1104 Tulip Dr · Rock Springs, WY 82901

$294,500

3 bd · 3.0 ba · 1,602 sqft · MultiFamily public records · 28 Days on market

Built 2021 3,920 sqft lot

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Why this score? — see what drove the D- 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).

• Cash flow +12.9/30.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• DSCR +3.9/10.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.3/10.0
• Rent growth +2.0/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Immaculate almost brand new home. Home was finished in 2021 and still has a transferrable builder's warranty. The main level has an open concept kitchen, dining, and living space with access to a covered concrete patio and fully fenced backyard. Backyard has been seeded. The kitchen has all stainless steel appliances that stay with the home, white shaker cabinets, and granite counters with a big island- there is also a big pantry with sliding doors. The main level has a half bathroom and access to the two car attached garage. Upstairs, there are 3 bedrooms, 2 bathrooms, and a laundry room- washer and dryer stay with the home! The master bedroom has a private bathroom with shower and huge walk-in closet. Both bathrooms upstairs have granite countertops. Home has central air conditioning and there is also gravel RV parking. To schedule your private tour of this beautiful home, call or text Broker Emily Lopez with High Country Realty today at 307-389-1667!

Key facts

• Spacious pantry
• Large island
• Granite countertops

Tags

• OPEN-CONCEPT LAYOUT
• GRANITE COUNTERTOPS
• WHITE SHAKER CABINETS
• STAINLESS STEEL APPLIANCES
• LARGE ISLAND
• SPACIOUS PANTRY

Property features AI

Exterior

• Parking: Attached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Residential townhome/condominium; 2 stories
• Construction: Vinyl siding
• Exterior features: Composition roof; Lot approximately 0.09 acres

Interior

• Kitchen: Dishwasher; Microwave; Range / Oven; Refrigerator; Garbage disposal
• Flooring: Carpet; Vinyl
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Walk-in closet(s); Crawl space basement
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath multifamily listed at $294k.

Deal economics

• At list price, monthly cash flow is $-19 ($-228/yr) — negative.
• To cash-flow at today's rent, offer at most $291k (1.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $216k (26.6% below list).
• Recommended offer: $216k (26.6% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 2.9% in Rock Springs — 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.

Location & tenants

• Location reads 70/100 on livability (#35 in WY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: schools C-, amenities F, commute F.
• Sweetwater County School District #1 (town): math 44% / reading 49% proficiency, ranked #31 of 41 in WY (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents soft (-2.1%/yr); 177 active listings in the ZIP; 47 units permitted in Sweetwater County in 2024 (0 in 5+ unit buildings).
• This rent runs 37% of the median local income ($70k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Sweetwater County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($290k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y ago 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.

Recommended offer $216,300 (26.6% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
4. 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.
5. 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.
6. 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: 0.73% ✗
• Cap rate: 6.22%
• Cash-on-cash: -0.28%
• DSCR: 0.99
• GRM: 11.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -19.7%
• Equity multiple: 0.33×
• Total profit: $-55,428
• Equity at exit: $43,911

10-year hold

• IRR: -19.3%
• Equity multiple: 0.09×
• Total profit: $-74,958
• Equity at exit: $25,463

Cash invested: $82,460 (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 82901

• Rents YoY: -2.1%
• Active inventory: 177
• Price-to-rent: 22.7×

Monthly cashflow live

• Estimated rent: $2,163 medium
• Mortgage (P&I): −$1,544
• Tax from tax record: −$61 /mo · $728/yr
• Insurance: −$123
• HOA: −$0
• Vacancy / Maint / Mgmt: −$454
• Net cashflow: $-19

Break-even live

Break-even rent $2,187

Max offer price $291,140

Occupancy floor 96%

Sensitivity live

Price	-10% $148	-5% $64	+0% $-19	+5% $-102	+10% $-186
Rent	-10% $-190	-5% $-104	+0% $-19	+5% $66	+10% $152
Rate	-1.0pp $129	-0.5pp $56	base $-19	+0.5pp $-95	+1.0pp $-173

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,164
Total (2 units)			$2,163

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: $73,625
• Closing costs: $8,835
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-19
   days on market $294,500 Active 28 DOM
2. 2026-06-18
   days on market $294,500 Active 27 DOM
3. 2026-06-17
   days on market $294,500 Active 26 DOM
4. 2026-06-16
   days on market $294,500 Active 25 DOM
5. 2026-06-15
   days on market $294,500 Active 24 DOM
6. 2026-06-14
   days on market $294,500 Active 22 DOM
7. 2026-06-12
   days on market $294,500 Active 21 DOM
8. 2026-06-09
   days on market $294,500 Active 18 DOM
9. 2026-06-08
   days on market $294,500 Active 17 DOM
10. 2026-06-07
    days on market $294,500 Active 16 DOM
11. 2026-06-05
    days on market $294,500 Active 13 DOM
12. 2026-06-02
    days on market $294,500 Active 11 DOM
13. 2026-06-01
    days on market $294,500 Active 10 DOM
14. 2026-05-31
    days on market $294,500 Active 9 DOM
15. 2026-05-30
    days on market $294,500 Active 8 DOM
16. 2026-05-22
    listed $294,500 Active
17. 2022-04-29
    soldstatus 967-char remark

    Show marketing remark (967 chars)

    Immaculate almost brand new home. Home was finished in 2021 and still has a transferrable builder's warranty. The main level has an open concept kitchen, dining, and living space with access to a covered concrete patio and fully fenced backyard. Backyard has been seeded. The kitchen has all stainless steel appliances that stay with the home, white shaker cabinets, and granite counters with a big island- there is also a big pantry with sliding doors. The main level has a half bathroom and access to the two car attached garage. Upstairs, there are 3 bedrooms, 2 bathrooms, and a laundry room- washer and dryer stay with the home! The master bedroom has a private bathroom with shower and huge walk-in closet. Both bathrooms upstairs have granite countertops. Home has central air conditioning and there is also gravel RV parking. To schedule your private tour of this beautiful home, call or text Broker Emily Lopez with High Country Realty today at 307-389-1667!

