120 W 5th St S · Cheyenne Wells, CO 80810

$90,000

2 bd · 1.0 ba · 759 sqft · SingleFamily public records · 64 Days on market

Built 1924 9,583 sqft lot

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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 +15.9/30.0
• ARV discount +7.5/15.0
• Appreciation +5.9/10.0
• DSCR +4.9/10.0
• 1% rule +4.3/10.0
• Livability +3.5/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Looking for a starter home, downsizing or an investment property? Check out this older, cozy 3-bedroom, 1 bath home, which includes living room (non-functional FP), kitchen with stove & refrigerator included, and utility room. Nice sized lot offers potential for expansion.

Key facts

• 9,583 sq ft lot
• Built 1924
• Listed 64 days

Property features AI

Exterior

• Parking: No garage; No designated parking features
• Utilities: City water (meter installed); Public sewer; Natural gas available; Electricity available
• Home design: Single-family residence; One-level
• Construction: Frame, brick, and stucco construction; Composition roof; Built previously (not new)
• Exterior features: Minimal flood risk (C-rating)

Interior

• Kitchen: Gas range; Refrigerator
• Bedrooms: 3 bedrooms (all conforming)
• Bathrooms: 1 full bathroom
• Heating & cooling: Wall furnace
• Interior features: Gas Range; Refrigerator; Wall furnace heating
• Laundry & utility: Water meter installed

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $42 ($506/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $84k (6.6% below list).
• Recommended offer: $84k (6.6% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 69/100 on livability (#96 in CO) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, amenities F, commute F.
• Cheyenne County School District No. Re-5 (rural): math 20% / reading 40% proficiency, ranked #104 of 176 in CO (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Cheyenne Wells Elementary School (reading 24%, 110 students, 41% FRL); Cheyenne Wells Junior/High School (math 24% / reading 24%, grade F, #266 of 381 statewide, top 79%, 68 students, 38% FRL).
• Market conditions: 8 active listings in the ZIP; 3 units permitted in Cheyenne County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($622 loan paydown + $2k appreciation (1.9% local appreciation)).
• Cheyenne County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (1.9% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($85k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $84,071 (6.6% below list)

Questions for the listing agent

1. It's been on market 64 days. Have you received any prior offers? Is the seller open to a 7% concession, seller financing, or rate buy-down credit?
2. Built in 1924 — 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. Crime grade is F 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.93% ✗
• Cap rate: 6.86%
• Cash-on-cash: 2.01%
• DSCR: 1.09
• GRM: 8.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

1.85% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 6.1%
• Equity multiple: 1.32×
• Total profit: $8,167
• Equity at exit: $34,750

10-year hold

• IRR: 9.6%
• Equity multiple: 2.28×
• Total profit: $32,353
• Equity at exit: $49,472

Cash invested: $25,200 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 38 Tenant-Leaning
• State Colorado: 38 Tenant-Leaning · D+4
• County: — inherits STATE
• City: — inherits STATE

2023 reforms: 10-day cure, mandated notice, source-of-income protected. Courts backlogged in Denver.

Methodology + full state rankings →

ZIP-level market 80810

• Home prices YoY: 0.8%
• Active inventory: 8
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $841 medium
• Mortgage (P&I): −$472
• Tax est. 1.5%: −$112 /mo · $1,350/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$177
• Net cashflow: $42

Break-even live

Break-even rent $787

Max offer price $90,000

Occupancy floor 90%

Sensitivity live

Price	-10% $104	-5% $73	+0% $42	+5% $11	+10% $-20
Rent	-10% $-24	-5% $9	+0% $42	+5% $75	+10% $109
Rate	-1.0pp $88	-0.5pp $65	base $42	+0.5pp $19	+1.0pp $-5

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Listing history 1 events

1. 2026-03-26
   listed $90,000 Active

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

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥97°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,089
• − Mortgage interest: −$5,041
• − Property taxes: −$1,350
• − Insurance: −$450
• − Repairs & maintenance: −$807
• − Management: −$807
• − Depreciation: −$2,618
• Taxable loss: −$985
• Est. tax savings @ 24.0%: +$236
• After-tax cash flow: $743/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: Cheyenne County School District No. Re-5
• NCES district ID: 0800001
• Math proficiency: 20% ▬ 0.00%
• Reading proficiency: 40% ▲ 10.00%
• Median HH income: $47,742
• Composite: 28.79/100
• National rank: #11980
• State rank: #104 of 176 in CO

Livability — Cheyenne Wells

• Score: 69/100
• State rank: #96
• US rank: #8445

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cheyenne Wells, CO
• Population (ZIP): 1,169

Population outlook (Cheyenne County) Hauer SSP2

• Today (2025): 1,741 people
• By 2030: 1,688 · -3.0%
• By 2040: 1,592 · -8.6%
• By 2050: 1,501 · -13.8%
• By 2075: 1,285 · -26.2%
• By 2100: 1,022 · -41.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 14% Two or more races 12%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Italian 2% Portuguese 2% Iranian 1%
• Foreign-born: 6% · Canada, South Korea, Jamaica
• Languages at home: 90% English-only · Spanish 10%

Political lean MEDSL · Cheyenne

• 2024 margin: Solid R (+77.9) · D 10.2% · R 88.2% · Other 1.6%
• 2008→2024 swing: -15.6pp toward R · 2008: -62.3pp · 2024: -77.9pp
• All cycles: 2024: R+77.9 2020: R+75.9 2016: R+72.3 2012: R+66.6 2008: R+62.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.85%
• Current HPI: 241.0763
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 1.95%
• F500 in state: 14

Industry mix (Fortune 500 HQ in CO)

Industry	F500 HQs	Revenue
▸Technology Distribution	1	$31B
▸Food / Agriculture	1	$18B
▸Packaging	1	$14B
▸Healthcare	1	$13B
▸Energy	1	$10B
▸Technology	1	$4B

Price history

1 event — show timeline

• 2026-03-26 Listed $90,000 IRES

Property tax history

-0.8%/yr

Latest (2025): $107 · +3.6% YoY. Source: county tax records.