3901 Towhee Lane Ln · Billings, MT 59102

$135,000

3 bd · 2.0 ba · 1,456 sqft · Manufactured · 109 Days on market

Built 1995 Est $134k · at est.

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Why this score? — see what drove the B- 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
• DSCR +10.0/10.0
• 1% rule +9.0/10.0
• ARV discount +7.1/15.0
• Livability +4.0/5.0
• Rent growth +3.8/5.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This well-appointed home is move-in ready, featuring a spacious open floor plan with 3 bedrooms and 2 full baths. The home has been taken down to the studs and completely remodeled. New plumbing, new roof (2020), new windows (2020), new skirting and paint on exterior, kitchen and bathrooms are brand new. .. fixtures, cabinets, countertops, kitchen appliances, showers, toilets and lighting. The master suite offers a custom built, walk-in closet and private bath w/ oversized tub. Enjoy outdoor time on the partially enclosed front porch, which is large enough for a seating area and a space for outdoor dining. There is a small, gated dog run with turf for easy maintenance and a large shed for extra storage. Enjoy an abundance of parking space with a one car garage, a carport and parking pad. Lot Fee:$430/Month | Buyers must be approved by Shiloh Village office | Not on permanent Foundation

Key facts

• Small fenced in area
• Walk-in closet
• Private bath

Tags

• WELCOMING FIREPLACE
• WALK-IN CLOSET
• PRIVATE BATH
• LARGE COVERED FRONT PORCH
• SHED FOR MOWER
• SMALL FENCED IN AREA

Property features AI

Finance

• Financial info: Annual tax information available

Exterior

• Parking: Attached garage with 1 covered/off-street space
• Utilities: Public water; Public sewer; Well irrigation source
• Home design: Manufactured home (single-family residence); One story; Located in Shiloh Village
• Construction: Above-grade finished living area
• Exterior features: Deck; Patio; Fenced yard; Interior lot

Interior

• Kitchen: Dishwasher; Microwave; Oven; Range; Refrigerator
• Bedrooms: 3 main-level bedrooms
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Natural gas forced air heating; Ceiling fans; Attic fan
• Interior features: Ceiling fan(s); One fireplace
• Laundry & utility: Washer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $135k.

Deal economics

• At list price, monthly cash flow is $559 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• Recommended offer: $123k (9.0% below list) — sets the bar for market timing.
• Cap rate 11.3% 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: Billings West High School (math 34% / reading 52%, grade F, #35 of 132 statewide, top 27%, 2,269 students, 0% FRL).
• Market conditions: Rents rising fast (+5.0%/yr); 197 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 14d 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 $933 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.
• At projected returns (-3.0% appreciation + 5.0% rent growth), your $38k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 109 days — a 9% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 6y ago; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $122,850 (9.0% below list)

Questions for the listing agent

1. It's been on market 109 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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. 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.
7. 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.
8. 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: 1.40% ✓
• Cap rate: 11.26%
• Cash-on-cash: 17.75%
• DSCR: 1.79
• GRM: 6.0

CMA / ARV

• ARV (on-the-fly): $133,952
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3906 Sandpiper Ln	0.07mi	3/2.0	1,456 (0%)	14mo	$150,000	$103	85
3939 Teal St	0.09mi	3/2.0	1,484 (+2%)	11mo	$124,900	$84	83
3856 S Tanager Ln	0.27mi	3/2.0	1,512 (+4%)	3mo	$174,900	$116	79
3905 Towhee Ln Ln	0.02mi	3/2.0	1,484 (+2%)	21mo	$125,000	$84	79
3945 N Tanager Ln	0.16mi	3/2.0	1,568 (+8%)	2mo	$152,500	$97	78
3912 Towhee Ln	0.06mi	3/2.0	1,310 (-10%)	11mo	$119,900	$92	71
3909 Sandpiper LN Ln	0.05mi	3/2.0	1,620 (+11%)	11mo	$145,000	$90	70
3908 Towhee Ln	0.04mi	3/2.0	1,560 (+7%)	22mo	$125,000	$80	68
3906 S Tanager Ln	0.27mi	3/2.0	1,440 (-1%)	22mo	$135,000	$94	67
319 Nesting Pl Pl	0.23mi	3/2.0	1,568 (+8%)	12mo	$169,900	$108	66
3804 Tanager Ln	0.29mi	3/2.0	1,508 (+4%)	20mo	$129,900	$86	64
3849 N Tanager Ln	0.17mi	3/2.0	1,280 (-12%)	22mo	$82,500	$64	54

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: 11.5%
• Equity multiple: 1.47×
• Total profit: $17,707
• Equity at exit: $20,129

