Potential Profit$128,880
This property is available as a short sale at Somerset Meadows Dr Ne. Our team of real estate experts has conducted a thorough analysis of the current market conditions in Rio Rancho, specifically for Somerset Meadows Dr Ne and comparable listings. Based on this expert analysis, the estimated market value is $284,417. This has potential equity of $128,880. If purchased for rental purposes, the monthly rental rate could range between $1,460 and $1,620, providing a solid return on investment. For those interested in resale, the estimated profit from selling is $128,880. Factors considered in this calculation include the property location, condition, status, and convenience, all assessed by our experienced professionals. Properties like this one on Somerset Meadows Dr Ne are updated daily along with others in Rio Rancho, New Mexico, ensuring you have the most current and accurate information.
Plus with taxes and insurance
Based on 20% down, 30 year mortgage, with 6% APR
All calculations are estimates provided for informational purposes. Actual amounts may vary by location. It is important to know that mortgage rates are dependent on credit scores, loan timeline, and a down payment amount.
There are 4 schools in the area. Nearby schools include Rio Rancho High School and Lincoln Middle School.
There are plenty of activities near this property like Rio Rancho Public Library, City of Rio Rancho Sports Complex, and more.
Public transportation options include: ABQ RIDE offers bus services connecting Rio Rancho with Albuquerque, providing a convenient way to navigate the area without a vehicle.. Other services include ride-sharing services like Uber and Lyft.
Parks nearby include Cabezon Park, Paseo del Volcan Park and more.
Services available in the area include cellular and internet options.
The property located at Somerset Meadows Dr Ne in Rio Rancho, NM is listed as a Short Sale
Short sale properties like Somerset Meadows Dr Ne in Rio Rancho, New Mexico represent tremendous opportunity to you as a buyer because they are aggressively priced to sell well below or just at fair market value. Existing homeowners are typically distressed and eager to sell for less than what is owed on their mortgages. They are "underwater" and either can no longer afford their mortgage payments or are simply unwilling to continue to make them for various reasons.Short sales often present opportunities for real estate investors to purchase property at below market prices. A short sale occurs when the mortgage lender on a property agrees to give a release for less than the amount owed on the loan. This usually occurs when the loan on the property becomes delinquent and is headed toward foreclosure. An alert property owner who knows he is facing foreclosure is well advised to keep an open line of communication with his lender. And the lender is well advised to keep an open mind to the consequences of a loan default and the benefits of agreeing to a short sale. When the lender and property owner can agree on a short sale price, the owner can advertise that the property is a short sale and can list it accordingly. Such listings attract a lot of attention and can expedite the sale of the property.
Here is how to proceed:
Short sales can create opportunities to save big on the purchase of a property. Such agreements are entered into between a purchaser, a property owner, and the lender. Even though by definition a short sale means the lender is accepting less than the amount owed on the mortgage loan, it is not a certainty that the property is being purchased at a below market price. For that reason, you must still perform the same due diligence as you would on any other real estate transaction. The professional services of an appraiser, property inspector, and title agent are advised when structuring a short sale.
The estimated rental value for Somerset Meadows Dr Ne located in Rio Rancho, NM is $1,540/month. Comparable homes around Somerset Meadows Dr Ne that are rentals have monthly ranges starting as low as $1,460 per month and as high as $1,620 per month. An owner looking to use this property as an investment could bring a return in the area of $1,460 - $1,620 a month based on the many factors which include the properties condition, type, amenities, etc. Sign in to view a full two years of rental information as well as the Average Market Value (AVM) of this property.
Status: Active
Listing information updated for this property.
Status: Active
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