9921 Plunkett Dr NW

Paradise Hills, NM 87114

$310,000D

3 bd · 2.0 ba · 2,366 sqft · Built 1976 · Other · Pending · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,372/mo
• Mortgage (P&I): −$1,626
• Tax + insurance: −$234
• HOA: −$0
• Vac / Maint / Mgmt: −$498
• Net cashflow: $15/mo
• Annual: $176/yr
• Cap rate: 6.35%
• Cash-on-cash: 0.20%
• DSCR: 1.01
• 1% rule: 0.77%
• Cash to close: $86,800

Investor read

• This is a 3-bed/2.0-bath other listed at $310k.
• At list price, monthly cash flow is $15 ($176/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 $237k (23.5% below list).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $237k (23.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#41 in NM) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A; Watch: crime C-, employment D+, amenities 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.
• Zoned schools: Sierra Vista Elementary (448 students, 100% FRL); James Monroe Middle (689 students, 45% FRL); Cibola High (math 37% / reading 72%, grade C-, #34 of 110 statewide, top 31%, 1,762 students, 34% FRL) — zoned schools at 60% FRL track the district average.
• Market conditions: Rents soft (-2.5%/yr); 347 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,316 units permitted in Bernalillo County in 2024 (546 in 5+ unit buildings).
• This rent runs 34% of the median local income ($84k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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?
• 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.