61 Rusty Iron Way Unit FRACTIONAL · Eureka, MT 59917

$45,000

3 bd · 2.5 ba · 1,408 sqft · Townhouse · 82 Days on market

Built 2015 Good condition 2,831 sqft lot $555/mo HOA · 37% 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
• Condition / age +4.0/5.0
• Livability +3.6/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Key facts

• Scenic trails
• $555 HOA
• Community pool

Tags

• PRIVATE GATED COMMUNITY
• FULLY FURNISHED CABIN RETREAT
• EXCLUSIVE ACCESS TO WATER PARK
• CHAMPIONSHIP GOLF COURSE
• SCENIC TRAILS

Property features AI

Finance

• Other: Private maintained, private road frontage (asphalt); Irrigation water rights; Level topography
• HOA & community: Located in Wilderness Club HOA; Association amenities include clubhouse, fitness center, playground, park, pool, spa/hot tub, boat dock, basketball court, game court, trails, landscaping, picnic area and security; Quarterly HOA fee (association fee includes insurance, internet, grounds and structure maintenance, sewer, security, trash, water, and snow removal)

Exterior

• Parking: On-street parking
• Security: Smoke detectors; Gated community
• Utilities: Private well water; Public sewer; Electricity connected; Phone available
• Home design: Townhouse; Two levels; Residential property
• Construction: Wood siding and metal siding; Metal roof; Slab foundation
• Exterior features: Patio; Exterior storage; Community pool; Lake access and waterfront on Wilderness Lake; Views; Landscaped yard; Back yard; Meadow; Cul-de-sac lot

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range; Refrigerator
• Bathrooms: Two full bathrooms; One half bathroom
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: Open floor plan; Vaulted ceilings; One fireplace
• Laundry & utility: Washer hookup; Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath townhouse listed at $45k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $322 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $45k).
• Recommended offer: $42k (6.0% below list) — sets the bar for market timing.
• Cap rate 14.9% vs local median 0.8% in Eureka — 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 71/100 on livability (#63 in MT) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety A+; Watch: housing C-, schools D, amenities F.
• Eureka Elementary (rural): math 32% / reading 47% proficiency, ranked #62 of 116 in MT (top 53%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 203 active listings in the ZIP; 18 units permitted in Lincoln County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $311 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Lincoln County population projected at -33% 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 $13k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 82 days — a 6% lower offer ($42k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 37% of rent.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $42,300 (6.0% below list)

Questions for the listing agent

1. It's been on market 82 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 3.34% ✓
• Cap rate: 14.87%
• Cash-on-cash: 30.63%
• DSCR: 2.36
• GRM: 2.5

CMA / ARV

• ARV (on-the-fly): $439,296
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
65 Rusty Iron Way Unit 1D	0.01mi	4/3.5 (+1)	1,600 (+14%)	10mo	$499,000	$312	59

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 25.8%
• Equity multiple: 2.08×
• Total profit: $13,553
• Equity at exit: $6,710

10-year hold

• IRR: 33.8%
• Equity multiple: 4.15×
• Total profit: $39,652
• Equity at exit: $3,891

Cash invested: $12,600 (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 59917

• Home prices YoY: -21.3%
• Active inventory: 203
• Price-to-rent: 2.5×

Monthly cashflow live

• Estimated rent: $1,503 medium
• Mortgage (P&I): −$236
• Tax est. 1.5%: −$56 /mo · $675/yr
• Insurance: −$19
• HOA: −$555
• Vacancy / Maint / Mgmt: −$316
• Net cashflow: $322

Break-even live

Break-even rent $1,096

Max offer price $45,000

Occupancy floor 74%

Sensitivity live

Price	-10% $353	-5% $337	+0% $322	+5% $306	+10% $290
Rent	-10% $203	-5% $262	+0% $322	+5% $381	+10% $440
Rate	-1.0pp $344	-0.5pp $333	base $322	+0.5pp $310	+1.0pp $298

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: $11,250
• Closing costs: $1,350
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $555 · $6,660/yr

