32 Alder Way Unit 4C · Whitefish, MT 59937

$19,900

3 bd · 2.0 ba · 1,162 sqft · Condo public records · 15 Days on market

Built 1975 $158/mo HOA · 6% of rent ↓ 23% since listing

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +4.9/10.0
• Livability +4.2/5.0
• Rent growth +3.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Key facts

• Turnkey opportunity
• $158 HOA
• Community pool

Tags

• TURNKEY OPPORTUNITY

Property features AI

Finance

• Other: Building name: Sawtooth
• HOA & community: Homeowners association with annual fee; Annual association fee $1,900 (about $158.33/month); Association amenities: indoor pool, outdoor pool, spa/hot tub, playground, picnic area, laundry, security; Association fee includes insurance, grounds maintenance, sewer, snow removal, trash, water

Exterior

• Home design: Residential condominium; Multi/split levels
• Exterior features: Covered patio/porch; Patio/porch details: see remarks

Interior

• Kitchen: Dishwasher; Microwave; Range; Refrigerator
• Bathrooms: 1 full bathroom; 1 three-quarter bathroom
• Interior features: Dishwasher; Microwave; Range; Refrigerator; Crawl space basement with concrete
• Laundry & utility: Community/association laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $20k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $20k).
• Recommended offer: $20k (1.5% below list) — sets the bar for market timing.
• Cap rate 113.3% vs local median 0.4% in Whitefish — 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 83/100 on livability (#3 in MT, #951 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, health & safety A+, schools A; Watch: employment C-, cost of living F.
• Whitefish H S (town): math 50% / reading 60% proficiency, ranked #41 of 339 in MT (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+5.5%/yr); 410 active listings in the ZIP; solid renter incomes; 281 units permitted in Flathead County in 2024 (80 in 5+ unit buildings).
• This rent runs 42% of the median local income ($75k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $138 of loan paydown is wiped out by about $597 of value loss. Plan a longer hold.
• Flathead County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 5.5% rent growth), your $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($20k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 2y ago; this cycle's ask has dropped $6k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: major flood risk; moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $19,601 (1.5% below list)

Questions for the listing agent

1. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 13.17% ✓
• Cap rate: 113.28%
• Cash-on-cash: 382.09%
• DSCR: 18.00
• GRM: 0.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.46% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 21.92×
• Total profit: $116,552
• Equity at exit: $2,967

10-year hold

• IRR: —
• Equity multiple: 50.57×
• Total profit: $276,220
• Equity at exit: $1,721

Cash invested: $5,572 (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 59937

• Rents YoY: 5.5%
• Active inventory: 410
• Price-to-rent: 0.6×

Monthly cashflow live

• Estimated rent: $2,620 medium
• Mortgage (P&I): −$104
• Tax est. 1.5%: −$25 /mo · $298/yr
• Insurance: −$8
• HOA: −$158
• Vacancy / Maint / Mgmt: −$550
• Net cashflow: $1,774

Break-even live

Break-even rent $374

Max offer price $19,900

Occupancy floor 27%

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: $4,975
• Closing costs: $597
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $158 · $1,896/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 33 events

1. 2026-06-19
   days on market $19,900 Active 15 DOM
2. 2026-06-18
   days on market $19,900 Active 14 DOM
3. 2026-06-17
   days on market $19,900 Active 13 DOM
4. 2026-06-16
   days on market $19,900 Active 12 DOM
5. 2026-06-15
   days on market $19,900 Active 11 DOM
6. 2026-06-14
   days on market $19,900 Active 9 DOM
7. 2026-06-13
   days on market $19,900 Active 8 DOM
8. 2026-06-10
   days on market $19,900 Active 6 DOM
9. 2026-06-09
   days on market $19,900 Active 5 DOM
10. 2026-06-08
    days on market $19,900 Active 4 DOM
11. 2026-06-07
    days on market $19,900 Active 3 DOM
12. 2026-06-05
    pricedays on marketlisting id $19,900 Active 1 DOM
13. 2026-06-03
    days on market $23,000 Active 265 DOM
14. 2026-06-02
    days on market $23,000 Active 264 DOM
15. 2026-06-01
    days on market $23,000 Active 263 DOM
16. 2026-05-31
    days on market $23,000 Active 262 DOM
17. 2026-05-30
    days on market $23,000 Active 261 DOM
18. 2026-04-10
    status Active
19. 2026-04-09
    price $23,000
20. 2026-03-23
    price $21,500
21. 2025-11-14
    price $24,000
22. 2025-09-08
    listed $25,500 Active
23. 2025-08-20
    price $26,000
24. 2025-05-13
    listed $28,000 Active
25. 2024-11-22
    listed $32,000 Active
26. 2024-09-20
    soldstatus Closed
27. 2024-09-20
    soldstatus
28. 2024-08-26
    historical Active Under Contract
29. 2024-07-15
    listed $30,000 Active
30. 2021-06-07
    soldstatus
31. 2021-04-08
    soldstatus
32. 2019-11-14
    soldstatus
33. 2005-02-24
    soldstatus

