However, ensure you understand the local tax structure and any potential future changes.Economic Dependence: While Albuquerque has a diversified economy, it's worth noting that government and military jobs play a significant role.

At that time, my friend encouraged me to get into real estate with the idea of creating passive income and wealth in future (via appreciation).

I will be sure to increase my rice in the future!

I may look at out-of-state investing in the future, but I think good deals can be found locally (which I think you acknowledged). 

Will refinance if rates go down in the future. 

At some point in the future, the economy will have another crisis. 

There is some future Infrastructure improvements taking place, which can/cannot impact the property ROI. 

With no comps in the area for new construction and the highest rehab selling for 205k, building enough at the onset, 4-6 new construction homes, may be the only way to start a neighborhood turn.The city is looking to increase density in the area and add anchor points in near the area to cater to future investment. 

Yes, I realize it was the first time, that is why I would cover the cost in an effort to be a good landlord and not discourage my tenants from reporting future issues.

If not, you could focus on other selling points, like the acreage or future ADU potential, but a garage would probably make the property more competitive.