Manchester Plan · Cheyenne, WY 82009

$214,000

2 bd · 2.0 ba · 1,248 sqft · Townhouse · 284 Days on market

Poor condition

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Schools +5.1/10.0
• Rent growth +4.2/5.0
• Livability +4.2/5.0
• Cash flow +3.2/30.0
• Condition / age +1.0/5.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Key facts

• Car wash bay
• In-home storage
• Guest suite

Tags

• GUEST SUITE
• GARDEN PLOTS
• UNDERGROUND HEATED PARKING
• CAR WASH BAY
• FULLY SECURE BUILDING
• IN-HOME STORAGE

🏗️ New construction. The $214,000 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $321,474.

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath townhouse listed at $214k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $-1k ($-12k/yr) — negative.
• To cash-flow at today's rent, offer at most $174k (18.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $152k (28.8% below list).
• Recommended offer: $152k (28.8% below list) — sets the bar for 1% rule.
• Cap rate 2.5% vs local median 3.7% in Cheyenne — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 83/100 on livability (#2 in WY, #947 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D.
• Laramie County School District #1 (urban): math 41% / reading 48% proficiency, ranked #33 of 41 in WY (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Anderson Elementary (math 57% / reading 67%, grade B, #30 of 151 statewide, top 26%, 327 students, 30% FRL); Carey Junior High School (math 43% / reading 50%, grade D+, #39 of 55 statewide, top 70%, 861 students, 38% FRL); East High School (math 43% / reading 43%, grade F, #46 of 75 statewide, top 61%, 1,513 students, 30% FRL) — zoned schools at 33% FRL track the district average.
• Market conditions: Rents rising fast (+6.7%/yr); 936 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 485 units permitted in Laramie County in 2024 (104 in 5+ unit buildings).
• This rent is only 18% of the median local income ($104k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

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.
• Laramie County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 284 days — a 12% lower offer ($188k) 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 $152,285 (28.8% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 284 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.47% ✗
• Cap rate: 2.49%
• Cash-on-cash: -13.58%
• DSCR: 0.40
• GRM: 17.6

CMA / ARV

• ARV (median comp): $321,474
• List price: $214,000
• Delta: -33.43%
• Verdict: UNDERPRICED
• Comps: 7 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6005 Sycamore Rd	0.46mi	2/2.0	1,185 (-5%)	20mo	$325,000	$274	54
1839 Bluegrass Cir	0.90mi	3/1.5 (+1)	1,243 (-0%)	15mo	$289,000	$233	45
322 Appletree Ln	0.83mi	2/2.0	1,057 (-15%)	0mo	$299,900	$284	40
323 Appletree Ln	0.82mi	2/2.0	1,057 (-15%)	2mo	$308,000	$291	38
5925 Townsend Pl	0.87mi	2/2.0	1,057 (-15%)	5mo	$284,900	$270	36
5522 Townsend Pl Unit B	0.81mi	2/2.0	1,366 (+10%)	18mo	$285,000	$209	34
5520 Townsend Pl Unit B	0.82mi	2/2.0	1,366 (+10%)	18mo	$299,000	$219	34
5211 Fishing Brg	0.86mi	2/2.5	1,440 (+15%)	8mo	$265,000	$184	31
5412 Townsend Pl	0.80mi	3/2.0 (+1)	1,433 (+15%)	8mo	$297,000	$207	28
326 Arbor Ln	0.86mi	2/2.0	1,057 (-15%)	18mo	$310,000	$293	25
5211 Fawn Pass	0.87mi	3/2.5 (+1)	1,472 (+18%)	11mo	$265,000	$180	24
5253 Fishing Brg	0.80mi	2/2.5	1,024 (-18%)	19mo	$210,000	$205	22

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 · 6.73% rent growth · sell at horizon

5-year hold

• IRR: -38.0%
• Equity multiple: -0.23×
• Total profit: $-111,015
• Equity at exit: $47,933