18. 2022-04-29
    soldstatus

    Show marketing remark (967 chars)

    Immaculate almost brand new home. Home was finished in 2021 and still has a transferrable builder's warranty. The main level has an open concept kitchen, dining, and living space with access to a covered concrete patio and fully fenced backyard. Backyard has been seeded. The kitchen has all stainless steel appliances that stay with the home, white shaker cabinets, and granite counters with a big island- there is also a big pantry with sliding doors. The main level has a half bathroom and access to the two car attached garage. Upstairs, there are 3 bedrooms, 2 bathrooms, and a laundry room- washer and dryer stay with the home! The master bedroom has a private bathroom with shower and huge walk-in closet. Both bathrooms upstairs have granite countertops. Home has central air conditioning and there is also gravel RV parking. To schedule your private tour of this beautiful home, call or text Broker Emily Lopez with High Country Realty today at 307-389-1667!

19. 2022-03-17
    listed $264,000 967-char remark

    Show marketing remark (967 chars)

    Immaculate almost brand new home. Home was finished in 2021 and still has a transferrable builder's warranty. The main level has an open concept kitchen, dining, and living space with access to a covered concrete patio and fully fenced backyard. Backyard has been seeded. The kitchen has all stainless steel appliances that stay with the home, white shaker cabinets, and granite counters with a big island- there is also a big pantry with sliding doors. The main level has a half bathroom and access to the two car attached garage. Upstairs, there are 3 bedrooms, 2 bathrooms, and a laundry room- washer and dryer stay with the home! The master bedroom has a private bathroom with shower and huge walk-in closet. Both bathrooms upstairs have granite countertops. Home has central air conditioning and there is also gravel RV parking. To schedule your private tour of this beautiful home, call or text Broker Emily Lopez with High Country Realty today at 307-389-1667!

ⓘ 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: $728 · $61/mo
• Projected year-2 tax: $1,796 · $150/mo
• Expected delta: +$1,068/yr (+$89/mo · 146.7%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥88°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,956
• − Mortgage interest: −$16,497
• − Property taxes: −$728
• − Insurance: −$1,472
• − Repairs & maintenance: −$2,076
• − Management: −$2,076
• − Depreciation: −$8,567
• Taxable loss: −$5,462
• Est. tax savings @ 24.0%: +$1,311
• After-tax cash flow: $1,083/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: Sweetwater County School District #1
• NCES district ID: 5605302
• Math proficiency: 44% ▼ -4.00%
• Reading proficiency: 49% ▼ -3.00%
• Median HH income: $68,679
• Composite: 41.66/100
• National rank: #3422
• State rank: #31 of 41 in WY

Livability — Rock Springs

• Score: 70/100
• State rank: #35
• US rank: #8016

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rock Springs, WY
• County: Sweetwater County · 27,198 people
• City population: 27,198
• Metro: Rock Springs, WY
• Population (ZIP): 27,198
• Household income: $69,954
• Rent vs Own: 26.4% rent · 73.6% own
• Severe rent burden: 609.0

Population outlook (Sweetwater County) Hauer SSP2

• Today (2025): 48,212 people
• By 2030: 49,664 · +3.0%
• By 2040: 51,984 · +7.8%
• By 2050: 54,005 · +12.0%
• By 2075: 57,684 · +19.6%
• By 2100: 57,857 · +20.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 19% Two or more races 9% Black 2% Native American 1%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Italian 5% Lithuanian 2% Portuguese 2%
• Foreign-born: 7% · Canada, Vietnam, Jamaica
• Languages at home: 90% English-only · Spanish 9% Vietnamese 1%

Political lean MEDSL · Sweetwater

• 2024 margin: Solid R (+53.2) · D 22.5% · R 75.7% · Other 1.8%
• 2008→2024 swing: -25.7pp toward R · 2008: -27.5pp · 2024: -53.2pp
• All cycles: 2024: R+53.2 2020: R+50.6 2016: R+53.5 2012: R+39.7 2008: R+27.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -270.69%
• Current HPI: 146.2451
• Rent YoY: ▼ -2.15%
• Metro: Rock Springs, WY
• State GDP YoY: —
• F500 in state: 0

Price history

+11.6% since first listed

4 events — show timeline

• 2026-05-22 Listed $294,500 WMLS
• 2022-04-29 Sold (Public Records) — Public Records
• 2022-04-29 Sold (MLS) — WMLS
• 2022-03-17 Listed $264,000 WMLS

Property tax history

+19.6%/yr

Latest (2025): $728 · -43.5% YoY. Source: county tax records.