621/623 Kentucky Ave · Sheridan, WY 82801

$311,000

2 bd · 1.0 ba · 884 sqft · MultiFamily · 137 Days on market

Built 1964 Fair condition 6,098 sqft lot $352/sqft · at area comps Est $314k · at est.

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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 +11.4/30.0
• ARV discount +8.0/15.0
• Schools +5.9/10.0
• Livability +4.0/5.0
• 1% rule +3.3/10.0
• DSCR +3.3/10.0
• 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

Passive Income potential or Live in 623 and use 621 as rental or maybe In-Laws quarters. Possibilities!!!

Key facts

• 6,098 sq ft lot
• Garage
• Built 1964

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath multifamily listed at $311k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-109 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $295k (5.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $258k (17.0% below list).
• Recommended offer: $258k (17.0% below list) — sets the bar for 1% rule.
• Cap rate 5.9% vs local median 2.4% in Sheridan — 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 79/100 on livability (#7 in WY, #2,337 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, crime A; Watch: amenities C-, employment C-, commute F.
• Sheridan County School District #2 (town): math 68% / reading 72% proficiency, ranked #1 of 41 in WY (top 2%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Highland Park Elementary (math 77% / reading 72%, grade A, #6 of 151 statewide, top 7%, 295 students, 16% FRL); Sheridan Junior High School (math 60% / reading 73%, grade A-, #9 of 55 statewide, top 15%, 843 students, 28% FRL); Sheridan High School (math 71% / reading 75%, grade B+, #4 of 75 statewide, top 4%, 1,092 students, 24% FRL) — zoned schools at 22% FRL track the district average.
• Market conditions: 514 active listings in the ZIP; 309 units permitted in Sheridan County in 2024 (92 in 5+ unit buildings).
• This rent runs 42% of the median local income ($73k/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 $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Sheridan County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 137 days — a 12% lower offer ($274k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y 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 $258,200 (17.0% 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 137 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
9. 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.
10. 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.
11. 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: 0.83% ✗
• Cap rate: 5.87%
• Cash-on-cash: -1.51%
• DSCR: 0.93
• GRM: 10.0

CMA / ARV

• ARV (median comp): $314,403
• List price: $311,000
• Delta: -1.08%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -18.8%
• Equity multiple: 0.34×
• Total profit: $-57,329
• Equity at exit: $46,371

10-year hold

• IRR: -11.2%
• Equity multiple: 0.33×
• Total profit: $-58,740
• Equity at exit: $26,890

Cash invested: $87,080 (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 82801

• Active inventory: 514
• Price-to-rent: 18.9×

Monthly cashflow live

• Estimated rent: $2,582 medium
• Mortgage (P&I): −$1,631
• Tax est. 1.5%: −$389 /mo · $4,665/yr
• Insurance: −$130
• HOA: −$0
• Vacancy / Maint / Mgmt: −$542
• Net cashflow: $-109

Break-even live

Break-even rent $2,721

Max offer price $295,159

Occupancy floor 99%

Sensitivity live

Price	-10% $105	-5% $-2	+0% $-109	+5% $-217	+10% $-324
Rent	-10% $-313	-5% $-211	+0% $-109	+5% $-7	+10% $95
Rate	-1.0pp $47	-0.5pp $-30	base $-109	+0.5pp $-190	+1.0pp $-272

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,371
1× unit	0	1	$1,212
Total (2 units)			$2,582

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: $77,750
• Closing costs: $9,330
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-22
   days on market $311,000 Active 137 DOM
2. 2026-06-19
   days on market $311,000 Active 134 DOM
3. 2026-06-18
   days on market $311,000 Active 133 DOM
4. 2026-06-17
   days on market $311,000 Active 132 DOM
5. 2026-06-16
   days on market $311,000 Active 131 DOM
6. 2026-06-15
   days on market $311,000 Active 130 DOM
7. 2026-06-14
   days on market $311,000 Active 128 DOM
8. 2026-06-12
   days on market $311,000 Active 127 DOM
9. 2026-06-09
   days on market $311,000 Active 124 DOM
10. 2026-06-08
    days on market $311,000 Active 123 DOM
11. 2026-06-07
    days on market $311,000 Active 122 DOM
12. 2026-06-05
    days on market $311,000 Active 120 DOM
13. 2026-06-03
    days on market $311,000 Active 118 DOM
14. 2026-06-02
    days on market $311,000 Active 117 DOM
15. 2026-06-01
    days on market $311,000 Active 116 DOM
16. 2026-05-31
    days on market $311,000 Active 115 DOM
17. 2026-05-30
    days on market $311,000 Active 114 DOM
18. 2026-02-05
    listed $311,000 Active 105-char remark

    Show marketing remark (105 chars)

    Passive Income potential or Live in 623 and use 621 as rental or maybe In-Laws quarters. Possibilities!!!

