1800 Walter St SE · Albuquerque, NM 87102

$179,900

3 bd · 1.5 ba · 1,034 sqft · Other public records · 34 Days on market

Built 1920 3,485 sqft lot $174/sqft · 23% below area Est $250k · 28% under

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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 +20.1/30.0
• ARV discount +15.0/15.0
• DSCR +6.4/10.0
• Schools +5.3/10.0
• 1% rule +4.5/10.0
• Rent growth +3.7/5.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Investor special in a convenient Albuquerque location. This 3-bedroom, 2-bath single-family home offers 1,099 square feet of opportunity and is ready for a renovation or value-add refresh. Ideal for a fix-and-flip, rental hold, or buyer looking for a project with strong upside. Property is being sold as-is and will appeal to cash buyers or investors seeking their next opportunity.

Key facts

• 3,485 sq ft lot
• Built 1920
• Listed 34 days

Property features AI

Finance

• Other: Lot approximately 0.08 acres; Zoning: R-1A*
• Financial info: Total rent reported as $1,200

Exterior

• Parking: Parking details not provided
• Security: No security features listed
• Utilities: Electricity connected; Natural gas connected; Public water; Public sewer
• Home design: Single-story home; Faces west; Resale property
• Construction: Frame construction; Metal pitched roof
• Exterior features: No notable exterior features listed

Interior

• Kitchen: Kitchen located on the main level
• Bedrooms: Primary bedroom on the main level
• Flooring: Tile
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Central heating; Evaporative cooling
• Interior features: Metal windows; Tile flooring; Main level primary bedroom
• Laundry & utility: Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath other listed at $180k.

Deal economics

• At list price, monthly cash flow is $225 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $170k (5.4% below list).
• Recommended offer: $170k (5.4% below list) — sets the bar for 1% rule.
• Cap rate 7.8% 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; 27 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 56% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 1,316 units permitted in Bernalillo County in 2024 (546 in 5+ unit buildings).
• At $1,703/mo this rent would consume 48% 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 $5k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($175k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $170,263 (5.4% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 5% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.95% ✗
• Cap rate: 7.79%
• Cash-on-cash: 5.35%
• DSCR: 1.24
• GRM: 8.8

CMA / ARV

• ARV (median comp): $249,900
• List price: $179,900
• Delta: -28.01%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -6.1%
• Equity multiple: 0.77×
• Total profit: $-11,540
• Equity at exit: $26,824

10-year hold

• IRR: 5.6%
• Equity multiple: 1.45×
• Total profit: $22,480
• Equity at exit: $15,554

Cash invested: $50,372 (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: 8.8×

Monthly cashflow live

• Estimated rent: $1,703 high
• Mortgage (P&I): −$943
• Tax from tax record: −$102 /mo · $1,224/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$358
• Net cashflow: $225

