Unique adobe compound in Ojo Caliente with an attached studio apartment and a second unfinished adobe home on .97 acre, just 4 miles south of Ojo Caliente Mineral Springs Resort & Spa. The main residence offers approximately 850 sq ft with living, dining, and kitchen, two bedrooms, and one bath. Originally built in 1952 and extensively renovated, the home features adobe walls, exposed beams, updated electrical, plumbing, and sewer, energy-efficient windows, laminate flooring, and a metal roof. The kitchen includes a Bosch refrigerator, electric range, vintage drainboard cast iron sink, and large island. Bathroom with walk-in shower, radiant heated floor, skylight, and front-loading washer/dryer. The attached studio apartment is approximately 350 sq ft with kitchenette, large bath, washer/dryer, mini-split, and a 200 sq ft deck. Currently operating as a successful Airbnb with strong income history and excellent reviews, offered fully furnished. Partial basement provides access to utilities. The unfinished adobe home is approximately 800 sq ft with three rooms, updated windows, doors, foundation, and electrical. Exposed vigas and high ceilings create a blank canvas for a guest house, studio, or additional rental. A separate finished and insulated studio space with power and passive solar adds further flexibility. The property fronts the historic Gavilan Ditch (established 1791) with approximately .75 acre/ft irrigation rights and includes two lateral ditches. Grounds feature mature trees, alfalfa field, fruit trees including cherry and apricot, perennial gardens, and farm beds. Additional features include a newly installed aerobic septic system sized for expansion, community water, Kit Carson Electric, propane, and fiber optic availability. Peaceful setting with distant hillside views.