Updated 2026 · Based on median market data for Cheyenne, WY
Cheyenne sits in the West with a population of 65,132 growing at 0.8% annually. The median home costs $310,000 while rents average $1,320/mo, producing an estimated cap rate of 3.43%. Cash flow investing here requires creative strategies like BRRRR or value-add approaches.
Cheyenne works best for experienced investors with a clear strategy — Section 8, student housing, or deep value-add rehabs. The 3.43% cap rate at median prices is tight, so success depends on buying below market, forcing appreciation through renovation, or accessing above-market rent streams through niche tenant bases.
Target properties priced 15-25% below the $310,000 median — around $248,000 or less. At this price point with $1,320/mo rents, your cap rate improves to roughly 4.6%. Factor in 0.61% property taxes ($1,891/yr), budget 5% of gross rent for maintenance, and underwrite to a 5.2% vacancy rate. On a 20% down conventional loan at 7%, monthly PITI will run approximately $1,907.
Every deal should be evaluated individually using our calculator tools. Median data provides a starting point; actual returns depend on the specific property, financing, and your management approach.
Run the numbers on a specific Cheyenne property using our cap rate calculator (pre-filled with Cheyenne data). Compare Cheyenne against similar markets in the West region. If you're considering a value-add approach, try our BRRRR calculator to model a rehab scenario.