124 Ridgewood Dr

Evergreen, MT 59901

$137,000B-

3 bd · 2.0 ba · 1,216 sqft · Built 2019 · Manufactured · Active · 25 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,235/mo
• Mortgage (P&I): −$718
• Tax + insurance: −$228
• HOA: −$0
• Vac / Maint / Mgmt: −$469
• Net cashflow: $819/mo
• Annual: $9,828/yr
• Cap rate: 13.47%
• Cash-on-cash: 25.62%
• DSCR: 2.14
• 1% rule: 1.63%
• Cash to close: $38,360

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $137k. Condition is rated fair.
• At list price, monthly cash flow is $819 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $137k).
• It's been on market 25 days — a 2% lower offer ($135k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $135k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $947 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#89 in MT) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: schools C-, crime C-, amenities F.
• Flathead H S (town): math 29% / reading 52% proficiency, ranked #55 of 116 in MT (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+2.4%/yr); 683 active listings in the ZIP; 281 units permitted in Flathead County in 2024 (80 in 5+ unit buildings).
• Flathead County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 2y 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.
• At projected returns (-3.0% appreciation + 2.4% rent growth), your $38k cash investment doubles in ~5 years — after that, you're playing with house money.
• Cap rate 13.5% vs local median 2.1% in Evergreen — 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.
• This rent runs 37% of the median local income ($73k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Moderate: Deck — Worn and needs refinishing
• Moderate: Siding — Worn and needs repainting
• Minor: Kitchen cabinets — Worn and could be refinished