Multifamily in Cheyenne Wyoming. Need advice!

[Adam Rose]

Hello all,

I was interested in gathering some info from experienced investors in Cheyenne, Wyoming. I'm currently looking at a quadplex that trades at a 5 cap but has under market rent and I believe the price to be negotiable. What cap rates are you seeing in the market currently amidst the pandemic? Also, what does the rental market look like for 2 BR and 1 BR units in Cheyenne? What areas do they rent most easily? I'm not seeing much, if any job growth in the city itself to drive rental increases, but maybe I'm missing something. The only notable exception is the headquarters for Blue Federal Credit Union although that is a fairly small development. What else would drive rent appreciation here? For the owners of multifamily real estate in Cheyenne, would you buy again in the markets' current state?

Thanks,

Adam