2334 Mccann Ave #56

Cheyenne, WY 82001

$68,500B

3 bd · 2.0 ba · 1,344 sqft · Built 2004 · Manufactured · Pending · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,179/mo
• Mortgage (P&I): −$359
• Tax + insurance: −$114
• HOA: −$0
• Vac / Maint / Mgmt: −$248
• Net cashflow: $458/mo
• Annual: $5,498/yr
• Cap rate: 14.32%
• Cash-on-cash: 28.67%
• DSCR: 2.28
• 1% rule: 1.72%
• Cash to close: $19,180

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $68k. Condition is rated good.
• At list price, monthly cash flow is $458 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $68k).
• It's been on market 20 days — a 2% lower offer ($67k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $67k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $474 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• 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.
• Zoned schools: Baggs Elementary (math 37% / reading 52%, grade F, #103 of 151 statewide, top 73%, 324 students, 60% FRL); Carey Junior High School (math 43% / reading 50%, grade D+, #39 of 55 statewide, top 70%, 861 students, 38% FRL); East High School (math 43% / reading 43%, grade F, #46 of 75 statewide, top 61%, 1,513 students, 30% FRL).
• Market conditions: Rents rising fast (+6.2%/yr); 262 active listings in the ZIP; solid renter incomes; 485 units permitted in Laramie County in 2024 (104 in 5+ unit buildings).
• Laramie County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts 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.
• At projected returns (-3.0% appreciation + 6.2% rent growth), your $19k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 14.3% vs local median 3.1% 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.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.