518 E Spruce St · Rawlins, WY 82301

$85,900

3 bd · 2.0 ba · 1,440 sqft · Other · 59 Days on market

Built 1973 6,534 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 +9.2/10.0
• ARV discount +7.5/15.0
• Schools +3.8/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Montrose 1973 Double wide on its own lot. This 3 bedroom, 2 bath home has metal siding and newer windows. Furnace was updated 5-6 years ago, and central air was added. There is a shed in the back area that has approximately 250 square feet for storage. Priced to sell "as is". No repairs will be done by the Seller. Call or TXT: Marie Sjolin 307-321-0039 for details.

Key facts

• Manufactured home
• Storage building
• Side deck entry

Tags

• MANUFACTURED HOME
• OWN LOT
• EATING BAR
• SIDE DECK ENTRY
• BACK YARD AREA
• STORAGE BUILDING

Property features AI

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer; Natural gas available
• Home design: Residential mobile home (manufactured, detached)
• Construction: Metal siding
• Exterior features: Deck; Chain link fencing

Interior

• Kitchen: Refrigerator; Range; Oven
• Flooring: Carpet; Vinyl
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: Accessible entrance

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $86k.

Deal economics

• At list price, monthly cash flow is $367 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $86k).
• Recommended offer: $83k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.4% vs local median 4.1% in Rawlins — 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.

Location & tenants

• Location reads 70/100 on livability (#31 in WY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: schools D, amenities F, commute F.
• Carbon County School District #1 (town): math 39% / reading 48% proficiency, ranked #35 of 41 in WY (top 85%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 92 active listings in the ZIP; 40 units permitted in Carbon County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $594 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Carbon County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 59 days — a 3% lower offer ($83k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $83,323 (3.0% below list)

Questions for the listing agent

1. It's been on market 59 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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.
6. 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.
7. 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: 1.42% ✓
• Cap rate: 11.42%
• Cash-on-cash: 18.32%
• DSCR: 1.81
• GRM: 5.9

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: 10.0%
• Equity multiple: 1.39×
• Total profit: $9,482
• Equity at exit: $12,808

10-year hold

• IRR: 19.1%
• Equity multiple: 2.60×
• Total profit: $38,440
• Equity at exit: $7,427

Cash invested: $24,052 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State Wyoming: 90 Strongly Landlord-Friendly · R+25
• County: — inherits STATE
• City: — inherits STATE

3-day notice; strongly landlord-favorable; small market.

Methodology + full state rankings →

ZIP-level market 82301

• Active inventory: 92
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $1,216 medium
• Mortgage (P&I): −$450
• Tax est. 1.5%: −$107 /mo · $1,288/yr
• Insurance: −$36
• HOA: −$0
• Vacancy / Maint / Mgmt: −$255
• Net cashflow: $367

Break-even live

Break-even rent $751

Max offer price $85,900

Occupancy floor 65%

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: $21,475
• Closing costs: $2,577
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-05-20
   status Pending
2. 2026-04-29
   status Active
3. 2026-04-27
   status Pending
4. 2026-03-20
   listed $85,900 Active
5. 2024-05-06
   soldstatus
6. 2024-05-03
   soldstatus Closed 380-char remark

   Show marketing remark (380 chars)

   Montrose 1973 Double wide on its own lot. This 3 bedroom, 2 bath home has metal siding and newer windows. Furnace was updated 5-6 years ago, and central air was added. There is a shed in the back area that has approximately 250 square feet for storage. Priced to sell "as is". No repairs will be done by the Seller. Call or TXT: Marie Sjolin 307-321-0039 for details.

7. 2024-04-20
   status Pending 380-char remark

   Show marketing remark (380 chars)

   Montrose 1973 Double wide on its own lot. This 3 bedroom, 2 bath home has metal siding and newer windows. Furnace was updated 5-6 years ago, and central air was added. There is a shed in the back area that has approximately 250 square feet for storage. Priced to sell "as is". No repairs will be done by the Seller. Call or TXT: Marie Sjolin 307-321-0039 for details.

