1482 Ash St

Worden, MT 59088

$35,000D

2 bd · 1.5 ba · 816 sqft · Built 1970 · Manufactured · Active · 22 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,039/mo
• Mortgage (P&I): −$184
• Tax + insurance: −$58
• HOA: −$600
• Vac / Maint / Mgmt: −$218
• Net cashflow: $-21/mo
• Annual: $-248/yr
• Cap rate: 5.58%
• Cash-on-cash: -2.53%
• DSCR: 0.89
• 1% rule: 2.97%
• Cash to close: $9,800

Investor read

• This is a 2-bed/1.5-bath manufactured listed at $35k. Condition is rated fair.
• At list price, monthly cash flow is $-21 ($-248/yr) — negative.
• To cash-flow at today's rent, offer at most $32k (8.5% below list).
• Meets the 1% rule at list price ($1k rent vs $35k).
• It's been on market 22 days — a 2% lower offer ($34k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $32k (8.5% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $242 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 61/100 on livability (#206 in MT) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: health & safety C-, amenities F, commute F.
• Huntley Project K-12 Schools (rural): math 32% / reading 40% proficiency, ranked #71 of 116 in MT (top 61%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Huntley Project Elem K-6 (math 42% / reading 44%, grade F, #133 of 293 statewide, top 45%, 419 students, 0% FRL); Huntley Project 7-8 (math 22% / reading 37%, grade F, #106 of 146 statewide, top 77%, 124 students, 0% FRL); Huntley Project High Schl (math 15% / reading 34%, grade F, #77 of 132 statewide, top 60%, 230 students, 0% FRL) — zoned schools average 0% FRL vs 35% district-wide (35 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: HOA is 58% of rent.
• Market conditions: 6 active listings in the ZIP; 1,401 units permitted in Yellowstone County in 2024 (281 in 5+ unit buildings).
• Yellowstone County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Questions for listing agent

• 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: kitchen appliances — Older appliances need replacement for functionality and aesthetics.
• Major: kitchen cabinets — Worn and dated cabinetry needs replacement or renovation.
• Major: bathroom fixtures — Basic fixtures need updating for a more modern look and functionality.
• Moderate: exterior siding — Weathered siding needs repainting or replacement for a fresh look.
• Minor: landscaping — Overgrown areas and debris need trimming and cleaning.