122 46th St SW · Albuquerque, NM 87105

$225,000

3 bd · 2.0 ba · 1,723 sqft · SingleFamily public records · 15 Days on market

Built 1946 8,233 sqft lot $131/sqft · 17% below area Est $270k · 17% 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 +27.6/30.0
• ARV discount +15.0/15.0
• DSCR +9.7/10.0
• 1% rule +6.3/10.0
• Schools +5.3/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Great investment property near Bio Park Aquarium. Bring your vision, investors or handymen. Estate sale has 2 possible 3 bedrooms. 2 bathrooms, 2 living areas. Carport has plenty of room for parking. Fully gated. Newer Roof installed approx 6 yrs. Need some updates and Sold as is.

Key facts

• Newer roof
• Investment property
• Fully gated

Tags

• INVESTMENT PROPERTY
• FULLY GATED
• NEWER ROOF

Property features AI

Exterior

• Parking: Has carport; 2 carport spaces
• Utilities: Electricity connected; Natural gas connected; Public water; Public sewer
• Home design: Single-story home; Faces west; Resale property
• Construction: Stucco and wood siding construction; Pitched shingle roof; Built (year per public records)
• Exterior features: Private entrance; Covered and open patio; Patio; On-site storage

Interior

• Flooring: Laminate
• Bathrooms: 1 full bathroom; 1 three-quarter bathroom
• Heating & cooling: Central heating (natural gas); Evaporative cooling
• Interior features: Multiple living areas; Main-level primary bedroom; Single-pane windows; Laminate flooring
• Laundry & utility: Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $225k.

Deal economics

• At list price, monthly cash flow is $673 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $225k).
• Recommended offer: $222k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.9% 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: 160 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 89% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,316 units permitted in Bernalillo County in 2024 (546 in 5+ unit buildings).
• At $2,535/mo this rent would consume 55% of the median local household income ($56k/yr) (locally 1175% 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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $63k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($222k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1946 — expect roof / HVAC / electrical / plumbing capex.
• 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.

Recommended offer $221,625 (1.5% below list)

Questions for the listing agent

1. Built in 1946 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.13% ✓
• Cap rate: 9.88%
• Cash-on-cash: 12.82%
• DSCR: 1.57
• GRM: 7.4

CMA / ARV

• ARV (median comp): $270,290
• List price: $225,000
• Delta: -16.76%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1743 Garden Way SW	0.69mi	3/2.0	1,685 (-2%)	1mo	$335,000	$199	63
3129 Cypress Dr SW	0.23mi	2/2.0 (-1)	1,545 (-10%)	6mo	$230,000	$149	63
202 57th St NW	0.68mi	3/3.0	1,710 (-1%)	4mo	$359,000	$210	60
3219 Cypress Dr SW	0.17mi	4/2.0 (+1)	1,500 (-13%)	8mo	$275,000	$183	58
336 55th St NW	0.71mi	3/3.0	1,799 (+4%)	1mo	$209,000	$116	55
316 49th St NW	0.30mi	3/1.0	1,584 (-8%)	17mo	$269,000	$170	55
135 57th St SW	0.70mi	3/2.0	1,555 (-10%)	4mo	$315,000	$203	48
545 & 541 Atrisco Dr NW	0.46mi	3/3.0	1,926 (+12%)	10mo	$572,500	$297	46
1736 Garden Way SW	0.71mi	3/2.0	1,467 (-15%)	8mo	$320,000	$218	35
5301 Los Abuelos Ct SW	0.71mi	4/2.5 (+1)	1,947 (+13%)	8mo	$305,000	$157	32
402 Dolores Dr SW	0.74mi	3/2.0	1,967 (+14%)	14mo	$289,900	$147	30

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 2.6%
• Equity multiple: 1.10×
• Total profit: $6,302
• Equity at exit: $33,548

10-year hold

• IRR: 12.1%
• Equity multiple: 1.96×
• Total profit: $60,273
• Equity at exit: $19,454

Cash invested: $63,000 (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 87105

• Active inventory: 160
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $2,535 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$56 /mo · $674/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$532
• Net cashflow: $673

Break-even live

Break-even rent $1,683

Max offer price $225,000

Occupancy floor 68%

Sensitivity live

Price	-10% $800	-5% $737	+0% $673	+5% $609	+10% $546
Rent	-10% $473	-5% $573	+0% $673	+5% $773	+10% $873
Rate	-1.0pp $786	-0.5pp $730	base $673	+0.5pp $615	+1.0pp $555

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1846 Henry Cir SW Albuquerque, NM	3.0	1.5	1200	$1,800	$1.50	44d	1	0.87mi
502 57th St NW Albuquerque, NM	2.0	2.0	1216	$1,825	$1.50	44d	1	0.95mi
520 San Pasquale Ave SW Albuquerque, NM	3.0	2.0	1926	$3,095	$1.61	44d	1	1.13mi
6116 Cloudcroft Rd NW Albuquerque, NM	3.0	2.0	1726	$2,200	$1.27	44d	1	1.19mi
2018 Alhambra Ave SW Albuquerque, NM	2.0	2.0	1836	$2,600	$1.42	44d	1	1.22mi
1508 San Patricio Ave SW Albuquerque, NM	2.0	2.0	1450	$3,500	$2.41	44d	1	1.28mi
1508 San Patricio Ave SW Unit A UP Albuquerque, NM	2.0	2.0	1450	$3,800	$2.62	44d	1	1.28mi
1900 Central Ave SW Unit 203 Albuquerque, NM	2.0	3.0	2000	$2,850	$1.43	15d	1	1.31mi
318 San Pasquale Ave NW Albuquerque, NM	2.0	3.0	1927	$4,300	$2.23	44d	1	1.41mi

Listing history 1 events

1. 2026-05-03
   listed $225,000 Active 281-char remark

ⓘ 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: $674 · $56/mo
• Projected year-2 tax: $1,800 · $150/mo
• Expected delta: +$1,126/yr (+$94/mo · 167.0%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥96°F today · 19 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,423
• − Mortgage interest: −$12,603
• − Property taxes: −$674
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,434
• − Management: −$2,434
• − Depreciation: −$6,545
• Taxable income: $4,607
• Est. tax owed @ 24.0%: −$1,106
• After-tax cash flow: $6,970/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): 54,367
• Household income: $55,644
• Rent vs Own: 25.8% rent · 74.2% own
• Severe rent burden: 1175.0

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: Predominantly Hispanic (80%)
• Race & ethnicity: Hispanic / Latino 80% Two or more races 34% White 14% Native American 6%
• Hispanic origin (detail): Mexican 55%
• Common ancestry: Romanian 1% Scotch-Irish 1% Italian 1%
• Foreign-born: 15% · Canada
• Languages at home: 52% English-only · Spanish 45%

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: ▼ -223.16%
• Current HPI: 269.4587
• Rent YoY: —
• Metro: Albuquerque, NM
• State GDP YoY: —
• F500 in state: 0

Price history

2 events — show timeline

• 2026-05-20 Pending — Southwest MLS
• 2026-05-03 Listed $225,000 Southwest MLS

Property tax history

+0.3%/yr

Latest (2025): $674 · +0.1% YoY. Source: county tax records.