400, 402, 406 N 8th St · Worland, WY 82401

$225,000

5 bd · 3.0 ba · 2,128 sqft · MultiFamily · 150 Days on market

Built 1948 Fair condition 6,970 sqft lot $106/sqft · 9% below area Est $246k · 9% under

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Why this score? — see what drove the C+ 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 +24.0/30.0
• ARV discount +11.4/15.0
• DSCR +7.7/10.0
• 1% rule +6.2/10.0
• Schools +5.2/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Income-Producing Property Featuring Duplex and Single-Family Home Excellent investment opportunity offering a duplex and a separate single-family home on one property. Each unit in the duplex features 2 bedrooms and 1 bathroom, providing functional and consistent layouts. The duplex received a new roof and membrane approximately 2 years ago, adding value and peace of mind for future ownership. Also included is a 1 bedroom, 1 bathroom single-family home, ideal for additional rental income, multi-generational living, or owner occupancy. This versatile setup allows for multiple income streams and flexible use options. A solid opportunity for investors or owner-occupants looking to offset mortgage costs while building long-term value.

Key facts

• Single family home
• Duplex
• New roof

Tags

• INCOME PRODUCING PROPERTY
• DUPLEX
• SINGLE FAMILY HOME
• NEW ROOF

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath multifamily listed at $225k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $439 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $225k).
• Recommended offer: $198k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.6% vs local median 3.1% in Worland — 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.

Location & tenants

• Location reads 74/100 on livability (#16 in WY, #4,423 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Washakie County School District #1 (town): math 59% / reading 64% proficiency, ranked #10 of 41 in WY (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 64 active listings in the ZIP; 5 units permitted in Washakie County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Washakie County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 150 days — a 12% lower offer ($198k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $198,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 150 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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.

Investment metrics

• 1% rule: 1.12% ✓
• Cap rate: 8.63%
• Cash-on-cash: 8.36%
• DSCR: 1.37
• GRM: 7.4

CMA / ARV

• ARV (median comp): $246,360
• List price: $225,000
• Delta: -8.67%
• Verdict: FAIR
• Comps: 3 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
421 & 423 Rupp Ave Ave	0.69mi	4/2.0 (-1)	1,872 (-12%)	2mo	$179,000	$96	38

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

Projected returns pro-forma

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

5-year hold

• IRR: -3.6%
• Equity multiple: 0.87×
• Total profit: $-8,459
• Equity at exit: $33,548

10-year hold

• IRR: 6.1%
• Equity multiple: 1.46×
• Total profit: $28,795
• Equity at exit: $19,454

Cash invested: $63,000 (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 82401

• Active inventory: 64
• Price-to-rent: 22.3×

Monthly cashflow live

• Estimated rent: $2,524 medium
• Mortgage (P&I): −$1,180
• Tax est. 1.5%: −$281 /mo · $3,375/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$530
• Net cashflow: $439

Break-even live

Break-even rent $1,968

Max offer price $225,000

Occupancy floor 78%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$2,523
Total (3 units)			$2,524

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $225,000 Active 150 DOM
2. 2026-06-17
   days on market $225,000 Active 149 DOM
3. 2026-06-16
   days on market $225,000 Active 148 DOM
4. 2026-06-15
   days on market $225,000 Active 147 DOM
5. 2026-06-15
   days on market $225,000 Active 146 DOM
6. 2026-06-13
   days on market $225,000 Active 145 DOM
7. 2026-06-12
   days on market $225,000 Active 144 DOM
8. 2026-06-09
   days on market $225,000 Active 141 DOM
9. 2026-06-08
   days on market $225,000 Active 140 DOM
10. 2026-06-08
    days on market $225,000 Active 139 DOM
11. 2026-06-05
    days on market $225,000 Active 137 DOM
12. 2026-06-04
    days on market $225,000 Active 136 DOM
13. 2026-06-03
    days on market $225,000 Active 135 DOM
14. 2026-06-02
    days on market $225,000 Active 134 DOM
15. 2026-06-01
    days on market $225,000 Active 133 DOM
16. 2026-05-31
    days on market $225,000 Active 132 DOM
17. 2026-01-21
    price $250,000 740-char remark

    Show marketing remark (740 chars)

    Income-Producing Property Featuring Duplex and Single-Family Home Excellent investment opportunity offering a duplex and a separate single-family home on one property. Each unit in the duplex features 2 bedrooms and 1 bathroom, providing functional and consistent layouts. The duplex received a new roof and membrane approximately 2 years ago, adding value and peace of mind for future ownership. Also included is a 1 bedroom, 1 bathroom single-family home, ideal for additional rental income, multi-generational living, or owner occupancy. This versatile setup allows for multiple income streams and flexible use options. A solid opportunity for investors or owner-occupants looking to offset mortgage costs while building long-term value.

