106 Hemlock Cir · Ruidoso, NM 88345

$65,000

2 bd · 1.0 ba · 600 sqft · Other · 133 Days on market

Built 1965

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

Quaint and Cozy 2BR/1BA Singlewide Manufactured Home Situated On A Level Serene Lot and Nestled In A Close In Neighborhood Conviently Located to Shopping and Just Minutes Away From Midtown. Small Porch Entrance, Tile Flooring, and Open Living Area and Kitchen. Would Make An Ideal Mountain Getaway or Full Time Home. Take In All That Ruidoso Has To Offer With Fresh Mountain Air and Wildlife Nearby. Great Opportunity! Seller is Motivated!

Key facts

• Built 1965
• Listed 132 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $65k.

Deal economics

• At list price, monthly cash flow is $546 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Recommended offer: $57k (12.0% below list) — sets the bar for market timing.

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; 2 comparable units currently listed for rent nearby; 92 units permitted in Lincoln County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 133 days — a 12% lower offer ($57k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $57,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 133 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 1965 — 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. 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?
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: 1.94% ✓
• Cap rate: 16.38%
• Cash-on-cash: 36.03%
• DSCR: 2.60
• GRM: 4.3

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: 31.8%
• Equity multiple: 2.33×
• Total profit: $24,289
• Equity at exit: $9,692

10-year hold

• IRR: 38.9%
• Equity multiple: 4.63×
• Total profit: $66,042
• Equity at exit: $5,620

Cash invested: $18,200 (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: 4.3×

Monthly cashflow live

• Estimated rent: $1,260 medium
• Mortgage (P&I): −$341
• Tax est. 1.5%: −$81 /mo · $975/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$265
• Net cashflow: $546

Break-even live

Break-even rent $569

Max offer price $65,000

Occupancy floor 52%

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
106 Apache Hills Dr Unit A Ruidoso, NM	2.0	1.0	726	$1,200	$1.65	43d	1	1.09mi
108 Apache Hills Dr Unit A heuristic Ruidoso, NM	2.0	1.0	726	$1,200	$1.65	25d	1	1.09mi

Listing history 17 events

1. 2026-06-19
   days on market $65,000 Active 133 DOM
2. 2026-06-18
   days on market $65,000 Active 132 DOM
3. 2026-06-17
   days on market $65,000 Active 131 DOM
4. 2026-06-16
   days on market $65,000 Active 130 DOM
5. 2026-06-15
   days on market $65,000 Active 129 DOM
6. 2026-06-14
   days on market $65,000 Active 127 DOM
7. 2026-06-12
   days on market $65,000 Active 126 DOM
8. 2026-06-09
   days on market $65,000 Active 123 DOM
9. 2026-06-08
   days on market $65,000 Active 122 DOM
10. 2026-06-07
    days on market $65,000 Active 121 DOM
11. 2026-06-04
    days on market $65,000 Active 117 DOM
12. 2026-06-02
    days on market $65,000 Active 116 DOM
13. 2026-06-01
    days on market $65,000 Active 115 DOM
14. 2026-05-31
    days on market $65,000 Active 114 DOM
15. 2026-05-31
    pricedays on market $65,000 Active 113 DOM
16. 2026-02-07
    listed $69,000 Active 439-char remark

    Show marketing remark (439 chars)

    Quaint and Cozy 2BR/1BA Singlewide Manufactured Home Situated On A Level Serene Lot and Nestled In A Close In Neighborhood Conviently Located to Shopping and Just Minutes Away From Midtown. Small Porch Entrance, Tile Flooring, and Open Living Area and Kitchen. Would Make An Ideal Mountain Getaway or Full Time Home. Take In All That Ruidoso Has To Offer With Fresh Mountain Air and Wildlife Nearby. Great Opportunity! Seller is Motivated!

17. 2026-01-10
    price $69,000

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 1/10 Low 7 d/yr ≥86°F today · 23 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: $15,124
• − Mortgage interest: −$3,641
• − Property taxes: −$975
• − Insurance: −$325
• − Repairs & maintenance: −$1,210
• − Management: −$1,210
• − Depreciation: −$1,891
• Taxable income: $5,872
• Est. tax owed @ 24.0%: −$1,409
• After-tax cash flow: $5,148/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

+0.0% since first listed

2 events — show timeline

• 2026-02-07 Listed $69,000 RLCAR
• 2026-01-10 Price Changed $69,000 RLCAR

Property tax history

+3.9%/yr

Latest (2021): $89 · +2.0% YoY. Source: county tax records.