Since Rio Rancho grew more and faster than anywhere in NM, it also collapsed more... Meaning prices fell more than anywhere here... Combined with the fact that there's alway been an abundance of homes, but a shortage of rentals and commercial property to support it's population makes it ideal for investments.
The Real Estate market in Alamogordo, NM has skyrocketed because of reallignment at Holloman Air Force Base. We have about two hundred homes in our property management and every one of them is leased. Also with your budget you could probably buy two investment properies here or one super nice one that would lease for a large amount. My name is Shawn and I am a Broker at ERA Simmons Real Estate. My cell phone is 575-443-3349 and e-mail is email@example.com, please call me I think I can help you.
At the link below, I have a recent article on my site about expectations for Santa Fe and Taos real estate markets. While Albuquerque is growing as well, note that Santa Fe is in the top 10 urban areas for growth expectations. Your money will go farther in ABQ though.