62 Elmwood Dr · Bozeman, MT 59718

$118,000

4 bd · 2.0 ba · 1,216 sqft · Other · 28 Days on market

Built 2012 Fair condition

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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
• Schools +5.2/10.0
• Livability +4.2/5.0
• Rent growth +2.3/5.0
• Condition / age +2.0/5.0
• Appreciation +0.0/10.0

Key facts

• Remodeled
• New kitchen
• New bathrooms

Tags

• REMODELED
• NEW FLOOR
• NEW KITCHEN
• NEW BATHROOMS

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath other listed at $118k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $118k).
• Recommended offer: $116k (1.5% below list) — sets the bar for market timing.
• Cap rate 23.5% vs local median 2.1% in Bozeman — 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 85/100 on livability (#1 in MT, #537 nationally) — a professional / high-income tenant draw. Strengths: schools A+, amenities A+, commute A+; Watch: crime D, cost of living D-.
• Bozeman Elementary (town): math 56% / reading 66% proficiency, ranked #7 of 116 in MT (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 18% free/reduced lunch — higher-income household profile.
• Market conditions: Rents soft (-0.6%/yr); 524 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,706 units permitted in Gallatin County in 2024 (533 in 5+ unit buildings).
• This rent runs 38% of the median local income ($99k/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 $816 of loan paydown is wiped out by about $4k 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.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $33k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($116k) is reasonable based on typical stale-listing flexibility.

Recommended offer $116,230 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. Crime grade is D 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?
5. 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.
6. 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.
7. 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: 2.69% ✓
• Cap rate: 23.47%
• Cash-on-cash: 61.36%
• DSCR: 3.73
• GRM: 3.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 56.8%
• Equity multiple: 3.40×
• Total profit: $79,240
• Equity at exit: $17,594

10-year hold

• IRR: 60.6%
• Equity multiple: 6.20×
• Total profit: $171,843
• Equity at exit: $10,202

Cash invested: $33,040 (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 59718

• Rents YoY: -0.6%
• Active inventory: 524
• Price-to-rent: 3.1×

Monthly cashflow live

• Estimated rent: $3,171 high
• Mortgage (P&I): −$619
• Tax est. 1.5%: −$148 /mo · $1,770/yr
• Insurance: −$49
• HOA: −$0
• Vacancy / Maint / Mgmt: −$666
• Net cashflow: $1,690

Break-even live

Break-even rent $1,032

Max offer price $118,000

Occupancy floor 42%

Sensitivity live

Price	-10% $1,771	-5% $1,730	+0% $1,690	+5% $1,649	+10% $1,608
Rent	-10% $1,439	-5% $1,564	+0% $1,690	+5% $1,815	+10% $1,940
Rate	-1.0pp $1,749	-0.5pp $1,720	base $1,690	+0.5pp $1,659	+1.0pp $1,628

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: $29,500
• Closing costs: $3,540
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4650 W Garfield St Bozeman, MT	1.0–3.0	1.0–2.0	920	$3,206	$3.48	21d	18	0.41mi
1620 Victory St Bozeman, MT	3.0	2.0	1190	$3,325	$2.79	21d	1	0.53mi
4555 Fallon St Bozeman, MT	1.0–3.0	1.0–2.0	987	$3,342	$3.39	21d	25	0.55mi
3100 Technology Blvd W Bozeman, MT	1.0–3.0	1.0–2.0	953	$2,880	$3.02	21d	7	0.77mi
106 Sunlight Ave Bozeman, MT	3.0	2.0	960	$2,100	$2.19	21d	1	1.34mi

Listing history 17 events

1. 2026-06-19
   days on market $118,000 Active 28 DOM
2. 2026-06-18
   days on market $118,000 Active 27 DOM
3. 2026-06-17
   days on market $118,000 Active 26 DOM
4. 2026-06-16
   days on market $118,000 Active 25 DOM
5. 2026-06-15
   days on market $118,000 Active 24 DOM
6. 2026-06-14
   days on market $118,000 Active 22 DOM
7. 2026-06-13
   days on market $118,000 Active 21 DOM
8. 2026-06-10
   days on market $118,000 Active 19 DOM
9. 2026-06-09
   days on market $118,000 Active 18 DOM
10. 2026-06-08
    days on market $118,000 Active 17 DOM
11. 2026-06-07
    days on market $118,000 Active 16 DOM
12. 2026-06-05
    days on market $118,000 Active 13 DOM
13. 2026-06-02
    days on market $118,000 Active 11 DOM
14. 2026-06-01
    days on market $118,000 Active 10 DOM
15. 2026-05-31
    days on market $118,000 Active 9 DOM
16. 2026-05-30
    days on market $118,000 Active 8 DOM
17. 2026-05-23
    listed $118,000 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 2/10 Low 7 d/yr ≥88°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 8 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $38,050
• − Mortgage interest: −$6,610
• − Property taxes: −$1,770
• − Insurance: −$590
• − Repairs & maintenance: −$3,044
• − Management: −$3,044
• − Depreciation: −$3,433
• Taxable income: $19,560
• Est. tax owed @ 24.0%: −$4,694
• After-tax cash flow: $15,580/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.

Condition & rehab AI · 1 photo

Fair 40/100 Moderate rehab

The home requires moderate renovations to improve its appearance and value, focusing on the kitchen and interior walls.

Repairs flagged

• Moderate cabinets — Worn appearance
• Moderate countertops — Dated appearance
• Moderate paint — Worn appearance

Value-add opportunities

• Resale new countertops — Modernizes the kitchen and adds value
• Resale new flooring — Improves the overall appearance and adds value
• Resale paint interior walls — Fresh paint enhances the home's appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
cabinets · Worn appearance	Moderate	$3,000–15,000
countertops · Dated appearance	Moderate	$3,000–15,000
paint · Worn appearance	Moderate	$3,000–15,000
Total estimated repair cost · 3 items		$9,000–45,000

Value-add ROI direction

• Resale new countertops — Modernizes the kitchen and adds value ↑
• Resale new flooring — Improves the overall appearance and adds value ↑
• Resale paint interior walls — Fresh paint enhances the home's appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Bozeman Elementary
• NCES district ID: 3004560
• Math proficiency: 56% ▼ -5.00%
• Reading proficiency: 66% ▼ -4.00%
• Median HH income: $51,664
• Composite: 52.03/100
• National rank: #1635
• State rank: #7 of 116 in MT

Livability — Bozeman

• Score: 85/100
• State rank: #1
• US rank: #537

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Gallatin County · 108,510 people
• City population: 84,228
• Metro: Bozeman, MT
• Population (ZIP): 44,585
• Household income: $99,123
• Rent vs Own: 44.5% rent · 55.5% own
• Severe rent burden: 1786.0

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 (89%)
• Race & ethnicity: White 89% Two or more races 5% Hispanic / Latino 5% Asian 1%
• Common ancestry: Portuguese 7% Slovak 4% Italian 3%
• Foreign-born: 4% · Canada, China
• Languages at home: 95% English-only · Spanish 3% Chinese 1%

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: ▼ -316.82%
• Current HPI: 272.8072
• Rent YoY: ▼ -0.61%
• 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

1 event — show timeline

• 2026-05-23 Listed $118,000 FSBO.com