1961 Edwards Dr Unit A · Sheridan, WY 82801

$288,000

2 bd · 2.0 ba · 1,044 sqft · MultiFamily public records · 29 Days on market

Built 1978 1,742 sqft lot $80/mo HOA · 6% of rent

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Why this score? — see what drove the C- 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 +20.9/30.0
• ARV discount +7.5/15.0
• DSCR +6.6/10.0
• Schools +5.9/10.0
• 1% rule +4.7/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Beautiful townhome with detached garage, fenced backyard, new appliances, and updated! Great home ready for you! Property is realtor owned.

Key facts

• Private spot
• Great natural light
• End-unit townhouse

Tags

• END-UNIT TOWNHOUSE
• FULLY FENCED YARD
• QUIET NEIGHBORHOOD
• GREAT NATURAL LIGHT
• PRIVATE SPOT

Property features AI

Finance

• HOA & community: Homeowners association with $80 monthly fee

Exterior

• Parking: Detached 1-car garage
• Utilities: Public sewer; Sewer connected
• Home design: Single family residence; Stick built; 2 stories
• Construction: Vinyl siding; Slab foundation; Built with stick framing
• Exterior features: Asphalt roof

Interior

• Heating & cooling: Baseboard heating; Electric heating
• Interior features: Baseboard heating; Electric heating

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $288k.

Deal economics

• At list price, monthly cash flow is $400 ($5k/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 $280k (2.8% below list).
• Recommended offer: $280k (2.8% below list) — sets the bar for 1% rule.
• Cap rate 8.0% vs local median 2.4% in Sheridan — 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 79/100 on livability (#7 in WY, #2,337 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, crime A; Watch: amenities C-, employment C-, commute F.
• Sheridan County School District #2 (town): math 68% / reading 72% proficiency, ranked #1 of 41 in WY (top 2%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 509 active listings in the ZIP; 309 units permitted in Sheridan County in 2024 (92 in 5+ unit buildings).
• At $2,800/mo this rent would consume 46% of the median local household income ($73k/yr) (locally 742% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Sheridan County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($284k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 13y 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.

Recommended offer $280,000 (2.8% below list)

Questions for the listing agent

1. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.97% ✗
• Cap rate: 7.96%
• Cash-on-cash: 5.95%
• DSCR: 1.26
• GRM: 8.6

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: -7.1%
• Equity multiple: 0.74×
• Total profit: $-21,252
• Equity at exit: $42,942

10-year hold

• IRR: 2.4%
• Equity multiple: 1.17×
• Total profit: $14,035
• Equity at exit: $24,901

Cash invested: $80,640 (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 82801

• Active inventory: 509
• Price-to-rent: 17.1×

Monthly cashflow live

• Estimated rent: $2,800 medium
• Mortgage (P&I): −$1,510
• Tax from tax record: −$102 /mo · $1,219/yr
• Insurance: −$120
• HOA: −$80
• Vacancy / Maint / Mgmt: −$588
• Net cashflow: $400

Break-even live

Break-even rent $2,294

Max offer price $288,000

Occupancy floor 81%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,800
Total (2 units)			$2,800

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: $72,000
• Closing costs: $8,640
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $80 · $960/yr

Listing history 29 events

1. 2026-06-19
   days on market $288,000 Active 29 DOM
2. 2026-06-18
   days on market $288,000 Active 28 DOM
3. 2026-06-17
   days on market $288,000 Active 27 DOM
4. 2026-06-16
   days on market $288,000 Active 26 DOM
5. 2026-06-15
   days on market $288,000 Active 25 DOM
6. 2026-06-14
   days on market $288,000 Active 23 DOM
7. 2026-06-12
   days on market $288,000 Active 22 DOM
8. 2026-06-09
   days on market $288,000 Active 19 DOM
9. 2026-06-08
   days on market $288,000 Active 18 DOM
10. 2026-06-07
    days on market $288,000 Active 17 DOM
11. 2026-06-05
    days on market $288,000 Active 15 DOM
12. 2026-06-03
    days on market $288,000 Active 13 DOM
13. 2026-06-02
    days on market $288,000 Active 12 DOM
14. 2026-06-01
    days on market $288,000 Active 11 DOM
15. 2026-05-31
    days on market $288,000 Active 10 DOM
16. 2026-05-30
    days on market $288,000 Active 9 DOM
17. 2026-05-21
    listed $288,000 Active
18. 2023-05-31
    soldstatus 141-char remark

    Show marketing remark (141 chars)

    Beautiful townhome with detached garage, fenced backyard, new appliances, and updated! Great home ready for you! Property is realtor owned.

