48 Big Sky Resort Rd #222

Big Sky, MT 59716

$347,000B

3 bd · 2.0 ba · 1,329 sqft · Built 2005 · Condo · Active · 1291 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,642/mo
• Mortgage (P&I): −$1,820
• Tax + insurance: −$578
• HOA: −$384
• Vac / Maint / Mgmt: −$975
• Net cashflow: $885/mo
• Annual: $10,625/yr
• Cap rate: 9.35%
• Cash-on-cash: 10.94%
• DSCR: 1.49
• 1% rule: 1.34%
• Cash to close: $97,160

Investor read

• This is a 3-bed/2.0-bath condo listed at $347k. Condition is rated excellent.
• At list price, monthly cash flow is $885 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $347k).
• It's been on market 1291 days — a 12% lower offer ($305k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $305k (12.0% below list) — sets the bar for market timing.
• In year one you build about $31k of equity ($2k loan paydown + $29k appreciation (8.4% local appreciation)).
• Location reads 66/100 on livability (#113 in MT) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing B; Watch: schools C-, health & safety C-, amenities F.
• Ennis K-12 Schools (rural): math 43% / reading 56% proficiency, ranked #28 of 116 in MT (top 24%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 17% free/reduced lunch — higher-income household profile.
• Market conditions: 253 active listings in the ZIP; 9 units permitted in Madison County in 2024 (0 in 5+ unit buildings).
• At projected returns (8.4% appreciation + 3.0% rent growth), your $97k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$50k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 1291 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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.
• 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.