18. 2026-01-13
    listed $216,000 Active 740-char remark

    Show marketing remark (740 chars)

    Income-Producing Property Featuring Duplex and Single-Family Home Excellent investment opportunity offering a duplex and a separate single-family home on one property. Each unit in the duplex features 2 bedrooms and 1 bathroom, providing functional and consistent layouts. The duplex received a new roof and membrane approximately 2 years ago, adding value and peace of mind for future ownership. Also included is a 1 bedroom, 1 bathroom single-family home, ideal for additional rental income, multi-generational living, or owner occupancy. This versatile setup allows for multiple income streams and flexible use options. A solid opportunity for investors or owner-occupants looking to offset mortgage costs while building long-term value.

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

Taxation est. · year 1

• Rental income: $30,288
• − Mortgage interest: −$12,603
• − Property taxes: −$3,375
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,423
• − Management: −$2,423
• − Depreciation: −$6,545
• Taxable income: $1,793
• Est. tax owed @ 24.0%: −$430
• After-tax cash flow: $4,838/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.

Condition & rehab AI · 13 photos

Fair 45/100 Moderate rehab

This multi-family property offers a good investment opportunity with a duplex and a single-family home. The property needs some updates to the kitchen and bathroom, and exterior paint, but the roof is in good condition and the property is in a good location.

Repairs flagged

• Minor kitchen cabinets — dated and in need of updating
• Minor bathroom fixtures — basic and outdated
• Moderate exterior paint — faded and in need of touch-up

Value-add opportunities

• Both update kitchen cabinets — modernizing the kitchen would appeal to both buyers and renters
• Both update bathroom fixtures — modernizing the bathroom would appeal to both buyers and renters
• Both paint exterior — fresh paint would improve curb appeal and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and in need of updating	Minor	$500–3,000
bathroom fixtures · basic and outdated	Minor	$500–3,000
exterior paint · faded and in need of touch-up	Moderate	$3,000–15,000
Total estimated repair cost · 3 items		$4,000–21,000

Value-add ROI direction

• Both update kitchen cabinets — modernizing the kitchen would appeal to both buyers and renters ↑
• Both update bathroom fixtures — modernizing the bathroom would appeal to both buyers and renters ↑
• Both paint exterior — fresh paint would improve curb appeal and value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Washakie County School District #1
• NCES district ID: 5606240
• Math proficiency: 59% ▼ -5.00%
• Reading proficiency: 64% ▼ -7.00%
• Median HH income: $48,118
• Composite: 52.13/100
• National rank: #1617
• State rank: #10 of 41 in WY

Livability — Worland

• Score: 74/100
• State rank: #16
• US rank: #4423

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Worland, WY
• Population (ZIP): 7,053

Population outlook (Washakie County) Hauer SSP2

• Today (2025): 7,947 people
• By 2030: 7,658 · -3.6%
• By 2040: 6,969 · -12.3%
• By 2050: 6,237 · -21.5%
• By 2075: 4,611 · -42.0%
• By 2100: 2,994 · -62.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Hispanic / Latino 15% Two or more races 15%
• Hispanic origin (detail): Mexican 14%
• Common ancestry: Lithuanian 5% Iranian 2% Slovak 2%
• Foreign-born: 3% · Canada
• Languages at home: 92% English-only · Spanish 8%

Political lean MEDSL · Washakie

• 2024 margin: Solid R (+64.3) · D 17.1% · R 81.4% · Other 1.6%
• 2008→2024 swing: -17.5pp toward R · 2008: -46.8pp · 2024: -64.3pp
• All cycles: 2024: R+64.3 2020: R+64.7 2016: R+64.0 2012: R+56.7 2008: R+46.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -113.46%
• Current HPI: 186.0211
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+15.7% since first listed

2 events — show timeline

• 2026-01-21 Price Changed $250,000 WMLS
• 2026-01-13 Listed $216,000 WMLS