Break-even live

Break-even rent $1,418

Max offer price $179,900

Occupancy floor 82%

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Rent comps 27 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	0.25mi
2101 Elm St SE Apt A Albuquerque, NM	3.0	1.5	1200	$1,450	$1.21	43d	1	0.32mi
815 John St SE Albuquerque, NM	2.0	1.0	930	$1,600	$1.72	43d	1	0.68mi
702 Broadway Blvd SE #8 Albuquerque, NM	2.0	1.5	1071	$1,825	$1.70	2d	1	0.75mi
423 High St SE Albuquerque, NM	2.0	2.0	1398	$1,850	$1.32	43d	1	0.92mi
421 High St SE Albuquerque, NM	2.0	2.0	1398	$1,850	$1.32	43d	1	0.92mi
423 Walter St SE Albuquerque, NM	3.0	2.0	1420	$2,599	$1.83	43d	1	0.93mi
1832 Buena Vista Dr SE Unit A Albuquerque, NM	2.0	1.0	800	$1,000	$1.25	23d	1	1.08mi
1918 Buena Vista Dr SE Unit B Albuquerque, NM	2.0	1.0	1000	$1,300	$1.30	43d	1	1.10mi
3003 Transport St SE Albuquerque, NM	5.0	1.0–5.0	1083	$1,780	$1.64	43d	4	1.12mi
1704 Lead Ave SE Unit Lead Ave SE unit 1704 Lead C Albuquerque, NM	2.0	2.0	1100	$1,450	$1.32	2d	1	1.15mi
1704 Lead Ave SE Unit Lead Ave SE unit 1704 Lead C Albuquerque, NM	2.0	2.0	1000	$1,450	$1.45	43d	1	1.15mi
2124 Eton Ave SE Unit 1-F Albuquerque, NM	3.0	2.0	1300	$2,600	$2.00	43d	1	1.21mi
2124 Eton Ave SE Unit 2-F Albuquerque, NM	2.0	1.0	800	$2,300	$2.88	43d	1	1.21mi
2124 Eton Ave SE Albuquerque, NM	3.0	2.0	1300	$2,200	$1.69	43d	1	1.21mi
2124 Eton Ave SE Unit 2 Albuquerque, NM	2.0	1.0	800	$1,900	$2.38	43d	1	1.21mi
323 Platinum St SW Albuquerque, NM	2.0	1.5	1232	$1,800	$1.46	43d	1	1.21mi
205 Edith Blvd NE Albuquerque, NM	2.0	2.0	1300	$1,900	$1.46	3d	1	1.29mi
1 Central Ave NW Albuquerque, NM	2.0	2.0	724	$1,800	$2.49	14d	5	1.30mi
230 Spruce St NE Albuquerque, NM	2.0	1.0	816	$1,225	$1.50	23d	4	1.35mi
816 Coal Ave SW Albuquerque, NM	1.0–2.0	1.0	745	$1,450	$1.95	3d	2	1.37mi
611 Lead Ave SW Albuquerque, NM	2.0	1.0–2.0	731	$1,699	$2.32	2d	31	1.37mi
315 Belvedere Ave SW Albuquerque, NM	2.0	2.0	1026	$1,595	$1.55	23d	1	1.38mi
915 Iron Ave SW Albuquerque, NM	2.0	1.0	915	$2,000	$2.19	23d	1	1.41mi
404 Cornell Dr SE Unit D Albuquerque, NM	2.0	1.0	725	$1,225	$1.69	43d	1	1.43mi
402 Cornell Dr SE Unit 7 Albuquerque, NM	2.0	1.0	700	$1,350	$1.93	3d	1	1.44mi
217 Cornell Dr SE Albuquerque, NM	2.0	1.0	1013	$3,000	$2.96	43d	1	1.50mi

Listing history 21 events

1. 2026-06-18
   days on market $179,900 Active 34 DOM
2. 2026-06-17
   days on market $179,900 Active 33 DOM
3. 2026-06-16
   days on market $179,900 Active 32 DOM
4. 2026-06-15
   days on market $179,900 Active 31 DOM
5. 2026-06-13
   days on market $179,900 Active 29 DOM
6. 2026-06-10
   days on market $179,900 Active 26 DOM
7. 2026-06-09
   days on market $179,900 Active 25 DOM
8. 2026-06-08
   days on market $179,900 Active 24 DOM
9. 2026-06-07
   days on market $179,900 Active 23 DOM
10. 2026-06-05
    days on market $179,900 Active 20 DOM
11. 2026-06-03
    days on market $179,900 Active 19 DOM
12. 2026-06-02
    days on market $179,900 Active 18 DOM
13. 2026-06-01
    days on market $179,900 Active 17 DOM
14. 2026-05-31
    days on market $179,900 Active 16 DOM
15. 2026-05-05
    listed $179,900 Active 383-char remark
16. 2018-11-30
    soldstatus
17. 2012-12-05
    soldstatus
18. 2003-11-13
    soldstatus
19. 2002-11-20
    soldstatus
20. 2002-11-20
    soldstatus
21. 2001-04-03
    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: $1,224 · $102/mo
• Projected year-2 tax: $1,439 · $120/mo
• Expected delta: +$215/yr (+$18/mo · 17.5%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥95°F today · 18 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: $20,432
• − Mortgage interest: −$10,077
• − Property taxes: −$1,224
• − Insurance: −$900
• − Repairs & maintenance: −$1,635
• − Management: −$1,635
• − Depreciation: −$5,233
• Taxable loss: −$272
• Est. tax savings @ 24.0%: +$65
• After-tax cash flow: $2,761/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

7 events — show timeline

• 2026-05-05 Listed $179,900 Southwest MLS
• 2018-11-30 Sold (Public Records) — Public Records
• 2012-12-05 Sold (Public Records) — Public Records
• 2003-11-13 Sold (Public Records) — Public Records
• 2002-11-20 Sold (Public Records) — Public Records
• 2002-11-20 Sold (Public Records) — Public Records
• 2001-04-03 Sold (Public Records) — Public Records

Property tax history

+2.3%/yr

Latest (2025): $1,224 · +3.2% YoY. Source: county tax records.