113 Hwy 233 . · Kemmerer, WY 83101

$350,000

9 bd · 5.1 ba · 4,554 sqft · MultiFamily · 18 Days on market

Built 1900 Good condition 0.29 ac lot

---

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 +21.2/30.0
• ARV discount +7.5/15.0
• DSCR +6.8/10.0
• 1% rule +5.6/10.0
• Schools +5.5/10.0
• Condition / age +3.8/5.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Key facts

• High-demand area
• Ongoing development
• Fully furnished

Tags

• FULLY FURNISHED
• TURNKEY OPPORTUNITY
• PROVEN RENTAL HISTORY
• TRIPLEX CONFIGURATION
• HIGH-DEMAND AREA
• ONGOING DEVELOPMENT

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.7-bath units multifamily listed at $350k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $508 ($6k/yr) — positive. Per door: $169/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $350k).
• Recommended offer: $345k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.0% vs local median 3.6% in Kemmerer — 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 70/100 on livability (#37 in WY) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, employment B+; Watch: amenities F, commute F, health & safety F.
• Lincoln County School District #1 (rural): math 63% / reading 64% proficiency, ranked #4 of 41 in WY (top 10%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 14% free/reduced lunch — higher-income household profile.
• Market conditions: 61 active listings in the ZIP; 220 units permitted in Lincoln County in 2024 (0 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 $10k of value loss. Plan a longer hold.
• Lincoln County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($345k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $344,750 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.06% ✓
• Cap rate: 8.04%
• Cash-on-cash: 6.22%
• DSCR: 1.28
• GRM: 7.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -6.7%
• Equity multiple: 0.75×
• Total profit: $-24,293
• Equity at exit: $52,186

10-year hold

• IRR: 2.9%
• Equity multiple: 1.21×
• Total profit: $20,750
• Equity at exit: $30,262

Cash invested: $98,000 (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 83101

• Active inventory: 61
• Price-to-rent: 23.6×

Monthly cashflow live

• Estimated rent: $3,705 medium
• Mortgage (P&I): −$1,835
• Tax est. 1.5%: −$438 /mo · $5,250/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$778
• Net cashflow: $508

Break-even live

Break-even rent $3,062

Max offer price $350,000

Occupancy floor 81%

Sensitivity live

Price	-10% $750	-5% $629	+0% $508	+5% $387	+10% $266
Rent	-10% $215	-5% $362	+0% $508	+5% $655	+10% $801
Rate	-1.0pp $684	-0.5pp $597	base $508	+0.5pp $417	+1.0pp $325

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1.7	$3,705
Total (3 units)			$3,705

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-04-20
   status Pending
2. 2026-04-01
   listed $350,000 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

• 🌡 Heat 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $44,460
• − Mortgage interest: −$19,605
• − Property taxes: −$5,250
• − Insurance: −$1,750
• − Repairs & maintenance: −$3,557
• − Management: −$3,557
• − Depreciation: −$10,182
• Taxable income: $559
• Est. tax owed @ 24.0%: −$134
• After-tax cash flow: $5,964/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 · 13 photos

Good 75/100 Cosmetic rehab

This multi-family property is in good condition with minimal repairs needed. Painting the exterior trim and deep cleaning the carpets would significantly enhance its curb appeal and value.

Value-add opportunities

• Both Paint exterior trim — Enhances curb appeal and value
• Both Deep clean carpets — Improves living space appearance and reduces allergens

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior trim — Enhances curb appeal and value ↑
• Both Deep clean carpets — Improves living space appearance and reduces allergens ↑

ⓘ 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: Lincoln County School District #1
• NCES district ID: 5604030
• Math proficiency: 63% ▲ 1.00%
• Reading proficiency: 64% ▲ 1.00%
• Median HH income: $62,382
• Composite: 55.16/100
• National rank: #1277
• State rank: #4 of 41 in WY

Livability — Kemmerer

• Score: 70/100
• State rank: #37
• US rank: #8049

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kemmerer, WY
• City population: 603
• Population (ZIP): 3,576

Population outlook (Lincoln County) Hauer SSP2

• Today (2025): 19,890 people
• By 2030: 20,275 · +1.9%
• By 2040: 20,691 · +4.0%
• By 2050: 20,640 · +3.8%
• By 2075: 20,008 · +0.6%
• By 2100: 18,122 · -8.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Slovak 11% Italian 8% Iranian 4%
• Foreign-born: 2% · Canada, South Korea
• Languages at home: 97% English-only · Spanish 3%

Political lean MEDSL · Lincoln

• 2024 margin: Solid R (+68.3) · D 15.1% · R 83.5% · Other 1.4%
• 2008→2024 swing: -13.9pp toward R · 2008: -54.4pp · 2024: -68.3pp
• All cycles: 2024: R+68.3 2020: R+68.2 2016: R+67.6 2012: R+68.3 2008: R+54.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -106.70%
• Current HPI: 168.397
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

2 events — show timeline

• 2026-04-20 Pending — WMLS
• 2026-04-01 Listed $350,000 WMLS