Anyone know the appetite for rental properties in Albuquerque, NM? I’m a relatively new investor looking to get my hands on a few Single family homes. Prices seem to be relatively cheap but I’m not from the area so I’m a little nervous. My research has showed to stay in the North - any tips/advice/insight would be greatly appreciated!!! TIA
@Helen Yang Albuquerque can be a good rental market. But you need to be very careful about the area you invest in.
The NE heights is usually better, but the inventory for SFH is pretty tight at the moment.
The median house price is around $200K, and rents may be in the $1000-$1500 range, which will be hard to cashflow.
I own 65 apartments in Abq, and I think that investing in apartments is a better choice.
Connect with me if you want to discuss in more detail.
@Helen Yang Albuquerque has a pretty strong rental market. Some areas are better than others for example, like you mentioned, the north east part of Albuquerque is a great area with good school districts. Alternatively properties in the greater Nob Hill area also rent really well as they’re close enough to the University but far enough away that you won’t get cheap college students. ￼(West of San Mateo, East of Girard, North of Central, South of I-40). There are other pockets as well. I’m a local broker in the area, let me know if you have any other questions I’d be happy to help.
@Jens Nielsen & @Joshua Young In your experience with ABQ, do you see duplexes, triplexes, Etc being sound investments? My girlfriend and I are contemplating leaving Seattle to go to a State/ City with a good rental market and we have seen mixed reviews in regards to Albuquerque. Our hope is to find a market that makes buying a duplex, living in one unit, & renting out the other viable.
@River Luce The answer to your question may depend on what your specific goal is. If your goal is to cash flow a little every month or break even (using BP principles to analyze), it might be tough to find a turnkey property on our MLS in an area you would want to live that would achieve that goal. If you believe in the future of our market and were more interested in appreciation, there are nice properties in the areas that @Joshua Young mentioned above for sale at this time time. If you wanted to have it all, you would likely need to look off market for a deal. I am not a realtor so I do not have access to the most recent data, but it does not appear that prices have come down much in our multi family market COVID. I would be very interested to know if any local realtors are seeing otherwise.
@River Luce house hacking in Albuquerque is possible, but as with all investments you need to be careful about the location. I own great investment apartments in areas I would not live personally. But I have a 16 unit deal in east Nob Hill which is in a nice area and I could see myself living there.
You would need to spend some time researching the areas that you are interested in and see if there are any smaller multi-family deals in those areas.
Property prices have not been impacted by COVID - yet...
We can connect and discuss it in more detail if you'd like.
Thanks @Jens Nielsen ! So you are an out of state investor with 65 properties in ABQ? Impressive. Would love to connect and pick your brain. We get keys to the SFH tomorrow but really want in the multi family units next...