113 Hwy 233 .

Kemmerer, WY 83101

$350,000C

9 bd · 5.1 ba · 4,554 sqft · Built 1900 · MultiFamily · Pending · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,705/mo
• Mortgage (P&I): −$1,835
• Tax + insurance: −$583
• HOA: −$0
• Vac / Maint / Mgmt: −$778
• Net cashflow: $508/mo
• Annual: $6,098/yr
• Cap rate: 8.04%
• Cash-on-cash: 6.22%
• DSCR: 1.28
• 1% rule: 1.06%
• Cash to close: $98,000

Investor read

• This is a 3 × 3-bed/1.7-bath units multifamily listed at $350k. Condition is rated good.
• 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).
• It's been on market 18 days — a 2% lower offer ($345k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $345k (1.5% below list) — sets the bar for market timing.
• 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.
• 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.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 61 active listings in the ZIP; 220 units permitted in Lincoln County in 2024 (0 in 5+ unit buildings).
• Lincoln County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 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.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.