8900 2nd St NW #32 · North Valley, NM 87114

$65,000

3 bd · 2.0 ba · 924 sqft · Manufactured · 74 Days on market

Built 2000 Fair condition $70/sqft · 31% below area Est $95k · 31% 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.3/10.0
• Livability +3.4/5.0
• Condition / age +2.2/5.0
• Rent growth +1.9/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this charming 3-bedroom, 2-bath manufactured home located in a desirable 55+ mobile home park. Perfect for active adults seeking easy, worry-free living with fantastic outdoor space. Outside, enjoy a nice-sized fenced lot that provides privacy and room to relax or garden. A 2-car carport offers convenient covered parking, while the included Tuff Shed provides excellent additional storage for tools, equipment, or seasonal items. Manufactured home is in a land-lease 55+ community. Buyer must be approved by the park and meet age requirements. Base rent is $675/month.

Key facts

• 2 parking spots
• Built 2000
• Listed 74 days

🏷️ Possibly a rental listed for sale. The $65,000 price doesn't fit this home's estimated sale value (~$94,750) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $65k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $65k).
• Recommended offer: $61k (6.0% below list) — sets the bar for market timing.
• Cap rate 27.3% vs local median 2.1% in North 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 67/100 on livability (#28 in NM) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A-; Watch: crime F, amenities F, health & safety 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: Coronado Elementary (308 students, 30% FRL); Taylor Middle (315 students, 100% FRL); Valley High (math 24% / reading 75%, grade D+, #36 of 110 statewide, top 45%, 1,039 students, 100% FRL) — zoned schools average 77% FRL vs 60% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 50% at this address vs 63% district-wide (-13 pts) — the specific schools serving this property underperform the Albuquerque Public Schools average; the district grade overstates school quality for this exact location.
• Market conditions: Rents soft (-2.5%/yr); 347 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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 $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $18k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 74 days — a 6% lower offer ($61k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• 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 $61,100 (6.0% below list)

Questions for the listing agent

1. It's been on market 74 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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. 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?
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: 3.09% ✓
• Cap rate: 27.33%
• Cash-on-cash: 75.15%
• DSCR: 4.34
• GRM: 2.7

CMA / ARV

• ARV (median comp): $94,750
• List price: $65,000
• Delta: -31.40%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8900 2nd St NW #36	0.00mi	2/2.0 (-1)	980 (+6%)	4mo	$42,000	$43	82

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 71.6%
• Equity multiple: 4.09×
• Total profit: $56,196
• Equity at exit: $9,692

10-year hold

• IRR: 74.7%
• Equity multiple: 7.58×
• Total profit: $119,753
• Equity at exit: $5,620

Cash invested: $18,200 (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 87114

• Rents YoY: -2.5%
• Active inventory: 347
• Price-to-rent: 2.7×

Monthly cashflow live

• Estimated rent: $2,011 medium
• Mortgage (P&I): −$341
• Tax est. 1.5%: −$81 /mo · $975/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$422
• Net cashflow: $1,140

Break-even live

Break-even rent $569

Max offer price $65,000

Occupancy floor 38%

Sensitivity live

Price	-10% $1,185	-5% $1,162	+0% $1,140	+5% $1,117	+10% $1,095
Rent	-10% $981	-5% $1,060	+0% $1,140	+5% $1,219	+10% $1,299
Rate	-1.0pp $1,173	-0.5pp $1,156	base $1,140	+0.5pp $1,123	+1.0pp $1,106

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8943 Boe Ln NE Albuquerque, NM	3.0	1.0	1000	$2,300	$2.30	20d	1	0.12mi
9131 4th St NW Apt B Albuquerque, NM	2.0	1.0	900	$1,150	$1.28	45d	1	0.37mi
8901 Jefferson St NE Albuquerque, NM	1.0–2.0	1.0–2.0	706	$1,275	$1.80	5d	8	1.30mi

