d	1	0.89mi
317 Cagua Dr NE Albuquerque, NM	4.0	2.0	1400	$1,900	$1.36	3d	1	0.93mi
825 Palomas Dr SE Albuquerque, NM	4.0	2.5	1789	$800	$0.45	14d	1	0.96mi
317 General Hodges St NE Albuquerque, NM	4.0	2.0	1900	$1,995	$1.05	44d	1	1.26mi
4902 Southern Ave SE Albuquerque, NM	4.0	2.0	1524	$1,900	$1.25	23d	1	1.26mi
4903 Idlewilde Ln SE Albuquerque, NM	3.0	2.0	1772	$2,050	$1.16	44d	1	1.27mi
4904 Idlewilde Ln SE Albuquerque, NM	3.0	1.0	2160	$2,100	$0.97	44d	1	1.29mi
4679 Idlewilde Ln SE Albuquerque, NM	3.0	2.0	1429	$2,200	$1.54	14d	1	1.42mi
1317 Espanola St NE Albuquerque, NM	3.0	2.0	1650	$2,200	$1.33	23d	1	1.44mi
1205 Valencia Dr NE Albuquerque, NM	4.0	2.0	2346	$2,450	$1.04	44d	1	1.46mi

Listing history 9 events

1. 2026-06-08
   days on market $319,900 Active 30 DOM
2. 2026-06-07
   days on market $319,900 Active 29 DOM
3. 2026-06-05
   days on market $319,900 Active 26 DOM
4. 2026-06-03
   days on market $319,900 Active 25 DOM
5. 2026-06-02
   days on market $319,900 Active 24 DOM
6. 2026-06-01
   days on market $319,900 Active 23 DOM
7. 2026-05-31
   days on market $319,900 Active 22 DOM
8. 2026-05-05
   status Pending 227-char remark

   Show marketing remark (227 chars)

   Excellent 4 plex, each unit has tile, Windows updated and TPO roof installed 5 years ago. In addition, laundry hookups but each tenant brings their own laundry appliances. One unit will be available to show by the end of April.

9. 2026-04-16
   listed $319,900 Active 227-char remark

   Show marketing remark (227 chars)

   Excellent 4 plex, each unit has tile, Windows updated and TPO roof installed 5 years ago. In addition, laundry hookups but each tenant brings their own laundry appliances. One unit will be available to show by the end of April.

ⓘ 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 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥94°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $39,012
• − Mortgage interest: −$17,919
• − Property taxes: −$4,798
• − Insurance: −$1,600
• − Repairs & maintenance: −$3,121
• − Management: −$3,121
• − Depreciation: −$9,306
• Taxable loss: −$853
• Est. tax savings @ 24.0%: +$205
• After-tax cash flow: $4,495/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 · 6 photos

Good 75/100 Cosmetic rehab

This 4plex is in good condition with a TPO roof, updated windows, and tile flooring. A fresh coat of paint and some window upgrades would significantly enhance its curb appeal and value.

Value-add opportunities

• Both Paint exterior walls — Enhances curb appeal and value
• Both Replace windows — Improves energy efficiency and aesthetics
• Both Upgrade HVAC system — Enhances comfort and energy efficiency

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior walls — Enhances curb appeal and value ↑
• Both Replace windows — Improves energy efficiency and aesthetics ↑
• Both Upgrade HVAC system — Enhances comfort and energy efficiency ↑

ⓘ 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): 36,331
• Household income: $42,724
• Rent vs Own: 62.5% rent · 37.5% own
• Severe rent burden: 3480.0

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 49% White 34% Two or more races 21% Native American 6% Black 5% Asian 3%
• Hispanic origin (detail): Mexican 31% Cuban 3%
• Common ancestry: Lithuanian 2% Slovak 1% Romanian 1%
• Foreign-born: 18% · Canada, Vietnam
• Languages at home: 67% English-only · Spanish 26% Other Indo-European 2% Tagalog/Filipino 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: ▼ -228.14%
• Current HPI: 238.53
• Rent YoY: ▲ 2.54%
• Metro: Albuquerque, NM
• State GDP YoY: —
• F500 in state: 0

Price history

2 events — show timeline

• 2026-05-05 Pending — Southwest MLS
• 2026-04-16 Listed $319,900 Southwest MLS