3805 N Tanager Ln · Billings, MT 59102

$82,500

3 bd · 2.0 ba · 1,216 sqft · Manufactured · 74 Days on market

Built 2008 Good condition Est $95k · 13% under $645/mo HOA · 35% of rent

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Why this score? — see what drove the B 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 +26.7/30.0
• ARV discount +13.4/15.0
• 1% rule +10.0/10.0
• DSCR +9.2/10.0
• Livability +4.0/5.0
• Rent growth +3.8/5.0
• Condition / age +3.8/5.0
• Schools +3.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Immaculate single wide trailer features a huge kitchen, dining area, large living room with tons of upgrades including new roof and siding, new flooring, newer backsplash and counters. Vinyl siding and windows afford a maintenance free lifestyle while the enormous covered deck features additional outdoor living space in the summers. Close to the rear entrance of Shilo Village, the gate that is open all of the time for early morning risers or late night guests. Shows like new. An oasis in the primary suite features a large soaking tub with 2 sinks and a private bath with the shower and the commode. 2 people can easily get ready at the same time. A must see. There aren't rentals in this court, only owner occupied and all buyers must be pre-approved with the court, see Shiloh Villages website

Key facts

• Gated area
• Built 2008
• Listed 73 days

Tags

• OVERSIZED FRONT PORCH
• GATED AREA

Property features AI

Finance

• Other: Subdivision: Shiloh Village
• HOA & community: Homeowners association with a monthly fee of $645; HOA fee includes structure maintenance, trash, and water

Exterior

• Parking: No designated parking
• Utilities: Public water; Public sewer
• Home design: Manufactured home (residential); Single-family residence; Located in a planned unit development; Above-grade finished living area reported
• Construction: Manufactured construction
• Exterior features: Front porch; No fencing

Interior

• Kitchen: Dishwasher, Microwave, Oven, Range, Refrigerator
• Bedrooms: 3 bedrooms on the main level
• Bathrooms: 2 full bathrooms (both on the main level)
• Heating & cooling: Central air conditioning; Natural gas forced air heating
• Interior features: Dishwasher; Microwave; Oven; Range; Refrigerator
• Laundry & utility: Washer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $82k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $224 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $82k).
• Recommended offer: $78k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.6% 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: 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.
• Zoned schools: Billings West High School (math 34% / reading 52%, grade F, #35 of 132 statewide, top 27%, 2,269 students, 0% FRL).
• Market conditions: Rents rising fast (+5.0%/yr); 197 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 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 $570 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 5.0% rent growth), your $23k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 74 days — a 6% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 9y ago; this cycle's ask has dropped $4k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 35% of rent.

Recommended offer $77,550 (6.0% below list)

Questions for the listing agent

1. It's been on market 74 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 2.21% ✓
• Cap rate: 9.56%
• Cash-on-cash: 11.66%
• DSCR: 1.52
• GRM: 3.8

CMA / ARV

• ARV (on-the-fly): $94,848
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3839 Killdeer Lane Ln	0.05mi	3/2.0	1,216 (0%)	2mo	$95,000	$78	96
3801 N Tanager Ln	0.01mi	3/2.0	1,216 (0%)	5mo	$85,000	$70	96
3855 Tanager Lane Ln	0.15mi	3/2.0	1,216 (0%)	0mo	$124,900	$103	93
3819 Sandpiper Ln	0.06mi	3/2.0	1,216 (0%)	6mo	$149,000	$123	92
3836 Sandpiper Lane Ln	0.06mi	2/2.0 (-1)	1,216 (0%)	2mo	$89,999	$74	91
3815 S Tanager Ln #102	0.14mi	3/2.0	1,216 (0%)	4mo	$78,000	$64	90
3835 S Tanager Ln Ln	0.14mi	3/2.0	1,216 (0%)	4mo	$89,900	$74	90
3957 Teal St. St	0.18mi	3/2.0	1,216 (0%)	4mo	$79,000	$65	89
3882 Killdeer Ln	0.09mi	3/2.0	1,188 (-2%)	4mo	$104,900	$88	88
3908 Swallow Ln	0.18mi	2/2.0 (-1)	1,216 (0%)	4mo	$94,900	$78	84
3925 Tanager Ln Ln	0.13mi	3/2.0	1,140 (-6%)	6mo	$75,000	$66	78
3914 Sandpiper Ln	0.11mi	2/2.0 (-1)	1,056 (-13%)	10mo	$98,500	$93	60

