228 Fir Dr · Ruidoso, NM 88345

$179,000

4 bd · 2.5 ba · 1,278 sqft · Other public records · 413 Days on market

Built 1957 7,405 sqft lot

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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
• DSCR +10.0/10.0
• 1% rule +8.7/10.0
• 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

Vintage Mountain Escape in the Pines of Ruidoso!Ready for your next weekend adventure or a peaceful getaway in the mountains? This unique spot is a 1957 Spartan travel trailer with a cozy cabin addition--full of retro charm and rustic vibes. With over 3 bedrooms and 2 bathrooms, there's plenty of space for you and your crew to kick back and relax. The lot is beautifully terraced with plenty of outdoor space fully fenced to enjoy the fresh mountain air. Inside, you'll find a comfy split floor plan, a spacious living area, and it's being sold fully furnished--just bring your weekend bag. This one has all the makings of a Perfect Retreat.

Key facts

• Spacious living area
• Cozy cabin addition
• Fully furnished

Tags

• 1957 SPARTAN TRAVEL TRAILER
• COZY CABIN ADDITION
• BEAUTIFULLY TERRACED LOT
• FULLY FENCED OUTDOOR SPACE
• SPACIOUS LIVING AREA
• FULLY FURNISHED

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath other listed at $179k.

Deal economics

• At list price, monthly cash flow is $810 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $179k).
• Recommended offer: $158k (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: crime F, amenities F, commute 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.
• Zoned schools: Sierra Vista Primary (497 students, 100% FRL); Ruidoso Middle (math 13% / reading 52%, grade F, #10 of 27 statewide, top 35%, 394 students, 100% FRL); Ruidoso High (math 44% / reading 74%, grade C+, #27 of 110 statewide, top 28%, 532 students, 100% FRL) — zoned schools average 100% FRL vs 59% district-wide (41 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 596 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 45d 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 $2,451/mo this rent would consume 54% 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 $1k of loan paydown is wiped out by about $5k 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 $50k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 413 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y ago; this cycle's ask has dropped $41k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $157,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 413 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 1957 — 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: 1.37% ✓
• Cap rate: 11.72%
• Cash-on-cash: 19.40%
• DSCR: 1.86
• GRM: 6.1

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: 11.4%
• Equity multiple: 1.45×
• Total profit: $22,568
• Equity at exit: $26,689

10-year hold

• IRR: 20.4%
• Equity multiple: 2.72×
• Total profit: $85,975
• Equity at exit: $15,477

Cash invested: $50,120 (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: 596
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $2,451 medium
• Mortgage (P&I): −$939
• Tax from tax record: −$113 /mo · $1,351/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$515
• Net cashflow: $810

Break-even live

Break-even rent $1,425

Max offer price $179,000

Occupancy floor 62%

Sensitivity live

Price	-10% $912	-5% $861	+0% $810	+5% $760	+10% $709
Rent	-10% $617	-5% $713	+0% $810	+5% $907	+10% $1,004
Rate	-1.0pp $900	-0.5pp $856	base $810	+0.5pp $764	+1.0pp $717

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: $44,750
• Closing costs: $5,370
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
402 4th St Ruidoso, NM	3.0	2.0	1080	$2,200	$2.04	45d	1	0.94mi
107 Niblic Ct Ruidoso, NM	3.0	2.5	1363	$2,200	$1.61	45d	1	1.07mi
570 2nd St Ruidoso, NM	3.0	3.0	1825	$3,200	$1.75	45d	1	1.13mi

Listing history 13 events

1. 2026-06-01
   days on market $179,000 Active 413 DOM
2. 2026-05-31
   days on market $179,000 Active 412 DOM
3. 2026-05-31
   days on market $179,000 Active 411 DOM
4. 2026-02-19
   status Active 643-char remark

   Show marketing remark (643 chars)

   Vintage Mountain Escape in the Pines of Ruidoso!Ready for your next weekend adventure or a peaceful getaway in the mountains? This unique spot is a 1957 Spartan travel trailer with a cozy cabin addition--full of retro charm and rustic vibes. With over 3 bedrooms and 2 bathrooms, there's plenty of space for you and your crew to kick back and relax. The lot is beautifully terraced with plenty of outdoor space fully fenced to enjoy the fresh mountain air. Inside, you'll find a comfy split floor plan, a spacious living area, and it's being sold fully furnished--just bring your weekend bag. This one has all the makings of a Perfect Retreat.

5. 2026-02-12
   status Pending 643-char remark

   Show marketing remark (643 chars)

   Vintage Mountain Escape in the Pines of Ruidoso!Ready for your next weekend adventure or a peaceful getaway in the mountains? This unique spot is a 1957 Spartan travel trailer with a cozy cabin addition--full of retro charm and rustic vibes. With over 3 bedrooms and 2 bathrooms, there's plenty of space for you and your crew to kick back and relax. The lot is beautifully terraced with plenty of outdoor space fully fenced to enjoy the fresh mountain air. Inside, you'll find a comfy split floor plan, a spacious living area, and it's being sold fully furnished--just bring your weekend bag. This one has all the makings of a Perfect Retreat.

6. 2026-02-10
   historical Active Under Contract 643-char remark

   Show marketing remark (643 chars)

   Vintage Mountain Escape in the Pines of Ruidoso!Ready for your next weekend adventure or a peaceful getaway in the mountains? This unique spot is a 1957 Spartan travel trailer with a cozy cabin addition--full of retro charm and rustic vibes. With over 3 bedrooms and 2 bathrooms, there's plenty of space for you and your crew to kick back and relax. The lot is beautifully terraced with plenty of outdoor space fully fenced to enjoy the fresh mountain air. Inside, you'll find a comfy split floor plan, a spacious living area, and it's being sold fully furnished--just bring your weekend bag. This one has all the makings of a Perfect Retreat.

