1605 Patti Pl NE · Rio Rancho, NM 87144

$259,900

3 bd · 2.0 ba · 965 sqft · SingleFamily public records · 33 Days on market

Built 1992 5,227 sqft lot Est $267k · at est. $25/mo HOA · 1% of rent ↓ 2% since listing

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Why this score? — see what drove the D 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 +11.3/30.0
• ARV discount +8.7/15.0
• Schools +5.2/10.0
• Rent growth +4.2/5.0
• Livability +3.6/5.0
• DSCR +3.3/10.0
• Condition / age +2.5/5.0
• 1% rule +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks

North Hills treasure hit's the market! The home has been freshly repainted and has cleaned up front landscaping. Roof has been replaced in 2017. This is your chance to buy a home UNDER 300k! This home is ready to be loved by its new owner. Centrally located in Rio Rancho near shopping and in a growing area. Take a look and send your offer.

Key facts

• Near shopping
• Centrally located
• Freshly repainted

Tags

• FRESHLY REPAINTED
• CLEANED UP FRONT LANDSCAPING
• CENTRALLY LOCATED
• NEAR SHOPPING
• GROWING AREA

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $260k.

Deal economics

• At list price, monthly cash flow is $-93 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $243k (6.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $187k (27.9% below list).
• Recommended offer: $187k (27.9% below list) — sets the bar for 1% rule.
• Cap rate 5.9% vs local median 3.6% in Rio Rancho — 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 71/100 on livability (#17 in NM) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A; Watch: schools C-, amenities D, commute F.
• Rio Rancho Public Schools (suburban): math 48% / reading 73% proficiency, ranked #4 of 29 in NM (top 14%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+6.9%/yr); 1315 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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 $2k of loan paydown is wiped out by about $8k 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.

Negotiation context

• It's been on market 33 days — a 3% lower offer ($252k) is reasonable based on typical stale-listing flexibility.

Recommended offer $187,384 (27.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.72% ✗
• Cap rate: 5.86%
• Cash-on-cash: -1.54%
• DSCR: 0.93
• GRM: 11.6

CMA / ARV

• ARV (on-the-fly): $267,305
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1605 Patti Pl NE	0.00mi	3/2.0	965 (0%)	1mo	$259,900	$269	99
1613 Patti Pl NE	0.02mi	3/2.0	1,013 (+5%)	3mo	$200,000	$197	89
1756 Ira Dr NE	0.07mi	2/2.0 (-1)	959 (-1%)	7mo	$269,000	$281	85
948 Charles Dr NE	0.03mi	2/2.0 (-1)	934 (-3%)	5mo	$269,900	$289	84
1621 Jane Pl NE	0.10mi	2/2.0 (-1)	919 (-5%)	2mo	$255,000	$277	81
1020 Harrison Dr NE	0.22mi	2/2.0 (-1)	903 (-6%)	1mo	$273,000	$302	73
1777 Lee Loop NE	0.08mi	2/2.0 (-1)	861 (-11%)	2mo	$235,000	$273	72
2012 Strawberry Pl NE	0.44mi	2/2.0 (-1)	903 (-6%)	1mo	$260,000	$288	63
1086 Cactus Dr NE	0.66mi	2/2.0 (-1)	941 (-2%)	2mo	$275,000	$292	59
2185 High Desert Cir NE	0.73mi	3/1.0	983 (+2%)	1mo	$260,000	$264	58
1062 Cactus Dr NE	0.63mi	3/2.0	1,023 (+6%)	4mo	$255,000	$249	57
1156 Sand Dune Rd NE	0.71mi	3/2.0	1,036 (+7%)	3mo	$265,000	$256	53

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 · 6.88% rent growth · sell at horizon

5-year hold

• IRR: -15.2%
• Equity multiple: 0.44×
• Total profit: $-40,569
• Equity at exit: $38,752

10-year hold

• IRR: -1.7%
• Equity multiple: 0.87×
• Total profit: $-9,637
• Equity at exit: $22,471

Cash invested: $72,772 (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 87144

