212 E Clark St Unit 204, 208, 212 E Clark St. · Livingston, MT 59047

$475,000

5 bd · 3.0 ba · — sqft · MultiFamily · 32 Days on market

Built 1900 Fair condition 4,095 sqft lot

---

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 +14.8/30.0
• ARV discount +7.5/15.0
• DSCR +4.5/10.0
• 1% rule +4.1/10.0
• Schools +4.0/10.0
• Livability +3.9/5.0
• Rent growth +3.7/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Key facts

• Laminate flooring
• Water heaters
• Newer exterior paint

Tags

• LAMINATE FLOORING
• ELECTRIC HEAT
• WATER HEATERS
• NEWER EXTERIOR PAINT
• UPDATED MEMBRANE ROOF
• FENCED YARD AREA

Property features AI

Finance

• Financial info: Unit rents provided: two 2-bedroom units at $1,350 each and one 1-bedroom unit at $1,100

Exterior

• Parking: Detached 1-car garage; On-street parking available
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer; Electricity connected; Water and sewer available
• Home design: Triplex (residential income); Single-story (ground level units); Contains end and middle ground-level units
• Construction: Stucco and wood siding exterior; Asphalt/rolled/shingle roofing; One-level building
• Exterior features: Fenced yard with cross-fencing and perimeter split-rail sections; Paved road access

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: Two 2-bedroom end units (ground level); One 1-bedroom middle unit (ground level)
• Flooring: Laminate
• Bathrooms: Three full bathrooms (one in each unit)
• Heating & cooling: Baseboard heating; Electric heating; No central air listed
• Interior features: Range; Refrigerator; Laminate flooring; Smoke detector(s)
• Laundry & utility: No in-unit laundry listed

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath multifamily listed at $475k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $126 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $432k (9.2% below list).
• Recommended offer: $432k (9.2% below list) — sets the bar for 1% rule.
• Cap rate 6.6% vs local median 2.7% in Livingston — 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 77/100 on livability (#23 in MT, #2,898 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, health & safety A+; Watch: employment C-, crime F, commute F.
• Park H S (town): math 35% / reading 55% proficiency, ranked #113 of 339 in MT (top 33%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: B A Winans School (280 students, 0% FRL); Sleeping Giant Middle Sch (math 22% / reading 46%, grade F, #96 of 146 statewide, top 66%, 310 students, 0% FRL); Park High School (math 37% / reading 52%, grade F, #32 of 132 statewide, top 25%, 418 students, 0% FRL).
• Market conditions: Rents rising fast (+4.9%/yr); 146 active listings in the ZIP; 39 units permitted in Park County in 2024 (0 in 5+ unit buildings).
• At $4,315/mo this rent would consume 72% of the median local household income ($72k/yr) (locally 372% 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 $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Park County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($461k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $431,500 (9.2% below list)

Questions for the listing agent

1. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.91% ✗
• Cap rate: 6.61%
• Cash-on-cash: 1.14%
• DSCR: 1.05
• GRM: 9.2

CMA / ARV

No comps found within radius.

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
109 S F St	0.30mi	4/3.0 (-1)	—	2mo	$799,000	—	66
304-306 S 2nd St	0.19mi	4/4.0 (-1)	—	10mo	$550,000	—	62
107 and 109 S 3rd St	0.27mi	4/3.0 (-1)	—	20mo	$499,000	—	53

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 · 4.91% rent growth · sell at horizon

5-year hold

• IRR: -12.3%
• Equity multiple: 0.55×
• Total profit: $-60,416
• Equity at exit: $70,824

10-year hold

• IRR: -0.6%
• Equity multiple: 0.96×
• Total profit: $-5,936
• Equity at exit: $41,069

Cash invested: $133,000 (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 59047

• Rents YoY: 4.9%
• Active inventory: 146
• Price-to-rent: 27.5×

Monthly cashflow live

• Estimated rent: $4,315 high
• Mortgage (P&I): −$2,491
• Tax est. 1.5%: −$594 /mo · $7,125/yr
• Insurance: −$198
• HOA: −$0
• Vacancy / Maint / Mgmt: −$906
• Net cashflow: $126

Break-even live

Break-even rent $4,155

Max offer price $475,000

Occupancy floor 92%

Sensitivity live

Price	-10% $454	-5% $290	+0% $126	+5% $-38	+10% $-202
Rent	-10% $-215	-5% $-44	+0% $126	+5% $297	+10% $467
Rate	-1.0pp $365	-0.5pp $247	base $126	+0.5pp $3	+1.0pp $-122

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$4,314
Total (3 units)			$4,315

