214 E Spruce St

Rawlins, WY 82301

$123,000C

3 bd · 3.0 ba · 976 sqft · Built 1950 · SingleFamily · Pending · 50 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,164/mo
• Mortgage (P&I): −$645
• Tax + insurance: −$109
• HOA: −$0
• Vac / Maint / Mgmt: −$244
• Net cashflow: $166/mo
• Annual: $1,993/yr
• Cap rate: 7.91%
• Cash-on-cash: 5.79%
• DSCR: 1.26
• 1% rule: 0.95%
• Cash to close: $34,440

Investor read

• This is a 3-bed/3.0-bath single-family listed at $123k.
• At list price, monthly cash flow is $166 ($2k/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 $116k (5.4% below list).
• It's been on market 50 days — a 3% lower offer ($119k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $116k (5.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $850 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• 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.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 92 active listings in the ZIP; 40 units permitted in Carbon County in 2024 (0 in 5+ unit buildings).
• Carbon County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 16 sale attempts since 7y ago; this cycle's ask is 10596% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.9% 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.

Questions for listing agent

• It's been on market 50 days. Have you received any prior offers? Is the seller open to a 5% concession, seller financing, or rate buy-down credit?
• Built in 1950 — 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.
• 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?
• 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.