3902 N Tanager Lane Ln · Billings, MT 59102

$68,000

3 bd · 2.0 ba · 1,904 sqft · Manufactured · 18 Days on market

Built 1996 Good condition $645/mo HOA · 30% of rent

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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
• Livability +4.0/5.0
• Rent growth +3.8/5.0
• Condition / age +3.8/5.0
• Schools +3.2/10.0
• Appreciation +0.0/10.0

Key facts

• Built 1996
• Listed 17 days

Property features AI

Finance

• HOA & community: Homeowners association with a monthly fee of $645

Exterior

• Parking: No dedicated parking listed
• Utilities: Public water; Public sewer
• Home design: Manufactured home; Single-level (one story)
• Construction: Masonite exterior; Asphalt roof
• Exterior features: Covered front porch; Deck; Patio; Shed(s); Level lot

Interior

• Kitchen: Range / Built-in range; Electric range; Oven; Dishwasher; Refrigerator
• Bedrooms: 3 bedrooms on the main level
• Bathrooms: 2 full bathrooms (2 on the main level)
• Interior features: Skylights; Window coverings and treatments; No basement; 6 total rooms
• Laundry & utility: Washer; Dryer

Heating & cooling

• Heating & cooling: Natural gas forced-air heating; Central air conditioning

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $68k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $565 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $68k).
• Recommended offer: $67k (1.5% below list) — sets the bar for market timing.
• Cap rate 16.3% vs local median 3.0% in Billings — 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 80/100 on livability (#10 in MT, #1,830 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: crime F.
• Billings H S (urban): math 29% / reading 45% proficiency, ranked #69 of 116 in MT (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Billings West High School (math 34% / reading 52%, grade F, #35 of 132 statewide, top 27%, 2,269 students, 0% FRL).
• Market conditions: Rents rising fast (+5.0%/yr); 197 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,401 units permitted in Yellowstone County in 2024 (281 in 5+ unit buildings).
• This rent runs 34% of the median local income ($76k/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 $470 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 + 5.0% rent growth), your $19k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($67k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 30% of rent.

Recommended offer $66,980 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
5. 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.
6. 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.
7. 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: 3.13% ✓
• Cap rate: 16.26%
• Cash-on-cash: 35.59%
• DSCR: 2.58
• GRM: 2.7

CMA / ARV

• ARV (on-the-fly): $163,744
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3927 Teal St	0.25mi	3/2.0	1,792 (-6%)	6mo	$139,000	$78	74
3909 Sandpiper LN Ln	0.15mi	3/2.0	1,620 (-15%)	11mo	$145,000	$90	59
3816 Towhee Lane Ln	0.18mi	3/2.0	1,680 (-12%)	22mo	$95,000	$57	53
3852 S Tanager Ln	0.08mi	3/2.0	1,620 (-15%)	23mo	$139,900	$86	53

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 · 5.03% rent growth · sell at horizon

5-year hold

• IRR: 35.2%
• Equity multiple: 2.57×
• Total profit: $29,810
• Equity at exit: $10,139

10-year hold

• IRR: 43.8%
• Equity multiple: 5.88×
• Total profit: $92,967
• Equity at exit: $5,879

Cash invested: $19,040 (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 59102

• Rents YoY: 5.0%
• Active inventory: 197
• Price-to-rent: 2.7×

Monthly cashflow live

• Estimated rent: $2,126 high
• Mortgage (P&I): −$357
• Tax est. 1.5%: −$85 /mo · $1,020/yr
• Insurance: −$28
• HOA: −$645
• Vacancy / Maint / Mgmt: −$446
• Net cashflow: $565

Break-even live

Break-even rent $1,411

Max offer price $68,000

Occupancy floor 68%

Sensitivity live

Price	-10% $612	-5% $588	+0% $565	+5% $541	+10% $518
Rent	-10% $397	-5% $481	+0% $565	+5% $649	+10% $733
Rate	-1.0pp $599	-0.5pp $582	base $565	+0.5pp $547	+1.0pp $529

