206 S Davis St · Belgrade, MT 59714

$869,000

8 bd · 4.0 ba · 3,344 sqft · MultiFamily public records · 145 Days on market

Built 1978 10,454 sqft lot

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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 +12.8/30.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• DSCR +3.8/10.0
• Schools +3.3/10.0
• 1% rule +2.8/10.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 3 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Easy to manage 4-plex centrally located in Belgrade. All units are 2 bed 1 bath, each with their own laundry room and ample parking. Excellent rental history. Roof and siding replaced in 2010. Unit 2 has been updated with LVT floors, butcher-block countertops, stainless appliances, tiled tub surround and new paint. Large lot with Bridger views and a park across the street. Restaurants, coffee shops, and shopping all located within walking distance. Great entry level investment opportunity.

Key facts

• Remodeled units
• Generously large lot
• Outdoor space

Tags

• REMODELED UNITS
• IN-UNIT LAUNDRY FACILITIES
• GENEROUSLY LARGE LOT
• OUTDOOR SPACE
• ACROSS FROM A CITY PARK

Property features AI

Finance

• Financial info: Actual rents listed for units: $1,600; $1,395; $1,460; $1,625

Exterior

• Parking: Common parking; Approximately 2 parking spaces per unit
• Utilities: Public water available; Public sewer; Sewer and water connections available
• Home design: Residential income property; Quadruplex
• Construction: R3 zoning
• Exterior features: Asphalt roof

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: Multiple 2-bedroom end units
• Flooring: Other flooring
• Bathrooms: Units with 1 full bathroom
• Heating & cooling: Baseboard heating; Electric heating; No central air
• Interior features: Window coverings; Daylight basement
• Laundry & utility: Washer hookup; Laundry room (in basement for some units)

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.3-bath units multifamily listed at $869k.

Deal economics

• At list price, monthly cash flow is $-79 ($-943/yr) — negative. Per door: $-26/mo.
• To cash-flow at today's rent, offer at most $855k (1.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $674k (22.4% below list).
• Recommended offer: $674k (22.4% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 2.4% in Belgrade — 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 79/100 on livability (#14 in MT, #2,130 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A-; Watch: commute F.
• Belgrade H S (town): math 28% / reading 46% proficiency, ranked #62 of 116 in MT (top 53%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Heck/Quaw Elementary (math 47% / reading 52%); Belgrade Middle School (math 36% / reading 53%, grade D, #41 of 146 statewide, top 35%, 1,052 students, 0% FRL); Belgrade High School (math 28% / reading 46%, grade F, #48 of 132 statewide, top 37%, 994 students, 0% FRL).
• Market conditions: Rents rising (+1.2%/yr); 249 active listings in the ZIP; solid renter incomes; 1,706 units permitted in Gallatin County in 2024 (533 in 5+ unit buildings).
• At $6,741/mo this rent would consume 84% of the median local household income ($96k/yr) (locally 647% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $26k of value loss. Plan a longer hold.
• Gallatin County population projected at +61% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 145 days — a 12% lower offer ($765k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 6y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Recommended offer $674,100 (22.4% 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 145 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 B-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?
9. 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?
10. 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.
11. 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.
12. 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: 0.78% ✗
• Cap rate: 6.18%
• Cash-on-cash: -0.39%
• DSCR: 0.98
• GRM: 10.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.2% rent growth · sell at horizon

5-year hold

• IRR: -18.8%
• Equity multiple: 0.35×
• Total profit: $-158,084
• Equity at exit: $129,571

10-year hold

• IRR: -15.0%
• Equity multiple: 0.21×
• Total profit: $-192,660
• Equity at exit: $75,135

Cash invested: $243,320 (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 59714

• Rents YoY: 1.2%
• Active inventory: 249
• Price-to-rent: 32.2×

Monthly cashflow live

• Estimated rent: $6,741 high
• Mortgage (P&I): −$4,557
• Tax from tax record: −$485 /mo · $5,817/yr
• Insurance: −$362
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,416
• Net cashflow: $-79

Break-even live

Break-even rent $6,841

Max offer price $855,113

Occupancy floor 96%

Sensitivity live

Price	-10% $413	-5% $167	+0% $-79	+5% $-325	+10% $-571
Rent	-10% $-611	-5% $-345	+0% $-79	+5% $188	+10% $454
Rate	-1.0pp $359	-0.5pp $142	base $-79	+0.5pp $-304	+1.0pp $-533

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	3	1.3	$6,741
Total (3 units)			$6,741

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: $217,250
• Closing costs: $26,070
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-21
   days on market $869,000 Active 145 DOM
2. 2026-06-19
   days on market $869,000 Active 143 DOM
3. 2026-06-18
   days on market $869,000 Active 142 DOM
4. 2026-06-17
   days on market $869,000 Active 141 DOM
5. 2026-06-16
   days on market $869,000 Active 140 DOM
6. 2026-06-15
   days on market $869,000 Active 139 DOM
7. 2026-06-14
   pricedays on market $869,000 Active 137 DOM
8. 2026-06-13
   days on market $899,000 Active 136 DOM
9. 2026-06-10
   days on market $899,000 Active 134 DOM
10. 2026-06-09
    days on market $899,000 Active 133 DOM
11. 2026-06-08
    days on market $899,000 Active 132 DOM
12. 2026-06-07
    days on market $899,000 Active 131 DOM
13. 2026-06-05
    days on market $899,000 Active 128 DOM
14. 2026-06-02
    days on market $899,000 Active 126 DOM
15. 2026-06-01
    days on market $899,000 Active 125 DOM
16. 2026-05-31
    days on market $899,000 Active 124 DOM
17. 2026-05-30
    days on market $899,000 Active 123 DOM
18. 2026-01-26
    listed $899,000 Active
19. 2025-12-01
    listed $950,000 Active
20. 2023-01-09
    soldstatus Closed 495-char remark

