I agree with both gabe and cj. Each give great perspective. As an Albuquerque Native with 20 years experience on both New Constructions and Resales I see it as a great opppourtunity for those with an interest in multi unit investing in the Albuquerque area. Looking at trends since 2000 sales have been much more stable and slightly climbing compare to the rest of the country. Add to that UNM and downtown are full of oppourtunity as more people are moving here and going to school here than years before. Laslty have you used trulia's market trends page?

I'm developing multi-family in Albuquerque right now and our market research indicates a 2-5% vacancy rate depending on area and age and an appreciation rate of 10% in the last year. I have some 4 Plexes under construction if you're interested, Email me at gabe.j.joseph.

Housing and Urban Development (HUD) has prepared a detailed market analysis report on the Albuquerque Housing and Rental Markets, you might want to go visit the government site and look through the report for information that might be able to help you in your research. Here is their site:
Comprehensive Housing Analysis Report for Albuquerque
http://www.huduser.org/Publications/PDF/CMAR_AlbuquerqueNM.pdf
Good luck on your research