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: $118,750
• Closing costs: $14,250
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-21
   days on market $475,000 Active 32 DOM
2. 2026-06-19
   days on market $475,000 Active 30 DOM
3. 2026-06-18
   days on market $475,000 Active 29 DOM
4. 2026-06-17
   days on market $475,000 Active 28 DOM
5. 2026-06-16
   days on market $475,000 Active 27 DOM
6. 2026-06-15
   days on market $475,000 Active 26 DOM
7. 2026-06-14
   days on market $475,000 Active 24 DOM
8. 2026-06-13
   days on market $475,000 Active 23 DOM
9. 2026-06-10
   days on market $475,000 Active 21 DOM
10. 2026-06-09
    days on market $475,000 Active 20 DOM
11. 2026-06-08
    days on market $475,000 Active 19 DOM
12. 2026-06-07
    days on market $475,000 Active 18 DOM
13. 2026-06-05
    days on market $475,000 Active 15 DOM
14. 2026-06-03
    days on market $475,000 Active 14 DOM
15. 2026-06-02
    days on market $475,000 Active 13 DOM
16. 2026-06-01
    days on market $475,000 Active 12 DOM
17. 2026-05-31
    days on market $475,000 Active 11 DOM
18. 2026-05-30
    days on market $475,000 Active 10 DOM
19. 2026-05-20
    listed $475,000 Active

ⓘ 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 6/10 Major FEMA zone X (unshaded) · 69% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 2/10 Low 7 d/yr ≥89°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $51,780
• − Mortgage interest: −$26,607
• − Property taxes: −$7,125
• − Insurance: −$2,375
• − Repairs & maintenance: −$4,142
• − Management: −$4,142
• − Depreciation: −$13,818
• Taxable loss: −$6,430
• Est. tax savings @ 24.0%: +$1,543
• After-tax cash flow: $3,058/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.

Condition & rehab AI · 14 photos

Fair 45/100 Moderate rehab

This multi-family property requires moderate renovations to its kitchens and bathrooms, exterior paint, and landscaping to significantly increase its resale and rental value.

Repairs flagged

• Moderate Kitchen cabinets — The cabinets are older and may need updating or replacement.
• Major Bathroom fixtures — The fixtures are outdated and may need replacement for a more modern look.
• Moderate Exterior paint — The exterior paint is showing wear and may need repainting.
• Minor Landscaping — The landscaping is basic and could be improved with some updates.

Value-add opportunities

• Resale Kitchen renovation — Updating the kitchen with new cabinets, appliances, and countertops can significantly increase the home's appeal and value.
• Resale Bathroom renovation — Replacing outdated fixtures and updating the bathroom can greatly enhance the home's appeal and value.
• Resale Exterior paint — Repainting the exterior can give the home a fresh look and improve its curb appeal.
• Both Landscaping — Updating the landscaping can improve the home's curb appeal and increase its value for both resale and rental.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · The cabinets are older and may need updating or replacement.	Moderate	$3,000–15,000
Bathroom fixtures · The fixtures are outdated and may need replacement for a more modern look.	Major	$15,000–50,000
Exterior paint · The exterior paint is showing wear and may need repainting.	Moderate	$3,000–15,000
Landscaping · The landscaping is basic and could be improved with some updates.	Minor	$500–3,000
Total estimated repair cost · 4 items		$21,500–83,000

Value-add ROI direction

• Resale Kitchen renovation — Updating the kitchen with new cabinets, appliances, and countertops can significantly increase the home's appeal and value. ↑
• Resale Bathroom renovation — Replacing outdated fixtures and updating the bathroom can greatly enhance the home's appeal and value. ↑
• Resale Exterior paint — Repainting the exterior can give the home a fresh look and improve its curb appeal. ↑
• Both Landscaping — Updating the landscaping can improve the home's curb appeal and increase its value for both resale and rental. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Park H S
• NCES district ID: 3020100
• Math proficiency: 35% ▼ -5.00%
• Reading proficiency: 55% ▼ -5.00%
• Median HH income: $41,341
• Composite: 39.99/100
• National rank: #7893
• State rank: #113 of 339 in MT

Livability — Livingston

• Score: 77/100
• State rank: #23
• US rank: #2898

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Livingston, MT
• County: Park County · 14,092 people
• City population: 14,092
• Metro: nan
• Population (ZIP): 14,092
• Household income: $71,620
• Rent vs Own: 31.9% rent · 68.1% own
• Severe rent burden: 372.0

Population outlook (Park County) Hauer SSP2

• Today (2025): 17,186 people
• By 2030: 17,667 · +2.8%
• By 2040: 18,365 · +6.9%
• By 2050: 18,927 · +10.1%
• By 2075: 21,263 · +23.7%
• By 2100: 23,093 · +34.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 5% Hispanic / Latino 3% Native American 2%
• Common ancestry: Portuguese 9% Slovak 5% Italian 3%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2% Other Indo-European 1%

Political lean MEDSL · Park

• 2024 margin: Lean R (+7.7) · D 44.6% · R 52.3% · Other 3.1%
• 2008→2024 swing: -5.4pp toward R · 2008: -2.3pp · 2024: -7.7pp
• All cycles: 2024: R+7.7 2020: R+6.4 2016: R+14.9 2012: R+10.5 2008: R+2.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -202.16%
• Current HPI: 274.6444
• Rent YoY: ▲ 4.91%
• Metro: nan
• 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

1 event — show timeline

• 2026-05-20 Listed $475,000 BSCMLS