623 Park St #3

Stevensville, MT 59870

$82,900B-

3 bd · 1.0 ba · 896 sqft · Built 2008 · Manufactured · Active · 254 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,806/mo
• Mortgage (P&I): −$435
• Tax + insurance: −$138
• HOA: −$0
• Vac / Maint / Mgmt: −$379
• Net cashflow: $854/mo
• Annual: $10,250/yr
• Cap rate: 18.66%
• Cash-on-cash: 44.16%
• DSCR: 2.96
• 1% rule: 2.18%
• Cash to close: $23,212

Investor read

• This is a 3-bed/1.0-bath manufactured listed at $83k.
• At list price, monthly cash flow is $854 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $83k).
• It's been on market 254 days — a 12% lower offer ($73k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $73k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $573 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#71 in MT) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing B+; Watch: amenities F, commute F, employment F.
• Stevensville H S (rural): math 35% / reading 45% proficiency, ranked #145 of 339 in MT (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Stevensville K-6 (math 24% / reading 42%, grade F, #209 of 293 statewide, top 72%, 505 students, 0% FRL); Stevensville 7-8 (math 37% / reading 42%, grade F, #63 of 146 statewide, top 48%, 151 students, 0% FRL); Stevensville High School (math 32% / reading 52%, grade F, #37 of 132 statewide, top 29%, 349 students, 0% FRL).
• Market conditions: 148 active listings in the ZIP; 27 units permitted in Ravalli County in 2024 (0 in 5+ unit buildings).
• 2 sale attempts; this cycle's ask has dropped $12k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $23k cash investment doubles in ~3 years — after that, you're playing with house money.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 18.7% vs local median 1.3% in Stevensville — 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.

Questions for listing agent

• It's been on market 254 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.
• 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.