115 Percival Path

King Arthur Park, MT 59718

$90,000D

1 bd · 1.5 ba · 924 sqft · Built 1973 · SingleFamily · Active · 62 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,850/mo
• Mortgage (P&I): −$472
• Tax + insurance: −$150
• HOA: −$947
• Vac / Maint / Mgmt: −$389
• Net cashflow: $-107/mo
• Annual: $-1,288/yr
• Cap rate: 4.86%
• Cash-on-cash: -5.11%
• DSCR: 0.77
• 1% rule: 2.06%
• Cash to close: $25,200

Investor read

• This is a 1-bed/1.5-bath single-family listed at $90k. Condition is rated average.
• At list price, monthly cash flow is $-107 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $74k (17.3% below list).
• Meets the 1% rule at list price ($2k rent vs $90k).
• It's been on market 62 days — a 6% lower offer ($85k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $74k (17.3% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#18 in MT, #2,457 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: health & safety C-, schools D, amenities F.
• Bozeman Elementary (town): math 56% / reading 66% proficiency, ranked #7 of 116 in MT (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 18% free/reduced lunch — higher-income household profile.
• Watch-outs: HOA is 51% of rent.
• Market conditions: Rents soft (-0.6%/yr); 522 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,706 units permitted in Gallatin County in 2024 (533 in 5+ unit buildings).
• Gallatin County population projected at +61% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $10k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 4.9% vs local median 2.8% in King Arthur Park — 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.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 62 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
• Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?

Repairs flagged (vision-AI assessment)

• Moderate: Kitchen cabinets — Worn appearance
• Minor: Kitchen countertops — Need cleaning
• Moderate: Exterior siding — Weathered appearance
• Minor: Interior walls/paint — Faded in some areas
• Minor: Landscaping — Overgrown and needs trimming