2228 John St SE · Albuquerque, NM 87102

$150,000

5 bd · 2.0 ba · 1,204 sqft · Other public records · 127 Days on market

Built 1936 6,186 sqft lot ↓ 12% since listing

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.3/10.0
• ARV discount +7.5/15.0
• Schools +5.3/10.0
• Rent growth +3.7/5.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover this versatile property featuring 2 separate dwellings on one lot, located in the southeast side of Albuquerque. With a combined total of 5 bedrooms and 2 baths, this setup is ideal for investors or multi-generational living. The primary dwelling offers generous living space, while the secondary dwelling provides additional flexibility as a guest house, rental unit, or workspace. The property does require some care and updating, making it a perfect opportunity for those looking to add value and customize to their vision.

Key facts

• Separate dwellings
• Guest house
• Rental unit

Tags

• SEPARATE DWELLINGS
• GUEST HOUSE
• RENTAL UNIT
• WORKSPACE

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath other listed at $150k.

Deal economics

• At list price, monthly cash flow is $625 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.3% 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 fast (+4.9%/yr); 143 active listings in the ZIP; 2 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 1,316 units permitted in Bernalillo County in 2024 (546 in 5+ unit buildings).
• At $1,990/mo this rent would consume 56% of the median local household income ($43k/yr) (locally 1721% 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 $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.9% rent growth), your $42k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 127 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $20k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1936 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $132,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 127 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1936 — 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: 1.33% ✓
• Cap rate: 11.29%
• Cash-on-cash: 17.85%
• DSCR: 1.79
• GRM: 6.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.92% rent growth · sell at horizon

5-year hold

• IRR: 11.4%
• Equity multiple: 1.46×
• Total profit: $19,374
• Equity at exit: $22,365

10-year hold

• IRR: 21.8%
• Equity multiple: 3.02×
• Total profit: $84,727
• Equity at exit: $12,969

Cash invested: $42,000 (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 87102

• Rents YoY: 4.9%
• Active inventory: 143
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,990 medium
• Mortgage (P&I): −$787
• Tax from tax record: −$99 /mo · $1,184/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$418
• Net cashflow: $625

Break-even live

Break-even rent $1,200

Max offer price $150,000

Occupancy floor 64%

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2009 High St SE Unit B Albuquerque, NM	4.0	1.5	1000	$2,036	$2.04	23d	1	0.40mi
3003 Transport St SE Albuquerque, NM	5.0	1.0–5.0	1083	$2,500	$2.31	43d	4	0.91mi

Listing history 11 events

1. 2026-06-01
   days on market $150,000 Active 127 DOM
2. 2026-05-31
   days on market $150,000 Active 126 DOM
3. 2026-03-31
   price $150,000 535-char remark

   Show marketing remark (535 chars)

   Discover this versatile property featuring 2 separate dwellings on one lot, located in the southeast side of Albuquerque. With a combined total of 5 bedrooms and 2 baths, this setup is ideal for investors or multi-generational living. The primary dwelling offers generous living space, while the secondary dwelling provides additional flexibility as a guest house, rental unit, or workspace. The property does require some care and updating, making it a perfect opportunity for those looking to add value and customize to their vision.

4. 2026-03-03
   status Active 535-char remark

   Show marketing remark (535 chars)

   Discover this versatile property featuring 2 separate dwellings on one lot, located in the southeast side of Albuquerque. With a combined total of 5 bedrooms and 2 baths, this setup is ideal for investors or multi-generational living. The primary dwelling offers generous living space, while the secondary dwelling provides additional flexibility as a guest house, rental unit, or workspace. The property does require some care and updating, making it a perfect opportunity for those looking to add value and customize to their vision.

