430 W 11th St · Sheridan, WY 82801

$260,000

3 bd · 2.0 ba · 1,280 sqft · MultiFamily public records · 268 Days on market

Built 1981 3,485 sqft lot $203/sqft · 21% below area Est $329k · 21% under

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Why this score? — see what drove the B 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 +26.4/30.0
• ARV discount +15.0/15.0
• DSCR +9.0/10.0
• 1% rule +5.9/10.0
• Schools +5.9/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +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: 1 unit. estimate disagrees with records

Listing remarks MLS

$5,000 SELLER CREDIT TO BUYERS AT CLOSING! This 2-bedroom 1.5 bath home has a large, fenced back yard. The open floor plan has larger rooms than most townhomes. This is a nice clean property with a new roof, updated flooring and interior paint. It is conveniently located to sports fields and the Sheridan Recreation area. UPON CLOSING, PROPERTY WILL NOT BE REPORTED AS SOLD TO THE MLS DUE TO A CONFIDENTIALITY AGREEMENT.

Key facts

• Open floor plan
• Fenced back yard
• Interior paint

Tags

• FENCED BACK YARD
• OPEN FLOOR PLAN
• NEW ROOF
• UPDATED FLOORING
• INTERIOR PAINT
• CONVENIENTLY LOCATED

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $260k.

Deal economics

• At list price, monthly cash flow is $679 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $260k).
• Recommended offer: $229k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.4% 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.
• Market conditions: 509 active listings in the ZIP; 309 units permitted in Sheridan County in 2024 (92 in 5+ unit buildings).
• At $2,843/mo this rent would consume 47% of the median local household income ($73k/yr) (locally 742% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $73k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 268 days — a 12% lower offer ($229k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $228,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 268 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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 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: 1.09% ✓
• Cap rate: 9.43%
• Cash-on-cash: 11.19%
• DSCR: 1.50
• GRM: 7.6

CMA / ARV

• ARV (median comp): $329,109
• List price: $260,000
• Delta: -21.00%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
940 & 942 Delphi Ave	0.54mi	2/2.0 (-1)	1,260 (-2%)	11mo	$280,000	$222	58
1792/1798 Yonkee Ave	0.51mi	4/2.0 (+1)	1,440 (+12%)	3mo	$390,000	$271	47

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 0.4%
• Equity multiple: 1.01×
• Total profit: $994
• Equity at exit: $38,767

10-year hold

• IRR: 10.0%
• Equity multiple: 1.77×
• Total profit: $56,124
• Equity at exit: $22,480

Cash invested: $72,800 (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: 509
• Price-to-rent: 15.2×

Monthly cashflow live

• Estimated rent: $2,843 medium
• Mortgage (P&I): −$1,363
• Tax from tax record: −$96 /mo · $1,146/yr
• Insurance: −$108
• HOA: −$0
• Vacancy / Maint / Mgmt: −$597
• Net cashflow: $679

Break-even live

Break-even rent $1,984

Max offer price $260,000

Occupancy floor 71%

Sensitivity live

Price	-10% $826	-5% $752	+0% $679	+5% $605	+10% $531
Rent	-10% $454	-5% $566	+0% $679	+5% $791	+10% $903
Rate	-1.0pp $810	-0.5pp $745	base $679	+0.5pp $611	+1.0pp $543

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$2,844
Total (2 units)			$2,843

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: $65,000
• Closing costs: $7,800
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-19
   days on market $260,000 Active 268 DOM
2. 2026-06-18
   days on market $260,000 Active 267 DOM
3. 2026-06-17
   days on market $260,000 Active 266 DOM
4. 2026-06-16
   days on market $260,000 Active 265 DOM
5. 2026-06-15
   days on market $260,000 Active 264 DOM
6. 2026-06-14
   days on market $260,000 Active 262 DOM
7. 2026-06-12
   days on market $260,000 Active 261 DOM
8. 2026-06-09
   days on market $260,000 Active 258 DOM
9. 2026-06-08
   days on market $260,000 Active 257 DOM
10. 2026-06-07
    days on market $260,000 Active 256 DOM
11. 2026-06-05
    days on market $260,000 Active 254 DOM
12. 2026-06-03
    days on market $260,000 Active 252 DOM
13. 2026-06-02
    days on market $260,000 Active 251 DOM
14. 2026-06-01
    days on market $260,000 Active 250 DOM
15. 2026-05-31
    days on market $260,000 Active 249 DOM
16. 2026-05-30
    days on market $260,000 Active 248 DOM
17. 2025-09-24
    listed $260,000 Active 421-char remark

    Show marketing remark (421 chars)

    $5,000 SELLER CREDIT TO BUYERS AT CLOSING! This 2-bedroom 1.5 bath home has a large, fenced back yard. The open floor plan has larger rooms than most townhomes. This is a nice clean property with a new roof, updated flooring and interior paint. It is conveniently located to sports fields and the Sheridan Recreation area. UPON CLOSING, PROPERTY WILL NOT BE REPORTED AS SOLD TO THE MLS DUE TO A CONFIDENTIALITY AGREEMENT.

ⓘ 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: $1,146 · $96/mo
• Projected year-2 tax: $1,586 · $132/mo
• Expected delta: +$440/yr (+$37/mo · 38.4%)

ⓘ 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 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: $34,116
• − Mortgage interest: −$14,564
• − Property taxes: −$1,146
• − Insurance: −$1,300
• − Repairs & maintenance: −$2,729
• − Management: −$2,729
• − Depreciation: −$7,564
• Taxable income: $4,084
• Est. tax owed @ 24.0%: −$980
• After-tax cash flow: $7,164/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: 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

1 event — show timeline

• 2025-09-24 Listed $260,000 SBORWY

Property tax history

+3.0%/yr

Latest (2025): $1,146 · -23.1% YoY. Source: county tax records.