1084 W La Entrada

Corrales, NM 87048

$450,000D

4 bd · 2.5 ba · 2,400 sqft · Built 1996 · SingleFamily · Active · 163 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,926/mo
• Mortgage (P&I): −$2,360
• Tax + insurance: −$278
• HOA: −$0
• Vac / Maint / Mgmt: −$614
• Net cashflow: $-326/mo
• Annual: $-3,911/yr
• Cap rate: 5.42%
• Cash-on-cash: -3.10%
• DSCR: 0.86
• 1% rule: 0.65%
• Cash to close: $126,000

Investor read

• This is a 4-bed/2.5-bath single-family listed at $450k.
• At list price, monthly cash flow is $-326 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $392k (12.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $293k (35.0% below list).
• It's been on market 163 days — a 12% lower offer ($396k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $293k (35.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Location reads 56/100 on livability (#176 in NM) — a working-class tenant base; expect higher turnover. Strengths: employment A+, crime A, housing B; Watch: amenities F, commute F, cost of living 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.
• Zoned schools: Corrales Elementary (328 students, 23% FRL); Taylor Middle (315 students, 100% FRL); Cibola High (math 37% / reading 72%, grade C-, #34 of 110 statewide, top 31%, 1,762 students, 34% FRL).
• Market conditions: 104 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• 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.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.4% vs local median 1.1% in Corrales — 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.

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 163 days. Have you received any prior offers? Is the seller open to a 35% concession, seller financing, or rate buy-down credit?
• 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.
• 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?
• 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.