209-211 10th St N · Great Falls, MT 59401

$399,000

None bd · 3.0 ba · 4,337 sqft · MultiFamily public records · 8 Days on market

Built 1921 4,008 sqft lot Est $356k · 12% over

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Why this score? — see what drove the C+ 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
• DSCR +10.0/10.0
• 1% rule +9.4/10.0
• Rent growth +4.1/5.0
• Livability +3.9/5.0
• Schools +2.8/10.0
• Condition / age +2.5/5.0
• ARV discount +2.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. 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.

Key facts

• Side-by-side duplex
• Centrally located
• Curb appeal

Tags

• SIDE-BY-SIDE DUPLEX
• CURB APPEAL
• CENTRALLY LOCATED
• NEW ROOF
• AMPLE OFF-STREET PARKING
• LAUNDRY HOOK-UPS

Property features AI

Finance

• Financial info: Annual tax amount reported

Exterior

• Home design: Single family residence; Residential property
• Construction: Below-grade finished area of about 1,500; Foundation: see remarks
• Exterior features: Lot approximately 4,008 square feet

Interior

• Kitchen: Range; Refrigerator
• Bathrooms: 2 full bathrooms; 1 three-quarter bathroom
• Interior features: Partially finished basement
• Laundry & utility: Washer hookup

What this means for you Summary

Snapshot

• This is a ?-bed/3.0-bath multifamily listed at $399k.

Deal economics

• At list price, monthly cash flow is $2k ($26k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $399k).
• Cap rate 12.7% vs local median 3.5% in Great Falls — 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 78/100 on livability (#19 in MT, #2,473 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: schools C-, employment C-, crime F.
• Great Falls H S (urban): math 27% / reading 39% proficiency, ranked #79 of 116 in MT (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+6.5%/yr); 49 active listings in the ZIP; 223 units permitted in Cascade County in 2024 (37 in 5+ unit buildings).
• At $5,742/mo this rent would consume 125% of the median local household income ($55k/yr) (locally 531% 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 $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Cascade County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 6.5% rent growth), your $112k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 10y ago; this cycle's ask is 24994% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: built in 1921 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $399,000

Questions for the listing agent

1. Built in 1921 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.44% ✓
• Cap rate: 12.69%
• Cash-on-cash: 22.86%
• DSCR: 2.02
• GRM: 5.8

CMA / ARV

• ARV (on-the-fly): $355,634
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
726 5th Ave N #1	0.26mi	3/4.0	4,269 (-2%)	13mo	$350,000	$82	70
621 5th Ave N	0.35mi	3/3.0	3,984 (-8%)	18mo	$315,000	$79	54

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 · 6.48% rent growth · sell at horizon

5-year hold

• IRR: 19.4%
• Equity multiple: 1.82×
• Total profit: $91,598
• Equity at exit: $59,492

10-year hold

• IRR: 29.8%
• Equity multiple: 4.09×
• Total profit: $345,536
• Equity at exit: $34,498

Cash invested: $111,720 (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 59401

• Rents YoY: 6.5%
• Active inventory: 49
• Price-to-rent: 29.0×

Monthly cashflow live

• Estimated rent: $5,742 medium
• Mortgage (P&I): −$2,092
• Tax from tax record: −$149 /mo · $1,787/yr
• Insurance: −$166
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,206
• Net cashflow: $2,129

Break-even live

Break-even rent $3,048

Max offer price $399,000

Occupancy floor 58%

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

Units	Beds	Baths	Est. rent
▸ 5× units	2	1.5	$5,740
Total (5 units)			$5,742

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: $99,750
• Closing costs: $11,970
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-19
   days on market $399,000 Active 8 DOM
2. 2026-06-18
   days on market $399,000 Active 7 DOM
3. 2026-06-17
   days on market $399,000 Active 6 DOM
4. 2026-06-16
   days on market $399,000 Active 5 DOM
5. 2026-06-15
   days on market $399,000 Active 4 DOM
6. 2026-06-14
   days on market $399,000 Active 2 DOM
7. 2026-06-13
   days on marketlisting id $399,000 Active 1 DOM
8. 2026-06-10
   days on market $399,000 Active 5 DOM
9. 2026-06-09
   days on market $399,000 Active 4 DOM
10. 2026-06-08
    days on market $399,000 Active 3 DOM
11. 2026-06-07
    listed $399,000 Active 2 DOM