10-year hold

• IRR: 22.1%
• Equity multiple: 3.07×
• Total profit: $78,236
• Equity at exit: $11,672

Cash invested: $37,800 (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: 6.0×

Monthly cashflow live

• Estimated rent: $1,889 high
• Mortgage (P&I): −$708
• Tax est. 1.5%: −$169 /mo · $2,025/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$397
• Net cashflow: $559

Break-even live

Break-even rent $1,181

Max offer price $135,000

Occupancy floor 65%

Sensitivity live

Price	-10% $653	-5% $606	+0% $559	+5% $513	+10% $466
Rent	-10% $410	-5% $485	+0% $559	+5% $634	+10% $708
Rate	-1.0pp $627	-0.5pp $594	base $559	+0.5pp $524	+1.0pp $489

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3900 Victory Cir Billings, MT	2.0	1.0	966	$1,360	$1.41	14d	21	0.36mi
115 Shiloh Rd Billings, MT	1.0–3.0	1.0–2.0	1155	$2,440	$2.11	14d	9	0.37mi
3900 Olympic Blvd Billings, MT	2.0–3.0	1.0–2.0	960	$1,695	$1.76	14d	5	0.65mi
501 S 44th St W Billings, MT	1.0–3.0	1.0–2.0	1024	$2,250	$2.20	14d	7	0.73mi
4427 Altay Dr Billings, MT	3.0	1.0–2.0	945	$2,450	$2.59	14d	18	0.80mi
611 S 44th St W Billings, MT	3.0	2.0	1370	$2,150	$1.57	14d	1	0.83mi
610 S 44th St W Billings, MT	1.0–3.0	1.0–2.0	1095	$2,015	$1.84	14d	9	0.84mi
371 Cape Cod Dr Billings, MT	2.0	1.5	1175	$1,495	$1.27	21d	1	0.86mi
353 Cape Cod Dr Unit 3 Billings, MT	2.0	1.0	1056	$1,295	$1.23	14d	1	0.87mi
3040 Central Ave Billings, MT	3.0	1.0–2.0	887	$1,867	$2.10	14d	25	1.08mi
218 Brookshire Blvd Billings, MT	2.0	2.0	1128	$1,445	$1.28	21d	1	1.27mi
1550 Country Manor Blvd Billings, MT	1.0–3.0	1.0–2.0	1086	$1,820	$1.68	14d	10	1.39mi

Listing history 26 events

1. 2026-06-19
   days on market $135,000 Active 109 DOM
2. 2026-06-18
   days on market $135,000 Active 108 DOM
3. 2026-06-17
   days on market $135,000 Active 107 DOM
4. 2026-06-16
   days on market $135,000 Active 106 DOM
5. 2026-06-15
   days on market $135,000 Active 105 DOM
6. 2026-06-14
   days on market $135,000 Active 103 DOM
7. 2026-06-13
   days on market $135,000 Active 102 DOM
8. 2026-06-10
   days on market $135,000 Active 100 DOM
9. 2026-06-09
   days on market $135,000 Active 99 DOM
10. 2026-06-08
    days on market $135,000 Active 98 DOM
11. 2026-06-07
    days on market $135,000 Active 97 DOM
12. 2026-06-05
    days on market $135,000 Active 94 DOM
13. 2026-06-02
    days on market $135,000 Active 92 DOM
14. 2026-06-01
    days on market $135,000 Active 91 DOM
15. 2026-05-31
    days on market $135,000 Active 90 DOM
16. 2026-05-30
    days on market $135,000 Active 89 DOM
17. 2026-05-21
    price $135,000
18. 2026-03-12
    status Active
19. 2026-03-03
    historical Active Under Contract
20. 2026-03-02
    listed $145,000 Active
21. 2023-03-06
    soldstatus Closed 898-char remark

    Show marketing remark (898 chars)

    This well-appointed home is move-in ready, featuring a spacious open floor plan with 3 bedrooms and 2 full baths. The home has been taken down to the studs and completely remodeled. New plumbing, new roof (2020), new windows (2020), new skirting and paint on exterior, kitchen and bathrooms are brand new. .. fixtures, cabinets, countertops, kitchen appliances, showers, toilets and lighting. The master suite offers a custom built, walk-in closet and private bath w/ oversized tub. Enjoy outdoor time on the partially enclosed front porch, which is large enough for a seating area and a space for outdoor dining. There is a small, gated dog run with turf for easy maintenance and a large shed for extra storage. Enjoy an abundance of parking space with a one car garage, a carport and parking pad. Lot Fee:$430/Month | Buyers must be approved by Shiloh Village office | Not on permanent Foundation

