6124 Nauman Dr

Albuquerque, NM 87106

$389,900F

3 bd · 2.5 ba · 3,009 sqft · Built 2022 · Other · Active · 91 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,207/mo
• Mortgage (P&I): −$2,045
• Tax + insurance: −$847
• HOA: −$64
• Vac / Maint / Mgmt: −$673
• Net cashflow: $-422/mo
• Annual: $-5,067/yr
• Cap rate: 4.99%
• Cash-on-cash: -4.64%
• DSCR: 0.79
• 1% rule: 0.82%
• Cash to close: $109,172

Investor read

• This is a 3-bed/2.5-bath other listed at $390k.
• At list price, monthly cash flow is $-422 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $315k (19.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $321k (17.8% below list).
• It's been on market 91 days — a 9% lower offer ($355k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $315k (19.1% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• 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 flat; 183 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,316 units permitted in Bernalillo County in 2024 (546 in 5+ unit buildings).
• 2 sale attempts since 4y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Cap rate 5.0% 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.
• At $3,207/mo this rent would consume 77% of the median local household income ($50k/yr) (locally 2859% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• 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?
• It's been on market 91 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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?