2311 Criss Rd SW

South Valley, NM 87105

$239,000D+

4 bd · 3.0 ba · 1,510 sqft · Built 1956 · Other · Active · 29 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,964/mo
• Mortgage (P&I): −$1,253
• Tax + insurance: −$320
• HOA: −$0
• Vac / Maint / Mgmt: −$412
• Net cashflow: $-21/mo
• Annual: $-256/yr
• Cap rate: 6.95%
• Cash-on-cash: 2.34%
• DSCR: 1.10
• 1% rule: 0.82%
• Cash to close: $66,920

Investor read

• This is a 4-bed/3.0-bath other listed at $239k.
• At list price, monthly cash flow is $-21 ($-256/yr) — negative.
• To cash-flow at today's rent, offer at most $235k (1.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $196k (17.8% below list).
• It's been on market 29 days — a 2% lower offer ($235k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $196k (17.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 60/100 on livability (#113 in NM) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: commute C-, employment D, schools 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.
• Watch-outs: flood insurance adds $152/mo; built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 160 active listings in the ZIP; 1,316 units permitted in Bernalillo County in 2024 (546 in 5+ unit buildings).
• Climate carrying-cost: in FEMA flood zone AH (mandatory federal flood insurance); extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.9% vs local median 3.9% in South Valley — 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.
• This rent runs 42% of the median local income ($56k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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?
• 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.