4202 & 4204 Cheyenne ST St · Cheyenne, WY 82001

$375,000

7 bd · 4.0 ba · 3,170 sqft · MultiFamily · 21 Days on market

Built 1951 Fair condition 1.04 ac lot $118/sqft · 37% below area Est $600k · 38% under ↓ 7% since listing

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Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +15.0/15.0
• Cash flow +13.9/30.0
• Schools +4.5/10.0
• DSCR +4.2/10.0
• Livability +4.2/5.0
• Rent growth +4.0/5.0
• 1% rule +3.9/10.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Discover an investment opportunity in a great location! Situated on a spacious 1-acre lot just off the bustling Pershing Blvd and College Drive intersection, this well-positioned triplex offers both immediate income and exciting future potential. The property features a side-by-side duplex, each unit offering 2 bedrooms and 1 bath with fenced yards. In addition, a second structure provides a 3-bedroom, 2-bath with a large master suite, perfect for larger households or extra rental income. With room to expand or enhance, this property opens the door to even greater returns. Currently fully rented, the property delivers reliable cash flow from day one. Even better, all leases are month-to-month, giving a new owner valuable flexibility. Continue operating as an income producing asset, adjust rents to market rates, or explore redevelopment opportunities. With its prime location near major traffic corridors, strong rental appeal, and expansion possibilities, this property is ideal for investors looking to grow their portfolio or owner-operators seeking versatility.

Key facts

• Reliable cash flow
• Fenced yards
• Large master suite

Tags

• SPACIOUS LOT
• SIDE BY SIDE DUPLEX
• FENCED YARDS
• LARGE MASTER SUITE
• FULLY RENTED
• RELIABLE CASH FLOW

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $375k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $41 ($489/yr) — positive. Per door: $20/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $333k (11.1% below list).
• Recommended offer: $333k (11.1% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 3.4% in Cheyenne — 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.

Location & tenants

• Location reads 83/100 on livability (#2 in WY, #947 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D.
• Laramie County School District #1 (urban): math 41% / reading 48% proficiency, ranked #33 of 41 in WY (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Baggs Elementary (math 37% / reading 52%, grade F, #103 of 151 statewide, top 73%, 324 students, 60% FRL); Carey Junior High School (math 43% / reading 50%, grade D+, #39 of 55 statewide, top 70%, 861 students, 38% FRL); East High School (math 43% / reading 43%, grade F, #46 of 75 statewide, top 61%, 1,513 students, 30% FRL).
• Market conditions: Rents rising fast (+6.2%/yr); 471 active listings in the ZIP; solid renter incomes; 485 units permitted in Laramie County in 2024 (104 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Laramie County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($369k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $54k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $333,200 (11.1% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1951 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. 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.
9. 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.
10. 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.

Investment metrics

• 1% rule: 0.89% ✗
• Cap rate: 6.42%
• Cash-on-cash: 0.47%
• DSCR: 1.02
• GRM: 9.4

CMA / ARV

• ARV (median comp): $600,000
• List price: $375,000
• Delta: -37.50%
• Verdict: UNDERPRICED
• Comps: 7 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4002 Cheyenne ST St	0.13mi	8/4.0 (+1)	3,952 (+25%)	9mo	$700,000	$177	56
1604 Taft Ave Ave	0.63mi	8/4.0 (+1)	3,400 (+7%)	7mo	$600,000	$176	48
5015 Sunny Hl	0.64mi	6/3.0 (-1)	2,960 (-7%)	3mo	$460,000	$155	47
1507 Hot Springs Ave Ave	1.49mi	7/4.0	2,880 (-9%)	3mo	$510,000	$177	47
5612 Carmel Dr	1.39mi	6/3.0 (-1)	3,275 (+3%)	6mo	$639,000	$195	46
1216 Taft Ave Ave	0.82mi	8/4.0 (+1)	3,632 (+15%)	1mo	$649,000	$179	35
5969 Ottawa Dr	1.25mi	6/3.5 (-1)	3,915 (+24%)	3mo	$615,000	$157	30
5826 Calumet Dr	1.00mi	6/3.5 (-1)	3,933 (+24%)	5mo	$569,000	$145	29
5803 Calumet Dr	0.94mi	6/3.0 (-1)	3,610 (+14%)	15mo	$595,000	$165	21
3601 Shawnee St	1.06mi	6/3.5 (-1)	3,725 (+18%)	17mo	$580,000	$156	19
3216-3222 Randy RD Rd	0.77mi	8/8.0 (+1)	3,952 (+25%)	2mo	$799,900	$202	18
3330 Campfire Trl	1.37mi	6/3.0 (-1)	3,726 (+18%)	15mo	$615,000	$165	18

