11 Prince of Wales Dr · Billings, MT 59105

$103,500

3 bd · 2.0 ba · 1,072 sqft · Manufactured · 109 Days on market

Built 1994 $580/mo HOA · 38% 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).

• 1% rule +9.8/10.0
• Cash flow +8.7/30.0
• ARV discount +7.5/15.0
• Rent growth +4.5/5.0
• Livability +4.0/5.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0
• DSCR +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to a wonderful and affordable 1994 Homark Manufactured Home in Windsor Estates in the Height's. Clean and well taken care of 3 bedroom, 2 bath home with an open kitchen/ living room. Nice master suite with beautiful, remodeled bath and walk in closet. Attractive flooring is throughout! Gas forced air for heating and central air too! Well kept fenced yard and two storage sheds! Very quiet street with great neighbors! New buyers would need to be approved with the Windsor Estates Mobile Home Park 406-252-0881. Lot rent is $480 monthly and water/sewer is an additional $43 per average monthly . Application on ML. Not on an permanent foundation.

Key facts

• Remodeled bathroom
• Walk-in closet
• Two storage sheds

Tags

• OPEN KITCHEN
• REMODELED BATHROOM
• WALK-IN CLOSET
• FULLY FENCED YARD
• TWO STORAGE SHEDS

Property features AI

Finance

• HOA & community: Homeowners association with a monthly fee of $580 that includes trash service

Exterior

• Parking: No designated parking
• Utilities: Public water; Public sewer
• Home design: Manufactured home (single-family residence); One level
• Construction: Masonite exterior; Asphalt roof
• Exterior features: Deck; Fenced yard; Shed(s)

Interior

• Kitchen: Dishwasher; Electric range / Oven / Range; Refrigerator
• Bedrooms: Three main-level bedrooms
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: Central air conditioning; Natural gas forced-air heating
• Interior features: Dishwasher; Electric range / Oven / Range; Refrigerator
• Laundry & utility: Washer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $104k.

Deal economics

• At list price, monthly cash flow is $-87 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $91k (12.2% below list).
• Meets the 1% rule at list price ($2k rent vs $104k).
• Recommended offer: $91k (12.2% below list) — sets the bar for cash-flow.
• Cap rate 5.3% 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: Bench School (math 37% / reading 32%, grade F, #197 of 293 statewide, top 71%, 339 students, 0% FRL); Castle Rock Middle School (math 40% / reading 42%, grade F, #58 of 146 statewide, top 39%, 703 students, 0% FRL); Skyview High School (math 26% / reading 39%, grade F, #56 of 132 statewide, top 42%, 1,602 students, 0% FRL).
• Market conditions: Rents rising fast (+7.8%/yr); 336 active listings in the ZIP; 13 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 $716 of loan paydown is wiped out by about $3k 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 109 days — a 9% lower offer ($94k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 8y ago; this cycle's ask has dropped $6k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 38% of rent.

Recommended offer $90,904 (12.2% 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 109 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.48% ✓
• Cap rate: 5.28%
• Cash-on-cash: -3.60%
• DSCR: 0.84
• GRM: 5.6

CMA / ARV

• ARV (on-the-fly): $66,464
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10 Queen Victoria Pl	0.06mi	3/2.0	1,056 (-2%)	9mo	$74,900	$71	87
45 Prince Charles Dr	0.09mi	2/2.0 (-1)	1,056 (-2%)	6mo	$65,000	$62	83
2 Prince Charles Dr	0.09mi	3/2.0	1,152 (+8%)	1mo	$55,000	$48	82
13 Prince of Wales Dr	0.01mi	3/2.0	929 (-13%)	0mo	$55,000	$59	77
183 Windsor Circle Cir S	0.25mi	2/2.0 (-1)	1,088 (+2%)	14mo	$134,900	$124	69
2 Prince of Wales Dr Dr	0.08mi	3/2.0	1,216 (+13%)	10mo	$134,900	$111	66
26 Prince of Wales Dr	0.06mi	2/1.0 (-1)	952 (-11%)	6mo	$40,000	$42	64
225 Windsor Cir N	0.28mi	3/2.0	1,216 (+13%)	6mo	$153,000	$126	60
114 Windsor Cir S	0.32mi	3/2.0	1,216 (+13%)	4mo	$225,000	$185	60
18 Prince Charles Dr	0.11mi	2/1.0 (-1)	960 (-10%)	13mo	$49,500	$52	58
21 King Henry Pl	0.18mi	2/2.0 (-1)	924 (-14%)	12mo	$50,000	$54	53
922 Yellowstone River Rd Rd Unit B-7	0.74mi	3/2.0	1,216 (+13%)	7mo	$67,500	$56	38

