113 Percival Path

King Arthur Park, MT 59718

$74,500B

3 bd · 2.0 ba · 896 sqft · Built 1984 · Manufactured · Active · 125 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,553/mo
• Mortgage (P&I): −$391
• Tax + insurance: −$124
• HOA: −$0
• Vac / Maint / Mgmt: −$536
• Net cashflow: $1,502/mo
• Annual: $18,026/yr
• Cap rate: 30.49%
• Cash-on-cash: 86.42%
• DSCR: 4.84
• 1% rule: 3.43%
• Cash to close: $20,860

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $74k.
• At list price, monthly cash flow is $2k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $74k).
• It's been on market 125 days — a 12% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $66k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $515 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#18 in MT, #2,457 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: health & safety C-, schools D, amenities F.
• 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 21d 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).
• 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 $21k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 30.5% vs local median 2.8% in King Arthur Park — 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.
• This rent runs 31% of the median local income ($99k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 125 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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 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.