Listing history 20 events

1. 2026-06-21
   days on market $45,000 Active 82 DOM
2. 2026-06-19
   days on market $45,000 Active 80 DOM
3. 2026-06-18
   days on market $45,000 Active 79 DOM
4. 2026-06-17
   days on market $45,000 Active 78 DOM
5. 2026-06-16
   days on market $45,000 Active 77 DOM
6. 2026-06-15
   days on market $45,000 Active 76 DOM
7. 2026-06-14
   days on market $45,000 Active 74 DOM
8. 2026-06-13
   days on market $45,000 Active 73 DOM
9. 2026-06-10
   days on market $45,000 Active 71 DOM
10. 2026-06-09
    days on market $45,000 Active 70 DOM
11. 2026-06-09
    price $45,000 Active 69 DOM
12. 2026-06-08
    days on market $50,000 Active 69 DOM
13. 2026-06-07
    days on market $50,000 Active 68 DOM
14. 2026-06-05
    days on market $50,000 Active 65 DOM
15. 2026-06-03
    days on market $50,000 Active 64 DOM
16. 2026-06-02
    days on market $50,000 Active 63 DOM
17. 2026-06-01
    days on market $50,000 Active 62 DOM
18. 2026-05-31
    days on market $50,000 Active 61 DOM
19. 2026-05-30
    days on market $50,000 Active 60 DOM
20. 2026-03-31
    listed $50,000 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 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 21 unhealthy d/yr today · 24 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,039
• − Mortgage interest: −$2,521
• − Property taxes: −$675
• − Insurance: −$225
• − Repairs & maintenance: −$1,443
• − Management: −$1,443
• − HOA: −$6,660
• − Depreciation: −$1,309
• Taxable income: $3,763
• Est. tax owed @ 24.0%: −$903
• After-tax cash flow: $2,956/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 · 13 photos

Good 80/100 Cosmetic rehab

This property is in good condition with a good condition score of 80. It has a cosmetic rehab level and requires minor maintenance and repairs. The highest-ROI updates include painting the exterior trim, cleaning gutters, and updating the kitchen and bathrooms. The property is located in a desirable area with a golf course view, which can add to its value.

Value-add opportunities

• Both Paint exterior trim — Fresh paint enhances curb appeal and value.
• Both Clean gutters — Clean gutters prevent water damage and improve property value.
• Both Landscaping — Well-maintained landscaping enhances curb appeal and property value.
• Resale Update kitchen appliances — Modern appliances can attract more buyers.
• Resale Update bathrooms — Fresh bathrooms can attract more buyers and renters.
• Both Add smart home features — Smart home features can increase property value and attract tech-savvy buyers and renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior trim — Fresh paint enhances curb appeal and value. ↑
• Both Clean gutters — Clean gutters prevent water damage and improve property value. ↑
• Both Landscaping — Well-maintained landscaping enhances curb appeal and property value. ↑
• Resale Update kitchen appliances — Modern appliances can attract more buyers. ↑
• Resale Update bathrooms — Fresh bathrooms can attract more buyers and renters. ↑
• Both Add smart home features — Smart home features can increase property value and attract tech-savvy buyers and renters. ↑

ⓘ 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: Eureka Elementary
• NCES district ID: 3010080
• Math proficiency: 32% ▼ -9.00%
• Reading proficiency: 47% ▼ -2.00%
• Median HH income: $36,034
• Composite: 32.68/100
• National rank: #5655
• State rank: #62 of 116 in MT

Livability — Eureka

• Score: 71/100
• State rank: #63
• US rank: #6716

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 5,086

Population outlook (Lincoln County) Hauer SSP2

• Today (2025): 17,226 people
• By 2030: 15,974 · -7.3%
• By 2040: 13,415 · -22.1%
• By 2050: 11,546 · -33.0%
• By 2075: 9,990 · -42.0%
• By 2100: 11,055 · -35.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 5% Hispanic / Latino 2%
• Common ancestry: Italian 7% Slovak 5% Portuguese 4%
• Foreign-born: 6% · Canada, China
• Languages at home: 96% English-only · Spanish 3% German/W. Germanic 1%

Political lean MEDSL · Lincoln

• 2024 margin: Solid R (+53.4) · D 22.2% · R 75.6% · Other 2.2%
• 2008→2024 swing: -24.4pp toward R · 2008: -29.0pp · 2024: -53.4pp
• All cycles: 2024: R+53.4 2020: R+49.7 2016: R+50.6 2012: R+39.5 2008: R+29.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -73.57%
• Current HPI: 271.9646
• Rent YoY: —
• Metro: —
• 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

• 2026-03-31 Listed $50,000 MRMLS