1303 E Washington St

Riverton, WY 82501

$80,000B-

2 bd · 2.0 ba · 1,230 sqft · Built 1940 · SingleFamily · Pending · 82 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,210/mo
• Mortgage (P&I): −$420
• Tax + insurance: −$126
• HOA: −$0
• Vac / Maint / Mgmt: −$254
• Net cashflow: $410/mo
• Annual: $4,915/yr
• Cap rate: 12.44%
• Cash-on-cash: 21.94%
• DSCR: 1.98
• 1% rule: 1.51%
• Cash to close: $22,400

Investor read

• This is a 2-bed/2.0-bath single-family listed at $80k.
• At list price, monthly cash flow is $410 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• It's been on market 82 days — a 6% lower offer ($75k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $75k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $553 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#79 in WY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A, health & safety A; Watch: schools C-, crime F, amenities F.
• Fremont County School District #25 (town): math 38% / reading 48% proficiency, ranked #36 of 41 in WY (top 88%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 189 active listings in the ZIP; 22 units permitted in Fremont County in 2024 (0 in 5+ unit buildings).
• Fremont County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~6 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.
• Cap rate 12.4% vs local median 3.7% in Riverton — 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 82 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• Crime grade is F 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?
• 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.