3536 Rainbow Dr · Helena Valley Southeast, MT 59602

$105,000

3 bd · 2.0 ba · 1,352 sqft · Manufactured · 137 Days on market

Built 1997 Est $134k · 22% under ↓ 25% since listing

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +3.8/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 3536 Rainbow Drive in Helena's east valley. There is so much home here for the money! You will love the ideal location: near city limits, the airport, shopping and those great Montana outdoor recreation opportunities. This residential offering is near the Leisure Village park, and offers three spacious bedrooms and two bathrooms, a nice sized kitchen, and a beautiful tile living room with vaulted ceilings with a cool rock fireplace. The spacious master bedroom offers an unique bookcase opening to a walk in closet, and you'll enjoy the jetted tub in the master bathroom. There is a RARELY-found association pool and fitness center. There is a park is across the street too

Key facts

• Added privacy
• Walk-in closet
• Natural light

Tags

• ADDED PRIVACY
• NATURAL LIGHT
• WALK-IN CLOSET
• BUILT-IN TV ROCK ACCENT WALL
• FIREPLACE HEATER INSERT

Property features AI

Finance

• HOA & community: Community clubhouse; Community park; Community pool; Street lights; Land is leased

Exterior

• Parking: Carport (2 spaces); Additional parking; Assigned parking
• Utilities: Public sewer
• Home design: Manufactured home (double wide); One level; Pillar/post/pier foundation
• Construction: Residential property
• Exterior features: Storage; Shed(s); Back yard; Front yard; Landscaped lot; Level topography

Interior

• Kitchen: Range; Refrigerator
• Bathrooms: 2 full bathrooms
• Interior features: Vaulted ceilings; Walk-in closet(s)
• Laundry & utility: Washer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $105k.

Deal economics

• At list price, monthly cash flow is $794 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $105k).
• Recommended offer: $92k (12.0% below list) — sets the bar for market timing.
• Cap rate 15.4% vs local median 2.3% in Helena Valley Southeast — 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 63/100 on livability (#160 in MT) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Helena H S (town): math 34% / reading 54% proficiency, ranked #42 of 116 in MT (top 36%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Warren School (math 42% / reading 52%, grade D-, #101 of 293 statewide, top 39%, 304 students, 0% FRL); Helena Middle School (math 29% / reading 45%, grade F, #78 of 146 statewide, top 55%, 691 students, 0% FRL); Helena High School (math 36% / reading 56%, grade D-, #29 of 132 statewide, top 22%, 1,087 students, 0% FRL).
• Market conditions: 195 active listings in the ZIP; solid renter incomes; 456 units permitted in Lewis and Clark County in 2024 (207 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $726 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Lewis and Clark County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $29k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 137 days — a 12% lower offer ($92k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 3y ago; this cycle's ask has dropped $20k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

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

Recommended offer $92,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 137 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.83% ✓
• Cap rate: 15.37%
• Cash-on-cash: 32.41%
• DSCR: 2.44
• GRM: 4.5

CMA / ARV

• ARV (on-the-fly): $133,848
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3536 Rainbow Dr	0.00mi	3/2.0	1,352 (0%)	0mo	$105,000	$78	100
3617 Riviera Dr	0.20mi	3/2.0	1,344 (-1%)	18mo	$129,900	$97	75
2879 Village Rd	0.38mi	3/2.0	1,248 (-8%)	2mo	$89,900	$72	68
3521 Riviera Dr	0.07mi	3/2.0	1,216 (-10%)	15mo	$179,900	$148	67
2935 Sunnyside Rd	0.08mi	3/2.0	1,216 (-10%)	22mo	$120,000	$99	61
2936 Pleasure Rd	0.43mi	3/2.0	1,512 (+12%)	2mo	$110,000	$73	58
3125 Howard Rd	0.55mi	3/2.0	1,530 (+13%)	23mo	$415,000	$271	34
3385 Lonesome Loop	0.68mi	3/2.0	1,158 (-14%)	14mo	$449,900	$389	33

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: 27.5%
• Equity multiple: 2.14×
• Total profit: $33,582
• Equity at exit: $15,656

10-year hold

• IRR: 35.0%
• Equity multiple: 4.21×
• Total profit: $94,473
• Equity at exit: $9,078

Cash invested: $29,400 (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 59602

• Active inventory: 195
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $1,924 medium
• Mortgage (P&I): −$551
• Tax est. 1.5%: −$131 /mo · $1,575/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$404
• Net cashflow: $794

Break-even live

Break-even rent $919

Max offer price $105,000

Occupancy floor 54%

Sensitivity live

Price	-10% $867	-5% $830	+0% $794	+5% $758	+10% $721
Rent	-10% $642	-5% $718	+0% $794	+5% $870	+10% $946
Rate	-1.0pp $847	-0.5pp $821	base $794	+0.5pp $767	+1.0pp $739

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: $26,250
• Closing costs: $3,150
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-05-19
   status Pending
2. 2026-04-14
   historical Active Under Contract
3. 2026-04-02
   price $105,000
4. 2026-04-02
   status Active
5. 2026-04-01
   status Active
6. 2026-03-28
   historical Active Under Contract
7. 2026-03-20
   price $110,000
8. 2026-02-24
   price $111,500
9. 2026-01-23
   price $112,000
10. 2025-12-31
    listed $125,000 Active
11. 2025-12-13
    status Active
12. 2025-11-26
    historical Active Under Contract
13. 2025-11-04
    price $117,500
14. 2025-10-20
    status Active
15. 2025-10-17
    status Pending
16. 2025-10-01
    historical Active Under Contract
17. 2025-09-29
    price $122,500
18. 2025-09-25
    price $132,500
19. 2025-08-26
    price $135,000
20. 2025-08-07
    listed $140,000 Active
21. 2023-07-28
    soldstatus Closed 688-char remark

