1808 Gregg Ave

Worland, WY 82401

$83,460B

4 bd · 2.0 ba · 1,800 sqft · Built 1973 · SingleFamily · Pending · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,320/mo
• Mortgage (P&I): −$438
• Tax + insurance: −$115
• HOA: −$0
• Vac / Maint / Mgmt: −$277
• Net cashflow: $489/mo
• Annual: $5,874/yr
• Cap rate: 13.33%
• Cash-on-cash: 25.13%
• DSCR: 2.12
• 1% rule: 1.58%
• Cash to close: $23,369

Investor read

• This is a 4-bed/2.0-bath single-family listed at $83k.
• At list price, monthly cash flow is $489 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $83k).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $577 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#16 in WY, #4,423 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Washakie County School District #1 (town): math 59% / reading 64% proficiency, ranked #10 of 41 in WY (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Worland Middle School (math 60% / reading 64%, grade B+, #14 of 55 statewide, top 28%, 249 students, 39% FRL); Worland High School (math 48% / reading 67%, grade C, #15 of 75 statewide, top 19%, 388 students, 26% FRL) — zoned schools at 33% FRL track the district average.
• Market conditions: 65 active listings in the ZIP; 5 units permitted in Washakie County in 2024 (0 in 5+ unit buildings).
• Washakie County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $23k cash investment doubles in ~5 years — after that, you're playing with house money.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 13.3% vs local median 3.1% in Worland — 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

• Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.