10-year hold

• IRR: -35.7%
• Equity multiple: -0.71×
• Total profit: $-153,838
• Equity at exit: $27,795

Cash invested: $90,013 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 19 active · 4 under contract
• Months of supply: 28.5 mo (4%/mo absorbed)
• Median asking: $226,000 ($168/sqft)
• Median days on market: 284 d
• This list price: 37% of active listings are priced below it
• ARV vs active asking: +53.6% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 82009

• Rents YoY: 6.7%
• Active inventory: 936
• Price-to-rent: 11.7×

Monthly cashflow live

• Estimated rent: $1,523 high
• Mortgage (P&I): −$1,686
• Tax est. 1.5%: −$402 /mo · $4,822/yr
• Insurance: −$134
• HOA: −$0
• Vacancy / Maint / Mgmt: −$320
• Net cashflow: $-1,019

Break-even live

Break-even rent $2,812

Max offer price $174,083

Occupancy floor —

Sensitivity live

Price	-10% $-796	-5% $-908	+0% $-1,019	+5% $-1,130	+10% $-1,241
Rent	-10% $-1,139	-5% $-1,079	+0% $-1,019	+5% $-958	+10% $-898
Rate	-1.0pp $-857	-0.5pp $-937	base $-1,019	+0.5pp $-1,102	+1.0pp $-1,187

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: $80,369
• Closing costs: $9,644
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
714 Dell Range Blvd Apt A Cheyenne, WY	3.0	1.0	950	$1,275	$1.34	36d	1	0.52mi
500 Melton St Apt 12 Cheyenne, WY	2.0	1.0	793	$925	$1.17	17d	1	0.62mi
6503 Faith Dr Cheyenne, WY	1.0	1.0	725	$1,595	$2.20	29d	1	0.77mi
6503 Faith Dr Cheyenne, WY	1.0	1.0	785	$1,650	$2.10	8d	1	0.77mi
6600 Faith Dr Cheyenne, WY	1.0–2.0	1.0–2.0	976	$1,895	$1.94	10d	10	0.84mi
5213 Fawn Pass Cheyenne, WY	2.0	1.5	1500	$1,700	$1.13	10d	1	0.86mi
6726 Faith Dr Cheyenne, WY	2.0	2.0	1228	$1,875	$1.53	2d	1	0.90mi
1811 Edgewater Ave Cheyenne, WY	2.0	1.0	969	$1,350	$1.39	9d	1	0.93mi
6746 Faith Dr Cheyenne, WY	2.0	2.0	1228	$1,875	$1.53	7d	1	0.93mi
1825 Edgewater Ave Unit 1829 Cheyenne, WY	2.0	1.0	896	$1,250	$1.40	51d	1	0.95mi
153 Brookfield Ct Apt 6 Cheyenne, WY	2.0	1.0	818	$975	$1.19	50d	1	1.19mi
5711 Education Dr Cheyenne, WY	1.0–2.0	1.0	819	$1,105	$1.35	10d	1	1.25mi
119 E 6th Ave Cheyenne, WY	2.0	1.0	996	$1,600	$1.61	2d	1	1.33mi
311 E 5th Ave Cheyenne, WY	2.0	2.0	1350	$1,695	$1.26	51d	1	1.34mi
116 E 5th Ave Unit B Cheyenne, WY	2.0	1.0	1100	$1,275	$1.16	2d	1	1.37mi
108 Camelot Ct Unit 203 Cheyenne, WY	2.0	1.0	881	$1,049	$1.19	51d	1	1.38mi
4700 Mountain Rd Cheyenne, WY	2.0	1.0	850	$1,340	$1.58	0d	1	1.41mi
4701 Mountain Rd Apt 2 Cheyenne, WY	2.0	1.0	708	$1,000	$1.41	51d	1	1.45mi

Property features AI

Finance

• Other: Listing status: ActiveListing provided by Zillow
• Financial info: List price $214,000

