464 Firelight Dr · Big Sky, MT 59716

$875,000

3 bd · 3.0 ba · 1,859 sqft · Condo public records · 55 Days on market

Built 2005 $471/sqft · 13% below area Est $1004k · 13% under $897/mo HOA · 18% of rent

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Why this score? — see what drove the D 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).

• ARV discount +13.3/15.0
• Appreciation +9.2/10.0
• Cash flow +4.5/30.0
• Schools +4.5/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +0.7/10.0
• DSCR +0.0/10.0

Listing remarks MLS

This Chalet is like no other and MUST be seen!! Beautiful rough sawn floors start in the living area, up the stairs and into the Master! The custom open staircase and copper accent mantel above the fireplace are just a few of the upgrades. Stainless steel appliances, beautiful rugs, wood burning fireplace with firewood in the attached garage. This 3 bedroom suite sleeps 7! Being sold mostly furnished WITH THE HOT TUB! Seller to pay the $600 transfer fee. With all the upgrades it wont last long!

Key facts

• Large windows
• Firelight chalet
• Mountain comfort

Tags

• FIRELIGHT CHALET
• MOUNTAIN COMFORT
• COZY FIREPLACE
• LARGE WINDOWS
• OPEN-CONCEPT MAIN LEVEL
• OUSEL FALLS TRAIL SYSTEM

Property features AI

Finance

• Other: Zoning: RMF
• HOA & community: Homeowners association with quarterly fee; Association fee includes grounds maintenance and snow removal; Association amenities include trails

Exterior

• Parking: Attached garage (1 car)
• Security: Smoke detector(s)
• Utilities: Electricity connected; Sewer available; Water available
• Home design: Residential condominium; Two levels; Possible recreational use
• Construction: Asphalt shingle roof; Crawl space foundation
• Exterior features: Patio; Landscaped lot; Paved road access; Has view; Smoke detector(s); Pets allowed

Interior

• Kitchen: Dishwasher; Range; Refrigerator; Disposal
• Flooring: Hardwood
• Bathrooms: 3 full bathrooms
• Heating & cooling: Baseboard heating; Electric heating; Wood heating; Ceiling fan(s)
• Interior features: Vaulted ceilings; Window coverings; Wood-burning fireplace
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath condo listed at $875k.

Deal economics

• At list price, monthly cash flow is $-2k ($-27k/yr) — negative.
• To cash-flow at today's rent, offer at most $480k (45.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $500k (42.9% below list).
• Recommended offer: $480k (45.2% below list) — sets the bar for cash-flow.

Location & tenants

• 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.
• Big Sky School K-12 (rural): math 47% / reading 54% proficiency, ranked #17 of 116 in MT (top 15%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 5% free/reduced lunch — higher-income household profile.
• Market conditions: 253 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,706 units permitted in Gallatin County in 2024 (533 in 5+ unit buildings).

Forward outlook

• In year one you build about $79k of equity ($6k loan paydown + $73k appreciation (8.4% local appreciation)).
• Gallatin County population projected at +61% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$127k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 55 days — a 3% lower offer ($849k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 14y ago 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.

Recommended offer $479,676 (45.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 55 days. Have you received any prior offers? Is the seller open to a 45% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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 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.

Investment metrics

• 1% rule: 0.57% ✗
• Cap rate: 3.22%
• Cash-on-cash: -10.96%
• DSCR: 0.51
• GRM: 14.6

CMA / ARV

• ARV (median comp): $1,004,036
• List price: $875,000
• Delta: -12.85%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

8.37% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 12.7%
• Equity multiple: 1.97×
• Total profit: $238,727
• Equity at exit: $686,722

10-year hold

• IRR: 13.1%
• Equity multiple: 4.27×
• Total profit: $800,132
• Equity at exit: $1,384,633

Cash invested: $245,000 (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 59716

• Home prices YoY: 2.8%
• Active inventory: 253
• Price-to-rent: 14.6×

Monthly cashflow live

• Estimated rent: $5,000 medium
• Mortgage (P&I): −$4,589
• Tax from tax record: −$338 /mo · $4,052/yr
• Insurance: −$365
• HOA: −$897
• Vacancy / Maint / Mgmt: −$1,050
• Net cashflow: $-2,238

Break-even live

Break-even rent $7,833

Max offer price $479,676

Occupancy floor —

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: $218,750
• Closing costs: $26,250
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
221 Candlelight Meadow Dr Big Sky, MT	3.0	3.0	2135	$5,000	$2.34	44d	1	0.08mi

HOA detail condo

• Monthly dues: $897 · $10,764/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-18
   days on market $875,000 Active 55 DOM
2. 2026-06-17
   days on market $875,000 Active 54 DOM
3. 2026-06-16
   days on market $875,000 Active 53 DOM
4. 2026-06-15
   days on market $875,000 Active 52 DOM
5. 2026-06-13
   days on market $875,000 Active 50 DOM
6. 2026-06-12
   days on market $875,000 Active 49 DOM
7. 2026-06-09
   days on market $875,000 Active 46 DOM
8. 2026-06-08
   days on market $875,000 Active 45 DOM
9. 2026-06-07
   days on market $875,000 Active 44 DOM
10. 2026-06-05
    days on market $875,000 Active 42 DOM
11. 2026-06-04
    days on market $875,000 Active 40 DOM
12. 2026-06-02
    days on market $875,000 Active 39 DOM
13. 2026-06-01
    days on market $875,000 Active 38 DOM
14. 2026-05-31
    days on market $875,000 Active 37 DOM
15. 2026-04-23
    listed $875,000 Active 1350-char remark
16. 2017-03-01
    soldstatus
17. 2017-02-07
    soldstatus 499-char remark

