205 S House Ave · Cheyenne, WY 82007

$189,900

4 bd · 2.0 ba · 1,201 sqft · SingleFamily public records · 9 Days on market

Built 1956 7,405 sqft lot Est $263k · 28% 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 +21.8/30.0
• ARV discount +15.0/15.0
• DSCR +7.0/10.0
• 1% rule +5.0/10.0
• Livability +4.2/5.0
• Schools +3.9/10.0
• Rent growth +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Key facts

• 30x40 shop
• Spacious corner lot
• 7,405 sq ft lot

Tags

• FULLY FINISHED BASEMENT
• SPACIOUS CORNER LOT
• 2 CAR DETACHED GARAGE
• 30X40 SHOP

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $295 ($4k/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 $189k (0.5% below list).
• Recommended offer: $189k (0.5% below list) — sets the bar for 1% rule.
• Cap rate 8.2% 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: Arp Elementary (math 12% / reading 22%, grade F, #148 of 151 statewide, top 98%, 333 students, 72% 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 64% FRL vs 32% district-wide (33 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 26% at this address vs 44% district-wide (-18 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).
• This rent runs 39% of the median local income ($59k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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 9 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $189,005 (0.5% below list)

Questions for the listing agent

1. Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.00% ✗
• Cap rate: 8.16%
• Cash-on-cash: 6.66%
• DSCR: 1.30
• GRM: 8.4

CMA / ARV

• ARV (on-the-fly): $263,019
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
307 Vaughn Ct	0.09mi	4/1.5	1,152 (-4%)	18mo	$247,000	$214	71
519 E 6th St	0.50mi	4/2.0	1,184 (-1%)	9mo	$299,000	$253	67
223 E 5th St	0.40mi	4/2.0	1,116 (-7%)	13mo	$284,900	$255	58
220 E 8th St	0.64mi	4/2.0	1,344 (+12%)	1mo	$339,999	$253	50
701 Mitchell Ct	0.60mi	3/1.0 (-1)	1,124 (-6%)	4mo	$110,000	$98	49
600 E 5th St	0.48mi	3/2.0 (-1)	1,255 (+4%)	24mo	$275,000	$219	45
123 Mcfarland Ave	0.60mi	3/1.0 (-1)	1,248 (+4%)	14mo	$299,999	$240	45
810 Maxwell Ave	0.67mi	3/1.0 (-1)	1,360 (+13%)	1mo	$285,000	$210	37
817 E 8th St	0.71mi	3/1.5 (-1)	1,084 (-10%)	14mo	$225,000	$208	32
570 W 7th St	0.73mi	3/1.0 (-1)	1,066 (-11%)	11mo	$255,000	$239	29
620 E 8th St	0.68mi	3/1.0 (-1)	1,312 (+9%)	20mo	$285,000	$217	27

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: -3.9%
• Equity multiple: 0.85×
• Total profit: $-7,993
• Equity at exit: $28,315

10-year hold

• IRR: 7.8%
• Equity multiple: 1.65×
• Total profit: $34,344
• Equity at exit: $16,419

Cash invested: $53,172 (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: 8.4×

Monthly cashflow live

• Estimated rent: $1,890 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$123 /mo · $1,479/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$397
• Net cashflow: $295

Break-even live

Break-even rent $1,517

Max offer price $189,900

Occupancy floor 79%

Sensitivity live

Price	-10% $402	-5% $349	+0% $295	+5% $241	+10% $187
Rent	-10% $146	-5% $220	+0% $295	+5% $370	+10% $444
Rate	-1.0pp $391	-0.5pp $343	base $295	+0.5pp $246	+1.0pp $196

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-03-27
   status Pending
2. 2026-03-18
   listed $189,900 Active
3. 2024-12-17
   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: $1,479 · $123/mo
• Projected year-2 tax: $1,479 · $123/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 · 15 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: $22,681
• − Mortgage interest: −$10,637
• − Property taxes: −$1,479
• − Insurance: −$950
• − Repairs & maintenance: −$1,814
• − Management: −$1,814
• − Depreciation: −$5,524
• Taxable income: $461
• Est. tax owed @ 24.0%: −$111
• After-tax cash flow: $3,428/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 events — show timeline

• 2026-03-27 Pending — CBR
• 2026-03-18 Listed $189,900 CBR
• 2024-12-17 Sold (Public Records) — Public Records

Property tax history

+2.1%/yr

Latest (2025): $1,479 · -23.0% YoY. Source: county tax records.