120 Third St · Ruidoso, NM 88345

$250,000

3 bd · 2.0 ba · 1,360 sqft · SingleFamily public records · 94 Days on market

Built 2009 5,227 sqft lot

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Why this score? — see what drove the D+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +19.0/30.0
• ARV discount +7.5/15.0
• DSCR +6.0/10.0
• 1% rule +4.1/10.0
• Livability +3.3/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Mountain Jewel! Cabin in Ruidoso, NM. One Level! 3 Bedroom, 2 Bath, Bonus Room 1,360 SQ. Ft. Fully Furnished. 1 Block from Mid-Town shopping, dining & entertainment. Covered Parking. Corner lot. Fenced Backyard. ''Manufactured Home'' Refer to uploaded * * * Engineering Report * * * (Report left side older (70's') Right Side built 2009) Gas log Fireplace. Kitchen w/ island/ gas cook top. High Ceilings thruout. Dining Room nook off kitchen. Lots of natural light stream in the numerous windows. Spacious Utility room w/ refrigerator, washer and dryer. Low maintenance synthetic turf. Exterior hardy plank. Metal awning cover over a portion of the backyard for ''year round entertaining'' Metal Roof. Gutters added w/ leaf catchers. * * Easy To Show! CC-LA $325,600. * * Refer to Engineer Report *

Key facts

• Covered parking
• Kitchen w island
• Gas log fireplace

Tags

• FULLY FURNISHED
• COVERED PARKING
• FENCED BACKYARD
• GAS LOG FIREPLACE
• KITCHEN W ISLAND
• SPACIOUS UTILITY ROOM

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $250k.

Deal economics

• At list price, monthly cash flow is $260 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $227k (9.2% below list).
• Recommended offer: $227k (9.2% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 66/100 on livability (#40 in NM) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: schools F, crime F, amenities F.
• Ruidoso Municipal Schools (town): math 16% / reading 59% proficiency, ranked #14 of 29 in NM (top 48%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 593 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 92 units permitted in Lincoln County in 2024 (0 in 5+ unit buildings).
• At $2,270/mo this rent would consume 50% of the median local household income ($54k/yr) (locally 156% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Lincoln County population projected at -35% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 94 days — a 9% lower offer ($228k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 8y ago; this cycle's ask has dropped $76k (23%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: severe wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $227,046 (9.2% below list)

Questions for the listing agent

1. It's been on market 94 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.91% ✗
• Cap rate: 7.54%
• Cash-on-cash: 4.45%
• DSCR: 1.20
• GRM: 9.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -9.4%
• Equity multiple: 0.66×
• Total profit: $-24,058
• Equity at exit: $37,276

10-year hold

• IRR: 0.0%
• Equity multiple: 1.00×
• Total profit: $2
• Equity at exit: $21,615

Cash invested: $70,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 55 Moderately Landlord-Leaning
• State New Mexico: 55 Moderately Landlord-Leaning · D+3
• County: — inherits STATE
• City: — inherits STATE

3-day notice but with cure rights; relocation assistance in some cities.

Methodology + full state rankings →

ZIP-level market 88345

• Active inventory: 593
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $2,270 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$119 /mo · $1,426/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$477
• Net cashflow: $260

Break-even live

Break-even rent $1,942

Max offer price $250,000

Occupancy floor 84%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
402 4th St Ruidoso, NM	3.0	2.0	1080	$2,200	$2.04	43d	1	0.32mi
107 Niblic Ct Ruidoso, NM	3.0	2.5	1363	$2,200	$1.61	43d	1	0.63mi
570 2nd St Ruidoso, NM	3.0	3.0	1825	$3,200	$1.75	43d	1	0.64mi
128 Taos Trl Ruidoso, NM	3.0	1.0	1120	$2,400	$2.14	43d	1	1.15mi
110 Hart Ave Ruidoso, NM	2.0	2.0	950	$1,800	$1.89	43d	1	1.23mi

