234 Southern Ave SE · Albuquerque, NM 87101

$166,500

4 bd · 2.0 ba · 1,309 sqft · SingleFamily public records · 253 Days on market

Built 1929 7,405 sqft lot Est $267k · 38% 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 +27.2/30.0
• ARV discount +15.0/15.0
• DSCR +9.5/10.0
• 1% rule +7.5/10.0
• Schools +5.3/10.0
• Appreciation +5.0/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Rare opportunity--two homes for the price of one! Perfectly suited for multigenerational living or investment potential, this unique property is located near downtown with quick and easy freeway access. Both homes share a spacious backyard and a covered patio ideal for outdoor gatherings. Additional storage space adds convenience and functionality. Whether you're looking to live in one and rent the other or maximize rental income with both, this versatile property offers exceptional value!

Key facts

• Spacious backyard
• Covered patio
• Investment potential

Tags

• MULTIGENERATIONAL LIVING
• INVESTMENT POTENTIAL
• SPACIOUS BACKYARD
• COVERED PATIO
• ADDITIONAL STORAGE SPACE
• PRIME LOCATION

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $166k.

Deal economics

• At list price, monthly cash flow is $477 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $166k).
• Recommended offer: $147k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.7% 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: 1 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% 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).

Forward outlook

• In year one you build about $6k of equity ($1k loan paydown + $5k appreciation (3.0% local appreciation)).
• At projected returns (3.0% appreciation + 3.0% rent growth), your $47k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 253 days — a 12% lower offer ($147k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 8y ago; this cycle's ask has dropped $24k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1929 — 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 $146,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 253 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 1929 — 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: 1.25% ✓
• Cap rate: 9.73%
• Cash-on-cash: 12.28%
• DSCR: 1.55
• GRM: 6.7

CMA / ARV

• ARV (on-the-fly): $267,036
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
226 Kathryn Ave SE	0.08mi	3/2.0 (-1)	1,240 (-5%)	3mo	$249,900	$202	80
2007 Hinkle St SE	0.31mi	3/1.0 (-1)	1,321 (+1%)	1mo	$254,900	$193	74
108 Garfield Ave SE	0.39mi	3/1.0 (-1)	1,287 (-2%)	1mo	$274,900	$214	70
1509 Jesus St SE	0.11mi	3/2.0 (-1)	1,500 (+15%)	6mo	$299,000	$199	60
2201 William St SE	0.43mi	3/2.0 (-1)	1,170 (-11%)	5mo	$229,900	$196	53
703 Santa Fe Ave SE	0.73mi	3/2.0 (-1)	1,307 (-0%)	10mo	$270,000	$207	52
1606 Walter St SE	0.33mi	3/2.0 (-1)	1,132 (-14%)	6mo	$280,000	$247	52
820 Bell Ave SW	0.64mi	3/2.0 (-1)	1,183 (-10%)	1mo	$340,000	$287	48
514 Santa Fe Ave SE	0.66mi	3/1.0 (-1)	1,400 (+7%)	9mo	$285,000	$204	41

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: 19.0%
• Equity multiple: 2.08×
• Total profit: $50,481
• Equity at exit: $74,866

10-year hold

• IRR: 20.3%
• Equity multiple: 3.94×
• Total profit: $137,217
• Equity at exit: $115,377

Cash invested: $46,620 (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 87101

• Active inventory: 1
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $2,084 high
• Mortgage (P&I): −$873
• Tax from tax record: −$227 /mo · $2,726/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$438
• Net cashflow: $477