8. 2024-04-19
   historical Active Under Contract 380-char remark

   Show marketing remark (380 chars)

   Montrose 1973 Double wide on its own lot. This 3 bedroom, 2 bath home has metal siding and newer windows. Furnace was updated 5-6 years ago, and central air was added. There is a shed in the back area that has approximately 250 square feet for storage. Priced to sell "as is". No repairs will be done by the Seller. Call or TXT: Marie Sjolin 307-321-0039 for details.

9. 2024-04-09
   listed $69,900 Active 380-char remark

   Show marketing remark (380 chars)

   Montrose 1973 Double wide on its own lot. This 3 bedroom, 2 bath home has metal siding and newer windows. Furnace was updated 5-6 years ago, and central air was added. There is a shed in the back area that has approximately 250 square feet for storage. Priced to sell "as is". No repairs will be done by the Seller. Call or TXT: Marie Sjolin 307-321-0039 for details.

10. 2016-09-21
    soldstatus

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 2/10 Low 7 d/yr ≥86°F today · 18 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,594
• − Mortgage interest: −$4,812
• − Property taxes: −$1,288
• − Insurance: −$430
• − Repairs & maintenance: −$1,168
• − Management: −$1,168
• − Depreciation: −$2,499
• Taxable income: $3,230
• Est. tax owed @ 24.0%: −$775
• After-tax cash flow: $3,630/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: Carbon County School District #1
• NCES district ID: 5601030
• Math proficiency: 39% ▼ -4.00%
• Reading proficiency: 48% ▲ 3.00%
• Median HH income: $59,074
• Composite: 38.23/100
• National rank: #4248
• State rank: #35 of 41 in WY

Livability — Rawlins

• Score: 70/100
• State rank: #31
• US rank: #7516

Category grades

Amenities F Commute F Cost of living A+ Crime A- Employment B Housing A+ Health & safety B User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rawlins, WY
• County: Carbon County · 8,180 people
• City population: 8,180
• Metro: Rock Springs, WY
• Population (ZIP): 8,180
• Household income: $62,841
• Rent vs Own: 28.6% rent · 71.4% own
• Severe rent burden: 163.0

Population outlook (Carbon County) Hauer SSP2

• Today (2025): 15,217 people
• By 2030: 14,977 · -1.6%
• By 2040: 14,430 · -5.2%
• By 2050: 14,381 · -5.5%
• By 2075: 14,566 · -4.3%
• By 2100: 13,729 · -9.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (70%)
• Race & ethnicity: White 70% Hispanic / Latino 24% Two or more races 9% Black 2% Asian 1%
• Hispanic origin (detail): Mexican 19%
• Common ancestry: Portuguese 3% Slovak 2% Scottish 2%
• Foreign-born: 6% · Canada
• Languages at home: 85% English-only · Spanish 12% Other Indo-European 1% German/W. Germanic 1%

Political lean MEDSL · Carbon

• 2024 margin: Solid R (+58.1) · D 20.1% · R 78.3% · Other 1.6%
• 2008→2024 swing: -29.0pp toward R · 2008: -29.1pp · 2024: -58.1pp
• All cycles: 2024: R+58.1 2020: R+53.8 2016: R+50.5 2012: R+31.6 2008: R+29.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -202.83%
• Current HPI: 139.787
• Rent YoY: —
• Metro: Rock Springs, WY
• State GDP YoY: —
• F500 in state: 0

Price history

+22.9% since first listed

10 events — show timeline

• 2026-05-20 Pending — WMLS
• 2026-04-29 Relisted — WMLS
• 2026-04-27 Pending — WMLS
• 2026-03-20 Listed $85,900 WMLS
• 2024-05-06 Sold (Public Records) — Public Records
• 2024-05-03 Sold (MLS) — WMLS
• 2024-04-20 Pending — WMLS
• 2024-04-19 Contingent — WMLS
• 2024-04-09 Listed $69,900 WMLS
• 2016-09-21 Sold (Public Records) — Public Records

Property tax history

-0.8%/yr

Latest (2025): $78 · -23.3% YoY. Source: county tax records.