3931 Ortiz Ct NE Apt B · Albuquerque, NM 87110

$100,000

2 bd · 1.0 ba · 768 sqft · Condo public records · 57 Days on market

Built 1964 $130/sqft · 22% below area Est $128k · 22% under $235/mo HOA · 17% of rent ↓ 3% since listing

---

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 +25.0/30.0
• ARV discount +15.0/15.0
• 1% rule +8.8/10.0
• DSCR +8.1/10.0
• Schools +5.3/10.0
• Livability +3.6/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Inviting first-floor condo featuring a thoughtfully designed layout that offers both comfort and functionality, along with the convenience of two dedicated parking spaces. Affordably priced, this home presents a great opportunity for first-time buyers or those looking to downsizes.

Key facts

• $235 HOA
• Built 1964
• Listed 57 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $100k.

Deal economics

• At list price, monthly cash flow is $217 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Recommended offer: $97k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.9% 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: Rents rising (+2.7%/yr); 192 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 1,316 units permitted in Bernalillo County in 2024 (546 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($97k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 6→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $97,000 (3.0% below list)

Questions for the listing agent

1. It's been on market 57 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.38% ✓
• Cap rate: 8.89%
• Cash-on-cash: 9.29%
• DSCR: 1.41
• GRM: 6.0

CMA / ARV

• ARV (median comp): $127,670
• List price: $100,000
• Delta: -21.67%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.67% rent growth · sell at horizon

5-year hold

• IRR: -2.6%
• Equity multiple: 0.90×
• Total profit: $-2,729
• Equity at exit: $14,910

10-year hold

• IRR: 6.8%
• Equity multiple: 1.50×
• Total profit: $14,071
• Equity at exit: $8,646

Cash invested: $28,000 (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 87110

• Rents YoY: 2.7%
• Active inventory: 192
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $1,381 high
• Mortgage (P&I): −$524
• Tax from tax record: −$73 /mo · $882/yr
• Insurance: −$42
• HOA: −$235
• Vacancy / Maint / Mgmt: −$290
• Net cashflow: $217

Break-even live

Break-even rent $1,107

Max offer price $100,000

Occupancy floor 79%

Sensitivity live

Price	-10% $273	-5% $245	+0% $217	+5% $188	+10% $160
Rent	-10% $108	-5% $162	+0% $217	+5% $271	+10% $326
Rate	-1.0pp $267	-0.5pp $242	base $217	+0.5pp $191	+1.0pp $164

