309 Pleasant View Dr NE · Bernalillo, NM 87004

$48,000

4 bd · 2.0 ba · 1,280 sqft · Land · 75 Days on market

Built 1998 8,712 sqft lot $38/sqft · 56% below area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Opportunity awaits at 309 Pleasant View! This gated property offers a spacious lot in a beautiful, peaceful setting--perfect for those looking to create value and make it their own. Situated on a land lease with very low monthly cost of $385, this property provides an affordable entry point for investors, renovators, or buyers seeking a project with upside. The existing mobile home is in need of rehab, making it an ideal canvas for a renovation . With plenty of space and privacy, the lot offers flexibility and potential rarely found at this price point. Whether you're looking for your next investment, a fix-and-flip, or a long-term hold, this property combines low carrying costs with a desirable location. Don't miss the chance to unlock the potential at 309 Pleasant View!

Key facts

• Gated property
• Low monthly costs
• Spacious lot

Tags

• GATED PROPERTY
• SPACIOUS LOT
• LAND LEASE
• EXISTING MOBILE HOME
• LOW MONTHLY COSTS

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath land listed at $48k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $48k).
• Recommended offer: $45k (6.0% below list) — sets the bar for market timing.
• Cap rate 37.7% vs local median 2.6% in Bernalillo — 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 59/100 on livability (#123 in NM) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime D, employment D, schools F.
• Bernalillo Public Schools (suburban): math 5% / reading 49% proficiency, ranked #18 of 29 in NM (top 62%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 94% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 46 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,278 units permitted in Sandoval County in 2024 (216 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $332 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Sandoval County population projected at +15% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 75 days — a 6% lower offer ($45k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $45,120 (6.0% below list)

Questions for the listing agent

1. It's been on market 75 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. Crime grade is D 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?
6. 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.
7. 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.
8. 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: 4.06% ✓
• Cap rate: 37.66%
• Cash-on-cash: 112.04%
• DSCR: 5.99
• GRM: 2.1

CMA / ARV

• ARV (median comp): $109,682
• List price: $48,000
• Delta: -56.24%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 6.37×
• Total profit: $72,147
• Equity at exit: $7,157

10-year hold

• IRR: —
• Equity multiple: 13.33×
• Total profit: $165,743
• Equity at exit: $4,150

Cash invested: $13,440 (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 87004

• Home prices YoY: -15.6%
• Active inventory: 46
• Price-to-rent: 2.1×

Monthly cashflow live

• Estimated rent: $1,950 medium
• Mortgage (P&I): −$252
• Tax from tax record: −$14 /mo · $167/yr
• Insurance: −$20
• HOA: −$0
• Vacancy / Maint / Mgmt: −$410
• Net cashflow: $1,255

Break-even live

Break-even rent $362

Max offer price $48,000

Occupancy floor 31%

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: $12,000
• Closing costs: $1,440
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
213 Calle Evangeline Bernalillo, NM	3.0	2.0	1450	$1,950	$1.34	1d	1	0.63mi

Listing history 4 events

1. 2026-06-02
   days on market $48,000 Active 75 DOM
2. 2026-06-01
   days on market $48,000 Active 74 DOM
3. 2026-05-31
   days on market $48,000 Active 73 DOM
4. 2026-03-16
   listed $48,000 Active 782-char remark

   Show marketing remark (782 chars)

   Opportunity awaits at 309 Pleasant View! This gated property offers a spacious lot in a beautiful, peaceful setting--perfect for those looking to create value and make it their own. Situated on a land lease with very low monthly cost of $385, this property provides an affordable entry point for investors, renovators, or buyers seeking a project with upside. The existing mobile home is in need of rehab, making it an ideal canvas for a renovation . With plenty of space and privacy, the lot offers flexibility and potential rarely found at this price point. Whether you're looking for your next investment, a fix-and-flip, or a long-term hold, this property combines low carrying costs with a desirable location. Don't miss the chance to unlock the potential at 309 Pleasant View!

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

Tax reassessment forecast NM · Resets to sale price

• Current annual tax: $167 · $14/mo
• Projected year-2 tax: $384 · $32/mo
• Expected delta: +$217/yr (+$18/mo · 130.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥95°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,400
• − Mortgage interest: −$2,689
• − Property taxes: −$167
• − Insurance: −$240
• − Repairs & maintenance: −$1,872
• − Management: −$1,872
• − Depreciation: −$1,396
• Taxable income: $15,164
• Est. tax owed @ 24.0%: −$3,639
• After-tax cash flow: $11,419/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: Bernalillo Public Schools
• NCES district ID: 3500210
• Math proficiency: 5% ▼ -3.00%
• Reading proficiency: 49% ▲ 31.00%
• Median HH income: $50,974
• Composite: 23.63/100
• National rank: #7846
• State rank: #18 of 29 in NM

Livability — Bernalillo

• Score: 59/100
• State rank: #123
• US rank: #19766

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bernalillo, NM
• Population (ZIP): 11,274

Population outlook (Sandoval County) Hauer SSP2

• Today (2025): 155,072 people
• By 2030: 161,714 · +4.3%
• By 2040: 171,831 · +10.8%
• By 2050: 178,536 · +15.1%
• By 2075: 192,517 · +24.1%
• By 2100: 197,952 · +27.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: Hispanic / Latino 56% White 25% Two or more races 20% Native American 16%
• Hispanic origin (detail): Mexican 29%
• Common ancestry: Lithuanian 1% Slovak 1% Serbian 1%
• Foreign-born: 10% · Canada
• Languages at home: 59% English-only · Spanish 31% French/Haitian/Cajun 1%

Political lean MEDSL · Sandoval

• 2024 margin: Lean D (+5.8) · D 51.8% · R 46.0% · Other 2.2%
• 2008→2024 swing: -7.0pp toward R · 2008: 12.8pp · 2024: 5.8pp
• All cycles: 2024: D+5.8 2020: D+8.4 2016: D+2.7 2012: D+5.1 2008: D+12.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -36.93%
• Current HPI: 199.1521
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-03-16 Listed $48,000 Southwest MLS

Property tax history

-6.2%/yr

Latest (2024): $167 · -2.7% YoY. Source: county tax records.