609 Page Ave NE · Albuquerque, NM 87102

$135,000

2 bd · 1.0 ba · 1,352 sqft · Other public records · 472 Days on market

Built 1930 7,405 sqft lot $100/sqft · 66% below area Est $258k · 48% under

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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 +27.7/30.0
• ARV discount +15.0/15.0
• DSCR +9.7/10.0
• 1% rule +7.8/10.0
• Schools +5.3/10.0
• Rent growth +3.7/5.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming old adobe fixer-upper with a loft AND and accessory dwelling unit in the Martinez Town Subdivision. Two bedroom one bath home with a large kitchen. Big lot with backyard access. This home is in need of significant repairs. Property will be sold as-is. No repairs will be done by the seller. This has huge upside potential. ALL OFFERS WILL BE CONSIDERED.

Key facts

• Big lot
• Backyard access
• Large kitchen

Tags

• ACCESSORY DWELLING UNIT
• LARGE KITCHEN
• BIG LOT
• BACKYARD ACCESS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $135k.

Deal economics

• At list price, monthly cash flow is $406 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• Recommended offer: $119k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.9% 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 fast (+4.9%/yr); 143 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 52% 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 $1,730/mo this rent would consume 48% of the median local household income ($43k/yr) (locally 1721% 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 $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.9% rent growth), your $38k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 472 days — a 12% lower offer ($119k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y ago; this cycle's ask has dropped $50k (27%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $115k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $118,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 472 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 1.28% ✓
• Cap rate: 9.90%
• Cash-on-cash: 12.89%
• DSCR: 1.57
• GRM: 6.5

CMA / ARV

• ARV (median comp): $258,205
• List price: $135,000
• Delta: -47.72%
• Verdict: UNDERPRICED
• Comps: 13 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.92% rent growth · sell at horizon

5-year hold

• IRR: 5.0%
• Equity multiple: 1.20×
• Total profit: $7,435
• Equity at exit: $20,129

10-year hold

• IRR: 16.2%
• Equity multiple: 2.44×
• Total profit: $54,490
• Equity at exit: $11,672

Cash invested: $37,800 (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 87102

• Rents YoY: 4.9%
• Active inventory: 143
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,730 high
• Mortgage (P&I): −$708
• Tax from tax record: −$197 /mo · $2,362/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$363
• Net cashflow: $406

Break-even live

Break-even rent $1,216

Max offer price $135,000

Occupancy floor 72%

Sensitivity live

Price	-10% $482	-5% $444	+0% $406	+5% $368	+10% $330
Rent	-10% $269	-5% $338	+0% $406	+5% $474	+10% $543
Rate	-1.0pp $474	-0.5pp $440	base $406	+0.5pp $371	+1.0pp $335