19. 2023-05-31
    soldstatus

    Show marketing remark (141 chars)

    Beautiful townhome with detached garage, fenced backyard, new appliances, and updated! Great home ready for you! Property is realtor owned.

20. 2023-04-04
    listed $249,000 141-char remark

    Show marketing remark (141 chars)

    Beautiful townhome with detached garage, fenced backyard, new appliances, and updated! Great home ready for you! Property is realtor owned.

21. 2022-12-05
    soldstatus
22. 2016-05-26
    soldstatus 143-char remark

    Show marketing remark (143 chars)

    Fabulous townhome with tons of updates and in move-in ready condition! Covenants and Homeowners Association. All measurements are approximate.

23. 2016-03-23
    listed $129,000 143-char remark

    Show marketing remark (143 chars)

    Fabulous townhome with tons of updates and in move-in ready condition! Covenants and Homeowners Association. All measurements are approximate.

24. 2013-09-11
    soldstatus
25. 2013-09-11
    soldstatus
26. 2013-06-06
    listed $119,000
27. 2005-09-01
    soldstatus
28. 1991-09-06
    soldstatus
29. 1988-07-20
    soldstatus

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

Tax reassessment forecast WY · Resets to sale price

• Current annual tax: $1,219 · $102/mo
• Projected year-2 tax: $1,757 · $146/mo
• Expected delta: +$538/yr (+$45/mo · 44.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥93°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,600
• − Mortgage interest: −$16,132
• − Property taxes: −$1,219
• − Insurance: −$1,440
• − Repairs & maintenance: −$2,688
• − Management: −$2,688
• − HOA: −$960
• − Depreciation: −$8,378
• Taxable income: $94
• Est. tax owed @ 24.0%: −$23
• After-tax cash flow: $4,779/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: Sheridan County School District #2
• NCES district ID: 5605695
• Math proficiency: 68% ▼ -4.00%
• Reading proficiency: 72% ▼ -3.00%
• Median HH income: $50,902
• Composite: 59.44/100
• National rank: #923
• State rank: #1 of 41 in WY

Livability — Sheridan

• Score: 79/100
• State rank: #7
• US rank: #2337

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sheridan, WY
• County: Sheridan County · 26,310 people
• City population: 26,310
• Metro: Sheridan, WY
• Population (ZIP): 26,310
• Household income: $73,213
• Rent vs Own: 31.4% rent · 68.6% own
• Severe rent burden: 742.0

Population outlook (Sheridan County) Hauer SSP2

• Today (2025): 32,048 people
• By 2030: 32,834 · +2.5%
• By 2040: 33,843 · +5.6%
• By 2050: 34,744 · +8.4%
• By 2075: 37,231 · +16.2%
• By 2100: 37,261 · +16.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 5% Two or more races 4% Native American 1% Asian 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 5% Slovak 4% Italian 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Sheridan

• 2024 margin: Solid R (+50.1) · D 24.2% · R 74.2% · Other 1.6%
• 2008→2024 swing: -11.9pp toward R · 2008: -38.2pp · 2024: -50.1pp
• All cycles: 2024: R+50.1 2020: R+47.5 2016: R+51.7 2012: R+46.8 2008: R+38.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -194.82%
• Current HPI: 190.3135
• Rent YoY: —
• Metro: Sheridan, WY
• State GDP YoY: —
• F500 in state: 0

Price history

+142.0% since first listed

13 events — show timeline

• 2026-05-21 Listed $288,000 SBORWY
• 2023-05-31 Sold (Public Records) — Public Records
• 2023-05-31 Sold (MLS) — SBORWY
• 2023-04-04 Listed $249,000 SBORWY
• 2022-12-05 Sold (Public Records) — Public Records
• 2016-05-26 Sold (MLS) — SBORWY
• 2016-03-23 Listed $129,000 SBORWY
• 2013-09-11 Sold (Public Records) — Public Records
• 2013-09-11 Sold (MLS) — SBORWY
• 2013-06-06 Listed $119,000 SBORWY
• 2005-09-01 Sold (Public Records) — Public Records
• 1991-09-06 Sold (Public Records) — Public Records
• 1988-07-20 Sold (Public Records) — Public Records

Property tax history

+4.1%/yr

Latest (2025): $1,219 · -23.1% YoY. Source: county tax records.