3857 Montgomery Blvd NE Apt 1202 · Albuquerque, NM 87109

$86,000

2 bd · 2.0 ba · 914 sqft · Condo public records · 20 Days on market

Built 1972 $430/mo HOA · 32% of rent

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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 +17.9/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +5.6/10.0
• Schools +5.3/10.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Listing remarks

Wonderful opportunity with this 2 bedroom/2 bathroom condominium located just off Interstate 25. This HUD owned home has is gated and has a fireplace. Property is eligible for FHA $100 down payment program when using FHA 203 (b) or 203(k)financing.

Key facts

• Gated
• Fireplace
• $430 HOA

Tags

• GATED
• FIREPLACE

Property features AI

Finance

• Other: Zoning: R-2; Lot and dimension sources: public records; Multi-unit building with 1 total unit
• Financial info: Property taxes not included here
• HOA & community: Hillcrest Park Condominium Association; $430 monthly association fee; Association covers clubhouse, common areas, pool(s), security, and utilities

Exterior

• Parking: Parking details not provided
• Security: Gated community; Community security included in association
• Utilities: Cable available; Electricity available; Public water; Public sewer
• Home design: Condominium / attached property; Entry on level 1; 1 story entry; 2 total stories; East-facing
• Construction: Frame and stucco construction; Pitched shingle roof; Slab foundation
• Exterior features: Covered patio; Patio; Back yard fencing; Community pool; Paved road access; Faces east; Resale property; Attached property

Interior

• Kitchen: Dishwasher; Free-standing electric range
• Bedrooms: 2 possible bedrooms
• Flooring: No carpet
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central forced-air heating; Refrigerated (central) cooling
• Interior features: Main level primary suite; Tub/shower combination; Single-pane windows; Carpet-free flooring; Wood-burning fireplace
• Laundry & utility: Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $86k.

Deal economics

• At list price, monthly cash flow is $72 ($860/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $86k).
• Recommended offer: $85k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.3% 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.

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: 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: Hodgin Elementary (425 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; 36 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 1,316 units permitted in Bernalillo County in 2024 (546 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $595 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($85k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 32% of rent.
• 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 $84,710 (1.5% below list)

Questions for the listing agent

1. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
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: 1.55% ✓
• Cap rate: 7.29%
• Cash-on-cash: 3.57%
• DSCR: 1.16
• GRM: 5.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -15.9%
• Equity multiple: 0.46×
• Total profit: $-13,025
• Equity at exit: $12,823

10-year hold

• IRR: -19.7%
• Equity multiple: 0.19×
• Total profit: $-19,535
• Equity at exit: $7,436

Cash invested: $24,080 (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 87109

• Rents YoY: -1.0%
• Active inventory: 158
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $1,335 high
• Mortgage (P&I): −$451
• Tax from tax record: −$67 /mo · $798/yr
• Insurance: −$36
• HOA: −$430
• Vacancy / Maint / Mgmt: −$280
• Net cashflow: $72

Break-even live

Break-even rent $1,245

Max offer price $86,000

Occupancy floor 90%

Sensitivity live

Price	-10% $120	-5% $96	+0% $72	+5% $47	+10% $23
Rent	-10% $-34	-5% $19	+0% $72	+5% $124	+10% $177
Rate	-1.0pp $115	-0.5pp $94	base $72	+0.5pp $49	+1.0pp $27

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: $21,500
• Closing costs: $2,580
• Reserves months: —
• Total cash needed: —

