103 & 105 Wintergreen · Ruidoso, NM 88345

$265,000

4 bd · 3.0 ba · 2,200 sqft · Manufactured · 213 Days on market

Built 1960 Fair condition 0.35 ac 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 +13.8/30.0
• ARV discount +7.5/15.0
• DSCR +4.2/10.0
• 1% rule +3.9/10.0
• Livability +3.3/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

A lovely property close to restaurants and attractions, this location includes 2 manufactured houses. One has been added on to and expanded. Each house has 2 bedrooms, with the main house having 2 full baths and the second house having one full bath and a workshop. Great rental potential and plenty of yard space.

Key facts

• Rental potential
• Expanded house
• Workshop

Tags

• EXPANDED HOUSE
• WORKSHOP
• RENTAL POTENTIAL
• YARD SPACE

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath manufactured listed at $265k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $26 ($308/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 $235k (11.3% below list).
• Recommended offer: $233k (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; 1 comparable units currently listed for rent nearby; 92 units permitted in Lincoln County in 2024 (0 in 5+ unit buildings).
• At $2,351/mo this rent would consume 52% 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 213 days — a 12% lower offer ($233k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

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

Recommended offer $233,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 213 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.89% ✗
• Cap rate: 6.41%
• Cash-on-cash: 0.41%
• DSCR: 1.02
• GRM: 9.4

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: -15.6%
• Equity multiple: 0.44×
• Total profit: $-41,273
• Equity at exit: $39,512

10-year hold

• IRR: -7.1%
• Equity multiple: 0.55×
• Total profit: $-33,694
• Equity at exit: $22,912

Cash invested: $74,200 (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: 9.4×

Monthly cashflow live

• Estimated rent: $2,351 medium
• Mortgage (P&I): −$1,390
• Tax est. 1.5%: −$331 /mo · $3,975/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$494
• Net cashflow: $26

Break-even live

Break-even rent $2,318

Max offer price $265,000

Occupancy floor 94%

Sensitivity live

Price	-10% $209	-5% $117	+0% $26	+5% $-66	+10% $-158
Rent	-10% $-160	-5% $-67	+0% $26	+5% $118	+10% $211
Rate	-1.0pp $159	-0.5pp $93	base $26	+0.5pp $-43	+1.0pp $-113

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: $66,250
• Closing costs: $7,950
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
570 2nd St Ruidoso, NM	3.0	3.0	1825	$3,200	$1.75	44d	1	1.37mi

Listing history 18 events

1. 2026-06-19
   days on market $265,000 Active 213 DOM
2. 2026-06-18
   days on market $265,000 Active 212 DOM
3. 2026-06-17
   days on market $265,000 Active 211 DOM
4. 2026-06-16
   days on market $265,000 Active 210 DOM
5. 2026-06-15
   days on market $265,000 Active 209 DOM
6. 2026-06-14
   days on market $265,000 Active 207 DOM
7. 2026-06-12
   days on market $265,000 Active 206 DOM
8. 2026-06-09
   days on market $265,000 Active 203 DOM
9. 2026-06-08
   days on market $265,000 Active 202 DOM
10. 2026-06-07
    days on market $265,000 Active 201 DOM
11. 2026-06-04
    days on market $265,000 Active 197 DOM
12. 2026-06-02
    days on market $265,000 Active 196 DOM
13. 2026-06-01
    days on market $265,000 Active 195 DOM
14. 2026-05-31
    days on market $265,000 Active 194 DOM
15. 2026-05-31
    days on market $265,000 Active 193 DOM
16. 2025-11-19
    status Active 314-char remark

    Show marketing remark (314 chars)

    A lovely property close to restaurants and attractions, this location includes 2 manufactured houses. One has been added on to and expanded. Each house has 2 bedrooms, with the main house having 2 full baths and the second house having one full bath and a workshop. Great rental potential and plenty of yard space.

17. 2025-11-18
    historical 314-char remark

    Show marketing remark (314 chars)

    A lovely property close to restaurants and attractions, this location includes 2 manufactured houses. One has been added on to and expanded. Each house has 2 bedrooms, with the main house having 2 full baths and the second house having one full bath and a workshop. Great rental potential and plenty of yard space.

18. 2025-11-06
    listed $265,000 Active 314-char remark

    Show marketing remark (314 chars)

    A lovely property close to restaurants and attractions, this location includes 2 manufactured houses. One has been added on to and expanded. Each house has 2 bedrooms, with the main house having 2 full baths and the second house having one full bath and a workshop. Great rental potential and plenty of yard space.

ⓘ 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: $28,207
• − Mortgage interest: −$14,844
• − Property taxes: −$3,975
• − Insurance: −$1,325
• − Repairs & maintenance: −$2,257
• − Management: −$2,257
• − Depreciation: −$7,709
• Taxable loss: −$4,159
• Est. tax savings @ 24.0%: +$998
• After-tax cash flow: $1,306/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.

Condition & rehab AI · 9 photos

Fair 45/100 Moderate rehab

This property requires moderate renovations to improve its exterior and interior condition, enhancing its resale and rental value.

Repairs flagged

• Major Exterior siding — Significant damage and weathering
• Major Kitchen — Cluttered and in need of cleaning
• Major Bathrooms — Outdated and in need of updates

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and value
• Both Replace kitchen appliances — Modernizes the space and attracts buyers
• Both Update bathrooms with modern fixtures — Improves functionality and aesthetics

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · Significant damage and weathering	Major	$15,000–50,000
Kitchen · Cluttered and in need of cleaning	Major	$15,000–50,000
Bathrooms · Outdated and in need of updates	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both Paint exterior siding — Enhances curb appeal and value ↑
• Both Replace kitchen appliances — Modernizes the space and attracts buyers ↑
• Both Update bathrooms with modern fixtures — Improves functionality and aesthetics ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

3 events — show timeline

• 2025-11-19 Relisted — RLCAR
• 2025-11-18 Delisted — RLCAR
• 2025-11-06 Listed $265,000 RLCAR