610 3rd Ave SW

Choteau, MT 59422

$70,000B

2 bd · 1.0 ba · 1,124 sqft · Built 1976 · Manufactured · Active · 30 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,098/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$127
• HOA: −$0
• Vac / Maint / Mgmt: −$231
• Net cashflow: $374/mo
• Annual: $4,485/yr
• Cap rate: 12.70%
• Cash-on-cash: 22.88%
• DSCR: 2.02
• 1% rule: 1.57%
• Cash to close: $19,600

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $70k.
• At list price, monthly cash flow is $374 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• It's been on market 30 days — a 2% lower offer ($69k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $69k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $484 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#8 in MT, #1,736 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D-, commute F.
• Choteau H S (rural): math 40% / reading 40% proficiency, ranked #151 of 339 in MT (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Choteau School (math 47% / reading 52%, grade D, #82 of 293 statewide, top 33%, 200 students, 0% FRL); Choteau 7-8 (math 24% / reading 54%, grade F, #63 of 146 statewide, top 48%, 55 students, 0% FRL); Choteau High School (math 30% / reading 50%, grade F, #40 of 132 statewide, top 32%, 103 students, 0% FRL).
• Market conditions: 28 active listings in the ZIP; 1 units permitted in Teton County in 2024 (0 in 5+ unit buildings).
• Teton County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~6 years — after that, you're playing with house money.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.