300 N 25th St #401 · Billings, MT 59101

$120,000

2 bd · 1.0 ba · 1,000 sqft · Condo · 217 Days on market

Built 1971 $275/mo HOA · 21% of rent

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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).

• Cash flow +10.9/30.0
• ARV discount +7.5/15.0
• 1% rule +6.1/10.0
• Livability +4.0/5.0
• Rent growth +3.5/5.0
• DSCR +3.2/10.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

HOA is $305, electricity managed and billed by usage through HOA. Newer paint and floors. High rise condo in downtown. Deck area for BBQing out front. Private Deck out the back slider for relaxing! Incredible views of the downtown cityscape and rims. Main floor laundry facility in building. HOA includes water and exterior insurance (buyer would need contents insurance). Price has been reduced to adjust for higher than typical HOA-call agent for details. Located on 4th floor w/ elevator access! Won't qualify for FHA or VA. Cash or large down payment conventional possibly. Info deemed reliable but not guaranteed, buyer to verify. NOTE: property taxes are not included in HOA fees. PRESENTING ALL OFFERS FRIDAY 4/23/2021.

Key facts

• Private deck
• City views
• $275 HOA

Tags

• PRIVATE DECK
• CITY VIEWS
• PRIME DOWNTOWN SETTING
• EXCELLENT RENTAL POTENTIAL

Property features AI

Finance

• HOA & community: Homeowners association with a $275 monthly fee; HOA covers insurance, maintenance of grounds and structure, snow removal, trash, and water

Exterior

• Parking: No designated parking
• Utilities: Public water; Public sewer
• Home design: Residential condominium; Two levels; Brick construction; Located in Central Business District
• Construction: Brick exterior; Two-story building
• Exterior features: Deck; Patio

Interior

• Kitchen: Dishwasher; Electric range and oven; Microwave; Refrigerator; Range hood
• Bathrooms: One full bathroom
• Heating & cooling: Baseboard heating (electric); Window air conditioning units
• Interior features: Dishwasher; Electric Range / Oven / Range; Microwave; Refrigerator; Range Hood

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $120k.

Deal economics

• At list price, monthly cash flow is $-53 ($-634/yr) — negative.
• To cash-flow at today's rent, offer at most $112k (6.4% below list).
• Meets the 1% rule at list price ($1k rent vs $120k).
• Recommended offer: $106k (12.0% below list) — sets the bar for market timing.
• Cap rate 5.8% 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: schools D+, 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.
• Market conditions: Rents rising (+4.0%/yr); 279 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $830 of loan paydown is wiped out by about $4k 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.

Negotiation context

• It's been on market 217 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y ago; this cycle's ask has dropped $16k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 21% of rent.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $105,600 (12.0% 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 217 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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?
11. 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.
12. 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.
13. 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: 1.11% ✓
• Cap rate: 5.76%
• Cash-on-cash: -1.89%
• DSCR: 0.92
• GRM: 7.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.96% rent growth · sell at horizon

5-year hold

• IRR: -17.8%
• Equity multiple: 0.37×
• Total profit: $-21,322
• Equity at exit: $17,892

10-year hold

• IRR: -7.4%
• Equity multiple: 0.50×
• Total profit: $-16,700
• Equity at exit: $10,375

Cash invested: $33,600 (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 59101

• Rents YoY: 4.0%
• Active inventory: 279
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,331 high
• Mortgage (P&I): −$629
• Tax est. 1.5%: −$150 /mo · $1,800/yr
• Insurance: −$50
• HOA: −$275
• Vacancy / Maint / Mgmt: −$280
• Net cashflow: $-53

Break-even live

Break-even rent $1,398

Max offer price $112,357

Occupancy floor 99%

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
300 N 25th St Apt 505 Billings, MT	2.0	1.0	1000	$1,250	$1.25	13d	1	0.03mi
115 N 24th St Billings, MT	1.0	1.0	587	$1,112	$1.89	13d	2	0.15mi
2310 1st Ave N Billings, MT	2.0	1.0–2.0	915	$2,025	$2.21	13d	1	0.22mi
2119 8th Ave N Apt 1 Billings, MT	2.0	1.0	1000	$1,300	$1.30	13d	1	0.43mi
708 N 31st St Billings, MT	1.0	1.0	700	$995	$1.42	13d	1	0.54mi
24 Grand Ave Billings, MT	2.0	1.5	1176	$2,200	$1.87	13d	1	0.63mi
103 Alderson Ave Unit 1 Billings, MT	2.0	1.0	1152	$1,100	$0.95	21d	1	0.71mi
103 Alderson Ave Billings, MT	2.0	1.0	1152	$1,100	$0.95	13d	1	0.71mi
113 N 35th St Billings, MT	2.0	1.0	1200	$1,800	$1.50	13d	1	0.72mi
115 N 35th St Billings, MT	1.0	1.0	1000	$1,500	$1.50	13d	1	0.72mi
715 S 28th St Billings, MT	1.0–2.0	1.0	617	$1,343	$2.17	13d	6	0.89mi
129 Broadwater Ave Unit B Billings, MT	1.0	1.0	850	$885	$1.04	13d	1	0.95mi
613 S 34th St Billings, MT	1.0	1.0	714	$1,100	$1.54	21d	1	1.00mi
318 Yellowstone Ave Billings, MT	2.0	1.0	1000	$950	$0.95	13d	1	1.08mi
238 Terry Ave Unit 2 Billings, MT	2.0	1.0	768	$1,275	$1.66	13d	1	1.17mi
238 Terry Ave Unit 1 Billings, MT	2.0	1.0	768	$1,475	$1.92	13d	1	1.17mi
520 Avenue B Unit B Billings, MT	2.0	1.0	936	$1,195	$1.28	13d	1	1.22mi
517 Avenue F Unit 2 Billings, MT	2.0	1.0	900	$1,050	$1.17	13d	1	1.23mi
607 Avenue F #4 Billings, MT	2.0	1.0	1020	$1,645	$1.61	13d	1	1.33mi
421 5th St W Billings, MT	1.0	1.0	778	$975	$1.25	13d	1	1.38mi

