Hot Springs County

Hot Springs County scores a 64 overall and lands at the 65th percentile nationally out of 1,000 counties, with a cash flow score of 0 and an appreciation score of 66. That profile tells you most of what you need to know before underwriting a single deal: this is not a county where you punch numbers and watch cash flow appear on day one. The median home price sits at $244,785, appreciating 1.56% year-over-year, which is modest but positive. With a cap rate and cash-on-cash return both zeroed out in the provided data, and a 6.85% financing rate on a $244,785 purchase requiring roughly $48,957 down, the levered math is tight at best. The affordability index of 78 suggests homes are relatively accessible compared to the national picture, which matters for exit liquidity and tenant income-to-rent ratios, but it does not rescue a deal where the operating spread is already razor-thin.

The investor this market suits is narrow. An appreciation buyer with a long horizon and low leverage tolerance has the clearest case: price growth is positive, affordability is reasonable at 78, and entry prices are well below the $300,000-plus range you see in Wyoming counties with more headline momentum. A cash flow buyer should approach carefully, because the data does not support assuming positive cash flow at current financing rates without a materially below-market acquisition or a value-add repositioning that bumps rents. A value-add operator working off-market acquisitions in a county with only 4,616 residents faces a fundamental problem: deal volume is extremely limited. You may find the right asset, but you may also wait a long time for it.

Wyoming's lack of a state income tax is a structural tailwind for landlords and tenants alike, and Hot Springs County benefits from that backdrop. No economic anchor data was provided for this county, so job-base commentary would be speculation, but a population of 4,616 is a real constraint. At that scale, rental demand is thin, tenant pools are shallow, and a single large employer adding or subtracting jobs can move vacancy rates in ways that no county-level statistic will predict in advance. Investors accustomed to markets where one vacancy means 5% vacancy should understand that in a 4,600-person county, one vacant unit in a small portfolio can mean 20% or 25% vacancy for that portfolio.

On carry costs, the tax and insurance picture is a genuine tailwind. Wyoming's state-average effective property tax rate is 0.61%, which the data flags as low, and with a $244,785 purchase price that translates to $1,493 in annual taxes and $587 in annual insurance, combining to $173 per month. That is a meaningful number in the context of thin cash flow: $173 in monthly tax and insurance is lower than you would see in Illinois, Texas, or New Jersey at comparable price points, and it does provide some cushion in the operating stack. Keep in mind this is a state-average estimate and actual Hot Springs County or township rates may differ, so verify the county assessor's figure before closing.

The primary risks here are concentration and demographic. A population of 4,616 with no identified economic anchors means demand for rentals is not diversified across multiple industries or employers. Any demographic contraction, which is a real possibility in rural Wyoming counties, directly compresses your rent roll and your resale universe. Regulatory risk is not flagged in the data, but small rural markets in Wyoming have historically been landlord-friendly, which is a positive inference rather than a guarantee.

Compared to its neighbors, Hot Springs scores 64 overall with a median price of $244,785. Washakie County scores 67 at $261,804, making it the strongest performer in this peer group on the overall score while sitting only $17,000 higher on median price. That differential is worth examining: if Washakie's higher score reflects better rental demand or economic stability, paying an extra $17,000 for a 3-point improvement in overall score may be a worthwhile trade. Platte County scores 66 at $265,655, a similar premium for a slight score edge. Goshen County at $243,785 and an overall of 61 is priced almost identically to Hot Springs but scores lower, making it less compelling on a risk-adjusted basis at similar entry cost. Converse County at $318,556 and a 61 overall is the highest-priced and lowest-scoring of the group, a combination that is hard to justify for a buy-and-hold investor. Crook County at $405,497 and a 60 overall is even harder to defend on the numbers. The case for Hot Springs over its neighbors comes down to price: it offers the second-lowest entry point in the group with a meaningfully higher overall score than Goshen, the only county priced comparably. If you are committed to this region and this price band, Hot Springs is defensible, but Washakie's slightly higher score at a modest price premium deserves a side-by-side comparison before you commit.