320 Watson St · Midwest, WY 82643

$40,000

3 bd · 2.0 ba · 1,503 sqft · SingleFamily public records · 451 Days on market

Built 1920 4,673 sqft lot $27/sqft · 50% below area

---

Why this score? — see what drove the B+ 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +5.3/10.0
• Schools +4.2/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Own a piece of Wyoming history with this 1920-built, 3-bed, 2-bath home in Midwest! This stick-built property offers a glimpse into the past with its unique character and charm. Featuring spacious living areas, original details, and plenty of potential, this home is ready for your vision. Sold as-is, it's a great opportunity for restoration or investment. Located in a quiet, historic community, this property provides small-town living with easy access to local amenities. Don't miss your chance to bring new life to this historical gem! Utilities are not connected buyer is responsible for doing so for any inspections.

Key facts

• Historical gem
• Original details
• 4,673 sq ft lot

Tags

• ORIGINAL DETAILS
• QUIET HISTORIC COMMUNITY
• EASY ACCESS TO LOCAL AMENITIES
• HISTORICAL GEM

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $743 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Recommended offer: $35k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 66/100 on livability (#70 in WY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B+; Watch: schools D+, amenities F, commute 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: 2 active listings in the ZIP; 310 units permitted in Natrona County in 2024 (104 in 5+ unit buildings).

Forward outlook

• In year one you build about $503 of equity ($277 loan paydown + $226 appreciation (0.6% local appreciation)).
• Natrona County population projected at +46% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (0.6% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 451 days — a 12% lower offer ($35k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y ago; this cycle's ask has dropped $25k (38%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $35,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 451 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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.

Investment metrics

• 1% rule: 3.09% ✓
• Cap rate: 28.58%
• Cash-on-cash: 79.61%
• DSCR: 4.54
• GRM: 2.7

CMA / ARV

• ARV (median comp): $80,234
• List price: $40,000
• Delta: -50.15%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
358 Watson Street St	0.15mi	2/1.0 (-1)	1,300 (-14%)	7mo	$22,950	$18	55

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

0.57% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 82.3%
• Equity multiple: 5.22×
• Total profit: $47,223
• Equity at exit: $12,759

10-year hold

• IRR: 83.4%
• Equity multiple: 10.69×
• Total profit: $108,524
• Equity at exit: $16,283

Cash invested: $11,200 (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 82643

• Home prices YoY: 0.8%
• Active inventory: 2
• Price-to-rent: 2.7×

Monthly cashflow live

• Estimated rent: $1,238 medium
• Mortgage (P&I): −$210
• Tax from tax record: −$8 /mo · $101/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$260
• Net cashflow: $743

Break-even live

Break-even rent $297

Max offer price $40,000

Occupancy floor 35%

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-19
   days on market $40,000 Active 451 DOM
2. 2026-06-18
   days on market $40,000 Active 450 DOM
3. 2026-06-17
   days on market $40,000 Active 449 DOM
4. 2026-06-17
   days on market $40,000 Active 448 DOM
5. 2026-06-15
   days on market $40,000 Active 447 DOM
6. 2026-06-14
   days on market $40,000 Active 445 DOM
7. 2026-06-13
   days on market $40,000 Active 444 DOM
8. 2026-06-10
   days on market $40,000 Active 442 DOM
9. 2026-06-09
   days on market $40,000 Active 441 DOM
10. 2026-06-08
    days on market $40,000 Active 440 DOM
11. 2026-06-07
    days on market $40,000 Active 439 DOM
12. 2026-06-05
    days on market $40,000 Active 436 DOM
13. 2026-06-03
    days on market $40,000 Active 435 DOM
14. 2026-06-02
    days on market $40,000 Active 434 DOM
15. 2026-06-01
    days on market $40,000 Active 433 DOM
16. 2026-05-31
    days on market $40,000 Active 432 DOM
17. 2026-05-30
    days on market $40,000 Active 431 DOM
18. 2026-02-12
    price $40,000 624-char remark

    Show marketing remark (624 chars)

    Own a piece of Wyoming history with this 1920-built, 3-bed, 2-bath home in Midwest! This stick-built property offers a glimpse into the past with its unique character and charm. Featuring spacious living areas, original details, and plenty of potential, this home is ready for your vision. Sold as-is, it's a great opportunity for restoration or investment. Located in a quiet, historic community, this property provides small-town living with easy access to local amenities. Don't miss your chance to bring new life to this historical gem! Utilities are not connected buyer is responsible for doing so for any inspections.

19. 2026-01-16
    status Active 624-char remark

    Show marketing remark (624 chars)

    Own a piece of Wyoming history with this 1920-built, 3-bed, 2-bath home in Midwest! This stick-built property offers a glimpse into the past with its unique character and charm. Featuring spacious living areas, original details, and plenty of potential, this home is ready for your vision. Sold as-is, it's a great opportunity for restoration or investment. Located in a quiet, historic community, this property provides small-town living with easy access to local amenities. Don't miss your chance to bring new life to this historical gem! Utilities are not connected buyer is responsible for doing so for any inspections.

