2224 Us Highway 87 E Trlr 158 · Lockwood, MT 59101

$69,900

3 bd · 2.0 ba · 1,216 sqft · Manufactured · 5 Days on market

Built 2008 Average condition Est $67k · at est.

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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 +5.5/15.0
• Rent growth +3.5/5.0
• Livability +3.0/5.0
• Condition / age +2.8/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Key facts

• Green space
• Covered deck
• New siding

Tags

• COMMUNITY CENTER
• GREEN SPACE
• NEW ROOF
• NEW SIDING
• COVERED DECK
• GARDEN SHED

Property features AI

Exterior

• Parking: Off-street parking
• Utilities: Shared well water; Public sewer
• Home design: Residential mobile home; Single-story
• Construction: Metal, aluminum and vinyl siding; Asphalt shingle roof
• Exterior features: Fenced yard; Landscaped, level site

Interior

• Kitchen: Includes dishwasher, oven, range, refrigerator
• Bedrooms: 3 bedrooms on the main level
• Bathrooms: 2 full bathrooms, both on the main level
• Heating & cooling: Central air conditioning; Natural gas forced air heating
• Interior features: Dishwasher, Oven, Range, Refrigerator; No basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $70k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $816 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $70k).
• Cap rate 20.3% vs local median 1.7% in Lockwood — 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 59/100 on livability (#238 in MT) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• Lockwood K-12 (suburban): math 21% / reading 33% proficiency, ranked #86 of 116 in MT (top 74%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Lockwood Primary (374 students, 0% FRL); Lockwood Middle School (math 19% / reading 35%, grade F, #115 of 146 statewide, top 79%, 433 students, 0% FRL); Lockwood High School (546 students, 0% FRL) — zoned schools average 0% FRL vs 35% district-wide (35 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+4.0%/yr); 279 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,401 units permitted in Yellowstone County in 2024 (281 in 5+ unit buildings).
• This rent runs 34% of the median local income ($59k/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 $483 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Yellowstone County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 4.0% rent growth), your $20k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $69,900

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
3. 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.
4. 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.
5. 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: 2.35% ✓
• Cap rate: 20.31%
• Cash-on-cash: 50.06%
• DSCR: 3.23
• GRM: 3.5

CMA / ARV

• ARV (on-the-fly): $66,880
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2224 Us Highway 87 E Trlr 158	0.00mi	3/2.0	1,216 (0%)	0mo	$69,900	$57	100
2224 US Highway 87 E Trlr 91	0.03mi	3/2.0	1,216 (0%)	2mo	$50,150	$41	97
2224 Highway 87 E #28 #28	0.03mi	3/2.0	1,216 (0%)	3mo	$49,000	$40	96
2224 Highway 87 E #230 #230	0.03mi	3/2.0	1,216 (0%)	9mo	$59,000	$49	92
2224 US Hwy 87 E #90	0.03mi	3/2.0	1,216 (0%)	9mo	$102,000	$84	91
2224 Highway 87 E #129	0.03mi	3/2.0	1,216 (0%)	10mo	$59,000	$49	91
2224 Highway 87 E #232 #232	0.03mi	3/2.0	1,216 (0%)	10mo	$99,999	$82	91
2224 U.s. Highway 87 East #65	0.21mi	3/2.0	1,216 (0%)	3mo	$85,000	$70	88
2224 Highway 87 E #193	0.23mi	3/2.0	1,216 (0%)	2mo	$59,000	$49	88
2224 US Highway 87 E #57	0.21mi	3/1.0	1,216 (0%)	8mo	$45,000	$37	80
2224 US Highway 87 E #181	0.21mi	3/2.0	1,274 (+5%)	10mo	$87,500	$69	74
2224 Highway 87 E #220 #220	0.03mi	3/2.0	1,065 (-12%)	9mo	$59,000	$55	70

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.96% rent growth · sell at horizon

5-year hold

• IRR: 48.9%
• Equity multiple: 3.16×
• Total profit: $42,303
• Equity at exit: $10,422

10-year hold

• IRR: 54.8%
• Equity multiple: 6.65×
• Total profit: $110,609
• Equity at exit: $6,044

