11 Alma Ln Ln · Billings, MT 59102

$45,000

2 bd · 2.0 ba · 1,072 sqft · Manufactured · 103 Days on market

Built 1994 Fair condition Est $33k · 35% over ↓ 8% since listing

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Why this score? — see what drove the C+ 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.0/5.0
• Rent growth +3.8/5.0
• Schools +3.2/10.0
• Condition / age +2.2/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Key facts

• Walk-in closet
• Large carport
• Private bathroom

Tags

• SMART SPLIT-BEDROOM LAYOUT
• PRIVATE BATHROOM
• WALK-IN CLOSET
• FRONT OR BACK DECK
• LARGE CARPORT
• METAL STORAGE SHED

Property features AI

Exterior

• Parking: Two covered parking spaces; Two-car garage; Carport
• Utilities: Public water; Public sewer
• Home design: Manufactured home (residential); Single-level (one story)
• Construction: Masonite exterior; Asphalt roof
• Exterior features: Deck; Patio; Shed(s); Interior lot

Interior

• Kitchen: Dishwasher; Electric range / oven; Microwave; Refrigerator; Range
• Bedrooms: Two main-level bedrooms
• Bathrooms: Two full bathrooms on the main level
• Interior features: Window coverings and treatments; No basement
• Laundry & utility: Washer hookup; Dryer included

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $45k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $764 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $45k).
• Recommended offer: $41k (9.0% below list) — sets the bar for market timing.
• Cap rate 26.7% vs local median 3.0% in Billings — 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 80/100 on livability (#10 in MT, #1,830 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: crime F.
• Billings H S (urban): math 29% / reading 45% proficiency, ranked #69 of 116 in MT (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Burlington School (math 27% / reading 32%, grade F, #223 of 293 statewide, top 79%, 277 students, 0% FRL); Lewis & Clark Middle School (math 26% / reading 47%, grade F, #82 of 146 statewide, top 57%, 667 students, 0% FRL); Billings Sr High School (math 25% / reading 43%, grade F, #55 of 132 statewide, top 41%, 1,739 students, 0% FRL).
• Market conditions: Rents rising fast (+5.0%/yr); 197 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,401 units permitted in Yellowstone County in 2024 (281 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $311 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Yellowstone County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 5.0% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 103 days — a 9% lower offer ($41k) is reasonable based on typical stale-listing flexibility.

Recommended offer $40,950 (9.0% below list)

Questions for the listing agent

1. It's been on market 103 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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 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: 3.02% ✓
• Cap rate: 26.67%
• Cash-on-cash: 72.76%
• DSCR: 4.24
• GRM: 2.8

CMA / ARV

• ARV (on-the-fly): $33,232
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
13 Jackie Ln	0.04mi	2/2.0	1,088 (+2%)	17mo	$70,000	$64	82
24 Alma Ln	0.04mi	2/1.0	952 (-11%)	16mo	$28,000	$29	62
22 Alma Ln	0.04mi	2/1.0	952 (-11%)	22mo	$29,900	$31	57

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 · 5.03% rent growth · sell at horizon

5-year hold

• IRR: 74.8%
• Equity multiple: 4.51×
• Total profit: $44,224
• Equity at exit: $6,710

10-year hold

• IRR: 79.1%
• Equity multiple: 10.00×
• Total profit: $113,380
• Equity at exit: $3,891

Cash invested: $12,600 (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 59102

• Rents YoY: 5.0%
• Active inventory: 197
• Price-to-rent: 2.8×

Monthly cashflow live

• Estimated rent: $1,361 high
• Mortgage (P&I): −$236
• Tax est. 1.5%: −$56 /mo · $675/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$286
• Net cashflow: $764

Break-even live

Break-even rent $394

Max offer price $45,000

Occupancy floor 39%

Sensitivity live

Price	-10% $795	-5% $780	+0% $764	+5% $748	+10% $733
Rent	-10% $657	-5% $710	+0% $764	+5% $818	+10% $872
Rate	-1.0pp $787	-0.5pp $775	base $764	+0.5pp $752	+1.0pp $740