22. 2023-02-15
    historical Active Under Contract 898-char remark

    Show marketing remark (898 chars)

    This well-appointed home is move-in ready, featuring a spacious open floor plan with 3 bedrooms and 2 full baths. The home has been taken down to the studs and completely remodeled. New plumbing, new roof (2020), new windows (2020), new skirting and paint on exterior, kitchen and bathrooms are brand new. .. fixtures, cabinets, countertops, kitchen appliances, showers, toilets and lighting. The master suite offers a custom built, walk-in closet and private bath w/ oversized tub. Enjoy outdoor time on the partially enclosed front porch, which is large enough for a seating area and a space for outdoor dining. There is a small, gated dog run with turf for easy maintenance and a large shed for extra storage. Enjoy an abundance of parking space with a one car garage, a carport and parking pad. Lot Fee:$430/Month | Buyers must be approved by Shiloh Village office | Not on permanent Foundation

23. 2022-12-21
    price $162,000 898-char remark

    Show marketing remark (898 chars)

    This well-appointed home is move-in ready, featuring a spacious open floor plan with 3 bedrooms and 2 full baths. The home has been taken down to the studs and completely remodeled. New plumbing, new roof (2020), new windows (2020), new skirting and paint on exterior, kitchen and bathrooms are brand new. .. fixtures, cabinets, countertops, kitchen appliances, showers, toilets and lighting. The master suite offers a custom built, walk-in closet and private bath w/ oversized tub. Enjoy outdoor time on the partially enclosed front porch, which is large enough for a seating area and a space for outdoor dining. There is a small, gated dog run with turf for easy maintenance and a large shed for extra storage. Enjoy an abundance of parking space with a one car garage, a carport and parking pad. Lot Fee:$430/Month | Buyers must be approved by Shiloh Village office | Not on permanent Foundation

24. 2022-10-28
    listed $168,900 Active 898-char remark

    Show marketing remark (898 chars)

    This well-appointed home is move-in ready, featuring a spacious open floor plan with 3 bedrooms and 2 full baths. The home has been taken down to the studs and completely remodeled. New plumbing, new roof (2020), new windows (2020), new skirting and paint on exterior, kitchen and bathrooms are brand new. .. fixtures, cabinets, countertops, kitchen appliances, showers, toilets and lighting. The master suite offers a custom built, walk-in closet and private bath w/ oversized tub. Enjoy outdoor time on the partially enclosed front porch, which is large enough for a seating area and a space for outdoor dining. There is a small, gated dog run with turf for easy maintenance and a large shed for extra storage. Enjoy an abundance of parking space with a one car garage, a carport and parking pad. Lot Fee:$430/Month | Buyers must be approved by Shiloh Village office | Not on permanent Foundation

25. 2020-12-11
    soldstatus 443-char remark

    Show marketing remark (443 chars)

    Lots of space in this double wide home located in Shiloh Village Estates. One level home with large living room, separate dining room and kitchen. Master suite offers soaking tub and separate shower. Large beautiful covered deck on front of house. Storage shed and single car garage. Disclosures as well as Shiloh Village Estates rules, application and agreement are in supplements. You can go to shilohvillageestates.com for more information.

26. 2020-08-21
    listed $83,500 443-char remark

    Show marketing remark (443 chars)

    Lots of space in this double wide home located in Shiloh Village Estates. One level home with large living room, separate dining room and kitchen. Master suite offers soaking tub and separate shower. Large beautiful covered deck on front of house. Storage shed and single car garage. Disclosures as well as Shiloh Village Estates rules, application and agreement are in supplements. You can go to shilohvillageestates.com for more information.

ⓘ 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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥95°F today · 16 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: $22,666
• − Mortgage interest: −$7,562
• − Property taxes: −$2,025
• − Insurance: −$675
• − Repairs & maintenance: −$1,813
• − Management: −$1,813
• − Depreciation: −$3,927
• Taxable income: $4,850
• Est. tax owed @ 24.0%: −$1,164
• After-tax cash flow: $5,547/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): 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

+61.7% since first listed

10 events — show timeline

• 2026-05-21 Price Changed $135,000 BMTMLS
• 2026-03-12 Relisted — BMTMLS
• 2026-03-03 Contingent — BMTMLS
• 2026-03-02 Listed $145,000 BMTMLS
• 2023-03-06 Sold (MLS) — BMTMLS
• 2023-02-15 Contingent — BMTMLS
• 2022-12-21 Price Changed $162,000 BMTMLS
• 2022-10-28 Listed $168,900 BMTMLS
• 2020-12-11 Sold (MLS) — BMTMLS
• 2020-08-21 Listed $83,500 BMTMLS