@Rodney Sums i think there are better people within BP to give a market synopsis of ABQ than me, but I believe it's a great market for long term investing. There are definitely good and bad pockets so you need to be aware of where you're buying and not focus strictly on the low prices. There are really good areas within Nob Hill, Northeast Heights, Rio Rancho, Oldtown, etc that should hold value well over time and have good demand. I will say that it's very competitive just like anywhere else right now, so it's been tough to find deals that truly cash flow (after PITI, CapEx, Maintenance, etc). There are a lot of investors out buying right now that don't care if it cash flows, so that's been tough to compete with. Long term I think Albuquerque has a lot of undeveloped land to grow in population, and large employers are starting to move increase operations there. I would personally would definitely buy in Albuquerque if the right deal presented itself.
I actually have a rental near Cottonwood Mall, right off Paseo. I agree, cash flow is slim and I avoid presuming appreciation will make up for it. So far it has helped.