304 La Corrida

Bernalillo, NM 87004

$200,000C

3 bd · 2.0 ba · 1,230 sqft · Built 1996 · SingleFamily · Pending · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,819/mo
• Mortgage (P&I): −$1,049
• Tax + insurance: −$245
• HOA: −$0
• Vac / Maint / Mgmt: −$382
• Net cashflow: $144/mo
• Annual: $1,723/yr
• Cap rate: 7.89%
• Cash-on-cash: 5.70%
• DSCR: 1.25
• 1% rule: 0.91%
• Cash to close: $56,000

Investor read

• This is a 3-bed/2.0-bath single-family listed at $200k.
• 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).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $182k (9.0% below list) — sets the bar for 1% rule.
• 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.
• 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).
• Watch-outs: flood insurance adds $122/mo.
• 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).
• Sandoval County population projected at +15% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• 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.
• 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.

Questions for listing agent

• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.
• 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.