Cash invested: $19,572 (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 59101

• Rents YoY: 4.0%
• Active inventory: 279
• Price-to-rent: 3.5×

Monthly cashflow live

• Estimated rent: $1,645 medium
• Mortgage (P&I): −$367
• Tax est. 1.5%: −$87 /mo · $1,048/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$345
• Net cashflow: $816

Break-even live

Break-even rent $611

Max offer price $69,900

Occupancy floor 45%

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
133 Hemlock Dr Billings, MT	3.0	2.0	1450	$1,700	$1.17	44d	1	0.60mi

Listing history 6 events

1. 2026-06-05
   status $69,900 Pending 5 DOM
2. 2026-06-03
   days on market $69,900 Active 5 DOM
3. 2026-06-02
   days on market $69,900 Active 4 DOM
4. 2026-06-01
   days on market $69,900 Active 3 DOM
5. 2026-05-31
   days on market $69,900 Active 2 DOM
6. 2026-05-29
   listed $69,900 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 4/10 Moderate FEMA zone D · 24% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,740
• − Mortgage interest: −$3,915
• − Property taxes: −$1,048
• − Insurance: −$350
• − Repairs & maintenance: −$1,579
• − Management: −$1,579
• − Depreciation: −$2,033
• Taxable income: $9,234
• Est. tax owed @ 24.0%: −$2,216
• After-tax cash flow: $7,581/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.

Condition & rehab AI · 12 photos

Average 55/100 Cosmetic rehab

The home is in average condition with some cosmetic updates needed to enhance its resale and rental value.

Repairs flagged

• Minor ceiling fan — lighting fixture needs cleaning
• Minor curtains — some appear frayed

Value-add opportunities

• Both painting the interior walls — fresh paint enhances curb appeal and interior aesthetics
• Both upgrading the ceiling fan — modern fan improves functionality and aesthetics
• Both replacing worn curtains — new curtains improve aesthetics and functionality
• Both landscaping the front yard — enhances curb appeal and adds value

Renovation cost estimate screening

Repair item	Severity	Est. cost
ceiling fan · lighting fixture needs cleaning	Minor	$500–3,000
curtains · some appear frayed	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both painting the interior walls — fresh paint enhances curb appeal and interior aesthetics ↑
• Both upgrading the ceiling fan — modern fan improves functionality and aesthetics ↑
• Both replacing worn curtains — new curtains improve aesthetics and functionality ↑
• Both landscaping the front yard — enhances curb appeal and adds value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Lockwood K-12
• NCES district ID: 3000656
• Math proficiency: 21% ▼ -5.00%
• Reading proficiency: 33% ▼ -1.00%
• Median HH income: $53,104
• Composite: 23.97/100
• National rank: #7779
• State rank: #86 of 116 in MT

Livability — Lockwood

• Score: 59/100
• State rank: #238
• US rank: #20350

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lockwood, MT
• County: Yellowstone County · 159,426 people
• City population: 147,124
• Metro: Billings, MT
• Population (ZIP): 42,250
• Household income: $58,598
• Rent vs Own: 43.6% rent · 56.4% own
• Severe rent burden: 1534.0

Population outlook (Yellowstone County) Hauer SSP2

• Today (2025): 176,227 people
• By 2030: 185,619 · +5.3%
• By 2040: 203,543 · +15.5%
• By 2050: 221,100 · +25.5%
• By 2075: 266,931 · +51.5%
• By 2100: 301,141 · +70.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Hispanic / Latino 9% Native American 9% Two or more races 8% Black 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 6% Italian 2% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 1%

Political lean MEDSL · Yellowstone

• 2024 margin: Strong R (+27.1) · D 34.9% · R 62.0% · Other 3.1%
• 2008→2024 swing: -20.8pp toward R · 2008: -6.3pp · 2024: -27.1pp
• All cycles: 2024: R+27.1 2020: R+24.0 2016: R+27.1 2012: R+20.6 2008: R+6.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -191.74%
• Current HPI: 201.7039
• Rent YoY: ▲ 3.96%
• Metro: Billings, 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

1 event — show timeline

• 2026-05-29 Listed $69,900 BMTMLS