ⓘ 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: $1,787 · $149/mo
• Projected year-2 tax: $3,352 · $279/mo
• Expected delta: +$1,565/yr (+$130/mo · 87.6%)

ⓘ 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 ≥92°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 8 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $68,904
• − Mortgage interest: −$22,350
• − Property taxes: −$1,787
• − Insurance: −$1,995
• − Repairs & maintenance: −$5,512
• − Management: −$5,512
• − Depreciation: −$11,607
• Taxable income: $20,140
• Est. tax owed @ 24.0%: −$4,834
• After-tax cash flow: $20,710/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: Great Falls H S
• NCES district ID: 3013050
• Math proficiency: 27% ▼ -6.00%
• Reading proficiency: 39% ▼ -3.00%
• Median HH income: $43,586
• Composite: 28.03/100
• National rank: #6846
• State rank: #79 of 116 in MT

Livability — Great Falls

• Score: 78/100
• State rank: #19
• US rank: #2473

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Great Falls, MT
• County: Cascade County · 75,427 people
• City population: 75,427
• Metro: Great Falls, MT
• Population (ZIP): 13,255
• Household income: $55,299
• Rent vs Own: 44.6% rent · 55.4% own
• Severe rent burden: 531.0

Population outlook (Cascade County) Hauer SSP2

• Today (2025): 81,936 people
• By 2030: 81,376 · -0.7%
• By 2040: 79,435 · -3.1%
• By 2050: 77,906 · -4.9%
• By 2075: 78,595 · -4.1%
• By 2100: 79,997 · -2.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Two or more races 7% Native American 7% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 4% Puerto Rican 1%
• Common ancestry: Portuguese 7% Italian 4% Slovak 2%
• Foreign-born: 1% · China, Canada
• Languages at home: 96% English-only · Spanish 1% Chinese 1%

Political lean MEDSL · Cascade

• 2024 margin: Strong R (+22.3) · D 37.3% · R 59.6% · Other 3.0%
• 2008→2024 swing: -24.6pp toward R · 2008: 2.3pp · 2024: -22.3pp
• All cycles: 2024: R+22.3 2020: R+19.7 2016: R+21.6 2012: R+9.1 2008: D+2.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -119.63%
• Current HPI: 198.2599
• Rent YoY: ▲ 6.48%
• Metro: Great Falls, 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

-99.0% since first listed

14 events — show timeline

• 2026-05-25 Listed for Rent $1,590 BUILDIUM
• 2026-05-25 Rental Removed $1,590 Avail
• 2026-05-03 Listed $399,000 MRMLS
• 2026-04-25 Rental Removed $1,590 BUILDIUM
• 2026-04-18 Listed for Rent $1,590 BUILDIUM
• 2026-04-18 Listed for Rent $1,550 Avail
• 2026-01-31 Rental Removed $1,550 RENTALBEAST
• 2026-01-25 Rental Removed $1,550 Avail
• 2026-01-20 Listed for Rent $1,550 RENTALBEAST
• 2025-12-31 Listed for Rent $1,590 Avail
• 2017-03-07 Sold (Public Records) — Public Records
• 2016-06-10 Listed $159,000 MRMLS
• 2013-02-08 Sold (Public Records) — Public Records
• 2005-02-28 Sold (Public Records) — Public Records

Property tax history

+2.0%/yr

Latest (2025): $1,787 · -23.6% YoY. Source: county tax records.