401 S Russell Lot 175 Ave

Douglas, WY 82633

$95,000D+

3 bd · 2.0 ba · 450 sqft · Built 2024 · Manufactured · Active · 164 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $923/mo
• Mortgage (P&I): −$498
• Tax + insurance: −$158
• HOA: −$0
• Vac / Maint / Mgmt: −$194
• Net cashflow: $73/mo
• Annual: $874/yr
• Cap rate: 7.21%
• Cash-on-cash: 3.28%
• DSCR: 1.15
• 1% rule: 0.97%
• Cash to close: $26,600

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $95k.
• At list price, monthly cash flow is $73 ($874/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 $92k (2.8% below list).
• It's been on market 164 days — a 12% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $84k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $657 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#15 in WY, #4,310 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: schools C-, amenities F, commute F.
• Converse County School District #1 (town): math 54% / reading 57% proficiency, ranked #15 of 41 in WY (top 37%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 82 active listings in the ZIP; 6 units permitted in Converse County in 2024 (0 in 5+ unit buildings).
• Converse County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 26 sale attempts since 8y ago; this cycle's ask is 14% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.2% vs local median 2.4% in Douglas — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• It's been on market 164 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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.
• 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?
• 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.
• 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.
• 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.