5. 2026-02-05
   status Pending 535-char remark

   Show marketing remark (535 chars)

   Discover this versatile property featuring 2 separate dwellings on one lot, located in the southeast side of Albuquerque. With a combined total of 5 bedrooms and 2 baths, this setup is ideal for investors or multi-generational living. The primary dwelling offers generous living space, while the secondary dwelling provides additional flexibility as a guest house, rental unit, or workspace. The property does require some care and updating, making it a perfect opportunity for those looking to add value and customize to their vision.

6. 2026-01-01
   status Active 535-char remark

   Show marketing remark (535 chars)

   Discover this versatile property featuring 2 separate dwellings on one lot, located in the southeast side of Albuquerque. With a combined total of 5 bedrooms and 2 baths, this setup is ideal for investors or multi-generational living. The primary dwelling offers generous living space, while the secondary dwelling provides additional flexibility as a guest house, rental unit, or workspace. The property does require some care and updating, making it a perfect opportunity for those looking to add value and customize to their vision.

7. 2025-12-08
   status Pending 535-char remark

   Show marketing remark (535 chars)

   Discover this versatile property featuring 2 separate dwellings on one lot, located in the southeast side of Albuquerque. With a combined total of 5 bedrooms and 2 baths, this setup is ideal for investors or multi-generational living. The primary dwelling offers generous living space, while the secondary dwelling provides additional flexibility as a guest house, rental unit, or workspace. The property does require some care and updating, making it a perfect opportunity for those looking to add value and customize to their vision.

8. 2025-09-23
   listed $170,000 Active 535-char remark

   Show marketing remark (535 chars)

   Discover this versatile property featuring 2 separate dwellings on one lot, located in the southeast side of Albuquerque. With a combined total of 5 bedrooms and 2 baths, this setup is ideal for investors or multi-generational living. The primary dwelling offers generous living space, while the secondary dwelling provides additional flexibility as a guest house, rental unit, or workspace. The property does require some care and updating, making it a perfect opportunity for those looking to add value and customize to their vision.

9. 2005-03-11
   soldstatus
10. 2004-06-21
    soldstatus
11. 2004-06-21
    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: $1,184 · $99/mo
• Projected year-2 tax: $1,200 · $100/mo
• Expected delta: +$16/yr (+$1/mo · 1.3%)

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

Taxation est. · year 1

• Rental income: $23,886
• − Mortgage interest: −$8,402
• − Property taxes: −$1,184
• − Insurance: −$750
• − Repairs & maintenance: −$1,911
• − Management: −$1,911
• − Depreciation: −$4,364
• Taxable income: $5,364
• Est. tax owed @ 24.0%: −$1,287
• After-tax cash flow: $6,209/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): 20,123
• Household income: $42,990
• Rent vs Own: 64.6% rent · 35.4% own
• Severe rent burden: 1721.0

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 0.59)
• Race & ethnicity: Hispanic / Latino 57% Two or more races 30% White 29% Native American 6% Black 4%
• Hispanic origin (detail): Mexican 35% Puerto Rican 1%
• Common ancestry: Lithuanian 2% Slovak 1% Serbian 1%
• Foreign-born: 12% · Canada
• Languages at home: 64% English-only · Spanish 30% Korean 1% Other Indo-European 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: ▼ -208.71%
• Current HPI: 253.8398
• Rent YoY: ▲ 4.92%
• Metro: Albuquerque, NM
• State GDP YoY: —
• F500 in state: 0

Price history

-11.8% since first listed

9 events — show timeline

• 2026-03-31 Price Changed $150,000 Southwest MLS
• 2026-03-03 Relisted — Southwest MLS
• 2026-02-05 Pending — Southwest MLS
• 2026-01-01 Relisted — Southwest MLS
• 2025-12-08 Pending — Southwest MLS
• 2025-09-23 Listed $170,000 Southwest MLS
• 2005-03-11 Sold (Public Records) — Public Records
• 2004-06-21 Sold (Public Records) — Public Records
• 2004-06-21 Sold (Public Records) — Public Records

Property tax history

+3.0%/yr

Latest (2025): $1,184 · +3.2% YoY. Source: county tax records.