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3908 Ortiz Ct NE Unit A Albuquerque, NM	2.0	1.0	754	$1,350	$1.79	3d	1	0.07mi
5404 Montgomery Blvd NE Albuquerque, NM	1.0–3.0	1.0–3.0	1502	$1,882	$1.25	3d	8	0.27mi
4806 Mescalero Rd NE Albuquerque, NM	3.0	1.5	1000	$1,750	$1.75	24d	1	0.50mi
4400 Montgomery Blvd NE Albuquerque, NM	1.0–3.0	1.0–1.5	834	$1,554	$1.86	3d	20	0.51mi
6300 Montgomery Blvd NE Albuquerque, NM	1.0–2.0	1.0	710	$1,435	$2.02	3d	6	0.54mi
4800 San Mateo Ln NE Albuquerque, NM	1.0–2.0	1.0	757	$1,345	$1.78	44d	1	0.57mi
6001 Topke Pl NE Albuquerque, NM	1.0–3.0	1.0–2.0	756	$1,392	$1.84	3d	23	0.60mi
4401 Montgomery Blvd NE Albuquerque, NM	1.0–3.0	1.0–2.0	1060	$1,390	$1.31	44d	14	0.63mi
4200 Montgomery Blvd NE #108 Albuquerque, NM	1.0	1.0	848	$1,200	$1.42	44d	1	0.65mi
6500 Montgomery Blvd NE Albuquerque, NM	1.0	1.0	720	$1,045	$1.45	44d	5	0.66mi
4321 Montgomery Blvd NE Albuquerque, NM	3.0	1.0–2.0	900	$1,234	$1.37	44d	19	0.67mi
4401 San Pedro Dr NE Albuquerque, NM	1.0–2.0	1.0	690	$1,099	$1.59	3d	3	0.68mi
3301 Monroe St NE Unit O158 Albuquerque, NM	2.0	2.5	1042	$1,400	$1.34	24d	1	0.68mi
4501 Shepard Rd NE Albuquerque, NM	2.0	1.0	449	$1,125	$2.50	3d	26	0.77mi
5324 San Mateo Blvd NE Albuquerque, NM	1.0–2.0	1.0–2.0	748	$1,691	$2.26	3d	27	0.87mi
3904 Goodrich Ave NE Albuquerque, NM	3.0	2.0	1050	$1,895	$1.80	19d	1	0.90mi
3131 Adams St NE Albuquerque, NM	1.0–2.0	1.0–2.0	991	$1,625	$1.64	3d	10	0.91mi
4217 Louisiana Blvd NE Albuquerque, NM	1.0–2.0	1.0–2.0	900	$1,395	$1.55	3d	11	0.94mi
3901 Montgomery Blvd NE Albuquerque, NM	1.0–2.0	1.0–2.0	768	$1,305	$1.70	15d	9	0.97mi
4949 San Pedro Dr NE Albuquerque, NM	1.0–2.0	1.0–2.0	900	$1,495	$1.66	3d	9	1.02mi
5800 Osuna Rd NE Albuquerque, NM	1.0–2.0	1.0–2.0	820	$1,555	$1.90	3d	23	1.08mi
7100 Natalie Ave NE Albuquerque, NM	1.0–3.0	1.0–2.5	1015	$1,350	$1.33	3d	8	1.13mi
4601 Carlisle Blvd NE Unit H-1 Albuquerque, NM	1.0	1.0	543	$875	$1.61	19d	1	1.18mi
3528 Tyson Pl NE Unit C Albuquerque, NM	2.0	1.0	780	$1,050	$1.35	44d	1	1.23mi
3417 Aztec Rd NE Apt D Albuquerque, NM	2.0	1.0	828	$1,050	$1.27	21d	1	1.27mi
3504 Tulane Dr NE Apt D Albuquerque, NM	2.0	1.0	786	$1,075	$1.37	3d	1	1.28mi
5741 Osuna Rd NE Albuquerque, NM	1.0–2.0	1.0–2.0	769	$1,565	$2.03	3d	17	1.28mi
3400 Comanche Rd NE Albuquerque, NM	2.0	1.0	573	$1,218	$2.12	3d	13	1.28mi
2838 Aliso Dr NE Albuquerque, NM	2.0	1.0	760	$1,895	$2.49	44d	1	1.31mi
3617 Wellesley Dr NE Unit C Albuquerque, NM	2.0	1.0	850	$1,350	$1.59	44d	1	1.33mi
3210 Tulane Dr NE Albuquerque, NM	1.0	1.0	600	$825	$1.38	44d	1	1.34mi
3621 Wellesley Dr NE Unit C Albuquerque, NM	2.0	1.0	850	$1,250	$1.47	44d	1	1.34mi
4300 Bryn Mawr Dr NE Albuquerque, NM	2.0	1.0–2.0	797	$1,520	$1.91	44d	3	1.35mi
3618 Lafayette Dr NE Unit A Albuquerque, NM	2.0	1.0	880	$1,100	$1.25	3d	1	1.37mi
3618 Lafayette Dr NE Unit D Albuquerque, NM	2.0	1.0	900	$1,095	$1.22	44d	1	1.37mi
3600 Lafayette Dr NE Unit A Albuquerque, NM	2.0	1.0	750	$895	$1.19	44d	1	1.37mi
6401 Academy Rd NE Albuquerque, NM	3.0	1.0–2.0	808	$1,560	$1.93	3d	16	1.38mi
7501 Montgomery Blvd NE Albuquerque, NM	1.0–2.0	1.0–2.0	707	$1,328	$1.88	3d	9	1.40mi
3217 Wellesley Ct NE Albuquerque, NM	1.0	1.0	635	$995	$1.57	44d	1	1.40mi
3213 Alta Monte Ave NE Unit 4 Albuquerque, NM	2.0	1.0	665	$925	$1.39	15d	1	1.44mi

