601 Palomas Dr SE · Albuquerque, NM 87108

$199,900

4 bd · 3.0 ba · 2,096 sqft · SingleFamily public records · 120 Days on market

Built 1952 8,276 sqft lot Est $392k · 49% 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 +23.8/30.0
• ARV discount +15.0/15.0
• DSCR +7.7/10.0
• 1% rule +5.3/10.0
• Schools +5.3/10.0
• Livability +3.6/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Spacious 4-bedroom, 3-bath home in central Albuquerque with endless potential! This property features a partial TPO roof, handicap accessibility with a front ramp, and backyard access. Inside, you'll find original hardwood floors, generous living areas, and a functional kitchen with plenty of cabinet space. The basement offers both interior and exterior access, ideal for storage, hobbies, or guest space. Conveniently located near UNM, Nob Hill, shopping, and dining. Sold as-is at a value price, this is a great opportunity for investors or buyers ready to customize.

Key facts

• Functional kitchen
• Backyard access
• 8,276 sq ft lot

Tags

• BACKYARD ACCESS
• ORIGINAL HARDWOOD FLOORS
• GENEROUS LIVING AREAS
• FUNCTIONAL KITCHEN
• PLENTY OF CABINET SPACE
• INTERIOR AND EXTERIOR ACCESS

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $384 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Recommended offer: $182k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.6% 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.

Location & tenants

• 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 rising (+2.5%/yr); 164 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,316 units permitted in Bernalillo County in 2024 (546 in 5+ unit buildings).
• At $2,064/mo this rent would consume 58% of the median local household income ($43k/yr) (locally 3480% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 120 days — a 9% lower offer ($182k) is reasonable based on typical stale-listing flexibility.
• 4 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.

Risks & watch-outs

• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $181,909 (9.0% below list)

Questions for the listing agent

1. It's been on market 120 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.03% ✓
• Cap rate: 8.60%
• Cash-on-cash: 8.24%
• DSCR: 1.37
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $391,952
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
601 Palomas Dr SE	0.00mi	4/3.0	1,925 (-8%)	1mo	$199,900	$104	86
713 California St SE	0.52mi	4/2.0	2,121 (+1%)	1mo	$425,000	$200	69
1017 Jefferson St SE	0.58mi	3/2.0 (-1)	2,065 (-2%)	6mo	$489,000	$237	56
917 Cardenas Dr SE	0.46mi	3/2.0 (-1)	1,889 (-10%)	0mo	$317,500	$168	53
408 La Veta Dr NE	0.71mi	3/2.5 (-1)	2,220 (+6%)	1mo	$350,000	$158	49
505 Valverde Dr SE	0.74mi	3/2.0 (-1)	2,040 (-3%)	8mo	$417,500	$205	45
1601 Anderson Pl SE	0.71mi	3/3.0 (-1)	1,871 (-11%)	2mo	$535,000	$286	43
636 Florida St SE	0.64mi	3/2.0 (-1)	1,865 (-11%)	1mo	$265,000	$142	42
4800 Southern Ave SE	0.50mi	3/2.0 (-1)	1,798 (-14%)	5mo	$350,000	$195	40
724 Georgia St SE	0.73mi	4/2.0	1,832 (-13%)	2mo	$315,000	$172	39
829 California St SE	0.63mi	4/2.0	1,793 (-14%)	8mo	$335,000	$187	36
913 California St SE	0.69mi	3/2.0 (-1)	1,795 (-14%)	8mo	$254,900	$142	28

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 · 2.54% rent growth · sell at horizon

5-year hold

• IRR: -4.3%
• Equity multiple: 0.84×
• Total profit: $-8,929
• Equity at exit: $29,806

10-year hold

• IRR: 4.9%
• Equity multiple: 1.35×
• Total profit: $19,651
• Equity at exit: $17,284

Cash invested: $55,972 (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 87108

• Rents YoY: 2.5%
• Active inventory: 164
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $2,064 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$115 /mo · $1,378/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$433
• Net cashflow: $384

Break-even live

Break-even rent $1,578

Max offer price $199,900

Occupancy floor 76%

Sensitivity live

Price	-10% $497	-5% $441	+0% $384	+5% $328	+10% $271
Rent	-10% $221	-5% $303	+0% $384	+5% $466	+10% $547
Rate	-1.0pp $485	-0.5pp $435	base $384	+0.5pp $332	+1.0pp $280

