304 La Corrida · Bernalillo, NM 87004

$200,000

3 bd · 2.0 ba · 1,230 sqft · SingleFamily · 3 Days on market

Built 1996 7,841 sqft lot $163/sqft · 20% below area Est $251k · 20% 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 +20.6/30.0
• ARV discount +15.0/15.0
• DSCR +6.5/10.0
• 1% rule +4.1/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Key facts

• 7,841 sq ft lot
• Built 1996
• Listed 3 days

Property features AI

Exterior

• Utilities: Public water; Public sewer; Sewer and water connected
• Home design: Single-story; Faces west; Entry at ground level; Resale property
• Construction: Frame construction with wood siding; Pitched roof; Mobile home dimensions approximately 76' x 16'
• Exterior features: Deck

Interior

• Kitchen: Dishwasher
• Bedrooms: Bedroom 3 on the main level; Bedroom 2 on the main level; Main-level primary included among bedrooms
• Flooring: Carpet
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (forced air, natural gas); Evaporative cooling
• Interior features: Single-pane windows; Main-level primary bedroom; One fireplace
• Laundry & utility: Washer hookup; Electric dryer hookup; Gas dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $144 ($2k/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 $182k (9.0% below list).
• Recommended offer: $182k (9.0% below list) — sets the bar for 1% rule.
• Cap rate 7.9% vs local median 2.6% in Bernalillo — 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 59/100 on livability (#123 in NM) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime D, employment D, amenities F.
• Bernalillo Public Schools (suburban): math 5% / reading 49% proficiency, ranked #18 of 29 in NM (top 62%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 94% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Bernalillo Elementary (math 2% / reading 62%, grade F, #48 of 68 statewide, top 70%, 302 students, 100% FRL); Bernalillo Middle (math 2% / reading 47%, grade F, #18 of 27 statewide, top 69%, 412 students, 100% FRL); Bernalillo High (math 8% / reading 37%, grade F, #96 of 110 statewide, top 87%, 806 students, 100% FRL).
• Market conditions: 47 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,278 units permitted in Sandoval County in 2024 (216 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Sandoval County population projected at +15% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: flood insurance adds $122/mo.
• Climate carrying-cost: in FEMA flood zone AO (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.

Recommended offer $181,923 (9.0% below list)

Questions for the listing agent

1. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. Crime grade is D 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: 0.91% ✗
• Cap rate: 7.89%
• Cash-on-cash: 5.70%
• DSCR: 1.25
• GRM: 9.2

CMA / ARV

• ARV (median comp): $250,517
• List price: $200,000
• Delta: -20.17%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
307 Los Pinos Rd	0.67mi	3/1.0	1,200 (-2%)	0mo	$265,000	$221	60
1037 Calle Placitas	0.49mi	3/1.0	1,144 (-7%)	6mo	$225,000	$197	57
912 Camino Del Pueblo	0.30mi	3/1.5	1,400 (+14%)	7mo	$199,000	$142	55
195 Calle Don Juan	0.44mi	3/1.0	1,200 (-2%)	21mo	$179,900	$150	54
1142 Calle Palo Verde	0.65mi	3/1.0	1,238 (+1%)	16mo	$282,500	$228	52
307 Calle Barrio Nuevo	0.63mi	2/1.5 (-1)	1,150 (-6%)	2mo	$179,900	$156	51
1100 Calle Madera	0.57mi	2/2.0 (-1)	1,116 (-9%)	6mo	$200,000	$179	48
1448 Gutierrez Rd	0.69mi	2/1.0 (-1)	1,158 (-6%)	13mo	$249,900	$216	38
1036 Sawmill Rd	0.74mi	4/1.5 (+1)	1,296 (+5%)	14mo	$179,000	$138	38

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: -11.5%
• Equity multiple: 0.58×
• Total profit: $-23,290
• Equity at exit: $29,821