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 · 5.03% rent growth · sell at horizon

5-year hold

• IRR: 5.5%
• Equity multiple: 1.22×
• Total profit: $5,145
• Equity at exit: $12,301

10-year hold

• IRR: 18.1%
• Equity multiple: 2.77×
• Total profit: $40,848
• Equity at exit: $7,133

Cash invested: $23,100 (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 59102

• Rents YoY: 5.0%
• Active inventory: 197
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $1,822 high
• Mortgage (P&I): −$433
• Tax est. 1.5%: −$103 /mo · $1,238/yr
• Insurance: −$34
• HOA: −$645
• Vacancy / Maint / Mgmt: −$383
• Net cashflow: $224

Break-even live

Break-even rent $1,538

Max offer price $82,500

Occupancy floor 83%

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: $20,625
• Closing costs: $2,475
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3900 Victory Cir Billings, MT	2.0	1.0	966	$1,360	$1.41	13d	21	0.32mi
115 Shiloh Rd Billings, MT	1.0–3.0	1.0–2.0	1155	$2,440	$2.11	13d	9	0.46mi
3900 Olympic Blvd Billings, MT	2.0–3.0	1.0–2.0	960	$1,695	$1.76	13d	5	0.60mi
371 Cape Cod Dr Billings, MT	2.0	1.5	1175	$1,495	$1.27	21d	1	0.75mi
353 Cape Cod Dr Unit 3 Billings, MT	2.0	1.0	1056	$1,295	$1.23	13d	1	0.76mi
501 S 44th St W Billings, MT	1.0–3.0	1.0–2.0	1024	$2,250	$2.20	13d	7	0.77mi
3290 Granger Ave E Billings, MT	1.0–2.0	1.0	686	$1,225	$1.79	13d	5	0.83mi
611 S 44th St W Billings, MT	3.0	2.0	1370	$2,150	$1.57	13d	1	0.87mi
4427 Altay Dr Billings, MT	3.0	1.0–2.0	945	$2,450	$2.59	13d	18	0.87mi
610 S 44th St W Billings, MT	1.0–3.0	1.0–2.0	1095	$2,015	$1.84	13d	9	0.89mi
3040 Central Ave Billings, MT	3.0	1.0–2.0	887	$1,867	$2.10	13d	25	1.00mi
218 Brookshire Blvd Billings, MT	2.0	2.0	1128	$1,445	$1.28	21d	1	1.18mi
1550 Country Manor Blvd Billings, MT	1.0–3.0	1.0–2.0	1086	$1,820	$1.68	13d	10	1.47mi

HOA detail

• Monthly dues: $645 · $7,740/yr

Listing history 23 events

1. 2026-06-19
   days on market $82,500 Active 74 DOM
2. 2026-06-18
   days on market $82,500 Active 73 DOM
3. 2026-06-17
   days on market $82,500 Active 72 DOM
4. 2026-06-16
   days on market $82,500 Active 71 DOM
5. 2026-06-15
   days on market $82,500 Active 70 DOM
6. 2026-06-14
   days on market $82,500 Active 68 DOM
7. 2026-06-13
   pricedays on market $82,500 Active 67 DOM
8. 2026-06-10
   days on market $85,000 Active 65 DOM
9. 2026-06-09
   days on market $85,000 Active 64 DOM
10. 2026-06-08
    days on market $85,000 Active 63 DOM
11. 2026-06-07
    days on market $85,000 Active 62 DOM
12. 2026-06-05
    days on market $85,000 Active 59 DOM
13. 2026-06-02
    days on market $85,000 Active 57 DOM
14. 2026-06-01
    days on market $85,000 Active 56 DOM
15. 2026-05-31
    days on market $85,000 Active 55 DOM
16. 2026-05-30
    days on market $85,000 Active 54 DOM
17. 2026-05-04
    price $85,000
18. 2026-04-07
    listed $87,000 Active
19. 2025-05-23
    soldstatus Closed 800-char remark

    Show marketing remark (800 chars)

    Immaculate single wide trailer features a huge kitchen, dining area, large living room with tons of upgrades including new roof and siding, new flooring, newer backsplash and counters. Vinyl siding and windows afford a maintenance free lifestyle while the enormous covered deck features additional outdoor living space in the summers. Close to the rear entrance of Shilo Village, the gate that is open all of the time for early morning risers or late night guests. Shows like new. An oasis in the primary suite features a large soaking tub with 2 sinks and a private bath with the shower and the commode. 2 people can easily get ready at the same time. A must see. There aren't rentals in this court, only owner occupied and all buyers must be pre-approved with the court, see Shiloh Villages website

