113 Rawhide Rd · Ruidoso Downs, NM 88346

$74,900

2 bd · 1.0 ba · 1,140 sqft · Other public records · 266 Days on market

Built 1960 0.40 ac lot ↓ 23% since listing

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Why this score? — see what drove the B 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 +29.4/30.0
• DSCR +10.0/10.0
• 1% rule +8.4/10.0
• ARV discount +7.5/15.0
• Appreciation +7.3/10.0
• Schools +3.2/10.0
• Livability +2.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Submit offers to auction. Reduced again! Best priced home in the area. Great property with a lot of potential. It is a one-story home on a flat lot and has a well. Features include a fenced front yard, back yard, a large porch, a good-sized patio, and a storage building.

Key facts

• One story home
• Flat lot
• Large porch

Tags

• ONE STORY HOME
• FLAT LOT
• FENCED FRONT YARD
• LARGE POND
• LARGE PORCH
• GOOD SIZE PATIO

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $75k.

Deal economics

• At list price, monthly cash flow is $265 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Recommended offer: $66k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 55/100 on livability (#216 in NM) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A; Watch: health & safety C-, schools 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: 47 active listings in the ZIP; 92 units permitted in Lincoln County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($518 loan paydown + $4k appreciation (4.7% local appreciation)).
• Lincoln County population projected at -35% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (4.7% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 266 days — a 12% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y ago; this cycle's ask has dropped $85k (53%) 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 $65,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 266 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.34% ✓
• Cap rate: 10.54%
• Cash-on-cash: 15.17%
• DSCR: 1.67
• GRM: 6.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

4.68% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 25.3%
• Equity multiple: 2.56×
• Total profit: $32,801
• Equity at exit: $40,991

10-year hold

• IRR: 24.7%
• Equity multiple: 5.07×
• Total profit: $85,285
• Equity at exit: $69,572

Cash invested: $20,972 (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 88346

• Home prices YoY: 3.2%
• Active inventory: 47
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $1,001 medium
• Mortgage (P&I): −$393
• Tax from tax record: −$102 /mo · $1,224/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$210
• Net cashflow: $265

Break-even live

Break-even rent $666

Max offer price $74,900

Occupancy floor 69%

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: $18,725
• Closing costs: $2,247
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-19
   days on market $74,900 Active 266 DOM
2. 2026-06-18
   days on market $74,900 Active 265 DOM
3. 2026-06-17
   days on market $74,900 Active 264 DOM
4. 2026-06-16
   days on market $74,900 Active 263 DOM
5. 2026-06-15
   days on market $74,900 Active 262 DOM
6. 2026-06-14
   days on market $74,900 Active 260 DOM
7. 2026-06-12
   days on market $74,900 Active 259 DOM
8. 2026-06-09
   days on market $74,900 Active 256 DOM
9. 2026-06-09
   price $74,900 Active 255 DOM
10. 2026-06-08
    days on market $99,900 Active 255 DOM
11. 2026-06-07
    days on market $99,900 Active 254 DOM
12. 2026-06-04
    days on market $99,900 Active 250 DOM
13. 2026-06-02
    days on market $99,900 Active 249 DOM
14. 2026-06-01
    days on market $99,900 Active 248 DOM
15. 2026-05-31
    days on market $99,900 Active 247 DOM
16. 2026-05-31
    days on market $99,900 Active 246 DOM
17. 2026-03-10
    price $99,900 271-char remark

    Show marketing remark (271 chars)

    Submit offers to auction. Reduced again! Best priced home in the area. Great property with a lot of potential. It is a one-story home on a flat lot and has a well. Features include a fenced front yard, back yard, a large porch, a good-sized patio, and a storage building.

18. 2025-12-26
    price $119,900 271-char remark

    Show marketing remark (271 chars)

    Submit offers to auction. Reduced again! Best priced home in the area. Great property with a lot of potential. It is a one-story home on a flat lot and has a well. Features include a fenced front yard, back yard, a large porch, a good-sized patio, and a storage building.

