104 S 4th St

Rock River, WY 82083

$75,000B

2 bd · 1.0 ba · 816 sqft · Built 1920 · SingleFamily · Pending · 136 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $880/mo
• Mortgage (P&I): −$393
• Tax + insurance: −$66
• HOA: −$0
• Vac / Maint / Mgmt: −$185
• Net cashflow: $236/mo
• Annual: $2,832/yr
• Cap rate: 10.07%
• Cash-on-cash: 13.48%
• DSCR: 1.60
• 1% rule: 1.17%
• Cash to close: $21,000

Investor read

• This is a 2-bed/1.0-bath single-family listed at $75k.
• At list price, monthly cash flow is $236 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($880 rent vs $75k).
• It's been on market 136 days — a 12% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $66k (12.0% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($519 loan paydown + $4k appreciation (5.1% local appreciation)).
• Location reads 52/100 on livability (#142 in WY) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F, employment F.
• Albany County School District #1 (town): math 51% / reading 59% proficiency, ranked #19 of 41 in WY (top 46%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Laramie Montessori Charter School (math 30% / reading 70%, grade D+, #86 of 151 statewide, top 57%, 95 students, 39% FRL, charter); Rock River Junior High School (math 24% / reading 75%, 20 students, 45% FRL); Whiting High School (math 10% / reading 30%, grade F, #64 of 75 statewide, top 91%, 77 students, 42% FRL) — zoned schools average 42% FRL vs 22% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 40% at this address vs 55% district-wide (-15 pts) — the specific schools serving this property underperform the Albany County School District #1 average; the district grade overstates school quality for this exact location.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 20 active listings in the ZIP; 99 units permitted in Albany County in 2024 (0 in 5+ unit buildings).
• Albany County population projected at +39% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (5.1% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 136 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.