'Breaking Bad' House Listing Price Slashed From $4M to Shockingly Low $400K

'Better Call' a realtor! The house from "Breaking Bad" went on sale last year for $4 million, but after over a year on the market ... you can now own it for only $400K!

Alicia Feil of Keller Williams Realty tells TMZ ... the initial price was decided after an out-of-towner, who claimed to sell "famous" properties in Hollywood, convinced owner Joanne Padilla $4 million was a reasonable amount.

Last August, Joanne told us she thought the New Mexico property could be turned into a museum, which could fetch a pretty penny for whoever had the cash to make the $4M investment, but here's the thing ... Feil says the house is in a residential neighborhood and zoning laws do not allow for that kind of business.

But now, Feil is listing the home at market value -- $400K. Worth noting, in 2015 Feil listed the house Aaron Paul's "Breaking Bad" character Jesse Pinkman lived in.

Still, if you're hoping to get the Walter White residence for an asking price, don't hold your breath ... Feil expects it to go over.