115 N 7th St

Glenrock, WY 82637

$395,000C-

8 bd · 4.0 ba · 3,596 sqft · Built 1978 · MultiFamily · Pending · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,499/mo
• Mortgage (P&I): −$2,071
• Tax + insurance: −$318
• HOA: −$0
• Vac / Maint / Mgmt: −$735
• Net cashflow: $375/mo
• Annual: $4,500/yr
• Cap rate: 7.43%
• Cash-on-cash: 4.07%
• DSCR: 1.18
• 1% rule: 0.89%
• Cash to close: $110,600

Investor read

• This is a 3 × 3-bed/?-bath units multifamily listed at $395k.
• At list price, monthly cash flow is $375 ($4k/yr) — positive. Per door: $125/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 $350k (11.4% below list).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $350k (11.4% below list) — sets the bar for 1% rule.
• In year one you build about $42k of equity ($3k loan paydown + $40k appreciation (10.0% local appreciation)).
• Location reads 69/100 on livability (#46 in WY) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Converse County School District #2 (rural): math 37% / reading 46% proficiency, ranked #37 of 41 in WY (top 90%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Grant Elementary (math 44% / reading 54%, grade D, #87 of 151 statewide, top 64%, 205 students, 29% FRL); Glenrock Intermediate School (math 47% / reading 42%, grade D, #41 of 55 statewide, top 80%, 151 students, 40% FRL); Glenrock Jr/Sr High School (math 25% / reading 44%, grade F, #58 of 75 statewide, top 77%, 324 students, 30% FRL).
• Market conditions: 64 active listings in the ZIP; 6 units permitted in Converse County in 2024 (0 in 5+ unit buildings).
• Converse County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 6y 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.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $111k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$68k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• 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.