203 E 2nd St · Libby, MT 59923

$165,000

1 bd · 1.0 ba · 680 sqft · SingleFamily public records · 161 Days on market

Built 1938 6,359 sqft lot $243/sqft · 17% below area Est $200k · 17% under

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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).

• ARV discount +15.0/15.0
• Cash flow +13.0/30.0
• DSCR +3.9/10.0
• Schools +3.7/10.0
• Livability +3.7/5.0
• 1% rule +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This single-level home in beautiful Libby, MT is being offered “as-is. ” Due to the current condition of the property, all prospective buyers must sign a Hold Harmless Agreement before entering the home this agreement acknowledges you understand and accept all risks associated with property entry. Single-level layout: Comfortable, easy accessibility with no stairs. Fenced yard, covered area for vehicle parking and outdoor storage. This is a great opportunity for investors, DIY homeowners, or buyers looking to customize a space in a scenic Montana town. House is sold as is

Key facts

• Outdoor storage
• Fenced yard
• Single-level layout

Tags

• SINGLE-LEVEL LAYOUT
• FENCED YARD
• OUTDOOR STORAGE

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $165k.

Deal economics

• At list price, monthly cash flow is $-77 ($-918/yr) — negative.
• To cash-flow at today's rent, offer at most $151k (8.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $125k (24.2% below list).
• Recommended offer: $125k (24.2% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 2.4% in Libby — 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 74/100 on livability (#35 in MT, #4,426 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities D, employment D, commute F.
• Libby K-12 Schools (town): math 40% / reading 49% proficiency, ranked #46 of 116 in MT (top 40%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Libby Elementary School (math 44% / reading 50%, grade D-, #101 of 293 statewide, top 39%, 625 students, 0% FRL); Libby Middle School (math 37% / reading 52%, grade D, #41 of 146 statewide, top 35%, 183 students, 0% FRL); Libby High School (math 27% / reading 37%, grade F, #57 of 132 statewide, top 45%, 356 students, 0% FRL) — zoned schools average 0% FRL vs 49% district-wide (49 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 170 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $1k of loan paydown is wiped out by about $5k 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.

Negotiation context

• It's been on market 161 days — a 12% lower offer ($145k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1938 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk; moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $125,000 (24.2% 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. It's been on market 161 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
3. Built in 1938 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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 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?
8. 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?
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 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: 0.76% ✗
• Cap rate: 6.22%
• Cash-on-cash: -0.26%
• DSCR: 0.99
• GRM: 11.0

CMA / ARV

• ARV (median comp): $199,912
• List price: $165,000
• Delta: -17.46%
• Verdict: UNDERPRICED
• Comps: 19 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
206 E Spruce St	0.59mi	1/1.0	680 (0%)	5mo	$130,000	$191	69

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: -19.6%
• Equity multiple: 0.32×
• Total profit: $-31,638
• Equity at exit: $24,602

10-year hold

• IRR: -12.5%
• Equity multiple: 0.27×
• Total profit: $-33,939
• Equity at exit: $14,266

Cash invested: $46,200 (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 59923

• Home prices YoY: -29.3%
• Active inventory: 170
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $1,250 medium
• Mortgage (P&I): −$865
• Tax from tax record: −$64 /mo · $762/yr
• Insurance: −$69
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$262
• Net cashflow: $-77

Break-even live

Break-even rent $1,347

Max offer price $151,484

Occupancy floor —

Sensitivity live

Price	-10% $17	-5% $-30	+0% $-77	+5% $-123	+10% $-170
Rent	-10% $-175	-5% $-126	+0% $-77	+5% $-27	+10% $22
Rate	-1.0pp $7	-0.5pp $-35	base $-77	+0.5pp $-119	+1.0pp $-163

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
611 E Lincoln Blvd Libby, MT	2.0	1.0	700	$1,250	$1.79	45d	1	0.43mi

Listing history 19 events

1. 2026-06-22
   days on market $165,000 Active 161 DOM
2. 2026-06-21
   days on market $165,000 Active 160 DOM
3. 2026-06-21
   days on market $165,000 Active 159 DOM
4. 2026-06-18
   days on market $165,000 Active 157 DOM
5. 2026-06-17
   days on market $165,000 Active 156 DOM
6. 2026-06-16
   days on market $165,000 Active 155 DOM
7. 2026-06-15
   days on market $165,000 Active 154 DOM
8. 2026-06-13
   days on market $165,000 Active 152 DOM
9. 2026-06-12
   days on market $165,000 Active 151 DOM
10. 2026-06-09
    days on market $165,000 Active 148 DOM
11. 2026-06-08
    days on market $165,000 Active 147 DOM
12. 2026-06-07
    days on market $165,000 Active 146 DOM
13. 2026-06-05
    days on market $165,000 Active 144 DOM
14. 2026-06-04
    days on market $165,000 Active 142 DOM
15. 2026-06-02
    days on market $165,000 Active 141 DOM
16. 2026-06-01
    days on market $165,000 Active 140 DOM
17. 2026-05-31
    days on market $165,000 Active 139 DOM
18. 2026-01-12
    listed $165,000 Active 590-char remark

    Show marketing remark (590 chars)

    This single-level home in beautiful Libby, MT is being offered “as-is. ” Due to the current condition of the property, all prospective buyers must sign a Hold Harmless Agreement before entering the home this agreement acknowledges you understand and accept all risks associated with property entry. Single-level layout: Comfortable, easy accessibility with no stairs. Fenced yard, covered area for vehicle parking and outdoor storage. This is a great opportunity for investors, DIY homeowners, or buyers looking to customize a space in a scenic Montana town. House is sold as is

19. 1997-05-13
    soldstatus

ⓘ 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: $762 · $64/mo
• Projected year-2 tax: $1,386 · $116/mo
• Expected delta: +$624/yr (+$52/mo · 81.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (shaded) · 99% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 3/10 Moderate 8 d/yr ≥93°F today · 18 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 15 unhealthy d/yr today · 20 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,000
• − Mortgage interest: −$9,243
• − Property taxes: −$762
• − Insurance: −$1,622
• − Repairs & maintenance: −$1,200
• − Management: −$1,200
• − Depreciation: −$4,800
• Taxable loss: −$3,827
• Est. tax savings @ 24.0%: +$919
• After-tax cash flow: $0/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: Libby K-12 Schools
• NCES district ID: 3016530
• Math proficiency: 40% ▼ -8.00%
• Reading proficiency: 49% ▼ -6.00%
• Median HH income: $34,022
• Composite: 36.67/100
• National rank: #4610
• State rank: #46 of 116 in MT

Livability — Libby

• Score: 74/100
• State rank: #35
• US rank: #4426

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Libby, MT
• Population (ZIP): 9,885

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 (90%)
• Race & ethnicity: White 90% Two or more races 7% Hispanic / Latino 3% Native American 2%
• Common ancestry: Portuguese 7% Lithuanian 5% Italian 4%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 3% German/W. Germanic 2%

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: ▼ -110.53%
• Current HPI: 266.3173
• 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

2 events — show timeline

• 2026-01-12 Listed $165,000 MRMLS
• 1997-05-13 Sold (Public Records) — Public Records

Property tax history

+3.7%/yr

Latest (2025): $762 · -7.7% YoY. Source: county tax records.