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
825 Palomas Dr SE Albuquerque, NM	4.0	2.5	1789	$800	$0.45	15d	1	0.19mi
4903 Idlewilde Ln SE Albuquerque, NM	3.0	2.0	1772	$2,050	$1.16	44d	1	0.38mi
4904 Idlewilde Ln SE Albuquerque, NM	3.0	1.0	2160	$2,100	$0.97	44d	1	0.41mi
4902 Southern Ave SE Albuquerque, NM	4.0	2.0	1524	$1,900	$1.25	24d	1	0.42mi
4679 Idlewilde Ln SE Albuquerque, NM	3.0	2.0	1429	$2,200	$1.54	15d	1	0.52mi
1707 Anderson Pl SE Albuquerque, NM	3.0	2.0	1624	$2,999	$1.85	4d	1	0.74mi
317 Cagua Dr NE Albuquerque, NM	4.0	2.0	1400	$1,900	$1.36	3d	1	0.77mi
1109 Indiana St SE Albuquerque, NM	3.0	2.0	1650	$1,850	$1.12	3d	1	1.03mi
3936 Silver Ave SE Albuquerque, NM	3.0	2.5	1960	$2,300	$1.17	4d	1	1.09mi
305 Aliso Dr SE Albuquerque, NM	3.0	2.0	2022	$5,500	$2.72	44d	1	1.11mi
1205 Valencia Dr NE Albuquerque, NM	4.0	2.0	2346	$2,450	$1.04	44d	1	1.29mi
400 Amherst Dr SE Albuquerque, NM	3.0	2.0	2003	$2,600	$1.30	44d	1	1.31mi
411 Wellesley Dr SE Unit A Albuquerque, NM	5.0	2.0	2216	$2,395	$1.08	24d	1	1.47mi

Listing history 14 events

1. 2026-03-12
   status Pending
2. 2026-02-16
   price $199,900
3. 2025-12-18
   status Active
4. 2025-12-18
   price $210,000
5. 2025-11-28
   status Pending
6. 2025-11-26
   status Active
7. 2025-11-26
   price $200,000
8. 2025-11-05
   historical
9. 2025-10-19
   status Pending
10. 2025-09-27
    status Active
11. 2025-09-27
    price $219,000
12. 2025-09-17
    status Pending
13. 2025-08-29
    listed $199,500 Active
14. 1999-01-05
    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: $1,378 · $115/mo
• Projected year-2 tax: $1,599 · $133/mo
• Expected delta: +$222/yr (+$18/mo · 16.1%)

ⓘ 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 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥94°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,767
• − Mortgage interest: −$11,198
• − Property taxes: −$1,378
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,981
• − Management: −$1,981
• − Depreciation: −$5,815
• Taxable income: $1,415
• Est. tax owed @ 24.0%: −$340
• After-tax cash flow: $4,270/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: 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 — Albuquerque

• Score: 72/100
• State rank: #13
• US rank: #6219

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Albuquerque, NM
• County: Bernalillo County · 647,165 people
• City population: 647,165
• Metro: Albuquerque, NM
• Population (ZIP): 36,331
• Household income: $42,724
• Rent vs Own: 62.5% rent · 37.5% own
• Severe rent burden: 3480.0

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 0.64)
• Race & ethnicity: Hispanic / Latino 49% White 34% Two or more races 21% Native American 6% Black 5% Asian 3%
• Hispanic origin (detail): Mexican 31% Cuban 3%
• Common ancestry: Lithuanian 2% Slovak 1% Romanian 1%
• Foreign-born: 18% · Canada, Vietnam
• Languages at home: 67% English-only · Spanish 26% Other Indo-European 2% Tagalog/Filipino 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: ▼ -228.14%
• Current HPI: 238.53
• Rent YoY: ▲ 2.54%
• Metro: Albuquerque, NM
• State GDP YoY: —
• F500 in state: 0

Price history

+0.2% since first listed

14 events — show timeline

• 2026-03-12 Pending — Southwest MLS
• 2026-02-16 Price Changed $199,900 Southwest MLS
• 2025-12-18 Relisted — Southwest MLS
• 2025-12-18 Price Changed $210,000 Southwest MLS
• 2025-11-28 Pending — Southwest MLS
• 2025-11-26 Relisted — Southwest MLS
• 2025-11-26 Price Changed $200,000 Southwest MLS
• 2025-11-05 Delisted — Southwest MLS
• 2025-10-19 Pending — Southwest MLS
• 2025-09-27 Relisted — Southwest MLS
• 2025-09-27 Price Changed $219,000 Southwest MLS
• 2025-09-17 Pending — Southwest MLS
• 2025-08-29 Listed $199,500 Southwest MLS
• 1999-01-05 Sold (Public Records) — Public Records

Property tax history

+0.1%/yr

Latest (2025): $1,378 · -15.4% YoY. Source: county tax records.