27901 Norris Rd #89 · Four Corners, MT 59718

$160,000

3 bd · 2.0 ba · 1,344 sqft · Manufactured · 264 Days on market

Built 1981 ↓ 11% since listing

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.7/10.0
• Livability +4.2/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Key facts

• New water heater
• Private river access
• Updated metal roof

Tags

• MONFORTON SCHOOL DISTRICT
• PRIVATE RIVER ACCESS
• UPDATED METAL ROOF
• NEW WATER HEATER
• BUILT IN CLOSET SYSTEM

Property features AI

Finance

• Financial info: Annual taxes listed (amount withheld from display per instructions)

Exterior

• Utilities: Electricity connected; Public sewer
• Home design: Manufactured double-wide home; Residential property; Facing/entry direction not specified
• Construction: Wood siding exterior; Block foundation; Metal roof
• Exterior features: Chain link fencing; Level, landscaped front yard; Private maintained road and private road frontage; Asphalt road surface; Has a view

Interior

• Kitchen: Range; Dishwasher; Refrigerator
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating
• Interior features: Dryer, Dishwasher, Range, Refrigerator, Washer; Updated/Remodeled condition; No basement
• Laundry & utility: Washer and dryer (washer hookup provided)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $160k.

Deal economics

• At list price, monthly cash flow is $615 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $160k).
• Recommended offer: $141k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.1% vs local median 1.5% in Four Corners — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 83/100 on livability (#2 in MT, #926 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, health & safety A+; Watch: cost of living D-.
• Monforton Elementary (rural): math 63% / reading 68% proficiency, ranked #5 of 116 in MT (top 4%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 16% free/reduced lunch — higher-income household profile.
• Market conditions: Rents soft (-0.6%/yr); 524 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 1,706 units permitted in Gallatin County in 2024 (533 in 5+ unit buildings).
• This rent runs 33% of the median local income ($99k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Gallatin County population projected at +61% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 264 days — a 12% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $19k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $140,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 264 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.70% ✓
• Cap rate: 14.10%
• Cash-on-cash: 27.89%
• DSCR: 2.24
• GRM: 4.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 3.4%
• Equity multiple: 1.12×
• Total profit: $5,572
• Equity at exit: $23,857

10-year hold

• IRR: 9.0%
• Equity multiple: 1.57×
• Total profit: $25,728
• Equity at exit: $13,834

Cash invested: $44,800 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 82 Strongly Landlord-Friendly
• State Montana: 82 Strongly Landlord-Friendly · R+11
• County: — inherits STATE
• City: — inherits STATE

30-day notice; no rent control; preempted; rural-skewed market.

Methodology + full state rankings →

ZIP-level market 59718

• Rents YoY: -0.6%
• Active inventory: 524
• Price-to-rent: 4.9×

Monthly cashflow live

• Estimated rent: $2,718 medium
• Mortgage (P&I): −$839
• Tax est. 1.5%: −$200 /mo · $2,400/yr
• Insurance: −$67
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$571
• Net cashflow: $615

Break-even live

Break-even rent $1,940

Max offer price $160,000

Occupancy floor 72%

Sensitivity live

Price	-10% $725	-5% $670	+0% $615	+5% $560	+10% $504
Rent	-10% $400	-5% $508	+0% $615	+5% $722	+10% $830
Rate	-1.0pp $695	-0.5pp $656	base $615	+0.5pp $573	+1.0pp $531

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
103 Covey Ct Unit C Bozeman, MT	3.0	2.5	1561	$2,600	$1.67	22d	1	1.05mi

Listing history 21 events

1. 2026-06-19
   days on market $160,000 Active 264 DOM
2. 2026-06-18
   days on market $160,000 Active 263 DOM
3. 2026-06-17
   days on market $160,000 Active 262 DOM
4. 2026-06-16
   days on market $160,000 Active 261 DOM
5. 2026-06-15
   days on market $160,000 Active 260 DOM
6. 2026-06-14
   days on market $160,000 Active 258 DOM
7. 2026-06-13
   days on market $160,000 Active 257 DOM
8. 2026-06-10
   days on market $160,000 Active 255 DOM
9. 2026-06-09
   days on market $160,000 Active 254 DOM
10. 2026-06-08
    days on market $160,000 Active 253 DOM
11. 2026-06-07
    days on market $160,000 Active 252 DOM
12. 2026-06-02
    days on market $160,000 Active 247 DOM
13. 2026-06-01
    days on market $160,000 Active 246 DOM
14. 2026-05-31
    days on market $160,000 Active 245 DOM
15. 2026-05-30
    days on market $160,000 Active 244 DOM
16. 2026-05-15
    status Active
17. 2026-03-18
    price $160,000
18. 2026-01-29
    price $157,900
19. 2025-11-06
    price $164,000
20. 2025-09-11
    price $174,000
21. 2025-08-02
    listed $179,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone AE · 48% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥89°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 7 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,615
• − Mortgage interest: −$8,962
• − Property taxes: −$2,400
• − Insurance: −$5,918
• − Repairs & maintenance: −$2,609
• − Management: −$2,609
• − Depreciation: −$4,655
• Taxable income: $5,461
• Est. tax owed @ 24.0%: −$1,311
• After-tax cash flow: $6,068/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Monforton Elementary
• NCES district ID: 3018750
• Math proficiency: 63% ▼ -3.00%
• Reading proficiency: 68% ▲ 1.00%
• Median HH income: $61,222
• Composite: 56.69/100
• National rank: #1133
• State rank: #5 of 116 in MT

Livability — Four Corners

• Score: 83/100
• State rank: #2
• US rank: #926

Category grades

Amenities C Commute A Cost of living D- Crime A+ Employment A+ Housing A Health & safety A+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Four Corners, MT
• County: Gallatin County · 108,510 people
• Metro: Bozeman, MT
• Population (ZIP): 44,585
• Household income: $99,123
• Rent vs Own: 44.5% rent · 55.5% own
• Severe rent burden: 1786.0

Population outlook (Gallatin County) Hauer SSP2

• Today (2025): 129,625 people
• By 2030: 144,940 · +11.8%
• By 2040: 176,266 · +36.0%
• By 2050: 209,250 · +61.4%
• By 2075: 294,207 · +127.0%
• By 2100: 360,558 · +178.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 5% Hispanic / Latino 5% Asian 1%
• Common ancestry: Portuguese 7% Slovak 4% Italian 3%
• Foreign-born: 4% · Canada, China
• Languages at home: 95% English-only · Spanish 3% Chinese 1%

Political lean MEDSL · Gallatin

• 2024 margin: Toss-up / Even · D 50.0% · R 46.8% · Other 3.2%
• 2008→2024 swing: -0.2pp no change · 2008: 3.4pp · 2024: 3.2pp
• All cycles: 2024: D+3.2 2020: D+7.5 2016: D+1.0 2012: R+5.3 2008: D+3.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -316.82%
• Current HPI: 272.8072
• Rent YoY: ▼ -0.61%
• Metro: Bozeman, MT
• State GDP YoY: ▲ 3.41%
• F500 in state: 2

Industry mix (Fortune 500 HQ in MT)

Industry	F500 HQs	Revenue
▸Technology / Analytics	1	$2B

Price history

-10.6% since first listed

6 events — show timeline

• 2026-05-15 Relisted — MRMLS
• 2026-03-18 Price Changed $160,000 MRMLS
• 2026-01-29 Price Changed $157,900 MRMLS
• 2025-11-06 Price Changed $164,000 MRMLS
• 2025-09-11 Price Changed $174,000 MRMLS
• 2025-08-02 Listed $179,000 MRMLS