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Cap Rate Analysis: Cheyenne, WY

Investment metrics, interactive calculators, and data-driven analysis for Cheyenne rental properties.

Challenging for pure cash flow
Based on $310,000 median price and $1,320/mo median rent
Est. Cap Rate
3.43%
1% Rule
0.43%
Fails
GRM
19.6x
Price / Income
5.3x

Market Data

Median Home Price$310,000
Median Monthly Rent$1,320
Property Tax Rate0.61%
Population65,132
Population Growth0.8% / yr
Median Household Income$58,200
Vacancy Rate5.2%
Annual Appreciation2.4%

Cap Rate Calculator — Cheyenne

Pre-filled with Cheyenne medians. Adjust to match a specific property.

Property Details
$
$
3–8% typical
%
Monthly Expenses
0.61% rate
$
$
8–10% of rent
$
8–12% of rent
$
Cap Rate
2.91%Low
Net Operating Income ÷ Purchase Price
NOI / Year
$9,028
net operating income
Gross Rent Multiplier
19.6x
High (>15)
1% Rule
0.43%
✗ Fails
Monthly Cash Flow
$752
before debt service
Annual Breakdown
Gross Rental Income$15,840
Less Vacancy−$824
Effective Income$15,016
Less Operating Expenses−$5,988
Net Operating Income$9,028

Cash-on-Cash Return — Cheyenne

Factor in financing to see your actual return on invested capital in Cheyenne.

$
$77,500
%
%
years
$
taxes + ins + maint + mgmt
$
$
Cash-on-Cash Return
-10.36%Weak
Annual Cash Flow ÷ Total Cash Invested
Total Cash Invested
$86,800
$77,500 down + $9,300 closing
Monthly Mortgage
$1,516
on $233K loan
Monthly Cash Flow
$-750
after all expenses
Annual Cash Flow
$-8,997
before taxes
Cash Flow Breakdown
Monthly Rent$1,320
Less Expenses−$554
Less Mortgage−$1,516
Monthly Cash Flow$-750

Is Cheyenne a Good Place to Invest in Rental Property?

Cheyenne, WY has a population of 65,132 and has been growing at 0.8% annually — roughly in line with national trends, meaning demand is stable but not exceptional. The median home price of $310,000 paired with median rents of $1,320/mo produces an estimated cap rate of 3.43%.

Property taxes at 0.61% are well below the national average of ~1.1%, providing a meaningful cash flow advantage many investors overlook. The vacancy rate of 5.2% is moderate and within normal parameters for a healthy rental market.

At a price-to-income ratio of 5.3x, homes cost about 5.3 times the local median income of $58,200. This moderate ratio indicates a balanced rent-vs-buy market. Home values have appreciated at roughly 2.4% annually. Steady appreciation means total returns will be primarily cash flow-driven — the more sustainable model for long-term wealth building.

Bottom line: At current median prices, Cheyenne is challenging for pure cash flow investing. Consider BRRRR strategies with below-market purchases, or look at neighboring metros with stronger price-to-rent ratios.

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