430 W 11th St

Sheridan, WY 82801

$260,000B

3 bd · 2.0 ba · 1,280 sqft · Built 1981 · MultiFamily · Active · 268 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,843/mo
• Mortgage (P&I): −$1,363
• Tax + insurance: −$204
• HOA: −$0
• Vac / Maint / Mgmt: −$597
• Net cashflow: $679/mo
• Annual: $8,144/yr
• Cap rate: 9.43%
• Cash-on-cash: 11.19%
• DSCR: 1.50
• 1% rule: 1.09%
• Cash to close: $72,800

Investor read

• This is a 3-bed/2.0-bath multifamily listed at $260k.
• 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).
• It's been on market 268 days — a 12% lower offer ($229k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $229k (12.0% 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 $8k of value loss. Plan a longer hold.
• 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).
• 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.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.
• 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.
• 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.

Questions for listing agent

• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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.