904 Hemlock Ave

Gillette, WY 82716

$39,900B

3 bd · 2.0 ba · 1,632 sqft · Built 1973 · SingleFamily · Active · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,370/mo
• Mortgage (P&I): −$209
• Tax + insurance: −$35
• HOA: −$0
• Vac / Maint / Mgmt: −$288
• Net cashflow: $838/mo
• Annual: $10,053/yr
• Cap rate: 31.49%
• Cash-on-cash: 89.98%
• DSCR: 5.00
• 1% rule: 3.43%
• Cash to close: $11,172

Investor read

• This is a 3-bed/2.0-bath single-family listed at $40k.
• At list price, monthly cash flow is $838 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $276 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 84/100 on livability (#1 in WY, #820 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, housing A+; Watch: schools C-, commute F.
• Campbell County School District #1 (town): math 45% / reading 47% proficiency, ranked #30 of 41 in WY (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 80 active listings in the ZIP; 32 units permitted in Campbell County in 2024 (0 in 5+ unit buildings).
• Campbell County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

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.
• 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.