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
515 Marble Ave NE Albuquerque, NM	2.0	1.0	980	$1,750	$1.79	45d	1	0.10mi
315 Belvedere Ave SW Albuquerque, NM	2.0	2.0	1026	$1,595	$1.55	25d	1	0.43mi
205 Edith Blvd NE Albuquerque, NM	2.0	2.0	1300	$1,900	$1.46	4d	1	0.47mi
950 4th St NW Unit 310 Albuquerque, NM	2.0	2.0	1010	$1,560	$1.54	45d	1	0.63mi
505 Marble Ave NW Albuquerque, NM	2.0	2.0	1000	$2,000	$2.00	45d	1	0.73mi
505 Marble Ave NW Unit 1-F Albuquerque, NM	2.0	2.0	1000	$2,400	$2.40	25d	1	0.73mi
1501 Indian School Rd NE Albuquerque, NM	1.0–2.0	1.0–2.0	769	$1,450	$1.89	4d	26	0.77mi
219 Central Ave NW Unit 301 Albuquerque, NM	2.0	2.0	1543	$3,200	$2.07	45d	1	0.77mi
100 Gold Ave SW Albuquerque, NM	1.0	2.0	1100	$1,849	$1.68	4d	1	0.80mi
100 Gold Ave SW #303 Albuquerque, NM	1.0	1.0	1112	$2,000	$1.80	45d	1	0.80mi
421 High St SE Albuquerque, NM	2.0	2.0	1398	$1,850	$1.32	45d	1	0.81mi
423 High St SE Albuquerque, NM	2.0	2.0	1398	$1,850	$1.32	45d	1	0.81mi
423 Walter St SE Albuquerque, NM	3.0	2.0	1420	$2,599	$1.83	45d	1	0.81mi
706 Fruit Ave NW Apt A Albuquerque, NM	2.0	2.5	925	$1,399	$1.51	45d	1	0.90mi
323 Platinum St SW Albuquerque, NM	2.0	1.5	1232	$1,800	$1.46	45d	1	0.91mi
720 Roma Ave NW Albuquerque, NM	2.0	2.0	985	$1,600	$1.62	25d	1	0.92mi
343 Platinum St SW Unit B Albuquerque, NM	1.0	1.5	1033	$1,800	$1.74	45d	1	0.92mi
817 Slate Ave NW Albuquerque, NM	2.0	1.0	1200	$1,690	$1.41	25d	1	0.97mi
301 Yale Blvd NE Unit PG3000412 Albuquerque, NM	3.0	1.0	960	$1,600	$1.67	25d	1	1.06mi
702 Broadway Blvd SE #8 Albuquerque, NM	2.0	1.5	1071	$1,825	$1.70	4d	1	1.07mi
1704 Lead Ave SE Unit Lead Ave SE unit 1704 Lead C Albuquerque, NM	2.0	2.0	1000	$1,450	$1.45	45d	1	1.08mi
1704 Lead Ave SE Unit Lead Ave SE unit 1704 Lead C Albuquerque, NM	2.0	2.0	1100	$1,450	$1.32	4d	1	1.08mi
611 Lead Ave SW Albuquerque, NM	2.0	1.0–2.0	731	$1,699	$2.32	4d	31	1.11mi
2001 Gold Ave SE Albuquerque, NM	1.0	1.0	845	$1,725	$2.04	45d	3	1.11mi
2001 Gold Ave SE Unit 10 Albuquerque, NM	1.0	1.0	1050	$1,975	$1.88	25d	1	1.12mi
404 Prospect Ave NE Unit B Albuquerque, NM	2.0	1.0	900	$1,695	$1.88	15d	1	1.15mi
877 Silver Ave SW Albuquerque, NM	1.0	1.5	1011	$3,000	$2.97	45d	1	1.17mi
1106 Arias Ave NW Albuquerque, NM	2.0	2.0	1296	$2,500	$1.93	45d	1	1.19mi
815 John St SE Albuquerque, NM	2.0	1.0	930	$1,600	$1.72	45d	1	1.20mi
2406 Broadway Blvd NE Apt A Albuquerque, NM	3.0	3.0	1800	$2,150	$1.19	4d	1	1.23mi
208 13th St NW Unit B Albuquerque, NM	1.0	1.0	1070	$1,350	$1.26	45d	1	1.28mi
514 10th St SW Albuquerque, NM	1.0	1.0	1000	$1,200	$1.20	4d	1	1.31mi
1105 Silver Ave SW Unit B Albuquerque, NM	2.0	2.5	1300	$2,200	$1.69	45d	1	1.32mi
915 Iron Ave SW Albuquerque, NM	2.0	1.0	915	$2,000	$2.19	25d	1	1.35mi
2134 Coal Pl SE Unit PG3000411 Albuquerque, NM	3.0	1.0	1669	$1,750	$1.05	25d	1	1.36mi
1321 Lobo Pl NE Albuquerque, NM	3.0	2.0	1724	$2,250	$1.31	45d	1	1.37mi
217 Cornell Dr SE Albuquerque, NM	2.0	1.0	1013	$3,000	$2.96	45d	1	1.41mi
820 Vassar Dr NE Albuquerque, NM	3.0	2.0	1500	$2,300	$1.53	45d	1	1.42mi
601 Menaul Blvd NE Unit 4406 Albuquerque, NM	2.0	2.0	1347	$1,800	$1.34	4d	1	1.43mi
1503 Central Ave NW Unit 108D Albuquerque, NM	1.0	1.0	950	$1,990	$2.09	4d	1	1.45mi

Listing history 24 events

1. 2026-06-18
   days on market $135,000 Active 472 DOM
2. 2026-06-17
   days on market $135,000 Active 471 DOM
3. 2026-06-16
   days on market $135,000 Active 470 DOM
4. 2026-06-15
   days on market $135,000 Active 469 DOM
5. 2026-06-13
   days on market $135,000 Active 467 DOM
6. 2026-06-10
   days on market $135,000 Active 464 DOM
7. 2026-06-09
   days on market $135,000 Active 463 DOM
8. 2026-06-08
   days on market $135,000 Active 462 DOM
9. 2026-06-07
   days on market $135,000 Active 461 DOM
10. 2026-06-05
    status $135,000 Active 458 DOM
11. 2026-05-31
    status $135,000 Pending 458 DOM
12. 2026-05-31
    days on market $135,000 Active 458 DOM
13. 2026-01-20
    status Active 362-char remark

    Show marketing remark (362 chars)

    Charming old adobe fixer-upper with a loft AND and accessory dwelling unit in the Martinez Town Subdivision. Two bedroom one bath home with a large kitchen. Big lot with backyard access. This home is in need of significant repairs. Property will be sold as-is. No repairs will be done by the seller. This has huge upside potential. ALL OFFERS WILL BE CONSIDERED.

14. 2026-01-01
    historical 362-char remark

    Show marketing remark (362 chars)

    Charming old adobe fixer-upper with a loft AND and accessory dwelling unit in the Martinez Town Subdivision. Two bedroom one bath home with a large kitchen. Big lot with backyard access. This home is in need of significant repairs. Property will be sold as-is. No repairs will be done by the seller. This has huge upside potential. ALL OFFERS WILL BE CONSIDERED.