Exterior

• Parking: 1 parking space
• Home design: New construction planSingle-level plan name Manchester
• Construction: Living area approximately 1,248 (as listed)
• Exterior features: Located near Powderhouse Road and Melton Street in Cheyenne, WY

Interior

• Bedrooms: 2 bedrooms
• Bathrooms: 2 full bathrooms
• Interior features: Plan: Manchester

Listing history 50 events

1. 2026-11-08
   days on market $214,000 Active 284 DOM
2. 2026-11-07
   days on market $214,000 Active 283 DOM
3. 2026-11-06
   days on market $214,000 Active 282 DOM
4. 2026-11-05
   days on market $214,000 Active 281 DOM
5. 2026-11-04
   days on market $214,000 Active 280 DOM
6. 2026-11-02
   days on market $214,000 Active 278 DOM
7. 2026-11-01
   days on market $214,000 Active 277 DOM
8. 2026-10-31
   days on market $214,000 Active 276 DOM
9. 2026-10-30
   days on market $214,000 Active 275 DOM
10. 2026-10-29
    days on market $214,000 Active 274 DOM
11. 2026-10-28
    days on market $214,000 Active 273 DOM
12. 2026-10-27
    days on market $214,000 Active 272 DOM
13. 2026-10-26
    days on market $214,000 Active 271 DOM
14. 2026-10-25
    days on market $214,000 Active 270 DOM
15. 2026-10-24
    days on market $214,000 Active 269 DOM
16. 2026-10-23
    days on market $214,000 Active 268 DOM
17. 2026-10-22
    days on market $214,000 Active 267 DOM
18. 2026-10-21
    days on market $214,000 Active 266 DOM
19. 2026-10-20
    days on market $214,000 Active 265 DOM
20. 2026-10-19
    days on market $214,000 Active 264 DOM
21. 2026-10-18
    days on market $214,000 Active 263 DOM
22. 2026-10-17
    days on market $214,000 Active 262 DOM
23. 2026-10-16
    days on market $214,000 Active 261 DOM
24. 2026-10-15
    days on market $214,000 Active 260 DOM
25. 2026-10-14
    days on market $214,000 Active 259 DOM
26. 2026-10-13
    days on market $214,000 Active 258 DOM
27. 2026-10-12
    days on market $214,000 Active 257 DOM
28. 2026-10-11
    days on market $214,000 Active 256 DOM
29. 2026-10-10
    days on market $214,000 Active 255 DOM
30. 2026-10-09
    days on market $214,000 Active 254 DOM
31. 2026-10-08
    days on market $214,000 Active 253 DOM
32. 2026-10-07
    days on market $214,000 Active 252 DOM
33. 2026-10-06
    days on market $214,000 Active 251 DOM
34. 2026-10-05
    days on market $214,000 Active 250 DOM
35. 2026-10-04
    days on market $214,000 Active 249 DOM
36. 2026-10-03
    days on market $214,000 Active 248 DOM
37. 2026-10-02
    days on market $214,000 Active 247 DOM
38. 2026-10-01
    days on market $214,000 Active 246 DOM
39. 2026-09-30
    days on market $214,000 Active 245 DOM
40. 2026-09-29
    days on market $214,000 Active 244 DOM
41. 2026-09-28
    days on market $214,000 Active 243 DOM
42. 2026-09-27
    days on market $214,000 Active 242 DOM
43. 2026-09-26
    days on market $214,000 Active 241 DOM
44. 2026-09-24
    days on market $214,000 Active 239 DOM
45. 2026-09-24
    days on market $214,000 Active 238 DOM
46. 2026-09-22
    days on market $214,000 Active 237 DOM
47. 2026-09-20
    days on market $214,000 Active 235 DOM
48. 2026-09-18
    days on market $214,000 Active 233 DOM
49. 2026-09-17
    days on market $214,000 Active 232 DOM
50. 2026-09-16
    days on market $214,000 Active 231 DOM

