Real Estate Investing in Cheyenne, Oklahoma (73628)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 73628 (Cheyenne, OK)? Our answer, based on the numbers below.
Mixed signals — some positives, some negatives. Worth considering but not a slam-dunk.
A cash-flow market — rent-to-price math works from day one, though value growth is modest. Great for income-focused investors.
- High vacancy: 20.1% of homes vacant — above national norms.
• Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Cheyenne, OK (73628)?
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Market Analysis: 73628 Cheyenne
The 73628 ZIP in Cheyenne, OK is a local-operator market. Outside capital chasing a $139K entry has to pair deep knowledge with the discount.
Rent of $900/mo on a $139K basis reads well until vacancy, delinquency, and capex enter the model. The honest cap rate in 73628 sits below the stated 0.0% once reality is priced in.
Put differently, 73628 offers a low basis, the region around Cheyenne has moved on in ways that the ZIP itself has not fully absorbed. The result is a discount with genuine reasons.
Put differently, 1,625 residents fill the ZIP, renter turnover runs higher than neighboring postal codes and delinquency risk is a real line item rather than a theoretical one.
Strategy in 73628 is an operator game, not a passive one. Turning to rents, entry prices of $139K are inviting, the management lift is real and non-optional.
Here's what matters if you're considering buying a home in Cheyenne:
Market Trends
Home Value History (with trend line)
📊 How Does 73628 Compare?
| Metric | 73628 | Cheyenne | Oklahoma |
|---|---|---|---|
| Home Value | $138,707 | $138,707 | $214,563 |
| 5-Year CAGR | 2.2% | 2.2% | 6.9% |
| Avg Rent | $900 | $900 | - |
| Cap Rate | 5.1% | 5.1% | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 73628 (Cheyenne, OK). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $138,707 |
| Monthly Rent | $900 |
| Price-to-Rent | 12.8:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 7.8% |
| Cap Rate | 5.1% |
| 5-Year IRR | 7.3% |
📈 Home Appreciation
| 1-Year | +3.6% ▲ |
| 3-Year CAGR | +1.2% ▲ |
| 5-Year CAGR | +2.2% ▲ |
| 10-Year CAGR | +1.5% ▲ |
🏠 Rent Trends
| 1-Year | N/A |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (5.1%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 73628
Population: 1,625
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 73628
Schools in This ZIP Code
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
Frequently Asked Questions
What type of investing works in Cheyenne, OK?
For Cheyenne, OK, careful cash-flow rentals with hands-on management is the standard investor playbook. The market structure makes it a reasonable default approach.
What are rental rates like in Cheyenne, OK?
Expect rents around $900/mo per month in Cheyenne, OK. With home values at $139K, the yield math works out to reasonable levels for rental investors.
What is the tenant pool like in Cheyenne, OK?
Cheyenne, OK offers a stable renter base at the $900/mo rent level. Tenant turnover is reasonable for well-managed properties.
How viable is house hacking in Cheyenne, OK?
House hacking in Cheyenne, OK is reasonable to execute. Prices around $139K and rents of $900/mo solid owner-occupant economics.
How landlord-friendly is Cheyenne, OK?
Cheyenne, OK falls under OK landlord-tenant law, which is landlord-friendly. That backdrop makes day-to-day property management reasonable.
You know 73628 now. You don’t know where it ranks.
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