An extraordinary setting with wonderful mountain vistas, 5 ponds, along with lush meadows and woodlands. This property has over 98-acres that have been placed in a conservation easement to protect them from development, while close to downtown Durango. The water rights are adjudicated and are captured in 5 picturesque ponds throughout the property. There is a cleared building site on a ridge overlooking the meadows and ponds with utilities ready to serve a new main residence. It is rare that a property of this quality and proximity to downtown does not have a older main residence that requires major remodeling. Best of all, there is a newly remodeled 1,500 SF log guest home with 3 bedrooms and 2 baths that can be lived in while completing a main residence that meets all of your needs. It has tongue and groove ceilings, a wood burning Norwegian fireplace, and open floor plan with well thought out great room, kitchen and living area. Other features include an equipment shed with concrete floor and 4 bays, and a functional 1,000 SF workshop, complete with 12' doors and loft storage. Given the extensive grass meadows and water resources, it is a perfect horse property with access to the national forest nearby.