    Show marketing remark (495 chars)

    Easy to manage 4-plex centrally located in Belgrade. All units are 2 bed 1 bath, each with their own laundry room and ample parking. Excellent rental history. Roof and siding replaced in 2010. Unit 2 has been updated with LVT floors, butcher-block countertops, stainless appliances, tiled tub surround and new paint. Large lot with Bridger views and a park across the street. Restaurants, coffee shops, and shopping all located within walking distance. Great entry level investment opportunity.

21. 2023-01-09
    soldstatus

    Show marketing remark (495 chars)

    Easy to manage 4-plex centrally located in Belgrade. All units are 2 bed 1 bath, each with their own laundry room and ample parking. Excellent rental history. Roof and siding replaced in 2010. Unit 2 has been updated with LVT floors, butcher-block countertops, stainless appliances, tiled tub surround and new paint. Large lot with Bridger views and a park across the street. Restaurants, coffee shops, and shopping all located within walking distance. Great entry level investment opportunity.

22. 2022-12-06
    listed Active Under Contract 495-char remark

    Show marketing remark (495 chars)

    Easy to manage 4-plex centrally located in Belgrade. All units are 2 bed 1 bath, each with their own laundry room and ample parking. Excellent rental history. Roof and siding replaced in 2010. Unit 2 has been updated with LVT floors, butcher-block countertops, stainless appliances, tiled tub surround and new paint. Large lot with Bridger views and a park across the street. Restaurants, coffee shops, and shopping all located within walking distance. Great entry level investment opportunity.

23. 2022-09-13
    listed $849,000 495-char remark

    Show marketing remark (495 chars)

    Easy to manage 4-plex centrally located in Belgrade. All units are 2 bed 1 bath, each with their own laundry room and ample parking. Excellent rental history. Roof and siding replaced in 2010. Unit 2 has been updated with LVT floors, butcher-block countertops, stainless appliances, tiled tub surround and new paint. Large lot with Bridger views and a park across the street. Restaurants, coffee shops, and shopping all located within walking distance. Great entry level investment opportunity.

24. 2020-02-19
    soldstatus
25. 2020-02-19
    soldstatus
26. 2020-01-19
    listed $499,500

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MT · Resets to sale price

• Current annual tax: $5,817 · $485/mo
• Projected year-2 tax: $7,300 · $608/mo
• Expected delta: +$1,482/yr (+$124/mo · 25.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥90°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 7 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $80,892
• − Mortgage interest: −$48,678
• − Property taxes: −$5,817
• − Insurance: −$4,345
• − Repairs & maintenance: −$6,471
• − Management: −$6,471
• − Depreciation: −$25,280
• Taxable loss: −$16,171
• Est. tax savings @ 24.0%: +$3,881
• After-tax cash flow: $2,938/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: Belgrade H S
• NCES district ID: 3003330
• Math proficiency: 28% ▼ -12.00%
• Reading proficiency: 46% ▼ -5.00%
• Median HH income: $57,776
• Composite: 32.68/100
• National rank: #5654
• State rank: #62 of 116 in MT

Livability — Belgrade

• Score: 79/100
• State rank: #14
• US rank: #2130

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Belgrade, MT
• County: Gallatin County · 108,510 people
• City population: 24,282
• Metro: Bozeman, MT
• Population (ZIP): 24,282
• Household income: $96,183
• Rent vs Own: 29.5% rent · 70.5% own
• Severe rent burden: 647.0

Population outlook (Gallatin County) Hauer SSP2

• Today (2025): 129,625 people
• By 2030: 144,940 · +11.8%
• By 2040: 176,266 · +36.0%
• By 2050: 209,250 · +61.4%
• By 2075: 294,207 · +127.0%
• By 2100: 360,558 · +178.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Hispanic / Latino 5% Two or more races 4% Native American 1%
• Common ancestry: Portuguese 5% Lithuanian 5% Iranian 4%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 3%

Political lean MEDSL · Gallatin

• 2024 margin: Toss-up / Even · D 50.0% · R 46.8% · Other 3.2%
• 2008→2024 swing: -0.2pp no change · 2008: 3.4pp · 2024: 3.2pp
• All cycles: 2024: D+3.2 2020: D+7.5 2016: D+1.0 2012: R+5.3 2008: D+3.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -212.97%
• Current HPI: 282.8173
• Rent YoY: ▲ 1.20%
• Metro: Bozeman, 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

+80.0% since first listed

9 events — show timeline

• 2026-01-26 Listed $899,000 BSCMLS
• 2025-12-01 Listed $950,000 BSCMLS
• 2023-01-09 Sold (Public Records) — Public Records
• 2023-01-09 Sold (MLS) — BSCMLS
• 2022-12-06 Listed — BSCMLS
• 2022-09-13 Listed $849,000 BSCMLS
• 2020-02-19 Sold (Public Records) — Public Records
• 2020-02-19 Sold (MLS) — BSCMLS
• 2020-01-19 Listed $499,500 BSCMLS

Property tax history

+6.5%/yr

Latest (2025): $5,817 · -12.4% YoY. Source: county tax records.