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: $17,000
• Closing costs: $2,040
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
115 Shiloh Rd Billings, MT	1.0–3.0	1.0–2.0	1155	$2,440	$2.11	14d	9	0.50mi
501 S 44th St W Billings, MT	1.0–3.0	1.0–2.0	1024	$2,250	$2.20	14d	7	0.65mi
611 S 44th St W Billings, MT	3.0	2.0	1370	$2,150	$1.57	14d	1	0.75mi
4427 Altay Dr Billings, MT	3.0	1.0–2.0	945	$2,450	$2.59	14d	18	0.76mi
610 S 44th St W Billings, MT	1.0–3.0	1.0–2.0	1095	$2,015	$1.84	14d	9	0.78mi
3040 Central Ave Billings, MT	3.0	1.0–2.0	887	$1,867	$2.10	14d	25	1.11mi

HOA detail

• Monthly dues: $645 · $7,740/yr

Listing history 14 events

1. 2026-06-19
   days on market $68,000 Active 18 DOM
2. 2026-06-18
   price $68,000 Active 17 DOM
3. 2026-06-18
   days on market $73,000 Active 17 DOM
4. 2026-06-17
   days on market $73,000 Active 16 DOM
5. 2026-06-16
   days on market $73,000 Active 15 DOM
6. 2026-06-15
   days on market $73,000 Active 14 DOM
7. 2026-06-14
   days on market $73,000 Active 12 DOM
8. 2026-06-13
   days on market $73,000 Active 11 DOM
9. 2026-06-10
   days on market $73,000 Active 9 DOM
10. 2026-06-09
    days on market $73,000 Active 8 DOM
11. 2026-06-08
    days on market $73,000 Active 7 DOM
12. 2026-06-07
    days on market $73,000 Active 6 DOM
13. 2026-06-05
    days on market $73,000 Active 3 DOM
14. 2026-06-01
    listed $73,000 Active 1 DOM

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥95°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,514
• − Mortgage interest: −$3,809
• − Property taxes: −$1,020
• − Insurance: −$340
• − Repairs & maintenance: −$2,041
• − Management: −$2,041
• − HOA: −$7,740
• − Depreciation: −$1,978
• Taxable income: $6,545
• Est. tax owed @ 24.0%: −$1,571
• After-tax cash flow: $5,206/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 · 8 photos

Good 75/100 Cosmetic rehab

This manufactured home is in good condition with a good exterior and interior. It has a good resale and rental value with minor updates that can significantly enhance its appeal.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value
• Both Replace carpet with hardwood — Improves aesthetics and value
• Both Update kitchen backsplash — Modernizes kitchen and adds value

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and value ↑
• Both Replace carpet with hardwood — Improves aesthetics and value ↑
• Both Update kitchen backsplash — Modernizes kitchen 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: Billings H S
• NCES district ID: 3003900
• Math proficiency: 29% ▼ -4.00%
• Reading proficiency: 45% ▲ 2.00%
• Median HH income: $49,863
• Composite: 31.93/100
• National rank: #5848
• State rank: #69 of 116 in MT

Livability — Billings

• Score: 80/100
• State rank: #10
• US rank: #1830

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Billings, MT
• County: Yellowstone County · 159,426 people
• City population: 147,124
• Metro: Billings, MT
• Population (ZIP): 47,977
• Household income: $76,141
• Rent vs Own: 31.5% rent · 68.5% own
• Severe rent burden: 1584.0

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 (88%)
• Race & ethnicity: White 88% Hispanic / Latino 6% Two or more races 5% Native American 2% Asian 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 10% Slovak 3% Lithuanian 3%
• Foreign-born: 2% · Canada, Vietnam
• Languages at home: 96% English-only · Spanish 2% Vietnamese 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: ▼ -364.20%
• Current HPI: 205.0915
• Rent YoY: ▲ 5.03%
• 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

• 2026-06-01 Listed $73,000 BMTMLS