Rare Ranchette with an Adobe Residence, Guest Home & Water Rights in Magical Arroyo Hondo ~ Everything you've ever dreamed of exists right here. This rare property features a flowing acequia, an elegant, tastefully updated Adobe residence, and an income-producing guest home currently generating $2,000 monthly with potential for even more. Perfectly positioned for the outdoor enthusiast, you can play in the waters of the Rio Grande just minutes to the west, or head east through charming Arroyo Seco to experience the world-class slopes of Taos Ski Valley. Spanning just under three lush acres off a well-maintained, paved Hondo Seco Road, this private oasis offers supreme tranquility and some of the absolute best views in the Southwest. An unforgettable first impression awaits as you step through the enclosed flagstone patio and a breathtaking masterpiece sea glass door. Inside, an immediate sense of vibrant warmth fills the space, where abundant natural light highlights classy fixtures and endless Southwestern character. Stunning architectural details are everywhere, from the viga and beam ceilings down to the hardwood and Saltillo tile floors, beautifully complemented by a traditional fireplace, bancitos, corbels, and step-down walls perfect for displaying your art collection. The sunken den offers a welcoming gathering spot to cozy up by the fire, while a versatile back bonus room serves perfectly as a home office, studio, theater, or extra sleeping space. The home provides three spacious bedrooms and two comfortable bathrooms, highlighted by a large primary ensuite tucked quietly at the back of the home with beautiful light, a highly functional bathroom, and private access to the yard. At the heart of the home, the open-concept dining room and kitchen—complete with a second egress to the back deck—provide the ideal setting for morning routines and entertaining dinner guests. Step outside to the enclosed, beautifully landscaped backyard to find a tranquil pond and fountain, creating a magical setting where you will love tending the garden, relaxing, and unwinding under a starry New Mexico sky.