ⓘ 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) · 74% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 1/10 Low 3 d/yr ≥88°F today · 6 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 15 unhealthy d/yr today · 18 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,438
• − Mortgage interest: −$1,115
• − Property taxes: −$298
• − Insurance: −$100
• − Repairs & maintenance: −$2,515
• − Management: −$2,515
• − HOA: −$1,896
• − Depreciation: −$579
• Taxable income: $22,420
• Est. tax owed @ 24.0%: −$5,381
• After-tax cash flow: $15,909/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: Whitefish H S
• NCES district ID: 3027790
• Math proficiency: 50% ▲ 15.00%
• Reading proficiency: 60% ▲ 10.00%
• Median HH income: $49,706
• Composite: 48.7/100
• National rank: #4559
• State rank: #41 of 339 in MT

Livability — Whitefish

• Score: 83/100
• State rank: #3
• US rank: #951

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Flathead County · 94,027 people
• City population: 15,114
• Metro: Kalispell, MT
• Population (ZIP): 15,114
• Household income: $75,428
• Rent vs Own: 26.6% rent · 73.4% own
• Severe rent burden: 518.0

Population outlook (Flathead County) Hauer SSP2

• Today (2025): 108,002 people
• By 2030: 113,362 · +5.0%
• By 2040: 122,245 · +13.2%
• By 2050: 129,517 · +19.9%
• By 2075: 146,737 · +35.9%
• By 2100: 155,045 · +43.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Portuguese 8% Romanian 3% Lithuanian 3%
• Foreign-born: 3% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Flathead

• 2024 margin: Solid R (+33.8) · D 31.8% · R 65.5% · Other 2.7%
• 2008→2024 swing: -12.2pp toward R · 2008: -21.6pp · 2024: -33.8pp
• All cycles: 2024: R+33.8 2020: R+29.9 2016: R+36.5 2012: R+33.4 2008: R+21.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -300.57%
• Current HPI: 256.7041
• Rent YoY: ▲ 5.46%
• Metro: Kalispell, 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

-23.3% since first listed

16 events — show timeline

• 2026-04-10 Relisted — MRMLS
• 2026-04-09 Price Changed $23,000 MRMLS
• 2026-03-23 Price Changed $21,500 MRMLS
• 2025-11-14 Price Changed $24,000 MRMLS
• 2025-09-08 Listed $25,500 MRMLS
• 2025-08-20 Price Changed $26,000 MRMLS
• 2025-05-13 Listed $28,000 MRMLS
• 2024-11-22 Listed $32,000 MRMLS
• 2024-09-20 Sold (Public Records) — Public Records
• 2024-09-20 Sold (MLS) — MRMLS
• 2024-08-26 Contingent — MRMLS
• 2024-07-15 Listed $30,000 MRMLS
• 2021-06-07 Sold (Public Records) — Public Records
• 2021-04-08 Sold (Public Records) — Public Records
• 2019-11-14 Sold (Public Records) — Public Records
• 2005-02-24 Sold (Public Records) — Public Records

Property tax history

+3.8%/yr

Latest (2025): $1,825 · -14.8% YoY. Source: county tax records.