217 Hondo Rd SW · Rio Rancho, NM 87124

$220,000

4 bd · 2.0 ba · 2,069 sqft · SingleFamily · 10 Days on market

Built 1997 0.87 ac lot $106/sqft · 41% below area Est $371k · 41% 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 +26.8/30.0
• ARV discount +15.0/15.0
• DSCR +9.2/10.0
• 1% rule +6.1/10.0
• Schools +5.2/10.0
• Livability +3.6/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Wonderful opportunity sitting on approximately 0.87 acres in Rio Rancho! This property features an open layout and a functional floor plan ready for renovation. Most of the popcorn ceiling and some flooring have been removed, giving a head start on the remodel. The home includes a metal roof and multiple outbuildings, providing additional storage or workspace. Ideal for investors or buyers looking to bring their vision to life.

Key facts

• 0.87 acre lot
• Built 1997
• Listed 10 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $220k.

Deal economics

• At list price, monthly cash flow is $599 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $220k).
• Cap rate 9.6% 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 (+3.1%/yr); 825 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 1,278 units permitted in Sandoval County in 2024 (216 in 5+ unit buildings).
• This rent runs 34% of the median local income ($87k/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 $2k of loan paydown is wiped out by about $7k 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.
• At projected returns (-3.0% appreciation + 3.1% rent growth), your $62k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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.

Recommended offer $220,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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.
3. 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.
4. 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: 1.11% ✓
• Cap rate: 9.56%
• Cash-on-cash: 11.67%
• DSCR: 1.52
• GRM: 7.5

CMA / ARV

• ARV (median comp): $370,545
• List price: $220,000
• Delta: -40.63%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
128 Prism Ave SW	0.62mi	4/2.0	1,897 (-8%)	1mo	$345,000	$182	56

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 · 3.13% rent growth · sell at horizon

5-year hold

• IRR: 1.2%
• Equity multiple: 1.04×
• Total profit: $2,756
• Equity at exit: $32,803

10-year hold

• IRR: 10.9%
• Equity multiple: 1.85×
• Total profit: $52,543
• Equity at exit: $19,022

Cash invested: $61,600 (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 87124

• Rents YoY: 3.1%
• Active inventory: 825
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $2,447 medium
• Mortgage (P&I): −$1,154
• Tax from tax record: −$88 /mo · $1,059/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$514
• Net cashflow: $599

Break-even live

Break-even rent $1,688

Max offer price $220,000

Occupancy floor 71%

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
308 Prism Ave SW Rio Rancho, NM	4.0	2.0	1504	$2,395	$1.59	2d	1	0.20mi

Listing history 5 events

1. 2026-05-05
   status Pending 431-char remark

   Show marketing remark (431 chars)

   Wonderful opportunity sitting on approximately 0.87 acres in Rio Rancho! This property features an open layout and a functional floor plan ready for renovation. Most of the popcorn ceiling and some flooring have been removed, giving a head start on the remodel. The home includes a metal roof and multiple outbuildings, providing additional storage or workspace. Ideal for investors or buyers looking to bring their vision to life.

2. 2026-04-30
   status Active 431-char remark

   Show marketing remark (431 chars)

   Wonderful opportunity sitting on approximately 0.87 acres in Rio Rancho! This property features an open layout and a functional floor plan ready for renovation. Most of the popcorn ceiling and some flooring have been removed, giving a head start on the remodel. The home includes a metal roof and multiple outbuildings, providing additional storage or workspace. Ideal for investors or buyers looking to bring their vision to life.

3. 2026-04-07
   status Pending 431-char remark

   Show marketing remark (431 chars)

   Wonderful opportunity sitting on approximately 0.87 acres in Rio Rancho! This property features an open layout and a functional floor plan ready for renovation. Most of the popcorn ceiling and some flooring have been removed, giving a head start on the remodel. The home includes a metal roof and multiple outbuildings, providing additional storage or workspace. Ideal for investors or buyers looking to bring their vision to life.

4. 2026-03-26
   listed $220,000 Active 431-char remark

   Show marketing remark (431 chars)

   Wonderful opportunity sitting on approximately 0.87 acres in Rio Rancho! This property features an open layout and a functional floor plan ready for renovation. Most of the popcorn ceiling and some flooring have been removed, giving a head start on the remodel. The home includes a metal roof and multiple outbuildings, providing additional storage or workspace. Ideal for investors or buyers looking to bring their vision to life.

5. 2015-09-28
   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: $1,059 · $88/mo
• Projected year-2 tax: $1,760 · $147/mo
• Expected delta: +$701/yr (+$58/mo · 66.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥94°F today · 19 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: $29,360
• − Mortgage interest: −$12,323
• − Property taxes: −$1,059
• − Insurance: −$1,100
• − Repairs & maintenance: −$2,349
• − Management: −$2,349
• − Depreciation: −$6,400
• Taxable income: $3,779
• Est. tax owed @ 24.0%: −$907
• After-tax cash flow: $6,283/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

• County: Sandoval County · 110,336 people
• City population: 110,336
• Metro: Albuquerque, NM
• Population (ZIP): 58,499
• Household income: $86,555
• Rent vs Own: 20.9% rent · 79.1% own
• Severe rent burden: 1027.0

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 47% Hispanic / Latino 41% Two or more races 18% Native American 5% Black 3% Asian 2%
• Hispanic origin (detail): Mexican 24% Puerto Rican 2%
• Common ancestry: Lithuanian 3% Slovak 2% Italian 2%
• Foreign-born: 6% · Canada, Vietnam, China
• Languages at home: 84% English-only · Spanish 12% Vietnamese 1%

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: ▼ -303.50%
• Current HPI: 219.8377
• Rent YoY: ▲ 3.13%
• Metro: Albuquerque, NM
• State GDP YoY: —
• F500 in state: 0

Price history

5 events — show timeline

• 2026-05-05 Pending — Southwest MLS
• 2026-04-30 Relisted — Southwest MLS
• 2026-04-07 Pending — Southwest MLS
• 2026-03-26 Listed $220,000 Southwest MLS
• 2015-09-28 Sold (Public Records) — Public Records

Property tax history

+2.6%/yr

Latest (2024): $1,059 · +3.3% YoY. Source: county tax records.