212 E Clark St Unit 204, 208, 212 E Clark St.

Livingston, MT 59047

$475,000D

5 bd · 3.0 ba · — sqft · Built 1900 · MultiFamily · Active · 32 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,315/mo
• Mortgage (P&I): −$2,491
• Tax + insurance: −$792
• HOA: −$0
• Vac / Maint / Mgmt: −$906
• Net cashflow: $126/mo
• Annual: $1,515/yr
• Cap rate: 6.61%
• Cash-on-cash: 1.14%
• DSCR: 1.05
• 1% rule: 0.91%
• Cash to close: $133,000

Investor read

• This is a 5-bed/3.0-bath multifamily listed at $475k. Condition is rated fair.
• 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).
• It's been on market 32 days — a 3% lower offer ($461k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $432k (9.2% below list) — sets the bar for 1% rule.
• 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.
• 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).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• 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).
• Park County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Climate carrying-cost: major flood risk; major wildfire risk — expect insurance premiums to compound above CPI over the hold.
• 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.
• 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.

Questions for listing agent

• 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• 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.