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 6.15% rent growth · sell at horizon

5-year hold

• IRR: -12.1%
• Equity multiple: 0.55×
• Total profit: $-47,228
• Equity at exit: $55,914

10-year hold

• IRR: 1.2%
• Equity multiple: 1.10×
• Total profit: $10,112
• Equity at exit: $32,423

Cash invested: $105,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State Wyoming: 90 Strongly Landlord-Friendly · R+25
• County: — inherits STATE
• City: — inherits STATE

3-day notice; strongly landlord-favorable; small market.

Methodology + full state rankings →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 1 active · 2 under contract
• Months of supply: 3.0 mo (33%/mo absorbed)
• Median asking: $749,900 ($190/sqft)
• Median days on market: 128 d
• This list price: lowest-priced of the active set
• ARV vs active asking: -0.3% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 82001

• Rents YoY: 6.2%
• Active inventory: 471
• Price-to-rent: 18.8×

Monthly cashflow live

• Estimated rent: $3,332 high
• Mortgage (P&I): −$1,967
• Tax est. 1.5%: −$469 /mo · $5,625/yr
• Insurance: −$156
• HOA: −$0
• Vacancy / Maint / Mgmt: −$700
• Net cashflow: $41

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,332
Total (2 units)			$3,332

Break-even live

Break-even rent $3,280

Max offer price $375,000

Occupancy floor 94%

Sensitivity live

Price	-10% $300	-5% $170	+0% $41	+5% $-89	+10% $-218
Rent	-10% $-222	-5% $-91	+0% $41	+5% $172	+10% $304
Rate	-1.0pp $230	-0.5pp $136	base $41	+0.5pp $-56	+1.0pp $-155

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $93,750
• Closing costs: $11,250
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4407 Springer Ct Cheyenne, WY	2.0	2.0	—	$1,895	—	5d	1	0.10mi
3518 Holmes St Cheyenne, WY	2.0	2.0	1050	$1,795	$1.71	0d	1	0.49mi
4100 Rock Springs St Cheyenne, WY	1.0–2.0	1.0	—	$1,699	—	2d	1	0.52mi
1510 Taft Ave Unit 1 Cheyenne, WY	2.0	1.0	800	$995	$1.24	5d	1	0.64mi
3306 Myers Ct Cheyenne, WY	1.0	1.0	—	$995	—	0d	1	0.68mi
3324 Frontier St Apt 6 Cheyenne, WY	1.0	1.0	—	$850	—	5d	1	0.69mi
3312 Frontier St Apt 6 Cheyenne, WY	1.0	1.0	662	$900	$1.36	5d	1	0.71mi
3305 Frontier St Unit 3305 Cheyenne, WY	2.0	1.0	906	$1,450	$1.60	5d	1	0.73mi
1215 Monroe Ave Apt 1 Cheyenne, WY	2.0	1.0	736	$995	$1.35	5d	1	0.75mi
5421 Carter Rd Apt C Cheyenne, WY	3.0	2.0	1075	$1,625	$1.51	5d	1	0.76mi
4705 E 13th St Unit 7 Cheyenne, WY	2.0	1.0	850	$1,019	$1.20	5d	1	0.76mi
4805 E 13th St Unit 2 Cheyenne, WY	2.0	1.0	800	$1,025	$1.28	5d	1	0.78mi
4715 E 13th St Apt 1 Cheyenne, WY	1.0	1.0	750	$859	$1.15	5d	1	0.79mi
4809 E 13th St Apt 3 Cheyenne, WY	2.0	1.0	—	$1,059	—	5d	1	0.81mi
4809 E 13th St Unit 11 Cheyenne, WY	2.0	1.0	800	$1,019	$1.27	5d	1	0.81mi
5445 Carter Rd Apt A Cheyenne, WY	3.0	2.0	1075	$1,625	$1.51	5d	1	0.81mi
4417 Parkview Dr Apt 3 Cheyenne, WY	2.0	1.0	800	$995	$1.24	4d	1	0.81mi
4712 E 12th St Apt 8 Cheyenne, WY	2.0	1.0	900	$1,150	$1.28	5d	1	0.83mi
1223 Taft Ave Cheyenne, WY	3.0	2.0	930	$1,275	$1.37	1d	1	0.84mi
4400 Parkview Dr Apt 107 Cheyenne, WY	2.0	1.0	—	$1,050	—	5d	1	0.84mi
4517 Parkview Dr Apt 4 Cheyenne, WY	2.0	1.0	850	$895	$1.05	5d	1	0.86mi
4608 Garnet Way Cheyenne, WY	3.0	2.5	1922	$2,295	$1.19	5d	1	0.97mi
3300 Nationway Cheyenne, WY	2.0	1.0	832	$978	$1.18	0d	1	1.08mi
4901 Ridge Rd Apt A Cheyenne, WY	1.0	1.0	1200	$1,850	$1.54	5d	1	1.16mi
6102 U.S. 30 Cheyenne, WY	1.0–2.0	1.0–2.0	888	$2,049	$2.31	2d	26	1.28mi
915 Pennsylvania Ave Unit 915 Cheyenne, WY	3.0	3.0	1464	$1,800	$1.23	1d	1	1.31mi
1889 Cherry Ct #2 Cheyenne, WY	2.0	1.0	996	$1,350	$1.36	5d	1	1.45mi