Listing history 25 events

1. 2026-06-19
   days on market $250,000 Active 94 DOM
2. 2026-06-18
   price $250,000 Active 93 DOM
3. 2026-06-18
   days on market $287,500 Active 93 DOM
4. 2026-06-17
   days on market $287,500 Active 92 DOM
5. 2026-06-16
   days on market $287,500 Active 91 DOM
6. 2026-06-15
   days on market $287,500 Active 90 DOM
7. 2026-06-14
   days on market $287,500 Active 88 DOM
8. 2026-06-12
   days on market $287,500 Active 87 DOM
9. 2026-06-09
   days on market $287,500 Active 84 DOM
10. 2026-06-08
    days on market $287,500 Active 83 DOM
11. 2026-06-07
    days on market $287,500 Active 82 DOM
12. 2026-06-04
    days on market $287,500 Active 78 DOM
13. 2026-06-02
    days on market $287,500 Active 77 DOM
14. 2026-06-01
    days on market $287,500 Active 76 DOM
15. 2026-05-31
    days on market $287,500 Active 75 DOM
16. 2026-05-31
    days on market $287,500 Active 74 DOM
17. 2026-04-23
    price $287,500 816-char remark

    Show marketing remark (816 chars)

    Mountain Jewel! Cabin in Ruidoso, NM. One Level! 3 Bedroom, 2 Bath, Bonus Room 1,360 SQ. Ft. Fully Furnished. 1 Block from Mid-Town shopping, dining & entertainment. Covered Parking. Corner lot. Fenced Backyard. ''Manufactured Home'' Refer to uploaded * * * Engineering Report * * * (Report left side older (70's') Right Side built 2009) Gas log Fireplace. Kitchen w/ island/ gas cook top. High Ceilings thruout. Dining Room nook off kitchen. Lots of natural light stream in the numerous windows. Spacious Utility room w/ refrigerator, washer and dryer. Low maintenance synthetic turf. Exterior hardy plank. Metal awning cover over a portion of the backyard for ''year round entertaining'' Metal Roof. Gutters added w/ leaf catchers. * * Easy To Show! CC-LA $325,600. * * Refer to Engineer Report *

18. 2026-03-28
    price $295,000 816-char remark

    Show marketing remark (816 chars)

    Mountain Jewel! Cabin in Ruidoso, NM. One Level! 3 Bedroom, 2 Bath, Bonus Room 1,360 SQ. Ft. Fully Furnished. 1 Block from Mid-Town shopping, dining & entertainment. Covered Parking. Corner lot. Fenced Backyard. ''Manufactured Home'' Refer to uploaded * * * Engineering Report * * * (Report left side older (70's') Right Side built 2009) Gas log Fireplace. Kitchen w/ island/ gas cook top. High Ceilings thruout. Dining Room nook off kitchen. Lots of natural light stream in the numerous windows. Spacious Utility room w/ refrigerator, washer and dryer. Low maintenance synthetic turf. Exterior hardy plank. Metal awning cover over a portion of the backyard for ''year round entertaining'' Metal Roof. Gutters added w/ leaf catchers. * * Easy To Show! CC-LA $325,600. * * Refer to Engineer Report *

19. 2026-03-02
    listed $325,600 Active 816-char remark

    Show marketing remark (816 chars)

    Mountain Jewel! Cabin in Ruidoso, NM. One Level! 3 Bedroom, 2 Bath, Bonus Room 1,360 SQ. Ft. Fully Furnished. 1 Block from Mid-Town shopping, dining & entertainment. Covered Parking. Corner lot. Fenced Backyard. ''Manufactured Home'' Refer to uploaded * * * Engineering Report * * * (Report left side older (70's') Right Side built 2009) Gas log Fireplace. Kitchen w/ island/ gas cook top. High Ceilings thruout. Dining Room nook off kitchen. Lots of natural light stream in the numerous windows. Spacious Utility room w/ refrigerator, washer and dryer. Low maintenance synthetic turf. Exterior hardy plank. Metal awning cover over a portion of the backyard for ''year round entertaining'' Metal Roof. Gutters added w/ leaf catchers. * * Easy To Show! CC-LA $325,600. * * Refer to Engineer Report *

20. 2019-03-22
    soldstatus 464-char remark

    Show marketing remark (464 chars)

    This is the one you've been waiting for! Cute, well decorated 3 bedroom, 2 bathroom with a bonus room. The open floor plan boasts a built in gas fireplace in the living room and stainless appliances in the kitchen with vaulted ceiling. Nice sized front yard with a fenced courtyard out back. Central air and heat. Walking distance to midtown shopping, restaurants, and nightlife. This cabin comes beautifully furnished and has a great rental history. Check it out!

