411 S 25th St · Billings, MT 59101

$125,000

2 bd · 1.0 ba · 800 sqft · SingleFamily public records · 28 Days on market

Built 1939 3,500 sqft lot Est $158k · 21% under

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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 +22.2/30.0
• ARV discount +15.0/15.0
• DSCR +7.1/10.0
• 1% rule +4.9/10.0
• 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

• New water meter
• Separate water main
• New flooring

Tags

• NEW ROOF
• NEW FLOORING
• NEW PAINT
• NEW WATER METER
• SEPARATE WATER MAIN
• OWN LOT

Property features AI

Exterior

• Parking: No designated parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One story
• Construction: Asphalt shingle roof; Built above grade (finished area reported); Crawl space foundation
• Exterior features: Fenced yard; Level lot

Interior

• Kitchen: Includes dishwasher, oven, range, refrigerator
• Bedrooms: 2 bedrooms on the main level
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Natural gas heating with wall furnace; No central cooling
• Interior features: Dishwasher; Oven; Range; Refrigerator; Crawl space basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $204 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $123k (1.3% below list).
• Recommended offer: $123k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.3% 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: schools D+, 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.
• Market conditions: Rents rising (+4.0%/yr); 279 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals leasing fast (median 13d 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 $864 of loan paydown is wiped out by about $4k 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.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 3 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: built in 1939 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $123,125 (1.5% below list)

Questions for the listing agent

1. Built in 1939 — 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. 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?
4. 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?
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: 0.99% ✗
• Cap rate: 8.25%
• Cash-on-cash: 7.01%
• DSCR: 1.31
• GRM: 8.4

CMA / ARV

• ARV (on-the-fly): $158,400
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
507 S 31st St	0.44mi	2/1.0	837 (+5%)	6mo	$149,900	$179	67
219 S 31st St	0.45mi	1/1.0 (-1)	795 (-1%)	8mo	$199,900	$251	66
212 S 31st St	0.49mi	3/1.0 (+1)	852 (+6%)	1mo	$200,000	$235	61
516 S 30th Street St	0.40mi	2/1.0	775 (-3%)	20mo	$125,000	$161	59
908 S 28th St	0.43mi	1/1.0 (-1)	757 (-5%)	12mo	$149,900	$198	56
524 S 31st St	0.47mi	2/1.0	857 (+7%)	18mo	$110,000	$128	51

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: -4.6%
• Equity multiple: 0.83×
• Total profit: $-6,075
• Equity at exit: $18,638

10-year hold

• IRR: 6.0%
• Equity multiple: 1.47×
• Total profit: $16,346
• Equity at exit: $10,808

Cash invested: $35,000 (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: 8.4×

Monthly cashflow live

• Estimated rent: $1,234 high
• Mortgage (P&I): −$656
• Tax from tax record: −$63 /mo · $754/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$259
• Net cashflow: $204

Break-even live

Break-even rent $975

Max offer price $125,000

Occupancy floor 78%

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
715 S 28th St Billings, MT	1.0–2.0	1.0	617	$1,343	$2.17	13d	6	0.28mi
2310 1st Ave N Billings, MT	2.0	1.0–2.0	915	$2,025	$2.21	13d	1	0.50mi
115 N 24th St Billings, MT	1.0	1.0	587	$1,112	$1.89	13d	2	0.56mi
107 N Broadway Billings, MT	2.0	1.0	626	$1,021	$1.63	13d	1	0.57mi
2403 2nd Ave N Billings, MT	1.0	1.0	600	$1,150	$1.92	20d	1	0.58mi
613 S 34th St Billings, MT	1.0	1.0	714	$1,100	$1.54	20d	1	0.65mi
300 N 25th St Apt 505 Billings, MT	2.0	1.0	1000	$1,250	$1.25	13d	1	0.66mi
3409 1st Ave N Billings, MT	1.0	1.0	600	$895	$1.49	13d	1	0.86mi
115 N 35th St Billings, MT	1.0	1.0	1000	$1,500	$1.50	13d	1	0.90mi
3707 2nd Ave S Billings, MT	2.0	1.0	650	$850	$1.31	20d	1	0.93mi
2119 8th Ave N Apt 1 Billings, MT	2.0	1.0	1000	$1,300	$1.30	13d	1	1.06mi
708 N 31st St Billings, MT	1.0	1.0	700	$995	$1.42	13d	1	1.07mi
129 Broadwater Ave Unit B Billings, MT	1.0	1.0	850	$885	$1.04	13d	1	1.13mi
238 Terry Ave Unit 2 Billings, MT	2.0	1.0	768	$1,275	$1.66	13d	1	1.29mi
238 Terry Ave Unit 1 Billings, MT	2.0	1.0	768	$1,475	$1.92	13d	1	1.29mi
318 Yellowstone Ave Billings, MT	2.0	1.0	1000	$950	$0.95	13d	1	1.35mi
1131 N 23rd St Billings, MT	1.0	1.0	548	$995	$1.82	13d	1	1.43mi

Listing history 24 events

1. 2026-06-19
   days on market $125,000 Active 28 DOM
2. 2026-06-18
   days on market $125,000 Active 27 DOM
3. 2026-06-17
   days on market $125,000 Active 26 DOM
4. 2026-06-16
   days on market $125,000 Active 25 DOM
5. 2026-06-15
   days on market $125,000 Active 24 DOM
6. 2026-06-14
   days on market $125,000 Active 22 DOM
7. 2026-06-13
   days on market $125,000 Active 21 DOM
8. 2026-06-10
   days on market $125,000 Active 19 DOM
9. 2026-06-09
   days on market $125,000 Active 18 DOM
10. 2026-06-08
    days on market $125,000 Active 17 DOM
11. 2026-06-07
    days on market $125,000 Active 16 DOM
12. 2026-06-05
    days on market $125,000 Active 13 DOM
13. 2026-06-02
    days on market $125,000 Active 11 DOM
14. 2026-06-01
    days on market $125,000 Active 10 DOM
15. 2026-05-31
    days on market $125,000 Active 9 DOM
16. 2026-05-30
    days on market $125,000 Active 8 DOM
17. 2026-05-22
    listed $125,000 Active
18. 2026-04-27
    status Active
19. 2026-03-21
    historical Active Under Contract
20. 2026-02-26
    listed $80,000 Active
21. 2026-02-04
    price $87,000
22. 2025-09-25
    price $94,000
23. 2025-06-23
    price $99,000
24. 2022-12-14
    soldstatus

ⓘ 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: $754 · $63/mo
• Projected year-2 tax: $1,050 · $88/mo
• Expected delta: +$296/yr (+$25/mo · 39.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌡 Heat 3/10 Moderate
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,807
• − Mortgage interest: −$7,002
• − Property taxes: −$754
• − Insurance: −$625
• − Repairs & maintenance: −$1,185
• − Management: −$1,185
• − Depreciation: −$3,636
• Taxable income: $420
• Est. tax owed @ 24.0%: −$101
• After-tax cash flow: $2,351/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

+26.3% since first listed

8 events — show timeline

• 2026-05-22 Listed $125,000 BMTMLS
• 2026-04-27 Relisted — BMTMLS
• 2026-03-21 Contingent — BMTMLS
• 2026-02-26 Listed $80,000 BMTMLS
• 2026-02-04 Price Changed $87,000 BMTMLS
• 2025-09-25 Price Changed $94,000 BMTMLS
• 2025-06-23 Price Changed $99,000 BMTMLS
• 2022-12-14 Sold (Public Records) — Public Records

Property tax history

+1.3%/yr

Latest (2025): $754 · -17.6% YoY. Source: county tax records.