307 S Billings Blvd Blvd #36 · Billings, MT 59101

$89,000

3 bd · 2.0 ba · 1,216 sqft · Manufactured · 253 Days on market

Built 2000 $447/mo HOA · 32% of rent

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Rent growth +3.5/5.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Key facts

• Major renovation
• New flooring
• Central air

Tags

• MAJOR RENOVATION
• NEW FLOORING
• CENTRAL AIR

Property features AI

Finance

• HOA & community: Homeowners association with monthly fee of $447; HOA covers grounds and structure maintenance, snow removal, trash, and water

Exterior

• Parking: No designated parking
• Utilities: Public water; Public sewer
• Home design: Manufactured home (single-family residence); One level; New construction
• Construction: Vinyl siding; Asphalt shingle roof
• Exterior features: Front porch; Interior, level lot

Interior

• Kitchen: Dishwasher; Oven; Range; Refrigerator
• Bedrooms: 3 main-level bedrooms
• Bathrooms: 2 full bathrooms (both on the main level)
• Heating & cooling: Central air conditioning; Natural gas forced-air heating
• Interior features: Window coverings / treatments; 5 total rooms; No basement
• Laundry & utility: Washer hookup

🏗️ New construction. The $89,000 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $44,992.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $89k.

Deal economics

• At list price, monthly cash flow is $352 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $89k).
• Recommended offer: $78k (12.0% below list) — sets the bar for market timing.
• Cap rate 15.7% 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 (+4.0%/yr); 279 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $311 of loan paydown is wiped out by about $1k 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 + 4.0% rent growth), your $13k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 253 days — a 12% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: HOA is 32% of rent.

Recommended offer $78,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 253 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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 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: 3.12% ✓
• Cap rate: 15.69%
• Cash-on-cash: 33.55%
• DSCR: 2.49
• GRM: 2.7

CMA / ARV

• ARV (on-the-fly): $44,992
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
307 South Billings Blvd Blvd #67	0.06mi	3/2.0	1,216 (0%)	15mo	$44,800	$37	85

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 · 3.96% rent growth · sell at horizon

5-year hold

• IRR: 31.0%
• Equity multiple: 2.33×
• Total profit: $16,805
• Equity at exit: $6,708

10-year hold

• IRR: 39.2%
• Equity multiple: 5.00×
• Total profit: $50,451
• Equity at exit: $3,890

Cash invested: $12,598 (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 59101

• Rents YoY: 4.0%
• Active inventory: 279
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $1,405 high
• Mortgage (P&I): −$236
• Tax est. 1.5%: −$56 /mo · $675/yr
• Insurance: −$19
• HOA: −$447
• Vacancy / Maint / Mgmt: −$295
• Net cashflow: $352