21. 2019-03-22
    soldstatus

    Show marketing remark (464 chars)

    This is the one you've been waiting for! Cute, well decorated 3 bedroom, 2 bathroom with a bonus room. The open floor plan boasts a built in gas fireplace in the living room and stainless appliances in the kitchen with vaulted ceiling. Nice sized front yard with a fenced courtyard out back. Central air and heat. Walking distance to midtown shopping, restaurants, and nightlife. This cabin comes beautifully furnished and has a great rental history. Check it out!

22. 2019-02-17
    listed $176,800 464-char remark

    Show marketing remark (464 chars)

    This is the one you've been waiting for! Cute, well decorated 3 bedroom, 2 bathroom with a bonus room. The open floor plan boasts a built in gas fireplace in the living room and stainless appliances in the kitchen with vaulted ceiling. Nice sized front yard with a fenced courtyard out back. Central air and heat. Walking distance to midtown shopping, restaurants, and nightlife. This cabin comes beautifully furnished and has a great rental history. Check it out!

23. 2018-11-27
    listed $210,000
24. 2013-10-22
    soldstatus
25. 2006-05-31
    soldstatus

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NM · Resets to sale price

• Current annual tax: $1,426 · $119/mo
• Projected year-2 tax: $2,000 · $167/mo
• Expected delta: +$574/yr (+$48/mo · 40.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 10/10 Extreme
• 🌡 Heat 1/10 Low 8 d/yr ≥86°F today · 24 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,246
• − Mortgage interest: −$14,004
• − Property taxes: −$1,426
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,180
• − Management: −$2,180
• − Depreciation: −$7,273
• Taxable loss: −$1,066
• Est. tax savings @ 24.0%: +$256
• After-tax cash flow: $3,372/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Ruidoso Municipal Schools
• NCES district ID: 3502310
• Math proficiency: 16% ▼ -5.00%
• Reading proficiency: 59% ▲ 20.00%
• Median HH income: $44,094
• Composite: 31.68/100
• National rank: #5925
• State rank: #14 of 29 in NM

Livability — Ruidoso

• Score: 66/100
• State rank: #40
• US rank: #11996

Category grades

Amenities F Commute F Cost of living A+ Crime F Employment F Housing A- Health & safety A+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ruidoso, NM
• County: Lincoln County · 7,835 people
• City population: 7,835
• Metro: Ruidoso, NM
• Population (ZIP): 7,835
• Household income: $53,971
• Rent vs Own: 29.8% rent · 70.2% own
• Severe rent burden: 156.0

Population outlook (Lincoln County) Hauer SSP2

• Today (2025): 16,903 people
• By 2030: 15,556 · -8.0%
• By 2040: 13,064 · -22.7%
• By 2050: 10,991 · -35.0%
• By 2075: 7,619 · -54.9%
• By 2100: 5,966 · -64.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (64%)
• Race & ethnicity: White 64% Hispanic / Latino 28% Two or more races 14% Native American 1% Black 1% Asian 1%
• Hispanic origin (detail): Mexican 23%
• Common ancestry: Lithuanian 4% Slovak 3% Danish 2%
• Foreign-born: 7% · Canada, South Korea
• Languages at home: 81% English-only · Spanish 17%

Political lean MEDSL · Lincoln

• 2024 margin: Solid R (+38.5) · D 29.8% · R 68.3% · Other 1.9%
• 2008→2024 swing: -13.0pp toward R · 2008: -25.4pp · 2024: -38.5pp
• All cycles: 2024: R+38.5 2020: R+36.4 2016: R+40.2 2012: R+32.7 2008: R+25.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -125.17%
• Current HPI: 141.9549
• Rent YoY: —
• Metro: Ruidoso, NM
• State GDP YoY: —
• F500 in state: 0

Price history

+36.9% since first listed

9 events — show timeline

• 2026-04-23 Price Changed $287,500 RLCAR
• 2026-03-28 Price Changed $295,000 RLCAR
• 2026-03-02 Listed $325,600 RLCAR
• 2019-03-22 Sold (Public Records) — Public Records
• 2019-03-22 Sold (MLS) — RLCAR
• 2019-02-17 Listed $176,800 RLCAR
• 2018-11-27 Listed $210,000 RLCAR
• 2013-10-22 Sold (Public Records) — Public Records
• 2006-05-31 Sold (Public Records) — Public Records

Property tax history

+7.4%/yr

Latest (2025): $1,426 · -7.9% YoY. Source: county tax records.