92 W Antelope Trail #E Trl · Billings, MT 59105

$179,900

3 bd · 1.5 ba · 1,080 sqft · Condo public records · 3 Days on market

Built 1980 $130/mo HOA · 9% of rent

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Why this score? — see what drove the D- 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 +9.4/30.0
• ARV discount +7.5/15.0
• Rent growth +4.5/5.0
• Livability +4.0/5.0
• Schools +3.2/10.0
• 1% rule +2.9/10.0
• DSCR +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Key facts

• End unit
• Private fenced yard
• Gas forced air heat

Tags

• END UNIT
• PRIVATE FENCED YARD
• GAS FORCED AIR HEAT
• HOA COVERS SNOW REMOVAL
• HOA COVERS WATER SEWER TRASH

Property features AI

Finance

• HOA & community: Homeowners association with $130 monthly fee; HOA covers grounds and structure maintenance, snow removal, trash, and water

Exterior

• Parking: No designated parking
• Utilities: Public water; Public sewer
• Home design: Condominium, residential; Two levels; Planned unit development
• Construction: Vinyl siding; Asphalt roof; Built above grade finished area
• Exterior features: Deck; Fenced yard; Shed(s); Level lot

Interior

• Kitchen: Electric range, oven, refrigerator
• Bedrooms: 7 total rooms (includes bedroom count within total rooms)
• Bathrooms: 1 full bathroom; 1 half bathroom; 1 main-level bathroom
• Heating & cooling: Natural gas forced-air heating; No central cooling
• Interior features: Electric range, oven, range, refrigerator; Full basement
• Laundry & utility: Has heating (natural gas, forced air)

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath condo listed at $180k.

Deal economics

• At list price, monthly cash flow is $-129 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $157k (12.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $142k (21.2% below list).
• Recommended offer: $142k (21.2% below list) — sets the bar for 1% rule.
• Cap rate 5.4% 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: Alkali Creek School (math 47% / reading 47%, grade D-, #101 of 293 statewide, top 39%, 336 students, 0% FRL); Castle Rock Middle School (math 40% / reading 42%, grade F, #58 of 146 statewide, top 39%, 703 students, 0% FRL); Skyview High School (math 26% / reading 39%, grade F, #56 of 132 statewide, top 42%, 1,602 students, 0% FRL).
• Market conditions: Rents rising fast (+7.8%/yr); 336 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 15d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $141,787 (21.2% below list)

Questions for the listing agent

1. 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?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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. 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?
7. 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?
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: 0.79% ✗
• Cap rate: 5.43%
• Cash-on-cash: -3.07%
• DSCR: 0.86
• GRM: 10.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 7.8% rent growth · sell at horizon

5-year hold

• IRR: -16.2%
• Equity multiple: 0.40×
• Total profit: $-30,146
• Equity at exit: $26,824

10-year hold

• IRR: -1.0%
• Equity multiple: 0.92×
• Total profit: $-4,169
• Equity at exit: $15,554

Cash invested: $50,372 (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 59105

• Rents YoY: 7.8%
• Active inventory: 336
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $1,418 high
• Mortgage (P&I): −$943
• Tax from tax record: −$100 /mo · $1,206/yr
• Insurance: −$75
• HOA: −$130
• Vacancy / Maint / Mgmt: −$298
• Net cashflow: $-129

Break-even live

Break-even rent $1,581

Max offer price $157,160

Occupancy floor —

Sensitivity live

Price	-10% $-27	-5% $-78	+0% $-129	+5% $-180	+10% $-231
Rent	-10% $-241	-5% $-185	+0% $-129	+5% $-73	+10% $-17
Rate	-1.0pp $-38	-0.5pp $-83	base $-129	+0.5pp $-175	+1.0pp $-223

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
66 W Antelope Trl Billings, MT	2.0	1.0	900	$1,195	$1.33	15d	1	0.07mi
640 Lake Elmo Dr Billings, MT	2.0	2.0	1200	$1,200	$1.00	15d	1	0.60mi
343 Quaking Aspen Ln Billings, MT	3.0	2.0	1295	$1,495	$1.15	15d	1	0.72mi
218 Reda Ln Unit 7 Billings, MT	3.0	2.5	1496	$1,700	$1.14	15d	1	0.73mi
218 Reda Ln #3 Billings, MT	3.0	2.5	1496	$2,100	$1.40	15d	1	0.73mi
218 Reda Ln Billings, MT	3.0	2.0	1496	$2,100	$1.40	15d	1	0.73mi
504 Josephine Dr Billings, MT	2.0	2.0	1070	$1,075	$1.00	15d	1	0.87mi
1071 Lincoln Ln Billings, MT	4.0	2.0	1386	$2,095	$1.51	15d	1	0.95mi
1431 Sourdough Ln Unit 3 Billings, MT	2.0	1.0	1200	$1,150	$0.96	15d	1	0.98mi
308 Uinta Park Dr Billings, MT	3.0	2.0	1424	$2,050	$1.44	15d	1	0.99mi
828 Yellowstone River Rd Unit 828YYR4 Billings, MT	2.0	1.0	925	$1,095	$1.18	45d	1	1.19mi
836 Yellowstone River Rd Billings, MT	2.0	1.0	800	$995	$1.24	45d	1	1.20mi
922 Yellowstone River Rd Billings, MT	2.0	2.0	1200	$1,195	$1.00	15d	1	1.26mi
2119 8th Ave N Apt 1 Billings, MT	2.0	1.0	1000	$1,300	$1.30	15d	1	1.48mi

HOA detail condo

• Monthly dues: $130 · $1,560/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 2 events

1. 2026-06-21
   days on market $179,900 Active 3 DOM
2. 2026-06-18
   listed $179,900 Active 1 DOM

ⓘ 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: $1,206 · $100/mo
• Projected year-2 tax: $1,511 · $126/mo
• Expected delta: +$306/yr (+$25/mo · 25.3%)

ⓘ 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 6/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥95°F today · 15 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: $17,014
• − Mortgage interest: −$10,077
• − Property taxes: −$1,206
• − Insurance: −$900
• − Repairs & maintenance: −$1,361
• − Management: −$1,361
• − HOA: −$1,560
• − Depreciation: −$5,233
• Taxable loss: −$4,684
• Est. tax savings @ 24.0%: +$1,124
• After-tax cash flow: $-421/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: 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): 35,480
• Household income: $78,014
• Rent vs Own: 24.1% rent · 75.9% own
• Severe rent burden: 788.0

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 (85%)
• Race & ethnicity: White 85% Hispanic / Latino 7% Two or more races 5% Native American 4%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 10% Slovak 3% Lithuanian 3%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 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: ▼ -314.00%
• Current HPI: 217.0836
• Rent YoY: ▲ 7.80%
• 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

+14954.4% since first listed

4 events — show timeline

• 2026-06-12 Listed $179,900 BMTMLS
• 2022-03-25 Price Changed $1,195 RENT.
• 2003-03-25 Sold (Public Records) — Public Records
• 2002-10-31 Sold (Public Records) — Public Records

Property tax history

+1.9%/yr

Latest (2025): $1,206 · -26.9% YoY. Source: county tax records.