1216 Taft Ave Ave · Cheyenne, WY 82007

$649,000

9 bd · 4.0 ba · 3,520 sqft · MultiFamily public records · 93 Days on market

Built 2004 0.25 ac lot Est $620k · at est. ↓ 4% since listing

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Why this score? — see what drove the D- 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 +12.4/30.0
• ARV discount +5.4/15.0
• Livability +4.2/5.0
• Schools +3.9/10.0
• Rent growth +3.8/5.0
• DSCR +3.7/10.0
• 1% rule +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 3 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Key facts

• Off street parking
• Four plex
• 0.25 acre lot

Tags

• INVESTMENT OPPORTUNITY
• FOUR PLEX
• INDIVIDUAL LAUNDRY UNITS
• OFF STREET PARKING

Property features AI

Finance

• Other: Property listed as TAFT AVE APTS
• Financial info: Annual tax information available

Exterior

• Parking: Off-street parking
• Utilities: Public water; Public sewer
• Home design: Residential income property; 4-unit building; 2 stories
• Construction: Brick construction
• Exterior features: Deck; Patio

Interior

• Kitchen: Dishwasher; Garbage disposal; Microwave; Range/Oven; Refrigerator
• Heating & cooling: Hot water heating
• Interior features: Dishwasher; Garbage disposal; Microwave; Range/Oven; Refrigerator

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.3-bath units multifamily listed at $649k.

Deal economics

• At list price, monthly cash flow is $-108 ($-1k/yr) — negative. Per door: $-36/mo.
• To cash-flow at today's rent, offer at most $630k (2.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $489k (24.6% below list).
• Recommended offer: $489k (24.6% below list) — sets the bar for 1% rule.
• Cap rate 6.1% 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.

Location & tenants

• 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: Bain Elementary (math 27% / reading 37%, grade F, #135 of 151 statewide, top 91%, 224 students, 43% FRL); Johnson Junior High School (math 29% / reading 42%, grade F, #53 of 55 statewide, top 96%, 647 students, 66% FRL); South High School (math 23% / reading 29%, grade F, #62 of 75 statewide, top 82%, 1,187 students, 56% FRL) — zoned schools average 55% FRL vs 32% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 31% at this address vs 44% district-wide (-13 pts) — the specific schools serving this property underperform the Laramie County School District #1 average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+5.1%/yr); 171 active listings in the ZIP; 485 units permitted in Laramie County in 2024 (104 in 5+ unit buildings).
• At $4,894/mo this rent would consume 100% of the median local household income ($59k/yr) (locally 854% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $19k of value loss. Plan a longer hold.
• Laramie County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 93 days — a 9% lower offer ($591k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $489,400 (24.6% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 93 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 0.75% ✗
• Cap rate: 6.09%
• Cash-on-cash: -0.71%
• DSCR: 0.97
• GRM: 11.1

CMA / ARV

• ARV (on-the-fly): $619,520
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1604 Taft Ave Ave	0.23mi	8/4.0 (-1)	3,400 (-3%)	4mo	$600,000	$176	76

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 · 5.08% rent growth · sell at horizon

5-year hold

• IRR: -15.5%
• Equity multiple: 0.44×
• Total profit: $-101,830
• Equity at exit: $96,768

10-year hold

• IRR: -4.1%
• Equity multiple: 0.70×
• Total profit: $-53,740
• Equity at exit: $56,114

Cash invested: $181,720 (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 82007

• Home prices YoY: -25.9%
• Rents YoY: 5.1%
• Active inventory: 171
• Price-to-rent: 33.2×

Monthly cashflow live

• Estimated rent: $4,894 medium
• Mortgage (P&I): −$3,403
• Tax from tax record: −$300 /mo · $3,605/yr
• Insurance: −$270
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,028
• Net cashflow: $-108

Break-even live

Break-even rent $5,031

Max offer price $629,921

Occupancy floor 97%

Sensitivity live

Price	-10% $259	-5% $76	+0% $-108	+5% $-292	+10% $-475
Rent	-10% $-495	-5% $-301	+0% $-108	+5% $85	+10% $279
Rate	-1.0pp $219	-0.5pp $57	base $-108	+0.5pp $-276	+1.0pp $-447

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1.3	$4,893
Total (3 units)			$4,894