19. 2025-11-29
    price $129,900 271-char remark

    Show marketing remark (271 chars)

    Submit offers to auction. Reduced again! Best priced home in the area. Great property with a lot of potential. It is a one-story home on a flat lot and has a well. Features include a fenced front yard, back yard, a large porch, a good-sized patio, and a storage building.

20. 2025-10-22
    price $144,900 271-char remark

    Show marketing remark (271 chars)

    Submit offers to auction. Reduced again! Best priced home in the area. Great property with a lot of potential. It is a one-story home on a flat lot and has a well. Features include a fenced front yard, back yard, a large porch, a good-sized patio, and a storage building.

21. 2025-09-26
    listed $159,900 Active 271-char remark

    Show marketing remark (271 chars)

    Submit offers to auction. Reduced again! Best priced home in the area. Great property with a lot of potential. It is a one-story home on a flat lot and has a well. Features include a fenced front yard, back yard, a large porch, a good-sized patio, and a storage building.

22. 2022-06-08
    soldstatus 433-char remark

    Show marketing remark (433 chars)

    A nice and cozy 3 bedroom, 1 bath home located outside of the Ruidoso Downs, 10 minutes away from the Ruidoso Downs Race Track and Casino. A level lot with a fully fenced front yard and covered patios in the front and back yard. Small newly built metal storage shed and wood storage shed located in the back yard. Newly remodeled kitchen, new natural gas wall heating unit, and a newly built wood burning stove unit. A must see home!

23. 2022-06-08
    soldstatus

    Show marketing remark (433 chars)

    A nice and cozy 3 bedroom, 1 bath home located outside of the Ruidoso Downs, 10 minutes away from the Ruidoso Downs Race Track and Casino. A level lot with a fully fenced front yard and covered patios in the front and back yard. Small newly built metal storage shed and wood storage shed located in the back yard. Newly remodeled kitchen, new natural gas wall heating unit, and a newly built wood burning stove unit. A must see home!

24. 2021-11-20
    listed $130,000 433-char remark

    Show marketing remark (433 chars)

    A nice and cozy 3 bedroom, 1 bath home located outside of the Ruidoso Downs, 10 minutes away from the Ruidoso Downs Race Track and Casino. A level lot with a fully fenced front yard and covered patios in the front and back yard. Small newly built metal storage shed and wood storage shed located in the back yard. Newly remodeled kitchen, new natural gas wall heating unit, and a newly built wood burning stove unit. A must see home!

25. 2017-08-14
    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: $1,224 · $102/mo
• Projected year-2 tax: $1,224 · $102/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 8/10 Severe
• 🌡 Heat 2/10 Low 8 d/yr ≥85°F today · 26 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,017
• − Mortgage interest: −$4,196
• − Property taxes: −$1,224
• − Insurance: −$374
• − Repairs & maintenance: −$961
• − Management: −$961
• − Depreciation: −$2,179
• Taxable income: $2,121
• Est. tax owed @ 24.0%: −$509
• After-tax cash flow: $2,672/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 Downs

• Score: 55/100
• State rank: #216
• US rank: #23602

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 3,087

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: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: Hispanic / Latino 54% White 34% Two or more races 29% Native American 11%
• Hispanic origin (detail): Mexican 54%
• Foreign-born: 18% · Canada
• Languages at home: 66% English-only · Spanish 30%

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: ▲ 4.68%
• Current HPI: 148.7966
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-23.2% since first listed

9 events — show timeline

• 2026-03-10 Price Changed $99,900 RLCAR
• 2025-12-26 Price Changed $119,900 RLCAR
• 2025-11-29 Price Changed $129,900 RLCAR
• 2025-10-22 Price Changed $144,900 RLCAR
• 2025-09-26 Listed $159,900 RLCAR
• 2022-06-08 Sold (Public Records) — Public Records
• 2022-06-08 Sold (MLS) — RLCAR
• 2021-11-20 Listed $130,000 RLCAR
• 2017-08-14 Sold (Public Records) — Public Records

Property tax history

+9.6%/yr

Latest (2025): $1,224 · +0.8% YoY. Source: county tax records.