3501 B Cleveland Dr · Rock Springs, WY 82901

$199,500

2 bd · 2.0 ba · 1,152 sqft · MultiFamily public records · 14 Days on market

Built 1975 4,356 sqft lot

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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 +24.6/30.0
• DSCR +7.9/10.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• Schools +4.2/10.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Rent growth +2.0/5.0
• 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

Key facts

• Updated appliances
• Tile flooring
• Stucco exterior

Tags

• STUCCO EXTERIOR
• TILE FLOORING
• MODERN LIGHTING FIXTURES
• SLEEK COUNTERTOPS
• UPDATED APPLIANCES

Property features AI

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property
• Construction: Stucco construction; Asphalt roof
• Exterior features: Deck; Chain link and wood fencing; Shed(s)

Interior

• Kitchen: Refrigerator, Microwave, Range, Oven, Disposal
• Flooring: Carpet; Tile
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: Refrigerator, Microwave, Range, Oven, Disposal; Full basement

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $412 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $199k (0.1% below list).
• Recommended offer: $199k (0.1% below list) — sets the bar for 1% rule.
• Cap rate 8.8% vs local median 2.9% in Rock Springs — 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 (#35 in WY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: schools C-, amenities F, commute F.
• Sweetwater County School District #1 (town): math 44% / reading 49% proficiency, ranked #31 of 41 in WY (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents soft (-2.1%/yr); 177 active listings in the ZIP; 47 units permitted in Sweetwater County in 2024 (0 in 5+ unit buildings).
• This rent runs 34% of the median local income ($70k/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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Sweetwater County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 9y 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: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $199,300 (0.1% below list)

Questions for the listing agent

1. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.00% ✗
• Cap rate: 8.77%
• Cash-on-cash: 8.84%
• DSCR: 1.39
• GRM: 8.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -6.0%
• Equity multiple: 0.78×
• Total profit: $-12,061
• Equity at exit: $29,746

10-year hold

• IRR: 0.1%
• Equity multiple: 1.00×
• Total profit: $259
• Equity at exit: $17,249

Cash invested: $55,860 (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 82901

• Rents YoY: -2.1%
• Active inventory: 177
• Price-to-rent: 16.7×

Monthly cashflow live

• Estimated rent: $1,993 medium
• Mortgage (P&I): −$1,046
• Tax from tax record: −$34 /mo · $404/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$419
• Net cashflow: $412

Break-even live

Break-even rent $1,472

Max offer price $199,500

Occupancy floor 74%

Sensitivity live

Price	-10% $524	-5% $468	+0% $412	+5% $127	+10% $58
Rent	-10% $254	-5% $333	+0% $412	+5% $490	+10% $569
Rate	-1.0pp $512	-0.5pp $462	base $412	+0.5pp $360	+1.0pp $307

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,994
Total (2 units)			$1,993

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: $49,875
• Closing costs: $5,985
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-19
   days on market $199,500 Active 14 DOM
2. 2026-06-18
   days on market $199,500 Active 13 DOM
3. 2026-06-17
   days on market $199,500 Active 12 DOM
4. 2026-06-16
   days on market $199,500 Active 11 DOM
5. 2026-06-15
   days on market $199,500 Active 10 DOM
6. 2026-06-14
   days on market $199,500 Active 8 DOM
7. 2026-06-12
   days on market $199,500 Active 7 DOM
8. 2026-06-09
   days on market $199,500 Active 4 DOM
9. 2026-06-08
   days on market $199,500 Active 3 DOM
10. 2026-06-07
    listed $199,500 Active 2 DOM

ⓘ 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: $404 · $34/mo
• Projected year-2 tax: $1,217 · $101/mo
• Expected delta: +$813/yr (+$68/mo · 201.6%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 2/10 Low 5 d/yr ≥88°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,916
• − Mortgage interest: −$11,175
• − Property taxes: −$404
• − Insurance: −$998
• − Repairs & maintenance: −$1,913
• − Management: −$1,913
• − Depreciation: −$5,804
• Taxable income: $1,710
• Est. tax owed @ 24.0%: −$410
• After-tax cash flow: $4,528/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: Sweetwater County School District #1
• NCES district ID: 5605302
• Math proficiency: 44% ▼ -4.00%
• Reading proficiency: 49% ▼ -3.00%
• Median HH income: $68,679
• Composite: 41.66/100
• National rank: #3422
• State rank: #31 of 41 in WY

Livability — Rock Springs

• Score: 70/100
• State rank: #35
• US rank: #8016

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rock Springs, WY
• County: Sweetwater County · 27,198 people
• City population: 27,198
• Metro: Rock Springs, WY
• Population (ZIP): 27,198
• Household income: $69,954
• Rent vs Own: 26.4% rent · 73.6% own
• Severe rent burden: 609.0

Population outlook (Sweetwater County) Hauer SSP2

• Today (2025): 48,212 people
• By 2030: 49,664 · +3.0%
• By 2040: 51,984 · +7.8%
• By 2050: 54,005 · +12.0%
• By 2075: 57,684 · +19.6%
• By 2100: 57,857 · +20.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 19% Two or more races 9% Black 2% Native American 1%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Italian 5% Lithuanian 2% Portuguese 2%
• Foreign-born: 7% · Canada, Vietnam, Jamaica
• Languages at home: 90% English-only · Spanish 9% Vietnamese 1%

Political lean MEDSL · Sweetwater

• 2024 margin: Solid R (+53.2) · D 22.5% · R 75.7% · Other 1.8%
• 2008→2024 swing: -25.7pp toward R · 2008: -27.5pp · 2024: -53.2pp
• All cycles: 2024: R+53.2 2020: R+50.6 2016: R+53.5 2012: R+39.7 2008: R+27.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -270.69%
• Current HPI: 146.2451
• Rent YoY: ▼ -2.15%
• Metro: Rock Springs, WY
• State GDP YoY: —
• F500 in state: 0

Price history

+232.5% since first listed

6 events — show timeline

• 2026-06-05 Listed $199,500 WMLS
• 2025-09-20 Price Changed $203,000 WMLS
• 2025-05-15 Listed $205,000 WMLS
• 2018-01-19 Listed $184,900 WMLS
• 2017-07-31 Sold (MLS) — WMLS
• 2017-05-02 Listed $60,000 WMLS

Property tax history

+1.1%/yr

Latest (2025): $404 · -28.8% YoY. Source: county tax records.