119 Trails West Cir

Ranchester, WY 82839

$295,000B+

3 bd · 3.0 ba · 1,565 sqft · Built 2016 · MultiFamily · Active · 85 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,836/mo
• Mortgage (P&I): −$1,547
• Tax + insurance: −$236
• HOA: −$115
• Vac / Maint / Mgmt: −$1,016
• Net cashflow: $1,923/mo
• Annual: $23,070/yr
• Cap rate: 14.11%
• Cash-on-cash: 27.93%
• DSCR: 2.24
• 1% rule: 1.64%
• Cash to close: $82,600

Investor read

• This is a 3-bed/3.0-bath multifamily listed at $295k.
• At list price, monthly cash flow is $2k ($23k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $295k).
• It's been on market 85 days — a 6% lower offer ($277k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $277k (6.0% below list) — sets the bar for market timing.
• In year one you build about $1k of equity ($2k loan paydown + $-850 appreciation (-0.3% local appreciation)).
• Location reads 66/100 on livability (#69 in WY) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, cost of living A; Watch: amenities F, commute F, health & safety F.
• Sheridan County School District #1 (rural): math 64% / reading 69% proficiency, ranked #2 of 41 in WY (top 5%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 17% free/reduced lunch — higher-income household profile.
• Market conditions: 22 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 309 units permitted in Sheridan County in 2024 (92 in 5+ unit buildings).
• Sheridan County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts since 10y 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.
• At projected returns (-0.3% appreciation + 3.0% rent growth), your $83k cash investment doubles in ~4 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

• It's been on market 85 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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 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.