7. 2025-10-31
   price $179,000 643-char remark

   Show marketing remark (643 chars)

   Vintage Mountain Escape in the Pines of Ruidoso!Ready for your next weekend adventure or a peaceful getaway in the mountains? This unique spot is a 1957 Spartan travel trailer with a cozy cabin addition--full of retro charm and rustic vibes. With over 3 bedrooms and 2 bathrooms, there's plenty of space for you and your crew to kick back and relax. The lot is beautifully terraced with plenty of outdoor space fully fenced to enjoy the fresh mountain air. Inside, you'll find a comfy split floor plan, a spacious living area, and it's being sold fully furnished--just bring your weekend bag. This one has all the makings of a Perfect Retreat.

8. 2025-08-12
   price $198,000 643-char remark

   Show marketing remark (643 chars)

   Vintage Mountain Escape in the Pines of Ruidoso!Ready for your next weekend adventure or a peaceful getaway in the mountains? This unique spot is a 1957 Spartan travel trailer with a cozy cabin addition--full of retro charm and rustic vibes. With over 3 bedrooms and 2 bathrooms, there's plenty of space for you and your crew to kick back and relax. The lot is beautifully terraced with plenty of outdoor space fully fenced to enjoy the fresh mountain air. Inside, you'll find a comfy split floor plan, a spacious living area, and it's being sold fully furnished--just bring your weekend bag. This one has all the makings of a Perfect Retreat.

9. 2025-04-07
   listed $220,000 Active 643-char remark

   Show marketing remark (643 chars)

   Vintage Mountain Escape in the Pines of Ruidoso!Ready for your next weekend adventure or a peaceful getaway in the mountains? This unique spot is a 1957 Spartan travel trailer with a cozy cabin addition--full of retro charm and rustic vibes. With over 3 bedrooms and 2 bathrooms, there's plenty of space for you and your crew to kick back and relax. The lot is beautifully terraced with plenty of outdoor space fully fenced to enjoy the fresh mountain air. Inside, you'll find a comfy split floor plan, a spacious living area, and it's being sold fully furnished--just bring your weekend bag. This one has all the makings of a Perfect Retreat.

10. 2022-08-22
    soldstatus 513-char remark

    Show marketing remark (513 chars)

    VINTAGE GETAWAY IN THE PINES OF RUIDOSO - This cozy cabin is a 1957 Spartan Travel Trailer with an add on cabin. Take a look at the photos to see this sweetheart. With 3+ bedrooms and 2+ baths, this will make a great escape from the heat. Beautifully terraced lot, carport and spacious living area with split floor plan. You'll appreciate what this one has to offer. It will take cash to purchase. Furnished as viewed. To be sold ''As Is'' . Seller indicated it was on public sewer. Recommend dye test to confirm.

11. 2022-08-22
    soldstatus

    Show marketing remark (513 chars)

    VINTAGE GETAWAY IN THE PINES OF RUIDOSO - This cozy cabin is a 1957 Spartan Travel Trailer with an add on cabin. Take a look at the photos to see this sweetheart. With 3+ bedrooms and 2+ baths, this will make a great escape from the heat. Beautifully terraced lot, carport and spacious living area with split floor plan. You'll appreciate what this one has to offer. It will take cash to purchase. Furnished as viewed. To be sold ''As Is'' . Seller indicated it was on public sewer. Recommend dye test to confirm.

12. 2022-06-27
    listed $149,000 513-char remark

    Show marketing remark (513 chars)

    VINTAGE GETAWAY IN THE PINES OF RUIDOSO - This cozy cabin is a 1957 Spartan Travel Trailer with an add on cabin. Take a look at the photos to see this sweetheart. With 3+ bedrooms and 2+ baths, this will make a great escape from the heat. Beautifully terraced lot, carport and spacious living area with split floor plan. You'll appreciate what this one has to offer. It will take cash to purchase. Furnished as viewed. To be sold ''As Is'' . Seller indicated it was on public sewer. Recommend dye test to confirm.

13. 2015-12-02
    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: $1,351 · $113/mo
• Projected year-2 tax: $1,432 · $119/mo
• Expected delta: +$81/yr (+$7/mo · 6.0%)

ⓘ 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 9/10 Extreme
• 🌡 Heat 1/10 Low 7 d/yr ≥86°F today · 22 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: $29,409
• − Mortgage interest: −$10,027
• − Property taxes: −$1,351
• − Insurance: −$895
• − Repairs & maintenance: −$2,353
• − Management: −$2,353
• − Depreciation: −$5,207
• Taxable income: $7,224
• Est. tax owed @ 24.0%: −$1,734
• After-tax cash flow: $7,989/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

+20.1% since first listed

10 events — show timeline

• 2026-02-19 Relisted — RLCAR
• 2026-02-12 Pending — RLCAR
• 2026-02-10 Contingent — RLCAR
• 2025-10-31 Price Changed $179,000 RLCAR
• 2025-08-12 Price Changed $198,000 RLCAR
• 2025-04-07 Listed $220,000 RLCAR
• 2022-08-22 Sold (Public Records) — Public Records
• 2022-08-22 Sold (MLS) — RLCAR
• 2022-06-27 Listed $149,000 RLCAR
• 2015-12-02 Sold (Public Records) — Public Records

Property tax history

+13.5%/yr

Latest (2025): $1,351 · +0.4% YoY. Source: county tax records.