1400 Howell Ave

Worland, WY 82401

$157,000C

5 bd · 2.0 ba · 1,470 sqft · Built 1955 · SingleFamily · Active · 68 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,340/mo
• Mortgage (P&I): −$823
• Tax + insurance: −$120
• HOA: −$0
• Vac / Maint / Mgmt: −$281
• Net cashflow: $115/mo
• Annual: $1,376/yr
• Cap rate: 7.17%
• Cash-on-cash: 3.13%
• DSCR: 1.14
• 1% rule: 0.85%
• Cash to close: $43,960

Investor read

• This is a 5-bed/2.0-bath single-family listed at $157k.
• At list price, monthly cash flow is $115 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $134k (14.7% below list).
• It's been on market 68 days — a 6% lower offer ($148k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $134k (14.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#16 in WY, #4,423 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Washakie County School District #1 (town): math 59% / reading 64% proficiency, ranked #10 of 41 in WY (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Worland Middle School (math 60% / reading 64%, grade B+, #14 of 55 statewide, top 28%, 249 students, 39% FRL); Worland High School (math 48% / reading 67%, grade C, #15 of 75 statewide, top 19%, 388 students, 26% FRL) — zoned schools at 33% FRL track the district average.
• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 65 active listings in the ZIP; 5 units permitted in Washakie County in 2024 (0 in 5+ unit buildings).
• Washakie County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $13k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.2% vs local median 3.1% in Worland — 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.

Questions for listing agent

• It's been on market 68 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
• Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.