150 W 11th St Lot 26

Sheridan, WY 82801

$57,000B

3 bd · 2.0 ba · 1,064 sqft · Built 2004 · SingleFamily · Active · 42 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,744/mo
• Mortgage (P&I): −$299
• Tax + insurance: −$95
• HOA: −$450
• Vac / Maint / Mgmt: −$366
• Net cashflow: $534/mo
• Annual: $6,407/yr
• Cap rate: 17.53%
• Cash-on-cash: 40.14%
• DSCR: 2.79
• 1% rule: 3.06%
• Cash to close: $15,960

Investor read

• This is a 3-bed/2.0-bath single-family listed at $57k. Condition is rated poor.
• At list price, monthly cash flow is $534 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $57k).
• It's been on market 42 days — a 3% lower offer ($55k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $55k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $394 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#7 in WY, #2,337 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, crime A; Watch: amenities C-, employment C-, commute F.
• Sheridan County School District #2 (town): math 68% / reading 72% proficiency, ranked #1 of 41 in WY (top 2%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Henry A. Coffeen Elementary (math 67% / reading 57%, grade B, #30 of 151 statewide, top 26%, 302 students, 41% FRL); Sheridan Junior High School (math 60% / reading 73%, grade A-, #9 of 55 statewide, top 15%, 843 students, 28% FRL); Sheridan High School (math 71% / reading 75%, grade B+, #4 of 75 statewide, top 4%, 1,092 students, 24% FRL).
• Watch-outs: HOA is 26% of rent.
• Market conditions: 509 active listings in the ZIP; 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.
• 4 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 (-3.0% appreciation + 3.0% rent growth), your $16k cash investment doubles in ~3 years — after that, you're playing with house money.
• Climate carrying-cost: major flood risk; major wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 17.5% vs local median 2.4% in Sheridan — 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 42 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.

Repairs flagged (vision-AI assessment)

• Major: kitchen appliances — No appliances visible
• Major: bathroom fixtures — No fixtures or sinks visible
• Major: exterior siding — Siding appears weathered and peeling
• Major: landscaping — Overgrown and unkempt