19. 2020-02-11
    soldstatus 467-char remark

    Show marketing remark (467 chars)

    Two unit rental - a 2 bedroom house to the east and a studio building to the west. Both units are very nice and the studio has been completely remodeled. The studio rents for $650/mo. but is currently vacant. The 2 BR is currently rented at $850/mo for a gross monthly rental of $1,500. Tenants pay gas & electric. Owner pays water. Appliances, including washers and dryers are included. See the ''Documents'' section for a more complete list of included items.

20. 2020-01-10
    listed $205,000 467-char remark

    Show marketing remark (467 chars)

    Two unit rental - a 2 bedroom house to the east and a studio building to the west. Both units are very nice and the studio has been completely remodeled. The studio rents for $650/mo. but is currently vacant. The 2 BR is currently rented at $850/mo for a gross monthly rental of $1,500. Tenants pay gas & electric. Owner pays water. Appliances, including washers and dryers are included. See the ''Documents'' section for a more complete list of included items.

ⓘ 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 FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥93°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,984
• − Mortgage interest: −$17,421
• − Property taxes: −$4,665
• − Insurance: −$1,555
• − Repairs & maintenance: −$2,479
• − Management: −$2,479
• − Depreciation: −$9,047
• Taxable loss: −$6,662
• Est. tax savings @ 24.0%: +$1,599
• After-tax cash flow: $285/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 · 12 photos

Fair 45/100 Moderate rehab

This property requires significant repairs to the roof and exterior siding, but has potential for substantial value increase with updates.

Repairs flagged

• Major roof — Significant damage visible
• Major exterior siding — Peeling paint, siding damage
• Minor interior walls — Some wear

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and value
• Both Replace roof — Improves structural integrity and value
• Resale Update kitchen appliances — Modernizes the space and attracts buyers
• Resale Update bathrooms — Modernizes the space and attracts buyers
• Resale Paint interior walls — Enhances the appearance and attracts buyers

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Significant damage visible	Major	$15,000–50,000
exterior siding · Peeling paint, siding damage	Major	$15,000–50,000
interior walls · Some wear	Minor	$500–3,000
Total estimated repair cost · 3 items		$30,500–103,000

Value-add ROI direction

• Both Paint exterior siding — Enhances curb appeal and value ↑
• Both Replace roof — Improves structural integrity and value ↑
• Resale Update kitchen appliances — Modernizes the space and attracts buyers ↑
• Resale Update bathrooms — Modernizes the space and attracts buyers ↑
• Resale Paint interior walls — Enhances the appearance and attracts buyers ↑

ⓘ 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: Sheridan County School District #2
• NCES district ID: 5605695
• Math proficiency: 68% ▼ -4.00%
• Reading proficiency: 72% ▼ -3.00%
• Median HH income: $50,902
• Composite: 59.44/100
• National rank: #923
• State rank: #1 of 41 in WY

Livability — Sheridan

• Score: 79/100
• State rank: #7
• US rank: #2337

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sheridan, WY
• County: Sheridan County · 26,310 people
• City population: 26,310
• Metro: Sheridan, WY
• Population (ZIP): 26,310
• Household income: $73,213
• Rent vs Own: 31.4% rent · 68.6% own
• Severe rent burden: 742.0

Population outlook (Sheridan County) Hauer SSP2

• Today (2025): 32,048 people
• By 2030: 32,834 · +2.5%
• By 2040: 33,843 · +5.6%
• By 2050: 34,744 · +8.4%
• By 2075: 37,231 · +16.2%
• By 2100: 37,261 · +16.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 5% Two or more races 4% Native American 1% Asian 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 5% Slovak 4% Italian 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Sheridan

• 2024 margin: Solid R (+50.1) · D 24.2% · R 74.2% · Other 1.6%
• 2008→2024 swing: -11.9pp toward R · 2008: -38.2pp · 2024: -50.1pp
• All cycles: 2024: R+50.1 2020: R+47.5 2016: R+51.7 2012: R+46.8 2008: R+38.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -194.82%
• Current HPI: 190.3135
• Rent YoY: —
• Metro: Sheridan, WY
• State GDP YoY: —
• F500 in state: 0

Price history

+51.7% since first listed

3 events — show timeline

• 2026-02-05 Listed $311,000 SBORWY
• 2020-02-11 Sold (MLS) — SBORWY
• 2020-01-10 Listed $205,000 SBORWY