500 Snake River Dr #2 · Alpine, WY 83128

$359,000

2 bd · 1.0 ba · 780 sqft · Condo public records · 335 Days on market

Built 1995 $460/sqft · 17% below area Est $434k · 17% under $350/mo HOA · 12% of rent ↓ 14% since listing

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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).

• ARV discount +15.0/15.0
• Cash flow +12.1/30.0
• Schools +5.4/10.0
• Appreciation +5.0/10.0
• DSCR +3.6/10.0
• 1% rule +3.5/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Charming 1-Bedroom Townhome with Garage - Walk to Alpine & Outdoor Adventure! Set in the desirable Riverview Townhomes community, this delightful 1-bedroom, 1-bath unit offers low-maintenance living just steps from the heart of Alpine. Brand new quartz kitchen countertops as well as in the bathroom. Enjoy the convenience of a detached one-car garage, included appliances, and recent updates--including a new roof installed by the HOA for peace of mind. Perfectly positioned for lifestyle and recreation, you're within walking distance to live music venues, shops, restaurants, and the breathtaking Palisades Reservoir. Outdoor enthusiasts will love the easy access to world-class hiking, snowmobiling, fishing, boating, and endless trails. Whether you're looking for a full-time residence, seasonal escape, or an investment opportunity, this turn-key townhome delivers Alpine charm, small-town warmth, and unbeatable proximity to everything this mountain community has to offer.

Key facts

• Recent updates
• New roof
• $350 HOA

Tags

• DETACHED ONE-CAR GARAGE
• RECENT UPDATES
• NEW ROOF
• EASY ACCESS TO SNOWMOBILING
• EASY ACCESS TO FISHING
• EASY ACCESS TO BOATING

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $359k.

Deal economics

• At list price, monthly cash flow is $-77 ($-924/yr) — negative.
• To cash-flow at today's rent, offer at most $345k (3.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $304k (15.5% below list).
• Recommended offer: $304k (15.5% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 67/100 on livability (#60 in WY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: schools F, amenities F, commute F.
• Lincoln County School District #2 (rural): math 57% / reading 67% proficiency, ranked #7 of 41 in WY (top 17%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 101 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 220 units permitted in Lincoln County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $13k of equity ($2k loan paydown + $11k appreciation (3.0% local appreciation)).
• Lincoln County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $101k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 335 days — a 12% lower offer ($316k) is reasonable based on typical stale-listing flexibility.

Recommended offer $303,500 (15.5% 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 335 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. 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.
9. 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.
10. 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: 0.85% ✗
• Cap rate: 6.04%
• Cash-on-cash: -0.92%
• DSCR: 0.96
• GRM: 9.9

CMA / ARV

• ARV (median comp): $433,858
• List price: $359,000
• Delta: -17.25%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 6.7%
• Equity multiple: 1.38×
• Total profit: $38,385
• Equity at exit: $161,422

10-year hold

• IRR: 9.5%
• Equity multiple: 2.43×
• Total profit: $143,632
• Equity at exit: $248,770

Cash invested: $100,520 (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 83128

• Active inventory: 101
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $3,035 medium
• Mortgage (P&I): −$1,883
• Tax from tax record: −$92 /mo · $1,109/yr
• Insurance: −$150
• HOA: −$350
• Vacancy / Maint / Mgmt: −$637
• Net cashflow: $-77

Break-even live

Break-even rent $3,132

Max offer price $345,397

Occupancy floor 98%

Sensitivity live

Price	-10% $126	-5% $25	+0% $-77	+5% $-179	+10% $-280
Rent	-10% $-317	-5% $-197	+0% $-77	+5% $43	+10% $163
Rate	-1.0pp $104	-0.5pp $14	base $-77	+0.5pp $-170	+1.0pp $-265

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: $89,750
• Closing costs: $10,770
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
303 US Highway 26 Alpine, WY	1.0–2.0	1.0–2.5	1125	$3,035	$2.70	21d	1	1.42mi

