We show that the nonlinear stochastic dynamics of a measurement-feedback-based coherent Ising machine (MFB-CIM) in the presence of quantum noise can be exploited to sample degenerate ground and low-energy spin configurations of the Ising model. We formulate a general discrete-time Gaussian-state model of the MFB-CIM which faithfully captures the nonlinear dynamics present at and above system threshold. This model overcomes the limitations of both mean-field models, which neglect quantum noise, and continuous-time models, which assume long photon lifetimes. Numerical simulations of our model show that when the MFB-CIM is operated in a quantum-noise-dominated regime with short photon lifetimes (i.e., low cavity finesse), homodyne monitoring of the system can efficiently produce samples of low-energy Ising spin configurations, requiring many fewer roundtrips to sample than suggested by established high-finesse, continuous-time models. We find that sampling performance is robust to, or even improved by, turning off or altogether reversing the sign of the parametric drive, but performance is critically reduced in the absence of optical nonlinearity. For the class of MAX-CUT problems with binary-signed edge weights, the number of roundtrips sufficient to fully sample all spin configurations up to the first-excited Ising energy, including all degeneracies, scales as $1.08^N$. At a problem size of $N = 100$ with a few dozen (median of 20) such desired configurations per instance, we have found median sufficient sampling times of $6times10^6$ roundtrips; in an experimental implementation of an MFB-CIM with a 10 GHz repetition rate, this corresponds to a wall-clock sampling time of 0.6 ms.
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