ⓘ 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

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 2/10 Low 7 d/yr ≥88°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,274
• − Mortgage interest: −$18,008
• − Property taxes: −$4,822
• − Insurance: −$1,607
• − Repairs & maintenance: −$1,462
• − Management: −$1,462
• − Depreciation: −$9,352
• Taxable loss: −$18,439
• Est. tax savings @ 24.0%: +$4,425
• After-tax cash flow: $-7,798/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 · 2 photos

Poor 20/100 Extensive rehab Est. rehab $62,400–$112,320 screening

This property requires extensive repairs and maintenance, including roof and exterior work, to become move-in ready. Significant value can be added through landscaping and aesthetic improvements.

Repairs flagged

• Major roof — The independent aerial image shows signs of potential water damage or structural issues.
• Major exterior siding — The independent aerial image shows significant vegetation overgrowth and debris, indicating neglect.
• Major landscaping — The independent aerial image shows overgrown vegetation, indicating a need for landscaping and maintenance.

Value-add opportunities

• Both landscaping and exterior maintenance — Aesthetic improvements will enhance curb appeal and attract potential buyers or renters. ↑
• Both roof repair — Addressing the roof issue will prevent further water damage and ensure the home's structural integrity. ↑

ⓘ Rehab cost is a screening estimate — Extensive scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

D Composite school gradezoned avg 50/100

Zoned Schools

Elementary Anderson Elementary B WY #30/151 Nat'l #6,217/41,679 Middle Carey Junior High School D+ WY #39/55 Nat'l #4,335/14,009 High East High School F WY #46/75 Nat'l #7,439/17,239

Schools (NCES district)

• District: Laramie County School District #1
• NCES district ID: 5601980
• Math proficiency: 41% ▼ -2.00%
• Reading proficiency: 48% ▼ -2.00%
• Median HH income: $56,842
• Composite: 38.86/100
• National rank: #4103
• State rank: #33 of 41 in WY

A Composite livability gradescore 83/100

Livability — Cheyenne

• Score: 83/100
• State rank: #2
• US rank: #947

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Laramie County · 109,698 people
• City population: 94,953
• Metro: Cheyenne, WY
• Population (ZIP): 35,081
• Household income: $103,835
• Rent vs Own: 18.8% rent · 81.2% own
• Severe rent burden: 12% of renters

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Population outlook (Laramie County) Hauer SSP2

• Today (2025): 109,698 people
• By 2030: 115,710 · +5.5%
• By 2040: 127,191 · +15.9%
• By 2050: 138,476 · +26.2%
• By 2075: 168,653 · +53.7%
• By 2100: 188,739 · +72.1%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Hispanic / Latino 9% Two or more races 6% Asian 1% Black 1%
• Hispanic origin (detail): Mexican 6%
• Languages at home: 96% English-only · Spanish 2% Other Indo-European 1%

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Political lean MEDSL · Laramie

• 2024 margin: Solid R (+32.4) · D 33.0% · R 65.4% · Other 1.6%
• 2008→2024 swing: -12.1pp toward R · 2008: -20.4pp · 2024: -32.4pp
• All cycles: 2024: R+32.4 2020: R+28.2 2016: R+33.2 2012: R+24.8 2008: R+20.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -339.39%
• Current HPI: 266.7583
• Rent YoY: ▲ 6.73%
• Metro: Cheyenne, WY
• State GDP YoY: —
• F500 in state: 0

Property features AI

Finance

• Other: Listing status: ActiveListing provided by Zillow
• Financial info: List price $214,000

Exterior

• Parking: 1 parking space
• Home design: New construction planSingle-level plan name Manchester
• Construction: Living area approximately 1,248 (as listed)
• Exterior features: Located near Powderhouse Road and Melton Street in Cheyenne, WY

Interior

• Bedrooms: 2 bedrooms
• Bathrooms: 2 full bathrooms
• Interior features: Plan: Manchester