3123 Leo Rd SW Unit C · South Valley, NM 87105

$190,000

2 bd · 1.0 ba · 1,120 sqft · Other public records · 11 Days on market

Built 1950 4,792 sqft lot $170/sqft · 24% below area Est $249k · 24% under

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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 +15.6/30.0
• ARV discount +15.0/15.0
• Schools +5.3/10.0
• DSCR +4.8/10.0
• 1% rule +3.5/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Located in Southwest Albuquerque, this 2-bedroom home features front and back living rooms for added separation. The kitchen includes wooden cabinetry with a stove and refrigerator, while a beautiful wooden front door adds character from the moment you arrive. Solar panels provide added energy efficiency and long-term savings potential. The property includes a fenced front yard and a backyard shed for extra storage. Conveniently located near Bridge Blvd and Coors with quick access to shopping, restaurants, parks, schools, and everyday essentials throughout the South Valley. Opportunities at this price point in Albuquerque are becoming increasingly limited, making it a great option for inves

Key facts

• Wooden front door
• Wooden cabinetry
• Backyard shed

Tags

• FRONT AND BACK LIVING ROOMS
• WOODEN CABINETRY
• WOODEN FRONT DOOR
• SOLAR PANELS
• FENCED FRONT YARD
• BACKYARD SHED

Property features AI

Exterior

• Utilities: Electricity connected; Natural gas connected; Public water; Public sewer
• Home design: Single-story; Faces south; Resale property
• Construction: Adobe and stucco construction; Pitched shingle roof; Slab foundation; Built by unknown builder
• Exterior features: Private yard; Shed(s)

Interior

• Kitchen: Built-in gas range; Refrigerator
• Bedrooms: 3 possible bedrooms; Primary bedroom on the main level
• Flooring: Laminate flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; Wall furnace; Evaporative cooling
• Interior features: Ceiling fan(s); Multiple living areas; Main level primary; Double pane windows; Insulated windows
• Laundry & utility: Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $190k.

Deal economics

• At list price, monthly cash flow is $80 ($959/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $161k (15.2% below list).
• Recommended offer: $161k (15.2% below list) — sets the bar for 1% rule.
• Cap rate 6.8% vs local median 3.9% in South Valley — 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 60/100 on livability (#113 in NM) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: commute C-, employment D, schools 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: 160 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,316 units permitted in Bernalillo County in 2024 (546 in 5+ unit buildings).
• This rent runs 35% of the median local income ($56k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts; this cycle's ask is 6% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: built in 1950 — 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 $161,029 (15.2% below list)

Questions for the listing agent

1. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 0.85% ✗
• Cap rate: 6.80%
• Cash-on-cash: 1.80%
• DSCR: 1.08
• GRM: 9.8

CMA / ARV

• ARV (median comp): $249,451
• List price: $190,000
• Delta: -23.83%
• Verdict: UNDERPRICED
• Comps: 14 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -13.5%
• Equity multiple: 0.52×
• Total profit: $-25,747
• Equity at exit: $28,330

10-year hold

• IRR: -4.6%
• Equity multiple: 0.70×
• Total profit: $-16,068
• Equity at exit: $16,428

Cash invested: $53,200 (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 87105

• Active inventory: 160
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $1,610 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$117 /mo · $1,400/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$338
• Net cashflow: $80

Break-even live

Break-even rent $1,509

Max offer price $190,000

Occupancy floor 90%

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: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1327 Ojo Feliz St SW Albuquerque, NM	2.0	1.0	924	$1,695	$1.83	21d	1	0.70mi
707 Luna Rd SW Unit B Albuquerque, NM	2.0	1.0	800	$1,395	$1.74	14d	1	1.18mi
1846 Henry Cir SW Albuquerque, NM	3.0	1.5	1200	$1,800	$1.50	43d	1	1.41mi
728 Nicklaus Dr SW Albuquerque, NM	3.0	2.0	1425	$1,800	$1.26	44d	1	1.43mi

Listing history 4 events

1. 2026-05-07
   status Pending 725-char remark
2. 2026-04-30
   listed $180,000 Active 725-char remark
3. 2022-03-09
   soldstatus
4. 2013-03-12
   soldstatus

ⓘ 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: $1,400 · $117/mo
• Projected year-2 tax: $1,520 · $127/mo
• Expected delta: +$120/yr (+$10/mo · 8.6%)

ⓘ 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,323
• − Mortgage interest: −$10,643
• − Property taxes: −$1,400
• − Insurance: −$950
• − Repairs & maintenance: −$1,546
• − Management: −$1,546
• − Depreciation: −$5,527
• Taxable loss: −$2,288
• Est. tax savings @ 24.0%: +$549
• After-tax cash flow: $1,508/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 — South Valley

• Score: 60/100
• State rank: #113
• US rank: #19456

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: South Valley, NM
• County: Bernalillo County · 647,165 people
• City population: 54,215
• Metro: Albuquerque, NM
• Population (ZIP): 54,367
• Household income: $55,644
• Rent vs Own: 25.8% rent · 74.2% own
• Severe rent burden: 1175.0

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: Predominantly Hispanic (80%)
• Race & ethnicity: Hispanic / Latino 80% Two or more races 34% White 14% Native American 6%
• Hispanic origin (detail): Mexican 55%
• Common ancestry: Romanian 1% Scotch-Irish 1% Italian 1%
• Foreign-born: 15% · Canada
• Languages at home: 52% English-only · Spanish 45%

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: ▼ -223.16%
• Current HPI: 269.4587
• Rent YoY: —
• Metro: Albuquerque, NM
• State GDP YoY: —
• F500 in state: 0

Price history

+5.6% since first listed

8 events — show timeline

• 2026-06-12 Sold (MLS) — Southwest MLS
• 2026-05-28 Pending — Southwest MLS
• 2026-05-21 Relisted — Southwest MLS
• 2026-05-21 Price Changed $190,000 Southwest MLS
• 2026-05-07 Pending — Southwest MLS
• 2026-04-30 Listed $180,000 Southwest MLS
• 2022-03-09 Sold (Public Records) — Public Records
• 2013-03-12 Sold (Public Records) — Public Records

Property tax history

+6.5%/yr

Latest (2025): $1,400 · +3.3% YoY. Source: county tax records.