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: $162,250
• Closing costs: $19,470
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-22
   days on market $649,000 Active 93 DOM
2. 2026-06-19
   days on market $649,000 Active 91 DOM
3. 2026-06-18
   days on market $649,000 Active 90 DOM
4. 2026-06-17
   days on market $649,000 Active 89 DOM
5. 2026-06-16
   days on market $649,000 Active 88 DOM
6. 2026-06-15
   days on market $649,000 Active 87 DOM
7. 2026-06-14
   days on market $649,000 Active 85 DOM
8. 2026-06-13
   days on market $649,000 Active 84 DOM
9. 2026-06-10
   days on market $649,000 Active 82 DOM
10. 2026-06-09
    days on market $649,000 Active 81 DOM
11. 2026-06-08
    days on market $649,000 Active 80 DOM
12. 2026-06-07
    days on market $649,000 Active 79 DOM
13. 2026-06-05
    days on market $649,000 Active 76 DOM
14. 2026-06-03
    days on market $649,000 Active 75 DOM
15. 2026-06-02
    days on market $649,000 Active 74 DOM
16. 2026-06-01
    days on market $649,000 Active 73 DOM
17. 2026-05-31
    days on market $649,000 Active 72 DOM
18. 2026-05-30
    days on market $649,000 Active 71 DOM
19. 2026-04-06
    price $649,000
20. 2026-03-15
    listed $675,000 Active
21. 2006-07-12
    soldstatus
22. 2006-07-12
    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: $3,605 · $300/mo
• Projected year-2 tax: $3,959 · $330/mo
• Expected delta: +$354/yr (+$29/mo · 9.8%)

ⓘ 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 7/10 Severe
• 🌡 Heat 2/10 Low 7 d/yr ≥89°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $58,728
• − Mortgage interest: −$36,354
• − Property taxes: −$3,605
• − Insurance: −$3,245
• − Repairs & maintenance: −$4,698
• − Management: −$4,698
• − Depreciation: −$18,880
• Taxable loss: −$12,753
• Est. tax savings @ 24.0%: +$3,061
• After-tax cash flow: $1,765/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: Laramie County School District #1
• NCES district ID: 5601980
• Math proficiency: 41% ▼ -2.00%
• Reading proficiency: 48% ▼ -2.00%
• Median HH income: $56,842
• Composite: 38.86/100
• National rank: #4103
• State rank: #33 of 41 in WY

Livability — Cheyenne

• Score: 83/100
• State rank: #2
• US rank: #947

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cheyenne, WY
• County: Laramie County · 94,953 people
• City population: 94,953
• Metro: Cheyenne, WY
• Population (ZIP): 21,704
• Household income: $58,745
• Rent vs Own: 36.7% rent · 63.3% own
• Severe rent burden: 854.0

Population outlook (Laramie County) Hauer SSP2

• Today (2025): 109,698 people
• By 2030: 115,710 · +5.5%
• By 2040: 127,191 · +15.9%
• By 2050: 138,476 · +26.2%
• By 2075: 168,653 · +53.7%
• By 2100: 188,739 · +72.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (66%)
• Race & ethnicity: White 66% Hispanic / Latino 27% Two or more races 12% Native American 4% Black 2%
• Hispanic origin (detail): Mexican 21%
• Common ancestry: Lithuanian 2% Slovak 2% Portuguese 2%
• Foreign-born: 5% · Canada, South Korea
• Languages at home: 88% English-only · Spanish 10%

Political lean MEDSL · Laramie

• 2024 margin: Solid R (+32.4) · D 33.0% · R 65.4% · Other 1.6%
• 2008→2024 swing: -12.1pp toward R · 2008: -20.4pp · 2024: -32.4pp
• All cycles: 2024: R+32.4 2020: R+28.2 2016: R+33.2 2012: R+24.8 2008: R+20.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -90.05%
• Current HPI: 257.0616
• Rent YoY: ▲ 5.08%
• Metro: Cheyenne, WY
• State GDP YoY: —
• F500 in state: 0

Price history

-3.9% since first listed

4 events — show timeline

• 2026-04-06 Price Changed $649,000 CBR
• 2026-03-15 Listed $675,000 CBR
• 2006-07-12 Sold (Public Records) — Public Records
• 2006-07-12 Sold (Public Records) — Public Records

Property tax history

+4.9%/yr

Latest (2025): $3,605 · +16.6% YoY. Source: county tax records.