Rent comps 36 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3901 Montgomery Blvd NE Albuquerque, NM	1.0–2.0	1.0–2.0	768	$1,305	$1.70	16d	9	0.16mi
4601 Carlisle Blvd NE Unit H-1 Albuquerque, NM	1.0	1.0	543	$875	$1.61	20d	1	0.19mi
3904 Goodrich Ave NE Albuquerque, NM	3.0	2.0	1050	$1,895	$1.80	20d	1	0.26mi
4200 Montgomery Blvd NE #108 Albuquerque, NM	1.0	1.0	848	$1,200	$1.42	45d	1	0.35mi
4321 Montgomery Blvd NE Albuquerque, NM	3.0	1.0–2.0	900	$1,234	$1.37	45d	19	0.37mi
4300 Bryn Mawr Dr NE Albuquerque, NM	2.0	1.0–2.0	797	$1,520	$1.91	45d	3	0.40mi
4401 Montgomery Blvd NE Albuquerque, NM	1.0–3.0	1.0–2.0	1060	$1,390	$1.31	45d	14	0.43mi
4400 Montgomery Blvd NE Albuquerque, NM	1.0–3.0	1.0–1.5	834	$1,554	$1.86	4d	20	0.49mi
4300 Pan American Fwy NE Albuquerque, NM	3.0	1.0–2.0	744	$1,405	$1.89	4d	17	0.54mi
3617 Wellesley Dr NE Unit C Albuquerque, NM	2.0	1.0	850	$1,350	$1.59	45d	1	0.70mi
3621 Wellesley Dr NE Unit C Albuquerque, NM	2.0	1.0	850	$1,250	$1.47	45d	1	0.71mi
3400 Comanche Rd NE Albuquerque, NM	2.0	1.0	573	$1,218	$2.12	4d	13	0.71mi
3618 Lafayette Dr NE Unit A Albuquerque, NM	2.0	1.0	880	$1,100	$1.25	4d	1	0.73mi
3618 Lafayette Dr NE Unit D Albuquerque, NM	2.0	1.0	900	$1,095	$1.22	45d	1	0.73mi
3600 Lafayette Dr NE Unit A Albuquerque, NM	2.0	1.0	750	$895	$1.19	45d	1	0.77mi
3504 Tulane Dr NE Apt D Albuquerque, NM	2.0	1.0	786	$1,075	$1.37	4d	1	0.77mi
3528 Tyson Pl NE Unit C Albuquerque, NM	2.0	1.0	780	$1,050	$1.35	45d	1	0.79mi
3417 Aztec Rd NE Apt D Albuquerque, NM	2.0	1.0	828	$1,050	$1.27	22d	1	0.83mi
3210 Tulane Dr NE Albuquerque, NM	1.0	1.0	600	$825	$1.38	45d	1	0.92mi
3217 Wellesley Ct NE Albuquerque, NM	1.0	1.0	635	$995	$1.57	45d	1	0.93mi
4806 Mescalero Rd NE Albuquerque, NM	3.0	1.5	1000	$1,750	$1.75	25d	1	0.94mi
4501 Shepard Rd NE Albuquerque, NM	2.0	1.0	449	$1,125	$2.50	4d	26	0.97mi
3213 Alta Monte Ave NE Unit 4 Albuquerque, NM	2.0	1.0	665	$925	$1.39	16d	1	0.98mi
4920 Union Way NE Albuquerque, NM	1.0–2.0	1.0–2.0	719	$1,425	$1.98	4d	8	0.99mi
3301 Monroe St NE Unit O158 Albuquerque, NM	2.0	2.5	1042	$1,400	$1.34	25d	1	1.03mi
3908 Ortiz Ct NE Unit A Albuquerque, NM	2.0	1.0	754	$1,350	$1.79	4d	1	1.06mi
3131 Adams St NE Albuquerque, NM	1.0–2.0	1.0–2.0	991	$1,625	$1.64	4d	10	1.06mi
4800 San Mateo Ln NE Albuquerque, NM	1.0–2.0	1.0	757	$1,345	$1.78	45d	1	1.07mi
5404 Montgomery Blvd NE Albuquerque, NM	1.0–3.0	1.0–3.0	1502	$1,882	$1.25	4d	8	1.18mi
5324 San Mateo Blvd NE Albuquerque, NM	1.0–2.0	1.0–2.0	748	$1,691	$2.26	4d	27	1.21mi
2838 Aliso Dr NE Albuquerque, NM	2.0	1.0	760	$1,895	$2.49	45d	1	1.23mi
6001 Topke Pl NE Albuquerque, NM	1.0–3.0	1.0–2.0	756	$1,392	$1.84	4d	23	1.25mi
5800 Osuna Rd NE Albuquerque, NM	1.0–2.0	1.0–2.0	820	$1,555	$1.90	4d	23	1.30mi
4401 San Pedro Dr NE Albuquerque, NM	1.0–2.0	1.0	690	$1,099	$1.59	4d	3	1.33mi
5741 Osuna Rd NE Albuquerque, NM	1.0–2.0	1.0–2.0	769	$1,565	$2.03	4d	17	1.39mi
6300 Montgomery Blvd NE Albuquerque, NM	1.0–2.0	1.0	710	$1,435	$2.02	4d	6	1.48mi

HOA detail condo

• Monthly dues: $430 · $5,160/yr
• Likely covers: security
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 14 events

1. 2026-06-22
   days on market $86,000 Active 20 DOM
2. 2026-06-18
   days on market $86,000 Active 17 DOM
3. 2026-06-17
   days on market $86,000 Active 16 DOM
4. 2026-06-16
   days on market $86,000 Active 15 DOM
5. 2026-06-15
   days on market $86,000 Active 14 DOM
6. 2026-06-13
   days on market $86,000 Active 12 DOM
7. 2026-06-10
   days on market $86,000 Active 9 DOM
8. 2026-06-09
   days on market $86,000 Active 8 DOM
9. 2026-06-08
   days on market $86,000 Active 7 DOM
10. 2026-06-07
    days on market $86,000 Active 6 DOM
11. 2026-06-05
    days on market $86,000 Active 3 DOM
12. 2026-06-03
    days on market $86,000 Active 2 DOM
13. 2026-06-02
    remarks 249-char remark
14. 2026-06-02
    listed $86,000 Active 1 DOM

ⓘ 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: $798 · $67/mo
• Projected year-2 tax: $798 · $67/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 ≥96°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: $16,026
• − Mortgage interest: −$4,817
• − Property taxes: −$798
• − Insurance: −$430
• − Repairs & maintenance: −$1,282
• − Management: −$1,282
• − HOA: −$5,160
• − Depreciation: −$2,502
• Taxable loss: −$246
• Est. tax savings @ 24.0%: +$59
• After-tax cash flow: $919/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): 39,324
• Household income: $58,900
• Rent vs Own: 46.6% rent · 53.4% own
• Severe rent burden: 2187.0

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: White 47% Hispanic / Latino 36% Two or more races 17% Native American 9% Black 3% Asian 3%
• Hispanic origin (detail): Mexican 19%
• Common ancestry: Lithuanian 2% Slovak 2% Portuguese 2%
• Foreign-born: 7% · Canada, China
• Languages at home: 84% English-only · Spanish 11% 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: ▼ -303.11%
• Current HPI: 250.5034
• Rent YoY: ▼ -0.97%
• Metro: Albuquerque, NM
• State GDP YoY: —
• F500 in state: 0

Price history

5 events — show timeline

• 2026-05-31 Listed $86,000 Southwest MLS
• 2026-05-07 Sold (Public Records) — Public Records
• 2015-12-29 Sold (Public Records) — Public Records
• 2008-04-09 Sold (Public Records) — Public Records
• 2008-04-09 Sold (Public Records) — Public Records

Property tax history

+0.0%/yr

Latest (2025): $798 · +3.2% YoY. Source: county tax records.