20. 2025-04-07
    historical Active Under Contract 800-char remark

    Show marketing remark (800 chars)

    Immaculate single wide trailer features a huge kitchen, dining area, large living room with tons of upgrades including new roof and siding, new flooring, newer backsplash and counters. Vinyl siding and windows afford a maintenance free lifestyle while the enormous covered deck features additional outdoor living space in the summers. Close to the rear entrance of Shilo Village, the gate that is open all of the time for early morning risers or late night guests. Shows like new. An oasis in the primary suite features a large soaking tub with 2 sinks and a private bath with the shower and the commode. 2 people can easily get ready at the same time. A must see. There aren't rentals in this court, only owner occupied and all buyers must be pre-approved with the court, see Shiloh Villages website

21. 2024-11-27
    listed $90,000 Active 800-char remark

    Show marketing remark (800 chars)

    Immaculate single wide trailer features a huge kitchen, dining area, large living room with tons of upgrades including new roof and siding, new flooring, newer backsplash and counters. Vinyl siding and windows afford a maintenance free lifestyle while the enormous covered deck features additional outdoor living space in the summers. Close to the rear entrance of Shilo Village, the gate that is open all of the time for early morning risers or late night guests. Shows like new. An oasis in the primary suite features a large soaking tub with 2 sinks and a private bath with the shower and the commode. 2 people can easily get ready at the same time. A must see. There aren't rentals in this court, only owner occupied and all buyers must be pre-approved with the court, see Shiloh Villages website

22. 2017-10-20
    soldstatus 295-char remark

    Show marketing remark (295 chars)

    Affordable three bedroom two bathroom home in Shiloh Village. Home has new siding, new roof, a covered deck, gas stove and jetted tub. New carpet. Buyer's must be approved by Shiloh Village, 406-656-8444, http://www. shilohvillageestates.com. Lot rent is $355 month and includes water and trash.

23. 2017-09-11
    listed $45,000 295-char remark

    Show marketing remark (295 chars)

    Affordable three bedroom two bathroom home in Shiloh Village. Home has new siding, new roof, a covered deck, gas stove and jetted tub. New carpet. Buyer's must be approved by Shiloh Village, 406-656-8444, http://www. shilohvillageestates.com. Lot rent is $355 month and includes water and trash.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥95°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,867
• − Mortgage interest: −$4,621
• − Property taxes: −$1,238
• − Insurance: −$412
• − Repairs & maintenance: −$1,749
• − Management: −$1,749
• − HOA: −$7,740
• − Depreciation: −$2,400
• Taxable income: $1,957
• Est. tax owed @ 24.0%: −$470
• After-tax cash flow: $2,223/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.

Condition & rehab AI · 12 photos

Good 75/100 Cosmetic rehab

This mobile home is in good condition with recent updates, including new siding and roof. It's move-in ready with a good curb appeal and potential for further value through minor updates.

Value-add opportunities

• Resale paint exterior walls — enhances curb appeal
• Both update flooring — improves both resale and rental value
• Both update kitchen backsplash — enhances both resale and rental value

Renovation cost estimate screening

Value-add ROI direction

• Resale paint exterior walls — enhances curb appeal ↑
• Both update flooring — improves both resale and rental value ↑
• Both update kitchen backsplash — enhances both resale and rental value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 47,977
• Household income: $76,141
• Rent vs Own: 31.5% rent · 68.5% own
• Severe rent burden: 1584.0

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 (88%)
• Race & ethnicity: White 88% Hispanic / Latino 6% Two or more races 5% Native American 2% Asian 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 10% Slovak 3% Lithuanian 3%
• Foreign-born: 2% · Canada, Vietnam
• Languages at home: 96% English-only · Spanish 2% Vietnamese 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: ▼ -364.20%
• Current HPI: 205.0915
• Rent YoY: ▲ 5.03%
• 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

+88.9% since first listed

7 events — show timeline

• 2026-05-04 Price Changed $85,000 BMTMLS
• 2026-04-07 Listed $87,000 BMTMLS
• 2025-05-23 Sold (MLS) — BMTMLS
• 2025-04-07 Contingent — BMTMLS
• 2024-11-27 Listed $90,000 BMTMLS
• 2017-10-20 Sold (MLS) — BMTMLS
• 2017-09-11 Listed $45,000 BMTMLS