511 Spruce St SE · Albuquerque, NM 87106

$850,000

42 bd · 36.0 ba · 1,188 sqft · MultiFamily public records · 3 Days on market

Built 1936 0.31 ac lot

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Why this score? — see what drove the C 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 +25.0/30.0
• DSCR +8.1/10.0
• ARV discount +7.5/15.0
• 1% rule +5.3/10.0
• Schools +5.3/10.0
• Livability +3.6/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Offered at $850,000 ($141,666/unit) with an attractive 7.28% acquisition cap rate, 511 Spruce St SE presents a rare opportunity to acquire a fully stabilized multifamily asset with proven in-place cash flow. The property is 100% occupied and features four fully furnished units, with five of the six units having undergone extensive renovations including new roofs, heating and cooling systems, exterior paint and stucco, appliances, flooring, and interior paint. A diverse unit mix supports broad tenant demand, while its long history of strong occupancy as furnished rentals is complemented by an exceptional location near UNM, Presbyterian Hospital, CNM, Kirtland Air Force Base, and Downtown Alb

Key facts

• Stucco
• Exterior paint
• New roofs

Tags

• FULLY FURNISHED UNITS
• EXTENSIVE RENOVATIONS
• NEW ROOFS
• HEATING AND COOLING SYSTEMS
• EXTERIOR PAINT
• STUCCO

Property features AI

Finance

• Other: Owner pays electricity, gas, water, sewer, and trash collection
• Financial info: Total actual rent: $8,495 monthly; Unit rents (actual): $1,695, $950, $1,225, $1,695, $1,585, $1,345

Exterior

• Utilities: Electricity connected; Natural gas connected; Water connected; Sewer connected
• Home design: Single-story buildings (2 buildings total); Total of 6 units
• Construction: Year built per assessor; Public records lot dimensions
• Exterior features: 0.31-acre lot; Zoned R-T*

Interior

• Kitchen: Dishwasher; Free-standing gas range; Microwave; Refrigerator
• Bedrooms: Two 2-bedroom units; Three 1-bedroom units
• Flooring: Tile; Vinyl
• Bathrooms: Six units with 1 bathroom each
• Heating & cooling: Ductless heating; Ductless and evaporative cooling
• Interior features: Tile and vinyl flooring; Resale condition
• Laundry & utility: In-unit washer and dryer hookups

What this means for you Summary

Snapshot

• This is a 6 × 7-bed/6.0-bath units multifamily listed at $850k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $308/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $850k).
• Cap rate 8.9% 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: Rents flat; 183 active listings in the ZIP; 1,316 units permitted in Bernalillo County in 2024 (546 in 5+ unit buildings).
• At $8,761/mo this rent would consume 211% of the median local household income ($50k/yr) (locally 2859% 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 $6k of loan paydown is wiped out by about $26k of value loss. Plan a longer hold.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

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

Recommended offer $850,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1936 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.03% ✓
• Cap rate: 8.90%
• Cash-on-cash: 9.30%
• DSCR: 1.41
• GRM: 8.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.5% rent growth · sell at horizon

5-year hold

• IRR: -4.9%
• Equity multiple: 0.82×
• Total profit: $-42,057
• Equity at exit: $126,738

10-year hold

• IRR: 1.9%
• Equity multiple: 1.12×
• Total profit: $29,353
• Equity at exit: $73,492

Cash invested: $238,000 (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 87106

• Rents YoY: 0.5%
• Active inventory: 183
• Price-to-rent: 48.5×

Monthly cashflow live

• Estimated rent: $8,761 medium
• Mortgage (P&I): −$4,457
• Tax from tax record: −$264 /mo · $3,169/yr
• Insurance: −$354
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,840
• Net cashflow: $1,845

Break-even live

Break-even rent $6,425

Max offer price $850,000

Occupancy floor 74%

6-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 6× units	7	6	$8,760
Total (6 units)			$8,761

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: $212,500
• Closing costs: $25,500
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-06-18
   days on market $850,000 Active 3 DOM
2. 2026-06-17
   days on market $850,000 Active 2 DOM
3. 2026-06-15
   remarks 699-char remark
4. 2026-06-15
   listed $850,000 Active 1 DOM

ⓘ 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: $3,169 · $264/mo
• Projected year-2 tax: $6,800 · $567/mo
• Expected delta: +$3,631/yr (+$303/mo · 114.6%)

ⓘ 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 1/10 Low
• 🌡 Heat 4/10 Moderate 4 d/yr ≥95°F today · 10 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $105,132
• − Mortgage interest: −$47,613
• − Property taxes: −$3,169
• − Insurance: −$4,250
• − Repairs & maintenance: −$8,411
• − Management: −$8,411
• − Depreciation: −$24,727
• Taxable income: $8,552
• Est. tax owed @ 24.0%: −$2,052
• After-tax cash flow: $20,093/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): 26,953
• Household income: $49,781
• Rent vs Own: 61.5% rent · 38.5% own
• Severe rent burden: 2859.0

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 0.64)
• Race & ethnicity: White 46% Hispanic / Latino 39% Two or more races 16% Native American 5% Asian 4% Black 3%
• Hispanic origin (detail): Mexican 24%
• Common ancestry: Lithuanian 2% Slovak 2% Iranian 2%
• Foreign-born: 12% · Canada, Vietnam, China
• Languages at home: 77% English-only · Spanish 15% Other Indo-European 1% Vietnamese 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: ▼ -420.04%
• Current HPI: 245.4275
• Rent YoY: ▲ 0.50%
• Metro: Albuquerque, NM
• State GDP YoY: —
• F500 in state: 0

Price history

5 events — show timeline

• 2026-06-05 Listed $850,000 Southwest MLS
• 2021-10-04 Sold (Public Records) — Public Records
• 2007-03-06 Sold (Public Records) — Public Records
• 2006-11-29 Sold (Public Records) — Public Records
• 2001-04-19 Sold (Public Records) — Public Records

Property tax history

+6.6%/yr

Latest (2025): $3,169 · +3.2% YoY. Source: county tax records.