HOA detail condo

• Monthly dues: $235 · $2,820/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-18
   days on market $100,000 Active 57 DOM
2. 2026-06-17
   days on market $100,000 Active 56 DOM
3. 2026-06-16
   days on market $100,000 Active 55 DOM
4. 2026-06-15
   days on market $100,000 Active 54 DOM
5. 2026-06-13
   days on market $100,000 Active 52 DOM
6. 2026-06-10
   days on market $100,000 Active 49 DOM
7. 2026-06-09
   days on market $100,000 Active 48 DOM
8. 2026-06-08
   days on market $100,000 Active 47 DOM
9. 2026-06-07
   days on market $100,000 Active 46 DOM
10. 2026-06-05
    days on market $100,000 Active 43 DOM
11. 2026-06-03
    days on market $100,000 Active 42 DOM
12. 2026-06-02
    days on market $100,000 Active 41 DOM
13. 2026-06-01
    days on market $100,000 Active 40 DOM
14. 2026-05-31
    days on market $100,000 Active 39 DOM
15. 2026-04-18
    listed $112,000 Active 282-char remark

    Show marketing remark (282 chars)

    Inviting first-floor condo featuring a thoughtfully designed layout that offers both comfort and functionality, along with the convenience of two dedicated parking spaces. Affordably priced, this home presents a great opportunity for first-time buyers or those looking to downsizes.

16. 2026-03-28
    price $115,000
17. 2007-07-26
    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: $882 · $73/mo
• Projected year-2 tax: $882 · $73/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 6 d/yr ≥95°F today · 14 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: $16,575
• − Mortgage interest: −$5,602
• − Property taxes: −$882
• − Insurance: −$500
• − Repairs & maintenance: −$1,326
• − Management: −$1,326
• − HOA: −$2,820
• − Depreciation: −$2,909
• Taxable income: $1,211
• Est. tax owed @ 24.0%: −$291
• After-tax cash flow: $2,309/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
• County: Bernalillo County · 647,165 people
• City population: 647,165
• Metro: Albuquerque, NM
• Population (ZIP): 39,685
• Household income: $64,892
• Rent vs Own: 39.1% rent · 60.9% own
• Severe rent burden: 1845.0

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%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: White 44% Hispanic / Latino 39% Two or more races 18% Native American 5% Black 4% Asian 2%
• Hispanic origin (detail): Mexican 22%
• Common ancestry: Lithuanian 2% Italian 2% Iranian 2%
• Foreign-born: 8% · Canada, China, Vietnam
• Languages at home: 80% English-only · Spanish 14% Chinese 1% Other Indo-European 1%

Political lean MEDSL · Bernalillo

• 2024 margin: Strong D (+21.0) · D 59.2% · R 38.2% · Other 2.6%
• 2008→2024 swing: -0.3pp no change · 2008: 21.4pp · 2024: 21.0pp
• All cycles: 2024: D+21.0 2020: D+24.4 2016: D+17.8 2012: D+16.2 2008: D+21.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -329.45%
• Current HPI: 256.0806
• Rent YoY: ▲ 2.67%
• Metro: Albuquerque, NM
• State GDP YoY: —
• F500 in state: 0

Price history

-2.6% since first listed

3 events — show timeline

• 2026-04-18 Listed $112,000 Southwest MLS
• 2026-03-28 Price Changed $115,000 Southwest MLS
• 2007-07-26 Sold (Public Records) — Public Records

Property tax history

+1.6%/yr

Latest (2025): $882 · +3.2% YoY. Source: county tax records.