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 · 7.8% rent growth · sell at horizon

5-year hold

• IRR: -12.5%
• Equity multiple: 0.51×
• Total profit: $-14,192
• Equity at exit: $15,432

10-year hold

• IRR: 5.8%
• Equity multiple: 1.59×
• Total profit: $17,142
• Equity at exit: $8,949

Cash invested: $28,980 (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 59105

• Rents YoY: 7.8%
• Active inventory: 336
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $1,529 high
• Mortgage (P&I): −$543
• Tax est. 1.5%: −$129 /mo · $1,552/yr
• Insurance: −$43
• HOA: −$580
• Vacancy / Maint / Mgmt: −$321
• Net cashflow: $-87

Break-even live

Break-even rent $1,640

Max offer price $90,904

Occupancy floor —

Sensitivity live

Price	-10% $-16	-5% $-51	+0% $-87	+5% $-123	+10% $-159
Rent	-10% $-208	-5% $-147	+0% $-87	+5% $-27	+10% $34
Rate	-1.0pp $-35	-0.5pp $-61	base $-87	+0.5pp $-114	+1.0pp $-141

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: $25,875
• Closing costs: $3,105
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
343 Quaking Aspen Ln Billings, MT	3.0	2.0	1295	$1,495	$1.15	15d	1	0.13mi
504 Josephine Dr Billings, MT	2.0	2.0	1070	$1,075	$1.00	15d	1	0.28mi
218 Reda Ln #3 Billings, MT	3.0	2.5	1496	$2,100	$1.40	15d	1	0.29mi
218 Reda Ln Unit 7 Billings, MT	3.0	2.5	1496	$1,700	$1.14	15d	1	0.29mi
218 Reda Ln Billings, MT	3.0	2.0	1496	$2,100	$1.40	15d	1	0.29mi
640 Lake Elmo Dr Billings, MT	2.0	2.0	1200	$1,200	$1.00	15d	1	0.43mi
308 Uinta Park Dr Billings, MT	3.0	2.0	1424	$2,050	$1.44	15d	1	0.51mi
66 W Antelope Trl Billings, MT	2.0	1.0	900	$1,195	$1.33	15d	1	0.54mi
828 Yellowstone River Rd Unit 828YYR4 Billings, MT	2.0	1.0	925	$1,095	$1.18	45d	1	0.75mi
922 Yellowstone River Rd Billings, MT	2.0	2.0	1200	$1,195	$1.00	15d	1	0.75mi
836 Yellowstone River Rd Billings, MT	2.0	1.0	800	$995	$1.24	45d	1	0.76mi
1431 Sourdough Ln Unit 3 Billings, MT	2.0	1.0	1200	$1,150	$0.96	15d	1	0.77mi
1071 Lincoln Ln Billings, MT	4.0	2.0	1386	$2,095	$1.51	15d	1	0.78mi

HOA detail

• Monthly dues: $580 · $6,960/yr
• Likely covers: watersewergas

Listing history 26 events

1. 2026-06-21
   days on market $103,500 Active 109 DOM
2. 2026-06-19
   days on market $103,500 Active 107 DOM
3. 2026-06-18
   days on market $103,500 Active 106 DOM
4. 2026-06-17
   days on market $103,500 Active 105 DOM
5. 2026-06-16
   days on market $103,500 Active 104 DOM
6. 2026-06-15
   days on market $103,500 Active 103 DOM
7. 2026-06-14
   days on market $103,500 Active 101 DOM
8. 2026-06-13
   days on market $103,500 Active 100 DOM
9. 2026-06-10
   days on market $103,500 Active 98 DOM
10. 2026-06-09
    days on market $103,500 Active 97 DOM
11. 2026-06-08
    days on market $103,500 Active 96 DOM
12. 2026-06-07
    days on market $103,500 Active 95 DOM
13. 2026-06-05
    days on market $103,500 Active 92 DOM
14. 2026-06-02
    days on market $103,500 Active 90 DOM
15. 2026-06-01
    days on market $103,500 Active 89 DOM
16. 2026-05-31
    days on market $103,500 Active 88 DOM
17. 2026-05-30
    days on market $103,500 Active 87 DOM
18. 2026-05-15
    price $103,500
19. 2026-03-04
    listed $109,000 Active
20. 2023-06-09
    soldstatus Closed 655-char remark

    Show marketing remark (655 chars)

    Welcome to a wonderful and affordable 1994 Homark Manufactured Home in Windsor Estates in the Height's. Clean and well taken care of 3 bedroom, 2 bath home with an open kitchen/ living room. Nice master suite with beautiful, remodeled bath and walk in closet. Attractive flooring is throughout! Gas forced air for heating and central air too! Well kept fenced yard and two storage sheds! Very quiet street with great neighbors! New buyers would need to be approved with the Windsor Estates Mobile Home Park 406-252-0881. Lot rent is $480 monthly and water/sewer is an additional $43 per average monthly . Application on ML. Not on an permanent foundation.

