23 Star Struck Ln

Woods Landing-Jelm, WY 82070

$4,500D+

1 bd · 2.0 ba · 470 sqft · Built 1960 · Manufactured · Active · 323 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $984/mo
• Mortgage (P&I): −$24
• Tax + insurance: −$133
• HOA: −$0
• Vac / Maint / Mgmt: −$207
• Net cashflow: $621/mo
• Annual: $7,453/yr
• Cap rate: 205.30%
• Cash-on-cash: 710.73%
• DSCR: 32.62
• 1% rule: 21.87%
• Cash to close: $1,260

Investor read

• This is a 1-bed/2.0-bath manufactured listed at $4k.
• At list price, monthly cash flow is $621 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($984 rent vs $4k).
• It's been on market 323 days — a 12% lower offer ($4k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $4k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $31 of loan paydown is wiped out by about $135 of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Albany County School District #1 (town): math 51% / reading 59% proficiency, ranked #19 of 41 in WY (top 46%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: flood insurance adds $125/mo.
• Market conditions: Rents rising (+2.2%/yr); 275 active listings in the ZIP; 99 units permitted in Albany County in 2024 (0 in 5+ unit buildings).
• Albany County population projected at +39% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 2.2% rent growth), your $1k cash investment doubles in ~1 year — after that, you're playing with house money.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.
• This rent is only 17% of the median local income ($69k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• It's been on market 323 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.
• 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.