1104 Tulip Dr

Rock Springs, WY 82901

$294,500D-

3 bd · 3.0 ba · 1,602 sqft · Built 2021 · MultiFamily · Active · 28 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,163/mo
• Mortgage (P&I): −$1,544
• Tax + insurance: −$183
• HOA: −$0
• Vac / Maint / Mgmt: −$454
• Net cashflow: $-19/mo
• Annual: $-228/yr
• Cap rate: 6.22%
• Cash-on-cash: -0.28%
• DSCR: 0.99
• 1% rule: 0.73%
• Cash to close: $82,460

Investor read

• This is a 3-bed/3.0-bath multifamily listed at $294k.
• 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).
• It's been on market 28 days — a 2% lower offer ($290k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $216k (26.6% below list) — sets the bar for 1% rule.
• 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.
• 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: amenities F, commute F, health & safety 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.
• Zoned schools: Northpark Elementary (math 47% / reading 42%, grade F, #103 of 151 statewide, top 73%, 177 students, 38% FRL); Rock Springs Junior High (math 43% / reading 52%, grade C-, #38 of 55 statewide, top 69%, 769 students, 39% FRL); Rock Springs High School (math 37% / reading 43%, grade F, #51 of 75 statewide, top 68%, 1,502 students, 31% FRL).
• Market conditions: Rents soft (-2.1%/yr); 178 active listings in the ZIP; 47 units permitted in Sweetwater County in 2024 (0 in 5+ unit buildings).
• Sweetwater County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 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.
• 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.
• This rent runs 37% of the median local income ($70k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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 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.