Listing history 16 events

1. 2026-06-22
   days on market $65,000 Active 74 DOM
2. 2026-06-18
   days on market $65,000 Active 71 DOM
3. 2026-06-17
   days on market $65,000 Active 70 DOM
4. 2026-06-16
   days on market $65,000 Active 69 DOM
5. 2026-06-15
   days on market $65,000 Active 68 DOM
6. 2026-06-13
   days on market $65,000 Active 66 DOM
7. 2026-06-10
   days on market $65,000 Active 63 DOM
8. 2026-06-09
   days on market $65,000 Active 62 DOM
9. 2026-06-08
   days on market $65,000 Active 61 DOM
10. 2026-06-07
    days on market $65,000 Active 60 DOM
11. 2026-06-05
    days on market $65,000 Active 57 DOM
12. 2026-06-03
    days on market $65,000 Active 56 DOM
13. 2026-06-02
    days on market $65,000 Active 55 DOM
14. 2026-06-01
    days on market $65,000 Active 54 DOM
15. 2026-05-31
    days on market $65,000 Active 53 DOM
16. 2026-03-11
    listed $65,000 Active 581-char remark

    Show marketing remark (581 chars)

    Welcome to this charming 3-bedroom, 2-bath manufactured home located in a desirable 55+ mobile home park. Perfect for active adults seeking easy, worry-free living with fantastic outdoor space. Outside, enjoy a nice-sized fenced lot that provides privacy and room to relax or garden. A 2-car carport offers convenient covered parking, while the included Tuff Shed provides excellent additional storage for tools, equipment, or seasonal items. Manufactured home is in a land-lease 55+ community. Buyer must be approved by the park and meet age requirements. Base rent is $675/month.

ⓘ 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 4/10 Moderate FEMA zone X (unshaded) · 24% 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 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,136
• − Mortgage interest: −$3,641
• − Property taxes: −$975
• − Insurance: −$325
• − Repairs & maintenance: −$1,931
• − Management: −$1,931
• − Depreciation: −$1,891
• Taxable income: $13,443
• Est. tax owed @ 24.0%: −$3,226
• After-tax cash flow: $10,451/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 · 12 photos

Fair 45/100 Cosmetic rehab

This 3-bedroom, 2-bath manufactured home in a 55+ community is in fair condition with cosmetic updates needed to improve its curb appeal and value.

Repairs flagged

• Minor Landscaping — Overgrown vegetation needs trimming
• Minor Exterior paint — Painted walls show some wear

Value-add opportunities

• Both Landscaping and exterior painting — Improves curb appeal and resale value
• Both Kitchen and bathroom updates — Modernizes the home and enhances both resale and rental appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
Landscaping · Overgrown vegetation needs trimming	Minor	$500–3,000
Exterior paint · Painted walls show some wear	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both Landscaping and exterior painting — Improves curb appeal and resale value ↑
• Both Kitchen and bathroom updates — Modernizes the home and enhances both resale and rental appeal ↑

ⓘ 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 — North Valley

• Score: 67/100
• State rank: #28
• US rank: #10375

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Valley, NM
• County: Bernalillo County · 647,165 people
• Metro: Albuquerque, NM
• Population (ZIP): 70,117
• Household income: $84,277
• Rent vs Own: 30.8% rent · 69.2% own
• Severe rent burden: 2293.0

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 0.63)
• Race & ethnicity: Hispanic / Latino 46% White 40% Two or more races 21% Native American 4% Black 4% Asian 2%
• Hispanic origin (detail): Mexican 23% Puerto Rican 1%
• Common ancestry: Lithuanian 3% Romanian 2% Italian 2%
• Foreign-born: 6% · Canada, China
• Languages at home: 83% English-only · Spanish 13% 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: ▼ -227.99%
• Current HPI: 232.3689
• Rent YoY: ▼ -2.45%
• Metro: Albuquerque, NM
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-03-11 Listed $65,000 Southwest MLS