3419 10th Ave NW

Rio Rancho Estates, NM 87124

$175,000C

3 bd · 2.0 ba · 1,120 sqft · Built 1998 · Manufactured · Pending · 45 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,001/mo
• Mortgage (P&I): −$918
• Tax + insurance: −$292
• HOA: −$0
• Vac / Maint / Mgmt: −$420
• Net cashflow: $371/mo
• Annual: $4,454/yr
• Cap rate: 8.84%
• Cash-on-cash: 9.09%
• DSCR: 1.40
• 1% rule: 1.14%
• Cash to close: $49,000

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $175k. Condition is rated fair.
• At list price, monthly cash flow is $371 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• It's been on market 45 days — a 3% lower offer ($170k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $170k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• 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); 837 active listings in the ZIP; solid renter incomes; 1,278 units permitted in Sandoval County in 2024 (216 in 5+ unit buildings).
• Sandoval County population projected at +15% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts; this cycle's ask has dropped $20k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Questions for listing agent

• It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — The satellite image shows significant damage to the roof.
• Major: exterior siding — The exterior siding is weathered and peeling, indicating significant damage.
• Major: flooring — The flooring in the living room and kitchen is worn and damaged.
• Major: interior walls/paint — The interior walls are chipped and worn, indicating significant damage.
• Major: bathrooms — The bathrooms are cluttered and in need of cleaning.
• Major: HVAC system — The HVAC system appears old and may need maintenance or replacement.