1511 Mydland Rd #185

Sheridan, WY 82801

$54,000B+

3 bd · 2.0 ba · 980 sqft · Built 1983 · SingleFamily · Active · 42 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,708/mo
• Mortgage (P&I): −$283
• Tax + insurance: −$90
• HOA: −$0
• Vac / Maint / Mgmt: −$359
• Net cashflow: $976/mo
• Annual: $11,711/yr
• Cap rate: 27.98%
• Cash-on-cash: 77.45%
• DSCR: 4.45
• 1% rule: 3.16%
• Cash to close: $15,120

Investor read

• This is a 3-bed/2.0-bath single-family listed at $54k. Condition is rated fair.
• At list price, monthly cash flow is $976 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $54k).
• It's been on market 42 days — a 3% lower offer ($52k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $52k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $373 of loan paydown is wiped out by about $2k 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.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $6k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~2 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 28.0% 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.

Questions for listing agent

• It's been on market 42 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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 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.

Repairs flagged (vision-AI assessment)

• Minor: kitchen cabinets — existing cabinets
• Minor: bathroom fixtures — existing fixtures
• Minor: HVAC system — existing appliances
• Minor: landscaping — fenced yard with storage shed