4202 & 4204 Cheyenne ST St · Cheyenne, WY 82001

$400,000

8 bd · 4.0 ba · 3,170 sqft · MultiFamily · 111 Days on market

Built 1951 1.04 ac lot Est $558k · 28% under ↓ 7% since listing

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Why this score? — see what drove the D- 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 +6.2/30.0
• Livability +4.2/5.0
• Rent growth +4.0/5.0
• Schools +3.9/10.0
• Condition / age +2.5/5.0
• 1% rule +1.5/10.0
• DSCR +0.5/10.0
• 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

• Fenced yards
• Large master suite
• Spacious lot

Tags

• SPACIOUS LOT
• FENCED YARDS
• LARGE MASTER SUITE
• ROOM TO EXPAND
• INCOME PRODUCING ASSET
• REDEVELOPMENT OPPORTUNITIES

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Residential income property; Multi-family (3-plex)
• Construction: Frame construction
• Exterior features: Fenced yard

Interior

• Kitchen: Range; Oven; Refrigerator
• Heating & cooling: Forced air heating
• Interior features: Range, Oven, Refrigerator; Forced air heating

🏷️ Possibly a rental listed for sale. The $400,000 price doesn't fit this home's estimated sale value (~$557,920) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $400k.

Deal economics

• At list price, monthly cash flow is $-726 ($-9k/yr) — negative. Per door: $-363/mo.
• To cash-flow at today's rent, offer at most $295k (26.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $258k (35.5% below list).
• Recommended offer: $258k (35.5% below list) — sets the bar for 1% rule.
• Cap rate 4.1% vs local median 3.2% in Cheyenne — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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.
• Market conditions: Rents rising fast (+6.2%/yr); 248 active listings in the ZIP; solid renter incomes; 485 units permitted in Laramie County in 2024 (104 in 5+ unit buildings).
• This rent runs 41% of the median local income ($75k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k 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 111 days — a 9% lower offer ($364k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $29k (7%) 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 $258,000 (35.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 111 days. Have you received any prior offers? Is the seller open to a 36% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1951 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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?
11. 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.
12. 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.
13. 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: 0.65% ✗
• Cap rate: 4.11%
• Cash-on-cash: -7.78%
• DSCR: 0.65
• GRM: 12.9

CMA / ARV

• ARV (on-the-fly): $557,920
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1604 Taft Ave Ave	0.63mi	8/4.0	3,400 (+7%)	4mo	$600,000	$176	56

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: -26.5%
• Equity multiple: 0.08×
• Total profit: $-102,590
• Equity at exit: $59,641

10-year hold

• IRR: -15.7%
• Equity multiple: 0.00×
• Total profit: $-111,797
• Equity at exit: $34,585

Cash invested: $112,000 (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 →

ZIP-level market 82001

• Rents YoY: 6.2%
• Active inventory: 248
• Price-to-rent: 25.8×

Monthly cashflow live

• Estimated rent: $2,580 medium
• Mortgage (P&I): −$2,098
• Tax est. 1.5%: −$500 /mo · $6,000/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$542
• Net cashflow: $-726

Break-even live

Break-even rent $3,499

Max offer price $294,931

Occupancy floor —

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,580
Total (2 units)			$2,580

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: $100,000
• Closing costs: $12,000
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-19
   days on market $400,000 Active 111 DOM
2. 2026-06-18
   days on market $400,000 Active 110 DOM
3. 2026-06-17
   days on market $400,000 Active 109 DOM
4. 2026-06-16
   days on market $400,000 Active 108 DOM
5. 2026-06-15
   days on market $400,000 Active 107 DOM
6. 2026-06-14
   days on market $400,000 Active 105 DOM
7. 2026-06-13
   days on market $400,000 Active 104 DOM
8. 2026-06-10
   days on market $400,000 Active 102 DOM
9. 2026-06-09
   days on market $400,000 Active 101 DOM
10. 2026-06-08
    days on market $400,000 Active 100 DOM
11. 2026-06-07
    days on market $400,000 Active 99 DOM
12. 2026-06-05
    days on market $400,000 Active 96 DOM
13. 2026-06-03
    days on market $400,000 Active 95 DOM
14. 2026-06-02
    days on market $400,000 Active 94 DOM
15. 2026-06-01
    days on market $400,000 Active 93 DOM
16. 2026-05-31
    days on market $400,000 Active 92 DOM
17. 2026-05-30
    days on market $400,000 Active 91 DOM
18. 2026-05-18
    price $400,000 1076-char remark

    Show marketing remark (1076 chars)

    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.

19. 2026-05-18
    price $400,000 1076-char remark

    Show marketing remark (1076 chars)

    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.

20. 2026-05-18
    price $400,000

    Show marketing remark (1076 chars)

    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.

21. 2026-02-28
    listed $429,000 Active 1076-char remark

    Show marketing remark (1076 chars)

    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.

22. 2026-02-28
    listed $429,000 Active 1076-char remark

    Show marketing remark (1076 chars)

    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.

23. 2026-02-28
    listed $429,000 Active

    Show marketing remark (1076 chars)

    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.

ⓘ 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: $30,960
• − Mortgage interest: −$22,406
• − Property taxes: −$6,000
• − Insurance: −$2,000
• − Repairs & maintenance: −$2,477
• − Management: −$2,477
• − Depreciation: −$11,636
• Taxable loss: −$16,036
• Est. tax savings @ 24.0%: +$3,849
• After-tax cash flow: $-4,865/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.

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

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 · 94,953 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: 964.0

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%

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%

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

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