Property features AI

Exterior

• Utilities: Public waterPublic sewer
• Home design: Residential income propertyMulti-family (3-plex)
• Construction: Frame construction
• Exterior features: Fenced yard

Interior

• Kitchen: RangeOvenRefrigerator
• Heating & cooling: Forced air heating
• Interior features: Range, Oven, RefrigeratorForced air heating

Listing history 50 events

1. 2026-09-24
   days on market $375,000 Active 21 DOM
2. 2026-09-22
   days on market $375,000 Active 20 DOM
3. 2026-09-20
   days on market $375,000 Active 18 DOM
4. 2026-09-18
   days on market $375,000 Active 16 DOM
5. 2026-09-17
   days on market $375,000 Active 15 DOM
6. 2026-09-16
   days on market $375,000 Active 14 DOM
7. 2026-09-16
   days on market $375,000 Active 13 DOM
8. 2026-09-14
   days on market $375,000 Active 12 DOM
9. 2026-09-13
   days on market $375,000 Active 11 DOM
10. 2026-09-12
    days on market $375,000 Active 10 DOM
11. 2026-09-11
    days on market $375,000 Active 9 DOM
12. 2026-09-05
    days on market $375,000 Active 3 DOM
13. 2026-09-04
    days on market $375,000 Active 2 DOM
14. 2026-09-03
    days on marketlisting id $375,000 Active 1 DOM
15. 2026-08-30
    days on market $375,000 Active 183 DOM
16. 2026-08-29
    days on market $375,000 Active 182 DOM
17. 2026-08-28
    days on market $375,000 Active 181 DOM
18. 2026-08-27
    days on market $375,000 Active 180 DOM
19. 2026-08-26
    days on market $375,000 Active 179 DOM
20. 2026-08-25
    days on market $375,000 Active 178 DOM
21. 2026-08-24
    days on market $375,000 Active 177 DOM
22. 2026-08-23
    days on market $375,000 Active 176 DOM
23. 2026-08-22
    days on market $375,000 Active 175 DOM
24. 2026-08-21
    days on market $375,000 Active 174 DOM
25. 2026-08-20
    days on market $375,000 Active 173 DOM
26. 2026-08-19
    days on market $375,000 Active 172 DOM
27. 2026-08-18
    days on market $375,000 Active 171 DOM
28. 2026-08-17
    days on market $375,000 Active 170 DOM
29. 2026-08-16
    days on market $375,000 Active 169 DOM
30. 2026-08-15
    days on market $375,000 Active 168 DOM
31. 2026-08-14
    days on market $375,000 Active 167 DOM
32. 2026-08-13
    days on market $375,000 Active 166 DOM
33. 2026-08-12
    days on market $375,000 Active 165 DOM
34. 2026-08-11
    days on market $375,000 Active 164 DOM
35. 2026-08-10
    days on market $375,000 Active 163 DOM
36. 2026-08-09
    days on market $375,000 Active 162 DOM
37. 2026-08-08
    days on market $375,000 Active 161 DOM
38. 2026-08-07
    days on market $375,000 Active 160 DOM
39. 2026-08-06
    days on market $375,000 Active 159 DOM
40. 2026-08-05
    days on market $375,000 Active 158 DOM
41. 2026-08-04
    days on market $375,000 Active 157 DOM
42. 2026-08-03
    days on market $375,000 Active 156 DOM
43. 2026-07-31
    days on market $375,000 Active 153 DOM
44. 2026-07-30
    days on market $375,000 Active 152 DOM
45. 2026-07-29
    days on market $375,000 Active 151 DOM
46. 2026-07-27
    days on market $375,000 Active 149 DOM
47. 2026-07-25
    days on market $375,000 Active 147 DOM
48. 2026-07-23
    days on market $375,000 Active 145 DOM
49. 2026-07-22
    days on market $375,000 Active 144 DOM
50. 2026-07-21
    days on market $375,000 Active 143 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 2/10 Low 7 d/yr ≥89°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $39,984
• − Mortgage interest: −$21,006
• − Property taxes: −$5,625
• − Insurance: −$1,875
• − Repairs & maintenance: −$3,199
• − Management: −$3,199
• − Depreciation: −$10,909
• Taxable loss: −$5,828
• Est. tax savings @ 24.0%: +$1,399
• After-tax cash flow: $1,888/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 13 photos