15. 2025-12-11
    soldstatus
16. 2025-11-17
    price $135,000 362-char remark

    Show marketing remark (362 chars)

    Charming old adobe fixer-upper with a loft AND and accessory dwelling unit in the Martinez Town Subdivision. Two bedroom one bath home with a large kitchen. Big lot with backyard access. This home is in need of significant repairs. Property will be sold as-is. No repairs will be done by the seller. This has huge upside potential. ALL OFFERS WILL BE CONSIDERED.

17. 2025-08-05
    status Active 362-char remark

    Show marketing remark (362 chars)

    Charming old adobe fixer-upper with a loft AND and accessory dwelling unit in the Martinez Town Subdivision. Two bedroom one bath home with a large kitchen. Big lot with backyard access. This home is in need of significant repairs. Property will be sold as-is. No repairs will be done by the seller. This has huge upside potential. ALL OFFERS WILL BE CONSIDERED.

18. 2025-08-05
    price $159,000 362-char remark

    Show marketing remark (362 chars)

    Charming old adobe fixer-upper with a loft AND and accessory dwelling unit in the Martinez Town Subdivision. Two bedroom one bath home with a large kitchen. Big lot with backyard access. This home is in need of significant repairs. Property will be sold as-is. No repairs will be done by the seller. This has huge upside potential. ALL OFFERS WILL BE CONSIDERED.

19. 2025-07-31
    historical 362-char remark

    Show marketing remark (362 chars)

    Charming old adobe fixer-upper with a loft AND and accessory dwelling unit in the Martinez Town Subdivision. Two bedroom one bath home with a large kitchen. Big lot with backyard access. This home is in need of significant repairs. Property will be sold as-is. No repairs will be done by the seller. This has huge upside potential. ALL OFFERS WILL BE CONSIDERED.

20. 2025-03-21
    price $179,000 362-char remark

    Show marketing remark (362 chars)

    Charming old adobe fixer-upper with a loft AND and accessory dwelling unit in the Martinez Town Subdivision. Two bedroom one bath home with a large kitchen. Big lot with backyard access. This home is in need of significant repairs. Property will be sold as-is. No repairs will be done by the seller. This has huge upside potential. ALL OFFERS WILL BE CONSIDERED.

21. 2025-02-01
    listed $185,000 Active 362-char remark

    Show marketing remark (362 chars)

    Charming old adobe fixer-upper with a loft AND and accessory dwelling unit in the Martinez Town Subdivision. Two bedroom one bath home with a large kitchen. Big lot with backyard access. This home is in need of significant repairs. Property will be sold as-is. No repairs will be done by the seller. This has huge upside potential. ALL OFFERS WILL BE CONSIDERED.

22. 2023-11-03
    soldstatus $115,000
23. 2023-09-08
    status Pending
24. 2023-08-08
    listed $120,000 Active

ⓘ 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: $2,362 · $197/mo
• Projected year-2 tax: $2,362 · $197/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥95°F today · 18 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: $20,765
• − Mortgage interest: −$7,562
• − Property taxes: −$2,362
• − Insurance: −$675
• − Repairs & maintenance: −$1,661
• − Management: −$1,661
• − Depreciation: −$3,927
• Taxable income: $2,917
• Est. tax owed @ 24.0%: −$700
• After-tax cash flow: $4,172/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): 20,123
• Household income: $42,990
• Rent vs Own: 64.6% rent · 35.4% own
• Severe rent burden: 1721.0

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 0.59)
• Race & ethnicity: Hispanic / Latino 57% Two or more races 30% White 29% Native American 6% Black 4%
• Hispanic origin (detail): Mexican 35% Puerto Rican 1%
• Common ancestry: Lithuanian 2% Slovak 1% Serbian 1%
• Foreign-born: 12% · Canada
• Languages at home: 64% English-only · Spanish 30% Korean 1% Other Indo-European 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: ▼ -208.71%
• Current HPI: 253.8398
• Rent YoY: ▲ 4.92%
• Metro: Albuquerque, NM
• State GDP YoY: —
• F500 in state: 0

Price history

+12.5% since first listed

12 events — show timeline

• 2026-01-20 Relisted — Southwest MLS
• 2026-01-01 Delisted — Southwest MLS
• 2025-12-11 Sold (Public Records) — Public Records
• 2025-11-17 Price Changed $135,000 Southwest MLS
• 2025-08-05 Relisted — Southwest MLS
• 2025-08-05 Price Changed $159,000 Southwest MLS
• 2025-07-31 Delisted — Southwest MLS
• 2025-03-21 Price Changed $179,000 Southwest MLS
• 2025-02-01 Listed $185,000 Southwest MLS
• 2023-11-03 Sold (Public Records) $115,000 Public Records
• 2023-09-08 Pending — Southwest MLS
• 2023-08-08 Listed $120,000 Southwest MLS

Property tax history

+11.4%/yr

Latest (2025): $2,362 · +0.1% YoY. Source: county tax records.