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: $11,250
• Closing costs: $1,350
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1341 Clark Ave Unit 1 Billings, MT	2.0	1.0	1008	$1,600	$1.59	15d	1	0.09mi
1506 Yellowstone Ave Billings, MT	2.0	1.0	920	$950	$1.03	15d	1	0.19mi
1512 Yellowstone Ave Billings, MT	2.0	1.0	985	$1,000	$1.02	22d	1	0.21mi
1327 Terry Ave Billings, MT	2.0	1.0	817	$1,495	$1.83	15d	1	0.39mi
1227 Howard Ave Apt 3 Billings, MT	2.0	1.0	953	$1,000	$1.05	15d	1	0.57mi
815 Avenue C Billings, MT	3.0	1.0	1100	$1,595	$1.45	15d	1	0.82mi
815 Avenue C Unit 815 Billings, MT	3.0	1.0	1100	$1,495	$1.36	15d	1	0.82mi
720 Wyoming Ave Billings, MT	3.0	1.0	1155	$1,895	$1.64	22d	1	0.89mi
1332 Eldorado Dr Billings, MT	2.0	1.0	800	$1,495	$1.87	15d	1	0.91mi
2460 Village Ln Billings, MT	1.0–3.0	1.0–2.0	1086	$1,702	$1.57	15d	12	0.97mi
414 1/2 7th St W Billings, MT	2.0	1.0	832	$955	$1.15	15d	1	1.00mi
743 Cook Ave Apt B Billings, MT	2.0	1.0	900	$1,400	$1.56	15d	1	1.01mi
635 Cook Ave Billings, MT	2.0	1.0	894	$975	$1.09	15d	1	1.12mi
2707 13th St W Apt 4 Billings, MT	2.0	2.0	1200	$1,500	$1.25	22d	1	1.13mi
520 Avenue B Unit B Billings, MT	2.0	1.0	936	$1,195	$1.28	15d	1	1.14mi
2325 Avenue C Billings, MT	2.0	1.0	768	$1,655	$2.15	15d	2	1.14mi
607 Avenue F #4 Billings, MT	2.0	1.0	1020	$1,645	$1.61	15d	1	1.15mi
2911 Placer Dr Billings, MT	1.0	1.0	800	$1,395	$1.74	15d	1	1.25mi
517 Avenue F Unit 2 Billings, MT	2.0	1.0	900	$1,050	$1.17	15d	1	1.25mi
421 5th St W Billings, MT	1.0	1.0	778	$975	$1.25	15d	1	1.25mi
318 Yellowstone Ave Billings, MT	2.0	1.0	1000	$950	$0.95	15d	1	1.37mi
238 Terry Ave Unit 1 Billings, MT	2.0	1.0	768	$1,475	$1.92	15d	1	1.49mi
238 Terry Ave Unit 2 Billings, MT	2.0	1.0	768	$1,275	$1.66	15d	1	1.49mi

Listing history 20 events

1. 2026-06-21
   days on market $45,000 Active 103 DOM
2. 2026-06-19
   days on market $45,000 Active 101 DOM
3. 2026-06-18
   days on market $45,000 Active 100 DOM
4. 2026-06-17
   days on market $45,000 Active 99 DOM
5. 2026-06-16
   days on market $45,000 Active 98 DOM
6. 2026-06-15
   days on market $45,000 Active 97 DOM
7. 2026-06-14
   days on market $45,000 Active 95 DOM
8. 2026-06-13
   days on market $45,000 Active 94 DOM
9. 2026-06-10
   days on market $45,000 Active 92 DOM
10. 2026-06-09
    days on market $45,000 Active 91 DOM
11. 2026-06-08
    days on market $45,000 Active 90 DOM
12. 2026-06-07
    days on market $45,000 Active 89 DOM
13. 2026-06-05
    days on market $45,000 Active 86 DOM
14. 2026-06-03
    price $45,000 Active 84 DOM
15. 2026-06-02
    days on market $60,000 Active 84 DOM
16. 2026-06-01
    days on market $60,000 Active 83 DOM
17. 2026-05-31
    days on market $60,000 Active 82 DOM
18. 2026-05-30
    days on market $60,000 Active 81 DOM
19. 2026-05-12
    price $60,000
20. 2026-03-10
    listed $65,000 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,329
• − Mortgage interest: −$2,521
• − Property taxes: −$675
• − Insurance: −$225
• − Repairs & maintenance: −$1,306
• − Management: −$1,306
• − Depreciation: −$1,309
• Taxable income: $8,987
• Est. tax owed @ 24.0%: −$2,157
• After-tax cash flow: $7,011/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

