2364 Cortina Loop SE · Rio Rancho, NM 87124

$285,000

3 bd · 1.0 ba · 954 sqft · Townhouse public records · 45 Days on market

Built 2009 954 sqft lot $299/sqft · at area comps Est $286k · at est. $60/mo HOA · 3% of rent

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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 +12.5/30.0
• ARV discount +7.7/15.0
• Schools +5.2/10.0
• DSCR +3.7/10.0
• Livability +3.6/5.0
• Rent growth +3.3/5.0
• 1% rule +2.9/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Quaint 2 bedroom, 1 bath with covered front porch in sought after Cabezon gated neighborhood of Astante Townhomes. Nicely updated bathroom and updated flooring with new carpet and laminate. Low maintenance, easy care yard and home. Perfect for singles, first-time homebuyers, downsizers and investors.

Key facts

• $60 HOA
• Garage
• Built 2009

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $285k.

Deal economics

• At list price, monthly cash flow is $-44 ($-524/yr) — negative.
• To cash-flow at today's rent, offer at most $277k (2.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $226k (20.9% below list).
• Recommended offer: $226k (20.9% below list) — sets the bar for 1% rule.
• Cap rate 6.1% 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: 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.
• Zoned schools: Maggie Cordova Elementary School (674 students, 100% FRL); Lincoln Middle (823 students, 21% FRL); Rio Rancho High (math 52% / reading 77%, grade B-, #22 of 110 statewide, top 22%, 2,573 students, 22% FRL).
• Market conditions: Rents rising (+3.1%/yr); 837 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,278 units permitted in Sandoval County in 2024 (216 in 5+ unit buildings).
• This rent runs 31% 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 $9k 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 45 days — a 3% lower offer ($276k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 9y 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.

Recommended offer $225,521 (20.9% 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 45 days. Have you received any prior offers? Is the seller open to a 21% 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: 0.79% ✗
• Cap rate: 6.11%
• Cash-on-cash: -0.66%
• DSCR: 0.97
• GRM: 10.5

CMA / ARV

• ARV (median comp): $286,368
• List price: $285,000
• Delta: -0.48%
• Verdict: FAIR
• Comps: 6 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2238 Cortina Loop SE	0.02mi	2/2.0 (-1)	1,023 (+7%)	4mo	$285,000	$279	74
2451 Treviso Dr SE	0.07mi	2/2.0 (-1)	1,026 (+8%)	5mo	$280,000	$273	71
2528 Pelizzano Dr SE	0.14mi	2/1.0 (-1)	1,072 (+12%)	2mo	$290,000	$271	66
2474 Corvara Dr SE	0.07mi	2/1.0 (-1)	1,062 (+11%)	22mo	$291,900	$275	54

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: -17.3%
• Equity multiple: 0.39×
• Total profit: $-48,725
• Equity at exit: $42,494

10-year hold

• IRR: -9.1%
• Equity multiple: 0.44×
• Total profit: $-45,019
• Equity at exit: $24,642

Cash invested: $79,800 (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: 837
• Price-to-rent: 10.5×

Monthly cashflow live

• Estimated rent: $2,255 high
• Mortgage (P&I): −$1,495
• Tax from tax record: −$152 /mo · $1,824/yr
• Insurance: −$119
• HOA: −$60
• Vacancy / Maint / Mgmt: −$474
• Net cashflow: $-44

Break-even live

Break-even rent $2,311

Max offer price $277,280

Occupancy floor 97%

Sensitivity live

Price	-10% $118	-5% $37	+0% $-44	+5% $-124	+10% $-205
Rent	-10% $-222	-5% $-133	+0% $-44	+5% $45	+10% $134
Rate	-1.0pp $100	-0.5pp $29	base $-44	+0.5pp $-118	+1.0pp $-193

