5245 Fishing Brg · Cheyenne, WY 82009

$265,000

3 bd · 24.0 ba · 9,706 sqft · Condo public records · 14 Days on market

Built 1983

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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 +12.3/30.0
• ARV discount +7.5/15.0
• Rent growth +4.2/5.0
• Livability +4.2/5.0
• Schools +3.9/10.0
• DSCR +3.7/10.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

WONDERFUL WELL MAINTAINED AND REMODELED CONDO. HARDWOOD ON MAIN LEVEL, RELAX IN FRONT OF THE FIRE PLACE, KITCHEN HAS SOME NEWER APPLIANCES AND A BREAKFAST BAR. SEPARATE DINNING ROOM, UPSTAIRS ARE 2 SPACIOUS MASTER SUITES WITH THEIR OWN BATHS. DOWNSTAIRS HAS ANOTHER BEDROOM AND A FAMILY ROOM. ALSO A GUN ROOM

Key facts

• Stainless appliances
• Updated kitchen
• Fenced back patio

Tags

• UPDATED KITCHEN
• BREAKFAST BAR
• STAINLESS APPLIANCES
• FENCED BACK PATIO
• CUSTOM PAVERS
• TWO SPACIOUS PRIMARY SUITES

Property features AI

Finance

• Financial info: Annual tax amount reported

Exterior

• Home design: Residential condominium
• Exterior features: Lot within a 2.19-acre parcel

Interior

• Bathrooms: 1 full bathroom; 1 three-quarter bathroom; 1 half bathroom
• Interior features: Pantry; Fireplace (1)

What this means for you Summary

Snapshot

• This is a 3-bed/24.0-bath condo listed at $265k.

Deal economics

• At list price, monthly cash flow is $-46 ($-556/yr) — negative.
• To cash-flow at today's rent, offer at most $257k (3.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $195k (26.4% below list).
• Recommended offer: $195k (26.4% below list) — sets the bar for 1% rule.
• Cap rate 6.1% vs local median 3.2% 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.
• Market conditions: Rents rising fast (+6.7%/yr); 538 active listings in the ZIP; solid renter incomes; 485 units permitted in Laramie County in 2024 (104 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 $8k 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

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 8y 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.

Risks & watch-outs

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

Recommended offer $195,139 (26.4% 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. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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?
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: 0.74% ✗
• Cap rate: 6.08%
• Cash-on-cash: -0.75%
• DSCR: 0.97
• GRM: 11.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.73% rent growth · sell at horizon

5-year hold

• IRR: -14.0%
• Equity multiple: 0.48×
• Total profit: $-38,414
• Equity at exit: $39,512

10-year hold

• IRR: -0.7%
• Equity multiple: 0.95×
• Total profit: $-4,068
• Equity at exit: $22,912

Cash invested: $74,200 (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 82009

• Rents YoY: 6.7%
• Active inventory: 538
• Price-to-rent: 11.3×

Monthly cashflow live

• Estimated rent: $1,951 medium
• Mortgage (P&I): −$1,390
• Tax from tax record: −$88 /mo · $1,054/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$410
• Net cashflow: $-46

Break-even live

Break-even rent $2,010

Max offer price $256,819

Occupancy floor 97%

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: $66,250
• Closing costs: $7,950
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 11 events

1. 2026-06-19
   days on market $265,000 Active 14 DOM
2. 2026-06-18
   days on market $265,000 Active 13 DOM
3. 2026-06-17
   days on market $265,000 Active 12 DOM
4. 2026-06-16
   days on market $265,000 Active 11 DOM
5. 2026-06-15
   days on market $265,000 Active 10 DOM
6. 2026-06-14
   days on market $265,000 Active 8 DOM
7. 2026-06-13
   days on market $265,000 Active 7 DOM
8. 2026-06-10
   days on market $265,000 Active 5 DOM
9. 2026-06-09
   days on market $265,000 Active 4 DOM
10. 2026-06-08
    days on market $265,000 Active 3 DOM
11. 2026-06-07
    listed $265,000 Active 2 DOM

ⓘ 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: $1,054 · $88/mo
• Projected year-2 tax: $1,616 · $135/mo
• Expected delta: +$563/yr (+$47/mo · 53.4%)

ⓘ 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 ≥88°F today · 16 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: $23,417
• − Mortgage interest: −$14,844
• − Property taxes: −$1,054
• − Insurance: −$1,325
• − Repairs & maintenance: −$1,873
• − Management: −$1,873
• − Depreciation: −$7,709
• Taxable loss: −$5,262
• Est. tax savings @ 24.0%: +$1,263
• After-tax cash flow: $707/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): 35,081
• Household income: $103,835
• Rent vs Own: 18.8% rent · 81.2% own
• Severe rent burden: 608.0

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 (83%)
• Race & ethnicity: White 83% Hispanic / Latino 9% Two or more races 6% Asian 1% Black 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 3% Slovak 3% Italian 3%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 2% Other Indo-European 1%

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: ▼ -339.39%
• Current HPI: 266.7583
• Rent YoY: ▲ 6.73%
• Metro: Cheyenne, WY
• State GDP YoY: —
• F500 in state: 0

Price history

+76.7% since first listed

6 events — show timeline

• 2026-05-28 Listed $265,000 CBR
• 2018-07-20 Sold (Public Records) — Public Records
• 2018-07-20 Sold (MLS) — CBR
• 2018-05-30 Listed $150,000 CBR
• 2007-04-04 Sold (Public Records) — Public Records
• 2005-04-15 Sold (Public Records) — Public Records

Property tax history

+2.2%/yr

Latest (2025): $1,054 · -22.2% YoY. Source: county tax records.