10-year hold

• IRR: -2.3%
• Equity multiple: 0.85×
• Total profit: $-8,614
• Equity at exit: $17,292

Cash invested: $56,000 (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 87004

• Home prices YoY: -15.6%
• Active inventory: 47
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $1,819 medium
• Mortgage (P&I): −$1,049
• Tax from tax record: −$39 /mo · $470/yr
• Insurance: −$83
• Flood insurance flood zone: −$122 /mo · $1,468/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$382
• Net cashflow: $144

Break-even live

Break-even rent $1,637

Max offer price $200,000

Occupancy floor 87%

Sensitivity live

Price	-10% $257	-5% $200	+0% $144	+5% $87	+10% $30
Rent	-10% $0	-5% $72	+0% $144	+5% $215	+10% $287
Rate	-1.0pp $244	-0.5pp $194	base $144	+0.5pp $92	+1.0pp $39

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
213 Calle Evangeline Bernalillo, NM	3.0	2.0	1450	$1,950	$1.34	3d	1	0.95mi
266 Lucas Ln Bernalillo, NM	2.0	2.0	794	$1,610	$2.03	3d	4	1.15mi

Listing history 3 events

1. 2026-05-07
   status Pending 131-char remark
2. 2026-05-05
   listed $200,000 Active 131-char remark
3. 2000-02-29
   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: $470 · $39/mo
• Projected year-2 tax: $1,600 · $133/mo
• Expected delta: +$1,130/yr (+$94/mo · 240.6%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone AO · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥94°F today · 18 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,831
• − Mortgage interest: −$11,203
• − Property taxes: −$470
• − Insurance: −$2,468
• − Repairs & maintenance: −$1,746
• − Management: −$1,746
• − Depreciation: −$5,818
• Taxable loss: −$1,621
• Est. tax savings @ 24.0%: +$389
• After-tax cash flow: $2,112/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: Bernalillo Public Schools
• NCES district ID: 3500210
• Math proficiency: 5% ▼ -3.00%
• Reading proficiency: 49% ▲ 31.00%
• Median HH income: $50,974
• Composite: 23.63/100
• National rank: #7846
• State rank: #18 of 29 in NM

Livability — Bernalillo

• Score: 59/100
• State rank: #123
• US rank: #19766

Category grades

Amenities F Commute F Cost of living A+ Crime D Employment D Housing A+ Health & safety B- User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bernalillo, NM
• Population (ZIP): 11,274

Population outlook (Sandoval County) Hauer SSP2

• Today (2025): 155,072 people
• By 2030: 161,714 · +4.3%
• By 2040: 171,831 · +10.8%
• By 2050: 178,536 · +15.1%
• By 2075: 192,517 · +24.1%
• By 2100: 197,952 · +27.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: Hispanic / Latino 56% White 25% Two or more races 20% Native American 16%
• Hispanic origin (detail): Mexican 29%
• Common ancestry: Lithuanian 1% Slovak 1% Serbian 1%
• Foreign-born: 10% · Canada
• Languages at home: 59% English-only · Spanish 31% French/Haitian/Cajun 1%

Political lean MEDSL · Sandoval

• 2024 margin: Lean D (+5.8) · D 51.8% · R 46.0% · Other 2.2%
• 2008→2024 swing: -7.0pp toward R · 2008: 12.8pp · 2024: 5.8pp
• All cycles: 2024: D+5.8 2020: D+8.4 2016: D+2.7 2012: D+5.1 2008: D+12.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -36.93%
• Current HPI: 199.1521
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

5 events — show timeline

• 2026-05-26 Pending — Southwest MLS
• 2026-05-26 Relisted — Southwest MLS
• 2026-05-07 Pending — Southwest MLS
• 2026-05-05 Listed $200,000 Southwest MLS
• 2000-02-29 Sold (Public Records) — Public Records

Property tax history

-1.1%/yr

Latest (2024): $470 · -2.7% YoY. Source: county tax records.