26 Jonquil St

Casper, WY 82604

$530,000C-

2 bd · 1.0 ba · 4,012 sqft · Built 1978 · MultiFamily · Pending · 39 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,015/mo
• Mortgage (P&I): −$2,779
• Tax + insurance: −$517
• HOA: −$0
• Vac / Maint / Mgmt: −$1,053
• Net cashflow: $665/mo
• Annual: $7,983/yr
• Cap rate: 7.80%
• Cash-on-cash: 5.38%
• DSCR: 1.24
• 1% rule: 0.95%
• Cash to close: $148,400

Investor read

• This is a 3 × 3-bed/1.3-bath units multifamily listed at $530k.
• At list price, monthly cash flow is $665 ($8k/yr) — positive. Per door: $222/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $502k (5.4% below list).
• It's been on market 39 days — a 3% lower offer ($514k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $502k (5.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $16k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#8 in WY, #2,629 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities D, health & safety F.
• Natrona County School District #1 (urban): math 44% / reading 52% proficiency, ranked #32 of 41 in WY (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 203 active listings in the ZIP; solid renter incomes; 310 units permitted in Natrona County in 2024 (104 in 5+ unit buildings).
• Natrona County population projected at +46% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 4y 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.
• Climate carrying-cost: moderate flood risk; major wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.8% vs local median 3.0% in Casper — 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.
• At $5,015/mo this rent would consume 76% of the median local household income ($79k/yr) (locally 396% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 39 days. Have you received any prior offers? Is the seller open to a 5% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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 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.