Fair 45/100 Moderate rehab Est. rehab $79,250–$142,650 screening

This triplex requires moderate repairs and maintenance, particularly in exterior and interior paint, to improve its condition and value.

Repairs flagged

• Major exterior paint — Significant wear
• Major interior paint — Significant wear
• Minor kitchen appliances — Standard appliances

Value-add opportunities

• Both paint exterior — Enhances curb appeal and value ↑
• Both paint interior — Enhances interior appeal and value ↑
• Both replace kitchen appliances — Modernizes and increases value ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 45/100

Zoned Schools

Elementary Baggs Elementary F WY #103/151 Nat'l #16,061/41,679 Middle Carey Junior High School D+ WY #39/55 Nat'l #4,335/14,009 High East High School F WY #46/75 Nat'l #7,439/17,239

Schools (NCES district)

• District: Laramie County School District #1
• NCES district ID: 5601980
• Math proficiency: 41% ▼ -2.00%
• Reading proficiency: 48% ▼ -2.00%
• Median HH income: $56,842
• Composite: 38.86/100
• National rank: #4103
• State rank: #33 of 41 in WY

A Composite livability gradescore 83/100

Livability — Cheyenne

• Score: 83/100
• State rank: #2
• US rank: #947

Category grades

Amenities C Commute A+ Cost of living A+ Crime D Employment B Housing A+ Health & safety A+ User ratings C

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cheyenne, WY
• County: Laramie County · 109,698 people
• City population: 94,953
• Metro: Cheyenne, WY
• Population (ZIP): 38,168
• Household income: $75,362
• Rent vs Own: 37.3% rent · 62.7% own
• Severe rent burden: 7% of renters

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Population outlook (Laramie County) Hauer SSP2

• Today (2025): 109,698 people
• By 2030: 115,710 · +5.5%
• By 2040: 127,191 · +15.9%
• By 2050: 138,476 · +26.2%
• By 2075: 168,653 · +53.7%
• By 2100: 188,739 · +72.1%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Hispanic / Latino 16% Two or more races 10% Black 3%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Lithuanian 3% Portuguese 3% Slovak 3%
• Foreign-born: 2% · Canada
• Languages at home: 94% English-only · Spanish 4% German/W. Germanic 1%

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Political lean MEDSL · Laramie

• 2024 margin: Solid R (+32.4) · D 33.0% · R 65.4% · Other 1.6%
• 2008→2024 swing: -12.1pp toward R · 2008: -20.4pp · 2024: -32.4pp
• All cycles: 2024: R+32.4 2020: R+28.2 2016: R+33.2 2012: R+24.8 2008: R+20.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -429.68%
• Current HPI: 238.1757
• Rent YoY: ▲ 6.15%
• Metro: Cheyenne, WY
• State GDP YoY: —
• F500 in state: 0

Property features AI

Exterior

• Utilities: Public waterPublic sewer
• Home design: Residential income propertyMulti-family (3-plex)
• Construction: Frame construction
• Exterior features: Fenced yard

Interior

• Kitchen: RangeOvenRefrigerator
• Heating & cooling: Forced air heating
• Interior features: Range, Oven, RefrigeratorForced air heating

Price history

-6.8% since first listed

6 events — show timeline

• 2026-05-18 Price Changed $400,000 WMLS
• 2026-05-18 Price Changed $400,000 LBOR
• 2026-05-18 Price Changed $400,000 CBR
• 2026-02-28 Listed $429,000 CBR
• 2026-02-28 Listed $429,000 LBOR
• 2026-02-28 Listed $429,000 WMLS