826 3rd Ave S · Great Falls, MT 59405

$405,000

12 bd · 7.2 ba · 3,216 sqft · MultiFamily public records · 546 Days on market

Built 1900 3,746 sqft lot

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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 +3.9/5.0
• Rent growth +3.4/5.0
• Schools +2.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Remarks: CORNER LOT 4 PLEX, NEEDS A LOT OF TLC, ONCE FIXED UP COULD POSSIBLY TAKE IN $2400 PER MONTH

Key facts

• 3,746 sq ft lot
• Built 1900
• Listed 545 days

Property features AI

Finance

• Other: Total building area reported as 3,216
• Financial info: Reported individual unit rents: units range from approximately $800 to $1,200 (several units listed at $825, $825, $975, $1,000, $1,150, $1,200)

Exterior

• Home design: Residential income property configured as a quadruplex
• Construction: See remarks for foundation details
• Exterior features: No pets allowed

Interior

• Bedrooms: Multiple unit layouts including one- and two-bedroom units and studios
• Bathrooms: One bathroom in each unit
• Interior features: Laundry hook-ups
• Laundry & utility: Washer hookup available

What this means for you Summary

Snapshot

• This is a 4 × 3-bed/1.8-bath units multifamily listed at $405k.

Deal economics

• At list price, monthly cash flow is $3k ($30k/yr) — positive. Per door: $629/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $405k).
• Recommended offer: $356k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.8% vs local median 3.5% in Great Falls — 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 78/100 on livability (#19 in MT, #2,473 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: schools C-, employment C-, crime F.
• Great Falls H S (urban): math 27% / reading 39% proficiency, ranked #79 of 116 in MT (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+3.6%/yr); 111 active listings in the ZIP; 223 units permitted in Cascade County in 2024 (37 in 5+ unit buildings).
• At $6,343/mo this rent would consume 128% of the median local household income ($59k/yr) (locally 1123% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Cascade County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.6% rent growth), your $113k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 546 days — a 12% lower offer ($356k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 12y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $356,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 546 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.57% ✓
• Cap rate: 13.75%
• Cash-on-cash: 26.63%
• DSCR: 2.19
• GRM: 5.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.64% rent growth · sell at horizon

5-year hold

• IRR: 21.1%
• Equity multiple: 1.87×
• Total profit: $98,700
• Equity at exit: $60,387

10-year hold

• IRR: 29.7%
• Equity multiple: 3.73×
• Total profit: $309,085
• Equity at exit: $35,017

Cash invested: $113,400 (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 59405

• Rents YoY: 3.6%
• Active inventory: 111
• Price-to-rent: 21.3×

Monthly cashflow live

• Estimated rent: $6,343 medium
• Mortgage (P&I): −$2,124
• Tax from tax record: −$201 /mo · $2,416/yr
• Insurance: −$169
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,332
• Net cashflow: $2,517

Break-even live

Break-even rent $3,157

Max offer price $405,000

Occupancy floor 55%

Sensitivity live

Price	-10% $2,746	-5% $2,632	+0% $2,517	+5% $2,402	+10% $2,288
Rent	-10% $2,016	-5% $2,266	+0% $2,517	+5% $2,768	+10% $3,018
Rate	-1.0pp $2,721	-0.5pp $2,620	base $2,517	+0.5pp $2,412	+1.0pp $2,305

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	3	1.8	$6,344
Total (4 units)			$6,343

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: $101,250
• Closing costs: $12,150
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-10
   days on market $405,000 Active 546 DOM
2. 2026-06-09
   days on market $405,000 Active 545 DOM
3. 2026-06-08
   days on market $405,000 Active 544 DOM
4. 2026-06-07
   days on market $405,000 Active 543 DOM
5. 2026-06-05
   days on market $405,000 Active 540 DOM
6. 2026-06-03
   days on market $405,000 Active 539 DOM
7. 2026-06-02
   days on market $405,000 Active 538 DOM
8. 2026-06-01
   days on market $405,000 Active 537 DOM
9. 2026-05-31
   days on market $405,000 Active 536 DOM
10. 2026-05-30
    days on market $405,000 Active 535 DOM
11. 2025-07-10
    status Active
12. 2025-06-07
    historical Active Under Contract
13. 2025-04-16
    price $405,000
14. 2024-12-11
    listed $415,000 Active
15. 2014-10-17
    soldstatus 100-char remark