Break-even live

Break-even rent $959

Max offer price $44,992

Occupancy floor 70%

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: $11,248
• Closing costs: $1,350
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
743 Cook Ave Apt B Billings, MT	2.0	1.0	900	$1,400	$1.56	13d	1	0.51mi
635 Cook Ave Billings, MT	2.0	1.0	894	$975	$1.09	13d	1	0.52mi
414 1/2 7th St W Billings, MT	2.0	1.0	832	$955	$1.15	13d	1	0.68mi
4239 Phillip St Billings, MT	3.0	1.0	1500	$1,950	$1.30	21d	1	0.76mi
1332 Eldorado Dr Billings, MT	2.0	1.0	800	$1,495	$1.87	13d	1	0.77mi
1227 Howard Ave Apt 3 Billings, MT	2.0	1.0	953	$1,000	$1.05	13d	1	0.84mi
302 Miles Ave Unit 1 Billings, MT	4.0	1.0	1275	$1,695	$1.33	21d	1	0.84mi
720 Wyoming Ave Billings, MT	3.0	1.0	1155	$1,895	$1.64	21d	1	0.89mi
238 Terry Ave Unit 2 Billings, MT	2.0	1.0	768	$1,275	$1.66	13d	1	0.92mi
238 Terry Ave Unit 1 Billings, MT	2.0	1.0	768	$1,475	$1.92	13d	1	0.92mi
1327 Terry Ave Billings, MT	2.0	1.0	817	$1,495	$1.83	13d	1	1.03mi
318 Yellowstone Ave Billings, MT	2.0	1.0	1000	$950	$0.95	13d	1	1.10mi
1341 Clark Ave Unit 1 Billings, MT	2.0	1.0	1008	$1,600	$1.59	13d	1	1.29mi
1506 Yellowstone Ave Billings, MT	2.0	1.0	920	$950	$1.03	13d	1	1.33mi
1512 Yellowstone Ave Billings, MT	2.0	1.0	985	$1,000	$1.02	21d	1	1.34mi
113 N 35th St Billings, MT	2.0	1.0	1200	$1,800	$1.50	13d	1	1.36mi
520 Avenue B Unit B Billings, MT	2.0	1.0	936	$1,195	$1.28	13d	1	1.40mi
815 Avenue C Unit 815 Billings, MT	3.0	1.0	1100	$1,495	$1.36	13d	1	1.46mi
815 Avenue C Billings, MT	3.0	1.0	1100	$1,595	$1.45	13d	1	1.46mi
103 Alderson Ave Unit 1 Billings, MT	2.0	1.0	1152	$1,100	$0.95	21d	1	1.50mi
103 Alderson Ave Billings, MT	2.0	1.0	1152	$1,100	$0.95	13d	1	1.50mi

HOA detail

• Monthly dues: $447 · $5,364/yr

Listing history 19 events

1. 2026-06-19
   days on market $89,000 Active 253 DOM
2. 2026-06-18
   days on market $89,000 Active 252 DOM
3. 2026-06-17
   days on market $89,000 Active 251 DOM
4. 2026-06-16
   days on market $89,000 Active 250 DOM
5. 2026-06-15
   days on market $89,000 Active 249 DOM
6. 2026-06-14
   days on market $89,000 Active 247 DOM
7. 2026-06-13
   days on market $89,000 Active 246 DOM
8. 2026-06-10
   days on market $89,000 Active 244 DOM
9. 2026-06-09
   days on market $89,000 Active 243 DOM
10. 2026-06-08
    days on market $89,000 Active 242 DOM
11. 2026-06-07
    days on market $89,000 Active 241 DOM
12. 2026-06-05
    days on market $89,000 Active 238 DOM
13. 2026-06-02
    days on market $89,000 Active 236 DOM
14. 2026-06-01
    days on market $89,000 Active 235 DOM
15. 2026-05-31
    days on market $89,000 Active 234 DOM
16. 2026-05-30
    days on market $89,000 Active 233 DOM
17. 2026-04-06
    status Active
18. 2026-03-30
    historical Active Under Contract
19. 2025-10-08
    listed $89,000 Active

ⓘ 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 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥95°F today · 15 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: $16,862
• − Mortgage interest: −$2,520
• − Property taxes: −$675
• − Insurance: −$225
• − Repairs & maintenance: −$1,349
• − Management: −$1,349
• − HOA: −$5,364
• − Depreciation: −$1,309
• Taxable income: $4,071
• Est. tax owed @ 24.0%: −$977
• After-tax cash flow: $3,249/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): 42,250
• Household income: $58,598
• Rent vs Own: 43.6% rent · 56.4% own
• Severe rent burden: 1534.0

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 (75%)
• Race & ethnicity: White 75% Hispanic / Latino 9% Native American 9% Two or more races 8% Black 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 6% Italian 2% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 96% 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: ▼ -191.74%
• Current HPI: 201.7039
• Rent YoY: ▲ 3.96%
• 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

3 events — show timeline

• 2026-04-06 Relisted — BMTMLS
• 2026-03-30 Contingent — BMTMLS
• 2025-10-08 Listed $89,000 BMTMLS