209-211 10th St N

Great Falls, MT 59401

$399,000C+

None bd · 3.0 ba · 4,337 sqft · Built 1921 · MultiFamily · Active · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,742/mo
• Mortgage (P&I): −$2,092
• Tax + insurance: −$315
• HOA: −$0
• Vac / Maint / Mgmt: −$1,206
• Net cashflow: $2,129/mo
• Annual: $25,544/yr
• Cap rate: 12.69%
• Cash-on-cash: 22.86%
• DSCR: 2.02
• 1% rule: 1.44%
• Cash to close: $111,720

Investor read

• This is a ?-bed/3.0-bath multifamily listed at $399k.
• 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).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.
• 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.
• Watch-outs: built in 1921 — expect roof / HVAC / electrical / plumbing capex.
• 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).
• Cascade County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 7 sale attempts since 10y ago; this cycle's ask is 24994% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• 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.
• 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.
• 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.

Questions for listing agent

• Built in 1921 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.