1522 Trent Ct #15 · Cheyenne, WY 82009

$189,900

2 bd · 1.0 ba · 728 sqft · Condo · 50 Days on market

Built 1977 Average condition ↓ 5% since listing

---

Why this score? — see what drove the D 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 +11.2/30.0
• ARV discount +7.5/15.0
• Rent growth +4.2/5.0
• Livability +4.2/5.0
• Schools +3.9/10.0
• 1% rule +3.3/10.0
• DSCR +3.3/10.0
• Condition / age +2.8/5.0
• Appreciation +0.0/10.0

Key facts

• Washer and dryer
• Move in ready
• Additional storage

Tags

• MOVE IN READY
• WASHER AND DRYER
• ADDITIONAL STORAGE

Property features AI

Exterior

• Home design: Residential condominium
• Exterior features: Located in the PINES CONDOS subdivision; Approximately 1.85 acres (lot)

Interior

• Bathrooms: 1 full bathroom
• Interior features: Condominium unit

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $190k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $-74 ($-892/yr) — negative.
• To cash-flow at today's rent, offer at most $179k (5.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $157k (17.5% below list).
• Recommended offer: $157k (17.5% below list) — sets the bar for 1% rule.
• Cap rate 5.8% vs local median 3.2% in Cheyenne — 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 83/100 on livability (#2 in WY, #947 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D.
• Laramie County School District #1 (urban): math 41% / reading 48% proficiency, ranked #33 of 41 in WY (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+6.7%/yr); 538 active listings in the ZIP; solid renter incomes; 485 units permitted in Laramie County in 2024 (104 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Laramie County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 50 days — a 3% lower offer ($184k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $156,717 (17.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 50 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
3. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. 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?
9. 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.
10. 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.
11. 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: 0.83% ✗
• Cap rate: 5.82%
• Cash-on-cash: -1.68%
• DSCR: 0.93
• GRM: 10.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.73% rent growth · sell at horizon

5-year hold

• IRR: -15.0%
• Equity multiple: 0.45×
• Total profit: $-29,378
• Equity at exit: $28,315

10-year hold

• IRR: -1.1%
• Equity multiple: 0.91×
• Total profit: $-4,540
• Equity at exit: $16,419

Cash invested: $53,172 (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 82009

• Rents YoY: 6.7%
• Active inventory: 538
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $1,567 medium
• Mortgage (P&I): −$996
• Tax est. 1.5%: −$237 /mo · $2,848/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$329
• Net cashflow: $-74

Break-even live

Break-even rent $1,661

Max offer price $179,150

Occupancy floor 100%

Sensitivity live

Price	-10% $57	-5% $-9	+0% $-74	+5% $-140	+10% $-206
Rent	-10% $-198	-5% $-136	+0% $-74	+5% $-12	+10% $50
Rate	-1.0pp $21	-0.5pp $-26	base $-74	+0.5pp $-123	+1.0pp $-174

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 14 events

1. 2026-06-14
   statusdays on market $189,900 Pending 50 DOM
2. 2026-06-13
   days on market $189,900 Active 49 DOM
3. 2026-06-10
   days on market $189,900 Active 47 DOM
4. 2026-06-09
   days on market $189,900 Active 46 DOM
5. 2026-06-08
   days on market $189,900 Active 45 DOM
6. 2026-06-07
   days on market $189,900 Active 44 DOM
7. 2026-06-05
   days on market $189,900 Active 41 DOM
8. 2026-06-03
   days on market $189,900 Active 40 DOM
9. 2026-06-02
   days on market $189,900 Active 39 DOM
10. 2026-06-01
    days on market $189,900 Active 38 DOM
11. 2026-05-31
    days on market $189,900 Active 37 DOM
12. 2026-05-30
    days on market $189,900 Active 36 DOM
13. 2026-04-24
    listed $189,900 Active
14. 2026-03-20
    price $199,000

ⓘ 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 FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 2/10 Low 7 d/yr ≥88°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,806
• − Mortgage interest: −$10,637
• − Property taxes: −$2,848
• − Insurance: −$950
• − Repairs & maintenance: −$1,504
• − Management: −$1,504
• − Depreciation: −$5,524
• Taxable loss: −$4,163
• Est. tax savings @ 24.0%: +$999
• After-tax cash flow: $108/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.

Condition & rehab AI · 12 photos

Average 55/100 Cosmetic rehab

This property is in average condition with some cosmetic repairs and maintenance needed. Upgrades to the interior walls, flooring, and kitchen would significantly enhance its resale and rental value.

Repairs flagged

• Minor exterior siding — Visible weathering
• Minor interior walls — Some scuff marks
• Minor kitchen cabinets — Dated design
• Minor bathroom fixtures — Some wear

Value-add opportunities

• Resale Paint interior walls — Enhances curb appeal and interior aesthetics
• Resale Replace carpet — Freshens up the living space and adds value
• Resale Replace kitchen cabinets — Modernizes the kitchen and adds value
• Resale Replace bathroom fixtures — Enhances the bathroom's appearance and adds value

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Visible weathering	Minor	$500–3,000
interior walls · Some scuff marks	Minor	$500–3,000
kitchen cabinets · Dated design	Minor	$500–3,000
bathroom fixtures · Some wear	Minor	$500–3,000
Total estimated repair cost · 4 items		$2,000–12,000

Value-add ROI direction

• Resale Paint interior walls — Enhances curb appeal and interior aesthetics ↑
• Resale Replace carpet — Freshens up the living space and adds value ↑
• Resale Replace kitchen cabinets — Modernizes the kitchen and adds value ↑
• Resale Replace bathroom fixtures — Enhances the bathroom's appearance and adds value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Laramie County School District #1
• NCES district ID: 5601980
• Math proficiency: 41% ▼ -2.00%
• Reading proficiency: 48% ▼ -2.00%
• Median HH income: $56,842
• Composite: 38.86/100
• National rank: #4103
• State rank: #33 of 41 in WY

Livability — Cheyenne

• Score: 83/100
• State rank: #2
• US rank: #947

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cheyenne, WY
• County: Laramie County · 94,953 people
• City population: 94,953
• Metro: Cheyenne, WY
• Population (ZIP): 35,081
• Household income: $103,835
• Rent vs Own: 18.8% rent · 81.2% own
• Severe rent burden: 608.0

Population outlook (Laramie County) Hauer SSP2

• Today (2025): 109,698 people
• By 2030: 115,710 · +5.5%
• By 2040: 127,191 · +15.9%
• By 2050: 138,476 · +26.2%
• By 2075: 168,653 · +53.7%
• By 2100: 188,739 · +72.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Hispanic / Latino 9% Two or more races 6% Asian 1% Black 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 3% Slovak 3% Italian 3%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 2% Other Indo-European 1%

Political lean MEDSL · Laramie

• 2024 margin: Solid R (+32.4) · D 33.0% · R 65.4% · Other 1.6%
• 2008→2024 swing: -12.1pp toward R · 2008: -20.4pp · 2024: -32.4pp
• All cycles: 2024: R+32.4 2020: R+28.2 2016: R+33.2 2012: R+24.8 2008: R+20.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -339.39%
• Current HPI: 266.7583
• Rent YoY: ▲ 6.73%
• Metro: Cheyenne, WY
• State GDP YoY: —
• F500 in state: 0

Price history

-4.6% since first listed

2 events — show timeline

• 2026-04-24 Listed $189,900 CBR
• 2026-03-20 Price Changed $199,000 CBR