HOA detail condo

• Monthly dues: $350 · $4,200/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 21 events

1. 2026-06-19
   days on market $359,000 Active 335 DOM
2. 2026-06-18
   days on market $359,000 Active 334 DOM
3. 2026-06-17
   days on market $359,000 Active 333 DOM
4. 2026-06-16
   days on market $359,000 Active 332 DOM
5. 2026-06-15
   days on market $359,000 Active 331 DOM
6. 2026-06-14
   days on market $359,000 Active 329 DOM
7. 2026-06-12
   days on market $359,000 Active 328 DOM
8. 2026-06-09
   days on market $359,000 Active 325 DOM
9. 2026-06-08
   days on market $359,000 Active 324 DOM
10. 2026-06-07
    days on market $359,000 Active 323 DOM
11. 2026-06-05
    days on market $359,000 Active 321 DOM
12. 2026-06-04
    days on market $359,000 Active 319 DOM
13. 2026-06-02
    days on market $359,000 Active 318 DOM
14. 2026-06-01
    days on market $359,000 Active 317 DOM
15. 2026-05-31
    days on market $359,000 Active 316 DOM
16. 2026-05-31
    days on market $359,000 Active 315 DOM
17. 2025-11-25
    price $359,000 986-char remark

    Show marketing remark (986 chars)

    Charming 1-Bedroom Townhome with Garage - Walk to Alpine & Outdoor Adventure! Set in the desirable Riverview Townhomes community, this delightful 1-bedroom, 1-bath unit offers low-maintenance living just steps from the heart of Alpine. Brand new quartz kitchen countertops as well as in the bathroom. Enjoy the convenience of a detached one-car garage, included appliances, and recent updates--including a new roof installed by the HOA for peace of mind. Perfectly positioned for lifestyle and recreation, you're within walking distance to live music venues, shops, restaurants, and the breathtaking Palisades Reservoir. Outdoor enthusiasts will love the easy access to world-class hiking, snowmobiling, fishing, boating, and endless trails. Whether you're looking for a full-time residence, seasonal escape, or an investment opportunity, this turn-key townhome delivers Alpine charm, small-town warmth, and unbeatable proximity to everything this mountain community has to offer.

18. 2025-09-30
    price $375,000 986-char remark

    Show marketing remark (986 chars)

    Charming 1-Bedroom Townhome with Garage - Walk to Alpine & Outdoor Adventure! Set in the desirable Riverview Townhomes community, this delightful 1-bedroom, 1-bath unit offers low-maintenance living just steps from the heart of Alpine. Brand new quartz kitchen countertops as well as in the bathroom. Enjoy the convenience of a detached one-car garage, included appliances, and recent updates--including a new roof installed by the HOA for peace of mind. Perfectly positioned for lifestyle and recreation, you're within walking distance to live music venues, shops, restaurants, and the breathtaking Palisades Reservoir. Outdoor enthusiasts will love the easy access to world-class hiking, snowmobiling, fishing, boating, and endless trails. Whether you're looking for a full-time residence, seasonal escape, or an investment opportunity, this turn-key townhome delivers Alpine charm, small-town warmth, and unbeatable proximity to everything this mountain community has to offer.

19. 2025-08-20
    price $399,000 986-char remark

    Show marketing remark (986 chars)

    Charming 1-Bedroom Townhome with Garage - Walk to Alpine & Outdoor Adventure! Set in the desirable Riverview Townhomes community, this delightful 1-bedroom, 1-bath unit offers low-maintenance living just steps from the heart of Alpine. Brand new quartz kitchen countertops as well as in the bathroom. Enjoy the convenience of a detached one-car garage, included appliances, and recent updates--including a new roof installed by the HOA for peace of mind. Perfectly positioned for lifestyle and recreation, you're within walking distance to live music venues, shops, restaurants, and the breathtaking Palisades Reservoir. Outdoor enthusiasts will love the easy access to world-class hiking, snowmobiling, fishing, boating, and endless trails. Whether you're looking for a full-time residence, seasonal escape, or an investment opportunity, this turn-key townhome delivers Alpine charm, small-town warmth, and unbeatable proximity to everything this mountain community has to offer.

