911 Country Club Dr SE Apt E

Rio Rancho, NM 87124

$187,500D

2 bd · 1.5 ba · 1,058 sqft · Built 1974 · Condo · Active · 65 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,626/mo
• Mortgage (P&I): −$983
• Tax + insurance: −$145
• HOA: −$200
• Vac / Maint / Mgmt: −$342
• Net cashflow: $-43/mo
• Annual: $-520/yr
• Cap rate: 6.02%
• Cash-on-cash: -0.99%
• DSCR: 0.96
• 1% rule: 0.87%
• Cash to close: $52,500

Investor read

• This is a 2-bed/1.5-bath condo listed at $188k.
• At list price, monthly cash flow is $-43 ($-520/yr) — negative.
• To cash-flow at today's rent, offer at most $180k (4.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $163k (13.3% below list).
• It's been on market 65 days — a 6% lower offer ($176k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $163k (13.3% 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 71/100 on livability (#17 in NM) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A; Watch: amenities D, commute F.
• Rio Rancho Public Schools (suburban): math 48% / reading 73% proficiency, ranked #4 of 29 in NM (top 14%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Martin King Jr Elementary (628 students, 16% FRL); Lincoln Middle (823 students, 21% FRL); Rio Rancho High (math 52% / reading 77%, grade B-, #22 of 110 statewide, top 22%, 2,573 students, 22% FRL) — zoned schools average 20% FRL vs 36% district-wide (16 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+3.1%/yr); 837 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 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.
• Cap rate 6.0% vs local median 3.6% in Rio Rancho — 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 do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 65 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
• Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?