HOA detail condo

• Monthly dues: $275 · $3,300/yr
• Likely covers: waterelectric
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 22 events

1. 2026-06-19
   days on market $120,000 Active 217 DOM
2. 2026-06-18
   days on market $120,000 Active 216 DOM
3. 2026-06-17
   days on market $120,000 Active 215 DOM
4. 2026-06-16
   days on market $120,000 Active 214 DOM
5. 2026-06-15
   days on market $120,000 Active 213 DOM
6. 2026-06-14
   days on market $120,000 Active 211 DOM
7. 2026-06-13
   days on market $120,000 Active 210 DOM
8. 2026-06-10
   days on market $120,000 Active 208 DOM
9. 2026-06-09
   days on market $120,000 Active 207 DOM
10. 2026-06-08
    days on market $120,000 Active 206 DOM
11. 2026-06-07
    days on market $120,000 Active 205 DOM
12. 2026-06-05
    days on market $120,000 Active 202 DOM
13. 2026-06-02
    days on market $120,000 Active 200 DOM
14. 2026-06-01
    days on market $120,000 Active 199 DOM
15. 2026-05-31
    days on market $120,000 Active 198 DOM
16. 2026-05-30
    days on market $120,000 Active 197 DOM
17. 2026-05-09
    price $120,000
18. 2026-05-02
    price $125,000
19. 2026-04-18
    price $130,000
20. 2025-11-14
    listed $136,000 Active
21. 2021-07-09
    soldstatus 726-char remark

    Show marketing remark (726 chars)

    HOA is $305, electricity managed and billed by usage through HOA. Newer paint and floors. High rise condo in downtown. Deck area for BBQing out front. Private Deck out the back slider for relaxing! Incredible views of the downtown cityscape and rims. Main floor laundry facility in building. HOA includes water and exterior insurance (buyer would need contents insurance). Price has been reduced to adjust for higher than typical HOA-call agent for details. Located on 4th floor w/ elevator access! Won't qualify for FHA or VA. Cash or large down payment conventional possibly. Info deemed reliable but not guaranteed, buyer to verify. NOTE: property taxes are not included in HOA fees. PRESENTING ALL OFFERS FRIDAY 4/23/2021.

22. 2021-04-20
    listed $75,000 726-char remark

    Show marketing remark (726 chars)

    HOA is $305, electricity managed and billed by usage through HOA. Newer paint and floors. High rise condo in downtown. Deck area for BBQing out front. Private Deck out the back slider for relaxing! Incredible views of the downtown cityscape and rims. Main floor laundry facility in building. HOA includes water and exterior insurance (buyer would need contents insurance). Price has been reduced to adjust for higher than typical HOA-call agent for details. Located on 4th floor w/ elevator access! Won't qualify for FHA or VA. Cash or large down payment conventional possibly. Info deemed reliable but not guaranteed, buyer to verify. NOTE: property taxes are not included in HOA fees. PRESENTING ALL OFFERS FRIDAY 4/23/2021.

ⓘ 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 5/10 Major FEMA zone X (unshaded) · 67% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥95°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: $15,972
• − Mortgage interest: −$6,722
• − Property taxes: −$1,800
• − Insurance: −$600
• − Repairs & maintenance: −$1,278
• − Management: −$1,278
• − HOA: −$3,300
• − Depreciation: −$3,491
• Taxable loss: −$2,496
• Est. tax savings @ 24.0%: +$599
• After-tax cash flow: $-35/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: 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): 42,250
• Household income: $58,598
• Rent vs Own: 43.6% rent · 56.4% own
• Severe rent burden: 1534.0

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 (75%)
• Race & ethnicity: White 75% Hispanic / Latino 9% Native American 9% Two or more races 8% Black 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 6% Italian 2% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 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: ▼ -191.74%
• Current HPI: 201.7039
• Rent YoY: ▲ 3.96%
• 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

+60.0% since first listed

6 events — show timeline

• 2026-05-09 Price Changed $120,000 BMTMLS
• 2026-05-02 Price Changed $125,000 BMTMLS
• 2026-04-18 Price Changed $130,000 BMTMLS
• 2025-11-14 Listed $136,000 BMTMLS
• 2021-07-09 Sold (MLS) — BMTMLS
• 2021-04-20 Listed $75,000 BMTMLS