20. 2025-09-19
    price $50,000 624-char remark

    Show marketing remark (624 chars)

    Own a piece of Wyoming history with this 1920-built, 3-bed, 2-bath home in Midwest! This stick-built property offers a glimpse into the past with its unique character and charm. Featuring spacious living areas, original details, and plenty of potential, this home is ready for your vision. Sold as-is, it's a great opportunity for restoration or investment. Located in a quiet, historic community, this property provides small-town living with easy access to local amenities. Don't miss your chance to bring new life to this historical gem! Utilities are not connected buyer is responsible for doing so for any inspections.

21. 2025-06-15
    price $55,000 624-char remark

    Show marketing remark (624 chars)

    Own a piece of Wyoming history with this 1920-built, 3-bed, 2-bath home in Midwest! This stick-built property offers a glimpse into the past with its unique character and charm. Featuring spacious living areas, original details, and plenty of potential, this home is ready for your vision. Sold as-is, it's a great opportunity for restoration or investment. Located in a quiet, historic community, this property provides small-town living with easy access to local amenities. Don't miss your chance to bring new life to this historical gem! Utilities are not connected buyer is responsible for doing so for any inspections.

22. 2025-03-01
    listed $65,000 Active 624-char remark

    Show marketing remark (624 chars)

    Own a piece of Wyoming history with this 1920-built, 3-bed, 2-bath home in Midwest! This stick-built property offers a glimpse into the past with its unique character and charm. Featuring spacious living areas, original details, and plenty of potential, this home is ready for your vision. Sold as-is, it's a great opportunity for restoration or investment. Located in a quiet, historic community, this property provides small-town living with easy access to local amenities. Don't miss your chance to bring new life to this historical gem! Utilities are not connected buyer is responsible for doing so for any inspections.

23. 2024-10-24
    soldstatus
24. 2024-02-01
    status Pending
25. 2023-11-30
    listed $29,900 Active
26. 2013-02-14
    soldstatus

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast WY · Resets to sale price

• Current annual tax: $101 · $8/mo
• Projected year-2 tax: $244 · $20/mo
• Expected delta: +$143/yr (+$12/mo · 141.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 3/10 Moderate 6 d/yr ≥93°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,854
• − Mortgage interest: −$2,241
• − Property taxes: −$101
• − Insurance: −$200
• − Repairs & maintenance: −$1,188
• − Management: −$1,188
• − Depreciation: −$1,164
• Taxable income: $8,772
• Est. tax owed @ 24.0%: −$2,105
• After-tax cash flow: $6,811/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.

Schools (NCES district)

• District: Natrona County School District #1
• NCES district ID: 5604510
• Math proficiency: 44% ▼ -4.00%
• Reading proficiency: 52% ▼ -2.00%
• Median HH income: $55,217
• Composite: 41.6/100
• National rank: #3437
• State rank: #32 of 41 in WY

Livability — Midwest

• Score: 66/100
• State rank: #70
• US rank: #11444

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Midwest, WY
• Population (ZIP): 218

Population outlook (Natrona County) Hauer SSP2

• Today (2025): 98,530 people
• By 2030: 107,084 · +8.7%
• By 2040: 124,838 · +26.7%
• By 2050: 143,617 · +45.8%
• By 2075: 192,378 · +95.2%
• By 2100: 228,435 · +131.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Hispanic / Latino 3% Two or more races 2%
• Common ancestry: Serbian 4% Scottish 2% Portuguese 2%

Political lean MEDSL · Natrona

• 2024 margin: Solid R (+48.6) · D 24.8% · R 73.5% · Other 1.7%
• 2008→2024 swing: -14.3pp toward R · 2008: -34.4pp · 2024: -48.6pp
• All cycles: 2024: R+48.6 2020: R+47.6 2016: R+52.2 2012: R+41.1 2008: R+34.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 0.57%
• Current HPI: 69.0667
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+33.8% since first listed

9 events — show timeline

• 2026-02-12 Price Changed $40,000 NEWRA
• 2026-01-16 Relisted — NEWRA
• 2025-09-19 Price Changed $50,000 NEWRA
• 2025-06-15 Price Changed $55,000 NEWRA
• 2025-03-01 Listed $65,000 NEWRA
• 2024-10-24 Sold (Public Records) — Public Records
• 2024-02-01 Pending — WMLS
• 2023-11-30 Listed $29,900 WMLS
• 2013-02-14 Sold (Public Records) — Public Records

Property tax history

-10.9%/yr

Latest (2025): $101 · +70.7% YoY. Source: county tax records.