The home requires moderate repairs and maintenance to improve its condition and appeal. Upgrading the kitchen and landscaping can significantly increase its resale and rental value.

Repairs flagged

• Moderate Kitchen cabinets — Worn and dated appearance.
• Moderate Bathtub — Dated fixtures and signs of wear.
• Moderate Exterior siding — Faded paint and some wear.
• Moderate Landscaping — Overgrown and low curb appeal.

Value-add opportunities

• Resale New kitchen appliances — Modern appliances can significantly increase appeal and value.
• Both Landscaping improvements — Enhances curb appeal and can attract more buyers/renters.
• Both Paint exterior — Fresh paint can make the home look more appealing and increase its value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Worn and dated appearance.	Moderate	$3,000–15,000
Bathtub · Dated fixtures and signs of wear.	Moderate	$3,000–15,000
Exterior siding · Faded paint and some wear.	Moderate	$3,000–15,000
Landscaping · Overgrown and low curb appeal.	Moderate	$3,000–15,000
Total estimated repair cost · 4 items		$12,000–60,000

Value-add ROI direction

• Resale New kitchen appliances — Modern appliances can significantly increase appeal and value. ↑
• Both Landscaping improvements — Enhances curb appeal and can attract more buyers/renters. ↑
• Both Paint exterior — Fresh paint can make the home look more appealing and increase its value. ↑

ⓘ 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: Billings H S
• NCES district ID: 3003900
• Math proficiency: 29% ▼ -4.00%
• Reading proficiency: 45% ▲ 2.00%
• Median HH income: $49,863
• Composite: 31.93/100
• National rank: #5848
• State rank: #69 of 116 in MT

Livability — Billings

• Score: 80/100
• State rank: #10
• US rank: #1830

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Billings, MT
• County: Yellowstone County · 159,426 people
• City population: 147,124
• Metro: Billings, MT
• Population (ZIP): 47,977
• Household income: $76,141
• Rent vs Own: 31.5% rent · 68.5% own
• Severe rent burden: 1584.0

Population outlook (Yellowstone County) Hauer SSP2

• Today (2025): 176,227 people
• By 2030: 185,619 · +5.3%
• By 2040: 203,543 · +15.5%
• By 2050: 221,100 · +25.5%
• By 2075: 266,931 · +51.5%
• By 2100: 301,141 · +70.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 6% Two or more races 5% Native American 2% Asian 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 10% Slovak 3% Lithuanian 3%
• Foreign-born: 2% · Canada, Vietnam
• Languages at home: 96% English-only · Spanish 2% Vietnamese 1%

Political lean MEDSL · Yellowstone

• 2024 margin: Strong R (+27.1) · D 34.9% · R 62.0% · Other 3.1%
• 2008→2024 swing: -20.8pp toward R · 2008: -6.3pp · 2024: -27.1pp
• All cycles: 2024: R+27.1 2020: R+24.0 2016: R+27.1 2012: R+20.6 2008: R+6.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -364.20%
• Current HPI: 205.0915
• Rent YoY: ▲ 5.03%
• Metro: Billings, 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

-7.7% since first listed

2 events — show timeline

• 2026-05-12 Price Changed $60,000 BMTMLS
• 2026-03-10 Listed $65,000 BMTMLS