OpportunitiesAffordability: Compared to many West Coast markets, Albuquerque properties often come at a more affordable price point, making it possible for investors to get started without a massive initial capital.Rental Demand: Due to the presence of UNM and other educational institutions, there's a consistent demand for rental properties, especially those close to campuses.Cultural Appeal: With its rich Native American and Hispanic heritage, Albuquerque offers cultural festivals, markets, and historical sites.

It will be a great future epsiode of American Greed.  

However, I still struggle to understand the art of estimating rehab costs. 

The #1 reason that landlords fail is due to failure to manage to the lease (Source: American Apartment Owners' Assn). 

For residential multifamily properties (1 - 4 units), can you use a home warranty to take care of the repair costs associated with rentals?

To save those costs, you might want to stick to some year build and older, for example, if you cannot do inspections on the properties that you are buying due to off-market deals or something else that is hindering you (all sellers I buy from do not want anyone in the home till we close).

The #1 reason why landlords fail is this:  Failure to manage to the lease (Source: American Apartment Owners' Assn). 

Here's an article with things to consider when selecting a cost segregation company.

Stable demand, in retiree market - yes, but also in several other segments: professional working remotely, new Americans. 

My lease has a sublet fee (2 weeks is guest by lease more than 2 weeks in a year is sublet) that is costly enough ($100/night per person which is about what a cheaper hotel is here) that makes sure tenants do not have others move-in without informing us.