500 Snake River Dr #2

Alpine, WY 83128

$359,000C-

2 bd · 1.0 ba · 780 sqft · Built 1995 · Condo · Active · 337 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,035/mo
• Mortgage (P&I): −$1,883
• Tax + insurance: −$242
• HOA: −$350
• Vac / Maint / Mgmt: −$637
• Net cashflow: $-77/mo
• Annual: $-924/yr
• Cap rate: 6.04%
• Cash-on-cash: -0.92%
• DSCR: 0.96
• 1% rule: 0.85%
• Cash to close: $100,520

Investor read

• This is a 2-bed/1.0-bath condo listed at $359k.
• 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).
• It's been on market 337 days — a 12% lower offer ($316k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $304k (15.5% below list) — sets the bar for 1% rule.
• In year one you build about $13k of equity ($2k loan paydown + $11k appreciation (3.0% local appreciation)).
• 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: 106 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).
• 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.

Questions for listing agent

• 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?
• It's been on market 337 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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.
• 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?
• 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.