    Show marketing remark (499 chars)

    This Chalet is like no other and MUST be seen!! Beautiful rough sawn floors start in the living area, up the stairs and into the Master! The custom open staircase and copper accent mantel above the fireplace are just a few of the upgrades. Stainless steel appliances, beautiful rugs, wood burning fireplace with firewood in the attached garage. This 3 bedroom suite sleeps 7! Being sold mostly furnished WITH THE HOT TUB! Seller to pay the $600 transfer fee. With all the upgrades it wont last long!

18. 2016-09-20
    listed $349,000 499-char remark

    Show marketing remark (499 chars)

    This Chalet is like no other and MUST be seen!! Beautiful rough sawn floors start in the living area, up the stairs and into the Master! The custom open staircase and copper accent mantel above the fireplace are just a few of the upgrades. Stainless steel appliances, beautiful rugs, wood burning fireplace with firewood in the attached garage. This 3 bedroom suite sleeps 7! Being sold mostly furnished WITH THE HOT TUB! Seller to pay the $600 transfer fee. With all the upgrades it wont last long!

19. 2013-05-01
    soldstatus

    Show marketing remark (442 chars)

    Great interior unit location! This 3 bedroom, 3 bath, two level condominium offers beautiful views of the Spanish Peaks. Custom open stair rail and wood floors. HOA dues are $721/qtr plus a special assessment of $100/qtr. Ousel Falls RIDS 395A & 395B are $530.11 and $458.25 respectively at time of listing. NorthWestern Energy 1/12 to 12/12 $1,732.00. Buyer is responsible for the $500 Firelight Meadows transfer fee, due at closing.

20. 2012-12-07
    listed $195,000

    Show marketing remark (442 chars)

    Great interior unit location! This 3 bedroom, 3 bath, two level condominium offers beautiful views of the Spanish Peaks. Custom open stair rail and wood floors. HOA dues are $721/qtr plus a special assessment of $100/qtr. Ousel Falls RIDS 395A & 395B are $530.11 and $458.25 respectively at time of listing. NorthWestern Energy 1/12 to 12/12 $1,732.00. Buyer is responsible for the $500 Firelight Meadows transfer fee, due at closing.

ⓘ 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: $4,052 · $338/mo
• Projected year-2 tax: $7,350 · $612/mo
• Expected delta: +$3,298/yr (+$275/mo · 81.4%)

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

Climate risk First Street

• 🌡 Heat 1/10 Low
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $60,000
• − Mortgage interest: −$49,014
• − Property taxes: −$4,052
• − Insurance: −$4,375
• − Repairs & maintenance: −$4,800
• − Management: −$4,800
• − HOA: −$10,764
• − Depreciation: −$25,455
• Taxable loss: −$43,259
• Est. tax savings @ 24.0%: +$10,382
• After-tax cash flow: $-16,472/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: Big Sky School K-12
• NCES district ID: 3000654
• Math proficiency: 47% ▼ -9.00%
• Reading proficiency: 54% ▼ -8.00%
• Median HH income: $64,215
• Composite: 44.53/100
• National rank: #2791
• State rank: #17 of 116 in MT

Livability — Big Sky

• Score: 66/100
• State rank: #113
• US rank: #11337

Category grades

Amenities F Commute D- Cost of living F Crime A+ Employment A+ Housing B Health & safety C- User ratings C-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Big Sky, MT
• City population: 1,867
• Population (ZIP): 1,867

Population outlook (Gallatin County) Hauer SSP2

• Today (2025): 129,625 people
• By 2030: 144,940 · +11.8%
• By 2040: 176,266 · +36.0%
• By 2050: 209,250 · +61.4%
• By 2075: 294,207 · +127.0%
• By 2100: 360,558 · +178.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Hispanic / Latino 5% Two or more races 3%
• Common ancestry: Lithuanian 6% Iranian 4% Serbian 4%
• Foreign-born: 10% · Canada
• Languages at home: 94% English-only · Spanish 4% German/W. Germanic 1%

Political lean MEDSL · Gallatin

• 2024 margin: Toss-up / Even · D 50.0% · R 46.8% · Other 3.2%
• 2008→2024 swing: -0.2pp no change · 2008: 3.4pp · 2024: 3.2pp
• All cycles: 2024: D+3.2 2020: D+7.5 2016: D+1.0 2012: R+5.3 2008: D+3.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 8.37%
• Current HPI: 308.041
• Rent YoY: —
• Metro: —
• 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

+348.7% since first listed

6 events — show timeline

• 2026-04-23 Listed $875,000 BSCMLS
• 2017-03-01 Sold (Public Records) — Public Records
• 2017-02-07 Sold (MLS) — BSCMLS
• 2016-09-20 Listed $349,000 BSCMLS
• 2013-05-01 Sold (MLS) — BSCMLS
• 2012-12-07 Listed $195,000 BSCMLS

Property tax history

+5.2%/yr

Latest (2025): $4,052 · -21.1% YoY. Source: county tax records.