121 Morning Glory Way

Rock Springs, WY 82901

$279,000D

2 bd · 2.0 ba · 1,882 sqft · Built 1995 · MultiFamily · Active · 45 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,189/mo
• Mortgage (P&I): −$1,463
• Tax + insurance: −$195
• HOA: −$0
• Vac / Maint / Mgmt: −$460
• Net cashflow: $72/mo
• Annual: $858/yr
• Cap rate: 6.60%
• Cash-on-cash: 1.10%
• DSCR: 1.05
• 1% rule: 0.78%
• Cash to close: $78,120

Investor read

• This is a 2-bed/2.0-bath multifamily listed at $279k.
• At list price, monthly cash flow is $72 ($858/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 $219k (21.5% below list).
• It's been on market 45 days — a 3% lower offer ($271k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $219k (21.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#35 in WY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F, health & safety F.
• Sweetwater County School District #1 (town): math 44% / reading 49% proficiency, ranked #31 of 41 in WY (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Rock Springs Junior High (math 43% / reading 52%, grade C-, #38 of 55 statewide, top 69%, 769 students, 39% FRL); Rock Springs High School (math 37% / reading 43%, grade F, #51 of 75 statewide, top 68%, 1,502 students, 31% FRL).
• Market conditions: Rents soft (-2.1%/yr); 178 active listings in the ZIP; 47 units permitted in Sweetwater County in 2024 (0 in 5+ unit buildings).
• Sweetwater County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.6% vs local median 2.9% in Rock Springs — 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.
• This rent runs 38% of the median local income ($70k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 45 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.