21. 2023-05-16
    historical Active Under Contract 655-char remark

    Show marketing remark (655 chars)

    Welcome to a wonderful and affordable 1994 Homark Manufactured Home in Windsor Estates in the Height's. Clean and well taken care of 3 bedroom, 2 bath home with an open kitchen/ living room. Nice master suite with beautiful, remodeled bath and walk in closet. Attractive flooring is throughout! Gas forced air for heating and central air too! Well kept fenced yard and two storage sheds! Very quiet street with great neighbors! New buyers would need to be approved with the Windsor Estates Mobile Home Park 406-252-0881. Lot rent is $480 monthly and water/sewer is an additional $43 per average monthly . Application on ML. Not on an permanent foundation.

22. 2023-05-06
    listed $79,500 Active 655-char remark

    Show marketing remark (655 chars)

    Welcome to a wonderful and affordable 1994 Homark Manufactured Home in Windsor Estates in the Height's. Clean and well taken care of 3 bedroom, 2 bath home with an open kitchen/ living room. Nice master suite with beautiful, remodeled bath and walk in closet. Attractive flooring is throughout! Gas forced air for heating and central air too! Well kept fenced yard and two storage sheds! Very quiet street with great neighbors! New buyers would need to be approved with the Windsor Estates Mobile Home Park 406-252-0881. Lot rent is $480 monthly and water/sewer is an additional $43 per average monthly . Application on ML. Not on an permanent foundation.

23. 2022-07-13
    soldstatus 605-char remark

    Show marketing remark (605 chars)

    Welcome to a wonderful and affordable 1994 Homark Manufactured Home in Windsor Estates in the Height's. Clean and well taken care of 3 bedroom, 2 bath home with an open kitchen/ living room. Nice master suite with beautiful, remodeled bath and walk in closet. Attractive flooring is throughout! Gas forced air for heating and central air too! Well kept fenced yard and two storage sheds! Very quiet street with great neighbors! New buyers would need to be approved with the Windsor Estates Mobile Home Park 406-252-0881. Lot rent is $430 monthly and water/sewer is an additional $70 per average monthly.

24. 2022-06-10
    listed $74,900 605-char remark

    Show marketing remark (605 chars)

    Welcome to a wonderful and affordable 1994 Homark Manufactured Home in Windsor Estates in the Height's. Clean and well taken care of 3 bedroom, 2 bath home with an open kitchen/ living room. Nice master suite with beautiful, remodeled bath and walk in closet. Attractive flooring is throughout! Gas forced air for heating and central air too! Well kept fenced yard and two storage sheds! Very quiet street with great neighbors! New buyers would need to be approved with the Windsor Estates Mobile Home Park 406-252-0881. Lot rent is $430 monthly and water/sewer is an additional $70 per average monthly.

25. 2018-05-04
    soldstatus
26. 2018-04-03
    listed $25,000

ⓘ 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 6 d/yr ≥95°F today · 12 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: $18,353
• − Mortgage interest: −$5,798
• − Property taxes: −$1,552
• − Insurance: −$518
• − Repairs & maintenance: −$1,468
• − Management: −$1,468
• − HOA: −$6,960
• − Depreciation: −$3,011
• Taxable loss: −$2,422
• Est. tax savings @ 24.0%: +$581
• After-tax cash flow: $-463/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): 35,480
• Household income: $78,014
• Rent vs Own: 24.1% rent · 75.9% own
• Severe rent burden: 788.0

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 (85%)
• Race & ethnicity: White 85% Hispanic / Latino 7% Two or more races 5% Native American 4%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 10% Slovak 3% Lithuanian 3%
• Foreign-born: 1% · Canada
• Languages at home: 97% 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: ▼ -314.00%
• Current HPI: 217.0836
• Rent YoY: ▲ 7.80%
• 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

+314.0% since first listed

9 events — show timeline

• 2026-05-15 Price Changed $103,500 BMTMLS
• 2026-03-04 Listed $109,000 BMTMLS
• 2023-06-09 Sold (MLS) — BMTMLS
• 2023-05-16 Contingent — BMTMLS
• 2023-05-06 Listed $79,500 BMTMLS
• 2022-07-13 Sold (MLS) — BMTMLS
• 2022-06-10 Listed $74,900 BMTMLS
• 2018-05-04 Sold (MLS) — BMTMLS
• 2018-04-03 Listed $25,000 BMTMLS