103 & 105 Wintergreen

Ruidoso, NM 88345

$265,000D

4 bd · 3.0 ba · 2,200 sqft · Built 1960 · Manufactured · Active · 213 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,351/mo
• Mortgage (P&I): −$1,390
• Tax + insurance: −$442
• HOA: −$0
• Vac / Maint / Mgmt: −$494
• Net cashflow: $26/mo
• Annual: $308/yr
• Cap rate: 6.41%
• Cash-on-cash: 0.41%
• DSCR: 1.02
• 1% rule: 0.89%
• Cash to close: $74,200

Investor read

• This is a 4-bed/3.0-bath manufactured listed at $265k. Condition is rated fair.
• 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).
• It's been on market 213 days — a 12% lower offer ($233k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $233k (12.0% below list) — sets the bar for market timing.
• 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.
• 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).
• Lincoln County population projected at -35% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 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.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.
• 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.

Questions for listing agent

• 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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?

Repairs flagged (vision-AI assessment)

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• Major: Bathrooms — Outdated and in need of updates