Break-even live

Break-even rent $1,481

Max offer price $166,500

Occupancy floor 72%

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: $41,625
• Closing costs: $4,995
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1612 3rd St SW Albuquerque, NM	3.0	2.5	1750	$2,150	$1.23	14d	1	0.40mi
2009 High St SE Unit B Albuquerque, NM	4.0	1.5	1000	$2,036	$2.04	23d	1	0.47mi
2101 Elm St SE Apt A Albuquerque, NM	3.0	1.5	1200	$1,450	$1.21	43d	1	0.55mi
423 Walter St SE Albuquerque, NM	3.0	2.0	1420	$2,599	$1.83	43d	1	0.90mi
3003 Transport St SE Albuquerque, NM	5.0	1.0–5.0	1083	$2,140	$1.97	43d	4	1.30mi
1304 Buena Vista Dr SE Albuquerque, NM	4.0	2.0	1700	$2,000	$1.18	14d	1	1.30mi
1400 Buena Vista Dr SE Albuquerque, NM	3.0	2.0	1718	$2,200	$1.28	43d	1	1.31mi
2124 Eton Ave SE Albuquerque, NM	3.0	2.0	1300	$2,200	$1.69	43d	1	1.44mi
2124 Eton Ave SE Unit 1-F Albuquerque, NM	3.0	2.0	1300	$2,600	$2.00	43d	1	1.44mi

Listing history 24 events

1. 2026-06-07
   statusdays on market $166,500 Pending 253 DOM
2. 2026-06-05
   days on market $166,500 Active 252 DOM
3. 2026-06-03
   days on market $166,500 Active 251 DOM
4. 2026-06-02
   days on market $166,500 Active 250 DOM
5. 2026-06-01
   days on market $166,500 Active 249 DOM
6. 2026-05-31
   days on market $166,500 Active 248 DOM
7. 2026-03-23
   status Pending
8. 2026-02-28
   status Active
9. 2026-02-22
   status Pending
10. 2026-01-21
    status Active
11. 2026-01-15
    status Pending
12. 2025-11-26
    price $169,900
13. 2025-07-30
    price $180,000
14. 2025-07-11
    listed $190,000 Active
15. 2019-05-30
    historical
16. 2019-05-29
    soldstatus
17. 2019-04-17
    status Pending
18. 2019-04-04
    price $140,000
19. 2019-03-06
    status Active
20. 2019-03-06
    historical
21. 2019-03-05
    status Active
22. 2019-02-23
    historical
23. 2018-12-31
    price $155,000
24. 2018-10-01
    listed $165,000 Active

ⓘ 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: $2,726 · $227/mo
• Projected year-2 tax: $2,726 · $227/mo
• Expected delta: $0/yr ($0/mo · -0.0%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥96°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: $25,013
• − Mortgage interest: −$9,327
• − Property taxes: −$2,726
• − Insurance: −$832
• − Repairs & maintenance: −$2,001
• − Management: −$2,001
• − Depreciation: −$4,844
• Taxable income: $3,282
• Est. tax owed @ 24.0%: −$788
• After-tax cash flow: $4,936/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

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%

Not yet ingested

• Political lean: —
• Race & ethnicity: —
• Common origin: —
• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+3.0% since first listed

18 events — show timeline

• 2026-03-23 Pending — Southwest MLS
• 2026-02-28 Relisted — Southwest MLS
• 2026-02-22 Pending — Southwest MLS
• 2026-01-21 Relisted — Southwest MLS
• 2026-01-15 Pending — Southwest MLS
• 2025-11-26 Price Changed $169,900 Southwest MLS
• 2025-07-30 Price Changed $180,000 Southwest MLS
• 2025-07-11 Listed $190,000 Southwest MLS
• 2019-05-30 Delisted — Southwest MLS
• 2019-05-29 Sold (Public Records) — Public Records
• 2019-04-17 Pending — Southwest MLS
• 2019-04-04 Price Changed $140,000 Southwest MLS
• 2019-03-06 Relisted — Southwest MLS
• 2019-03-06 Delisted — Southwest MLS
• 2019-03-05 Relisted — Southwest MLS
• 2019-02-23 Delisted — Southwest MLS
• 2018-12-31 Price Changed $155,000 Southwest MLS
• 2018-10-01 Listed $165,000 Southwest MLS

Property tax history

+6.0%/yr

Latest (2025): $2,726 · +3.1% YoY. Source: county tax records.