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: $71,250
• Closing costs: $8,550
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2301 Westside Blvd SE Rio Rancho, NM	1.0–3.0	1.0–2.5	1156	$2,900	$2.51	17d	14	0.37mi
10800 Golf Course Rd NW Albuquerque, NM	2.0	1.0–2.0	962	$2,200	$2.29	3d	9	1.13mi
5123 Prospector Way NW Albuquerque, NM	1.0–3.0	1.0–2.0	980	$2,084	$2.13	5d	12	1.22mi
925 Country Club Dr SE Rio Rancho, NM	2.0	2.0	1045	$1,600	$1.53	4d	1	1.29mi
10615 Monte Bello Ct NW Albuquerque, NM	3.0	1.5	1070	$2,050	$1.92	4d	1	1.30mi
10615 Monte Bello Ct NW Albuquerque, NM	3.0	1.5	1070	$2,050	$1.92	5d	1	1.30mi
937 Country Club Dr SE Unit J Rio Rancho, NM	2.0	1.5	1100	$1,300	$1.18	45d	1	1.32mi
900 Country Club Dr SE Rio Rancho, NM	1.0–2.0	1.0–2.0	730	$1,567	$2.15	3d	12	1.37mi

HOA detail

• Monthly dues: $60 · $720/yr
• Likely covers: security

Listing history 26 events

1. 2026-06-15
   status $285,000 Pending 45 DOM
2. 2026-06-15
   days on market $285,000 Active 45 DOM
3. 2026-06-13
   days on market $285,000 Active 43 DOM
4. 2026-06-13
   days on market $285,000 Active 42 DOM
5. 2026-06-10
   remarks 348-char remark
6. 2026-06-10
   days on market $285,000 Active 40 DOM
7. 2026-06-09
   days on market $285,000 Active 39 DOM
8. 2026-06-08
   days on market $285,000 Active 38 DOM
9. 2026-06-07
   days on market $285,000 Active 37 DOM
10. 2026-06-03
    days on market $285,000 Active 33 DOM
11. 2026-06-02
    days on market $285,000 Active 32 DOM
12. 2026-06-01
    days on market $285,000 Active 31 DOM
13. 2026-05-31
    days on market $285,000 Active 30 DOM
14. 2026-05-01
    listed $290,000 Active 301-char remark

    Show marketing remark (301 chars)

    Quaint 2 bedroom, 1 bath with covered front porch in sought after Cabezon gated neighborhood of Astante Townhomes. Nicely updated bathroom and updated flooring with new carpet and laminate. Low maintenance, easy care yard and home. Perfect for singles, first-time homebuyers, downsizers and investors.

15. 2025-04-18
    historical $1,750
16. 2025-04-15
    listed $1,750
17. 2019-08-22
    historical
18. 2019-08-21
    soldstatus
19. 2019-07-10
    status Pending
20. 2019-07-08
    listed $159,900 Active
21. 2017-05-05
    historical
22. 2017-05-03
    soldstatus
23. 2017-03-25
    status Pending
24. 2017-03-04
    listed $142,000 Active
25. 2016-10-26
    price $145,000
26. 2013-12-06
    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: $1,824 · $152/mo
• Projected year-2 tax: $2,280 · $190/mo
• Expected delta: +$456/yr (+$38/mo · 25.0%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥96°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,063
• − Mortgage interest: −$15,964
• − Property taxes: −$1,824
• − Insurance: −$1,425
• − Repairs & maintenance: −$2,165
• − Management: −$2,165
• − HOA: −$720
• − Depreciation: −$8,291
• Taxable loss: −$5,492
• Est. tax savings @ 24.0%: +$1,318
• After-tax cash flow: $794/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): 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

+100.0% since first listed

13 events — show timeline

• 2026-05-01 Listed $290,000 Southwest MLS
• 2025-04-18 Rental Removed $1,750 APPFOLIO
• 2025-04-15 Listed for Rent $1,750 APPFOLIO
• 2019-08-22 Delisted — Southwest MLS
• 2019-08-21 Sold (Public Records) — Public Records
• 2019-07-10 Pending — Southwest MLS
• 2019-07-08 Listed $159,900 Southwest MLS
• 2017-05-05 Delisted — Southwest MLS
• 2017-05-03 Sold (Public Records) — Public Records
• 2017-03-25 Pending — Southwest MLS
• 2017-03-04 Listed $142,000 Southwest MLS
• 2016-10-26 Price Changed $145,000 Southwest MLS
• 2013-12-06 Sold (Public Records) — Public Records

Property tax history

+0.9%/yr

Latest (2024): $1,824 · +2.3% YoY. Source: county tax records.