20. 2025-07-19
    listed $419,000 Active 986-char remark

    Show marketing remark (986 chars)

    Charming 1-Bedroom Townhome with Garage - Walk to Alpine & Outdoor Adventure! Set in the desirable Riverview Townhomes community, this delightful 1-bedroom, 1-bath unit offers low-maintenance living just steps from the heart of Alpine. Brand new quartz kitchen countertops as well as in the bathroom. Enjoy the convenience of a detached one-car garage, included appliances, and recent updates--including a new roof installed by the HOA for peace of mind. Perfectly positioned for lifestyle and recreation, you're within walking distance to live music venues, shops, restaurants, and the breathtaking Palisades Reservoir. Outdoor enthusiasts will love the easy access to world-class hiking, snowmobiling, fishing, boating, and endless trails. Whether you're looking for a full-time residence, seasonal escape, or an investment opportunity, this turn-key townhome delivers Alpine charm, small-town warmth, and unbeatable proximity to everything this mountain community has to offer.

21. 2017-01-10
    soldstatus

ⓘ 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: $1,109 · $92/mo
• Projected year-2 tax: $2,190 · $182/mo
• Expected delta: +$1,081/yr (+$90/mo · 97.4%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 2/10 Low 8 d/yr ≥87°F today · 21 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $36,420
• − Mortgage interest: −$20,110
• − Property taxes: −$1,109
• − Insurance: −$1,795
• − Repairs & maintenance: −$2,914
• − Management: −$2,914
• − HOA: −$4,200
• − Depreciation: −$10,444
• Taxable loss: −$7,065
• Est. tax savings @ 24.0%: +$1,696
• After-tax cash flow: $771/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: Lincoln County School District #2
• NCES district ID: 5604060
• Math proficiency: 57% ▬ 0.00%
• Reading proficiency: 67% ▬ 0.00%
• Median HH income: $61,907
• Composite: 53.84/100
• National rank: #1413
• State rank: #7 of 41 in WY

Livability — Alpine

• Score: 67/100
• State rank: #60
• US rank: #10517

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Alpine, WY
• Population (ZIP): 1,973

Population outlook (Lincoln County) Hauer SSP2

• Today (2025): 19,890 people
• By 2030: 20,275 · +1.9%
• By 2040: 20,691 · +4.0%
• By 2050: 20,640 · +3.8%
• By 2075: 20,008 · +0.6%
• By 2100: 18,122 · -8.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Hispanic / Latino 13% Two or more races 3% Asian 2%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Italian 8% Portuguese 3% Slovak 3%
• Foreign-born: 13% · Canada, China
• Languages at home: 83% English-only · Spanish 15% Chinese 2%

Political lean MEDSL · Lincoln

• 2024 margin: Solid R (+68.3) · D 15.1% · R 83.5% · Other 1.4%
• 2008→2024 swing: -13.9pp toward R · 2008: -54.4pp · 2024: -68.3pp
• All cycles: 2024: R+68.3 2020: R+68.2 2016: R+67.6 2012: R+68.3 2008: R+54.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-14.3% since first listed

5 events — show timeline

• 2025-11-25 Price Changed $359,000 TBOR
• 2025-09-30 Price Changed $375,000 TBOR
• 2025-08-20 Price Changed $399,000 TBOR
• 2025-07-19 Listed $419,000 TBOR
• 2017-01-10 Sold (Public Records) — Public Records

Property tax history

+8.5%/yr

Latest (2025): $1,109 · -35.8% YoY. Source: county tax records.