318 & 320 N 19th Ave · Bozeman, MT 59718

$749,999

6 bd · 2.0 ba · 2,500 sqft · MultiFamily public records · 650 Days on market

Built 1973 8,025 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
• DSCR +10.0/10.0
• 1% rule +9.7/10.0
• ARV discount +7.5/15.0
• Schools +5.2/10.0
• Livability +4.2/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• 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.

Key facts

• 8,025 sq ft lot
• Built 1973
• Listed 649 days

Property features AI

Finance

• Financial info: Actual rents listed for units (examples: $1,600 and $1,800)

Exterior

• Parking: Gravel and paved parking (driveway spot on 19th and additional parking accessible via alley)
• Security: Smoke detectors
• Utilities: Public water; Public sewer; Natural gas available; Cable available; Phone available
• Home design: Duplex (residential income property); One level
• Construction: R3 zoning (Residential Medium Density)
• Exterior features: Covered patio/porch; Deck; Partial fencing; Shed(s)

Interior

• Kitchen: Dishwasher
• Bedrooms: Multiple 3-bedroom units (ground-level units included)
• Bathrooms: Multiple 1-bath units
• Heating & cooling: Forced air heating (natural gas); No central cooling
• Interior features: Dishwasher; Washer; Dryer
• Laundry & utility: Washer hookup; Washer and Dryer included

What this means for you Summary

Snapshot

• This is a 4 × 3-bed/1.0-bath units multifamily listed at $750k.

Deal economics

• At list price, monthly cash flow is $4k ($50k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $750k).
• Recommended offer: $660k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.9% vs local median 2.1% in Bozeman — 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 85/100 on livability (#1 in MT, #537 nationally) — a professional / high-income tenant draw. Strengths: schools A+, amenities A+, commute A+; Watch: crime D, cost of living D-.
• 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.
• Market conditions: Rents soft (-0.6%/yr); 524 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 1,706 units permitted in Gallatin County in 2024 (533 in 5+ unit buildings).
• At $11,056/mo this rent would consume 134% of the median local household income ($99k/yr) (locally 1786% 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 $5k of loan paydown is wiped out by about $22k of value loss. Plan a longer hold.
• Gallatin County population projected at +61% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $210k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 650 days — a 12% lower offer ($660k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago; this cycle's ask is 45354% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Recommended offer $659,999 (12.0% below list)

Questions for the listing agent

1. It's been on market 650 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 1973 — 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. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. Crime grade is D 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?
9. 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.
10. 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.
11. 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: 1.47% ✓
• Cap rate: 12.89%
• Cash-on-cash: 23.58%
• DSCR: 2.05
• GRM: 5.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 13.4%
• Equity multiple: 1.52×
• Total profit: $108,663
• Equity at exit: $111,827

10-year hold

• IRR: 20.0%
• Equity multiple: 2.46×
• Total profit: $307,022
• Equity at exit: $64,846

Cash invested: $210,000 (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 59718

• Rents YoY: -0.6%
• Active inventory: 524
• Price-to-rent: 22.6×

Monthly cashflow live

• Estimated rent: $11,056 high
• Mortgage (P&I): −$3,933
• Tax from tax record: −$363 /mo · $4,353/yr
• Insurance: −$312
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,322
• Net cashflow: $4,126

Break-even live

Break-even rent $5,833

Max offer price $749,999

Occupancy floor 58%

Sensitivity live

Price	-10% $4,550	-5% $4,338	+0% $4,126	+5% $3,914	+10% $3,701
Rent	-10% $3,252	-5% $3,689	+0% $4,126	+5% $4,563	+10% $4,999
Rate	-1.0pp $4,504	-0.5pp $4,317	base $4,126	+0.5pp $3,932	+1.0pp $3,734

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

Units	Beds	Baths	Est. rent
▸ 4× units	3	1	$11,056
Total (4 units)			$11,056

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: $187,500
• Closing costs: $22,500
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
510 N 19th Ave Bozeman, MT	6.0	2.0	2804	$5,000	$1.78	22d	1	0.14mi