    Show marketing remark (688 chars)

    Welcome to 3536 Rainbow Drive in Helena's east valley. There is so much home here for the money! You will love the ideal location: near city limits, the airport, shopping and those great Montana outdoor recreation opportunities. This residential offering is near the Leisure Village park, and offers three spacious bedrooms and two bathrooms, a nice sized kitchen, and a beautiful tile living room with vaulted ceilings with a cool rock fireplace. The spacious master bedroom offers an unique bookcase opening to a walk in closet, and you'll enjoy the jetted tub in the master bathroom. There is a RARELY-found association pool and fitness center. There is a park is across the street too

22. 2023-06-28
    status Pending 688-char remark

    Show marketing remark (688 chars)

    Welcome to 3536 Rainbow Drive in Helena's east valley. There is so much home here for the money! You will love the ideal location: near city limits, the airport, shopping and those great Montana outdoor recreation opportunities. This residential offering is near the Leisure Village park, and offers three spacious bedrooms and two bathrooms, a nice sized kitchen, and a beautiful tile living room with vaulted ceilings with a cool rock fireplace. The spacious master bedroom offers an unique bookcase opening to a walk in closet, and you'll enjoy the jetted tub in the master bathroom. There is a RARELY-found association pool and fitness center. There is a park is across the street too

23. 2023-06-06
    listed $140,000 Active 688-char remark

    Show marketing remark (688 chars)

    Welcome to 3536 Rainbow Drive in Helena's east valley. There is so much home here for the money! You will love the ideal location: near city limits, the airport, shopping and those great Montana outdoor recreation opportunities. This residential offering is near the Leisure Village park, and offers three spacious bedrooms and two bathrooms, a nice sized kitchen, and a beautiful tile living room with vaulted ceilings with a cool rock fireplace. The spacious master bedroom offers an unique bookcase opening to a walk in closet, and you'll enjoy the jetted tub in the master bathroom. There is a RARELY-found association pool and fitness center. There is a park is across the street too

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 9 unhealthy d/yr today · 18 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,082
• − Mortgage interest: −$5,882
• − Property taxes: −$1,575
• − Insurance: −$525
• − Repairs & maintenance: −$1,847
• − Management: −$1,847
• − Depreciation: −$3,055
• Taxable income: $8,353
• Est. tax owed @ 24.0%: −$2,005
• After-tax cash flow: $7,523/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: Helena H S
• NCES district ID: 3013830
• Math proficiency: 34% ▼ -6.00%
• Reading proficiency: 54% ▼ -3.00%
• Median HH income: $55,565
• Composite: 38.26/100
• National rank: #4238
• State rank: #42 of 116 in MT

Livability — Helena Valley Southeast

• Score: 63/100
• State rank: #160
• US rank: #15212

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Helena Valley Southeast, MT
• County: Lewis and Clark County · 62,482 people
• Metro: Helena, MT
• Population (ZIP): 30,754
• Household income: $92,985
• Rent vs Own: 15.9% rent · 84.1% own
• Severe rent burden: 105.0

Population outlook (Lewis and Clark County) Hauer SSP2

• Today (2025): 72,720 people
• By 2030: 75,403 · +3.7%
• By 2040: 79,496 · +9.3%
• By 2050: 82,741 · +13.8%
• By 2075: 90,296 · +24.2%
• By 2100: 93,425 · +28.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 6% Hispanic / Latino 4%
• Common ancestry: Portuguese 6% Lithuanian 3% Italian 3%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Lewis and Clark

• 2024 margin: Lean R (+5.7) · D 45.4% · R 51.1% · Other 3.5%
• 2008→2024 swing: -12.2pp toward R · 2008: 6.5pp · 2024: -5.7pp
• All cycles: 2024: R+5.7 2020: R+3.9 2016: R+6.9 2012: R+3.6 2008: D+6.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -178.02%
• Current HPI: 243.543
• Rent YoY: —
• Metro: Helena, 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

-25.0% since first listed

23 events — show timeline

• 2026-05-19 Pending — MRMLS
• 2026-04-14 Contingent — MRMLS
• 2026-04-02 Price Changed $105,000 MRMLS
• 2026-04-02 Relisted — MRMLS
• 2026-04-01 Relisted — MRMLS
• 2026-03-28 Contingent — MRMLS
• 2026-03-20 Price Changed $110,000 MRMLS
• 2026-02-24 Price Changed $111,500 MRMLS
• 2026-01-23 Price Changed $112,000 MRMLS
• 2025-12-31 Listed $125,000 MRMLS
• 2025-12-13 Relisted — MRMLS
• 2025-11-26 Contingent — MRMLS
• 2025-11-04 Price Changed $117,500 MRMLS
• 2025-10-20 Relisted — MRMLS
• 2025-10-17 Pending — MRMLS
• 2025-10-01 Contingent — MRMLS
• 2025-09-29 Price Changed $122,500 MRMLS
• 2025-09-25 Price Changed $132,500 MRMLS
• 2025-08-26 Price Changed $135,000 MRMLS
• 2025-08-07 Listed $140,000 MRMLS
• 2023-07-28 Sold (MLS) — MRMLS
• 2023-06-28 Pending — MRMLS
• 2023-06-06 Listed $140,000 MRMLS