• Home prices YoY: -30.8%
• Rents YoY: 6.9%
• Active inventory: 1315
• Price-to-rent: 11.6×

Monthly cashflow live

• Estimated rent: $1,874 high
• Mortgage (P&I): −$1,363
• Tax from tax record: −$77 /mo · $929/yr
• Insurance: −$108
• HOA: −$25
• Vacancy / Maint / Mgmt: −$394
• Net cashflow: $-93

Break-even live

Break-even rent $1,992

Max offer price $243,408

Occupancy floor 100%

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: $64,975
• Closing costs: $7,797
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1896 Lee Loop NE Rio Rancho, NM	2.0	2.0	1068	$1,750	$1.64	23d	1	0.13mi
1941 Lee Loop NE Rio Rancho, NM	2.0	2.0	1050	$1,700	$1.62	16d	1	0.19mi
848 Rebecca Ct NE Rio Rancho, NM	2.0	2.0	858	$1,749	$2.04	23d	1	0.51mi
2125 Sierra Ln NE Rio Rancho, NM	2.0	2.0	1000	$1,800	$1.80	2d	1	0.62mi
1655 Greenview Way NE Rio Rancho, NM	2.0	1.5	847	$900	$1.06	14d	1	0.73mi

HOA detail

• Monthly dues: $25 · $300/yr
• Likely covers: landscaping

Listing history 6 events

1. 2026-04-12
   status Pending
2. 2026-03-26
   price $259,900
3. 2025-08-22
   listed $265,000 Active
4. 2017-09-18
   soldstatus
5. 2013-09-26
   soldstatus
6. 2005-08-31
   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: $929 · $77/mo
• Projected year-2 tax: $2,079 · $173/mo
• Expected delta: +$1,150/yr (+$96/mo · 123.7%)

ⓘ 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 4/10 Moderate 7 d/yr ≥94°F today · 18 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,486
• − Mortgage interest: −$14,558
• − Property taxes: −$929
• − Insurance: −$1,300
• − Repairs & maintenance: −$1,799
• − Management: −$1,799
• − HOA: −$300
• − Depreciation: −$7,561
• Taxable loss: −$5,760
• Est. tax savings @ 24.0%: +$1,382
• After-tax cash flow: $262/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: Rio Rancho Public Schools
• NCES district ID: 3500010
• Math proficiency: 48% ▲ 38.00%
• Reading proficiency: 73% ▲ 48.00%
• Median HH income: $59,410
• Composite: 52.29/100
• National rank: #1595
• State rank: #4 of 29 in NM

Livability — Rio Rancho

• Score: 71/100
• State rank: #17
• US rank: #7253

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rio Rancho, NM
• County: Sandoval County · 110,336 people
• City population: 110,336
• Metro: Albuquerque, NM
• Population (ZIP): 51,837
• Household income: $94,550
• Rent vs Own: 13.8% rent · 86.2% own
• Severe rent burden: 528.0

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 0.61)
• Race & ethnicity: White 44% Hispanic / Latino 44% Two or more races 24% Native American 4% Black 3% Asian 1%
• Hispanic origin (detail): Mexican 23% Puerto Rican 1%
• Common ancestry: Slovak 3% Lithuanian 3% Italian 2%
• Foreign-born: 5% · Canada
• Languages at home: 80% English-only · Spanish 16%

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: ▼ -95.68%
• Current HPI: 215.124
• Rent YoY: ▲ 6.88%
• Metro: Albuquerque, NM
• State GDP YoY: —
• F500 in state: 0

Price history

-1.9% since first listed

6 events — show timeline

• 2026-04-12 Pending — Southwest MLS
• 2026-03-26 Price Changed $259,900 Southwest MLS
• 2025-08-22 Listed $265,000 Southwest MLS
• 2017-09-18 Sold (Public Records) — Public Records
• 2013-09-26 Sold (Public Records) — Public Records
• 2005-08-31 Sold (Public Records) — Public Records

Property tax history

-1.8%/yr

Latest (2024): $929 · +2.9% YoY. Source: county tax records.