Listing history 22 events

1. 2026-06-19
   days on market $749,999 Active 650 DOM
2. 2026-06-18
   days on market $749,999 Active 649 DOM
3. 2026-06-17
   days on market $749,999 Active 648 DOM
4. 2026-06-16
   days on market $749,999 Active 647 DOM
5. 2026-06-15
   days on market $749,999 Active 646 DOM
6. 2026-06-14
   days on market $749,999 Active 644 DOM
7. 2026-06-13
   days on market $749,999 Active 643 DOM
8. 2026-06-10
   days on market $749,999 Active 641 DOM
9. 2026-06-09
   days on market $749,999 Active 640 DOM
10. 2026-06-08
    days on market $749,999 Active 639 DOM
11. 2026-06-07
    days on market $749,999 Active 638 DOM
12. 2026-06-05
    days on market $749,999 Active 635 DOM
13. 2026-06-02
    days on market $749,999 Active 633 DOM
14. 2026-06-01
    days on market $749,999 Active 632 DOM
15. 2026-05-31
    days on market $749,999 Active 631 DOM
16. 2026-05-30
    days on market $749,999 Active 630 DOM
17. 2025-09-08
    price $749,999
18. 2024-10-06
    historical $1,650
19. 2024-10-03
    listed $1,650
20. 2024-09-15
    historical $1,700
21. 2024-09-05
    listed $1,700
22. 2024-09-05
    listed $750,000 Active

ⓘ 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: $4,353 · $363/mo
• Projected year-2 tax: $6,300 · $525/mo
• Expected delta: +$1,947/yr (+$162/mo · 44.7%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥88°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 8 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $132,672
• − Mortgage interest: −$42,012
• − Property taxes: −$4,353
• − Insurance: −$3,750
• − Repairs & maintenance: −$10,614
• − Management: −$10,614
• − Depreciation: −$21,818
• Taxable income: $39,512
• Est. tax owed @ 24.0%: −$9,483
• After-tax cash flow: $40,028/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: Bozeman Elementary
• NCES district ID: 3004560
• Math proficiency: 56% ▼ -5.00%
• Reading proficiency: 66% ▼ -4.00%
• Median HH income: $51,664
• Composite: 52.03/100
• National rank: #1635
• State rank: #7 of 116 in MT

Livability — Bozeman

• Score: 85/100
• State rank: #1
• US rank: #537

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bozeman, MT
• County: Gallatin County · 108,510 people
• City population: 84,228
• Metro: Bozeman, MT
• Population (ZIP): 44,585
• Household income: $99,123
• Rent vs Own: 44.5% rent · 55.5% own
• Severe rent burden: 1786.0

Population outlook (Gallatin County) Hauer SSP2

• Today (2025): 129,625 people
• By 2030: 144,940 · +11.8%
• By 2040: 176,266 · +36.0%
• By 2050: 209,250 · +61.4%
• By 2075: 294,207 · +127.0%
• By 2100: 360,558 · +178.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 5% Hispanic / Latino 5% Asian 1%
• Common ancestry: Portuguese 7% Slovak 4% Italian 3%
• Foreign-born: 4% · Canada, China
• Languages at home: 95% English-only · Spanish 3% Chinese 1%

Political lean MEDSL · Gallatin

• 2024 margin: Toss-up / Even · D 50.0% · R 46.8% · Other 3.2%
• 2008→2024 swing: -0.2pp no change · 2008: 3.4pp · 2024: 3.2pp
• All cycles: 2024: D+3.2 2020: D+7.5 2016: D+1.0 2012: R+5.3 2008: D+3.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -316.82%
• Current HPI: 272.8072
• Rent YoY: ▼ -0.61%
• Metro: Bozeman, 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

-0.0% since first listed

6 events — show timeline

• 2025-09-08 Price Changed $749,999 BSCMLS
• 2024-10-06 Rental Removed $1,650 APPFOLIO
• 2024-10-03 Listed for Rent $1,650 APPFOLIO
• 2024-09-15 Rental Removed $1,700 APPFOLIO
• 2024-09-05 Listed for Rent $1,700 APPFOLIO
• 2024-09-05 Listed $750,000 BSCMLS

Property tax history

+9.6%/yr

Latest (2025): $4,353 · -2.7% YoY. Source: county tax records.