    Show marketing remark (100 chars)

    Remarks: CORNER LOT 4 PLEX, NEEDS A LOT OF TLC, ONCE FIXED UP COULD POSSIBLY TAKE IN $2400 PER MONTH

16. 2014-08-09
    listed $46,900 100-char remark

    Show marketing remark (100 chars)

    Remarks: CORNER LOT 4 PLEX, NEEDS A LOT OF TLC, ONCE FIXED UP COULD POSSIBLY TAKE IN $2400 PER MONTH

17. 2014-07-10
    soldstatus
18. 2006-12-12
    soldstatus

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

Tax reassessment forecast MT · Resets to sale price

• Current annual tax: $2,416 · $201/mo
• Projected year-2 tax: $3,402 · $284/mo
• Expected delta: +$986/yr (+$82/mo · 40.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥92°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 8 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $76,116
• − Mortgage interest: −$22,686
• − Property taxes: −$2,416
• − Insurance: −$2,025
• − Repairs & maintenance: −$6,089
• − Management: −$6,089
• − Depreciation: −$11,782
• Taxable income: $25,028
• Est. tax owed @ 24.0%: −$6,007
• After-tax cash flow: $24,197/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: Great Falls H S
• NCES district ID: 3013050
• Math proficiency: 27% ▼ -6.00%
• Reading proficiency: 39% ▼ -3.00%
• Median HH income: $43,586
• Composite: 28.03/100
• National rank: #6846
• State rank: #79 of 116 in MT

Livability — Great Falls

• Score: 78/100
• State rank: #19
• US rank: #2473

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Great Falls, MT
• County: Cascade County · 75,427 people
• City population: 75,427
• Metro: Great Falls, MT
• Population (ZIP): 33,350
• Household income: $59,449
• Rent vs Own: 43.0% rent · 57.0% own
• Severe rent burden: 1123.0

Population outlook (Cascade County) Hauer SSP2

• Today (2025): 81,936 people
• By 2030: 81,376 · -0.7%
• By 2040: 79,435 · -3.1%
• By 2050: 77,906 · -4.9%
• By 2075: 78,595 · -4.1%
• By 2100: 79,997 · -2.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Two or more races 10% Hispanic / Latino 6% Native American 4% Black 2% Asian 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 8% Italian 3% Romanian 2%
• Foreign-born: 2%
• Languages at home: 95% English-only · Spanish 2% German/W. Germanic 1%

Political lean MEDSL · Cascade

• 2024 margin: Strong R (+22.3) · D 37.3% · R 59.6% · Other 3.0%
• 2008→2024 swing: -24.6pp toward R · 2008: 2.3pp · 2024: -22.3pp
• All cycles: 2024: R+22.3 2020: R+19.7 2016: R+21.6 2012: R+9.1 2008: D+2.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -121.87%
• Current HPI: 213.0016
• Rent YoY: ▲ 3.64%
• Metro: Great Falls, 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

+763.5% since first listed

8 events — show timeline

• 2025-07-10 Relisted — MRMLS
• 2025-06-07 Contingent — MRMLS
• 2025-04-16 Price Changed $405,000 MRMLS
• 2024-12-11 Listed $415,000 MRMLS
• 2014-10-17 Sold (MLS) — MRMLS
• 2014-08-09 Listed $46,900 MRMLS
• 2014-07-10 Sold (Public Records) — Public Records
• 2006-12-12 Sold (Public Records) — Public Records

Property tax history

+6.0%/yr

Latest (2025): $2,416 · +1.5% YoY. Source: county tax records.