615 6th St N · Great Falls, MT 59401

$285,000

15 bd · 8.0 ba · 3,931 sqft · MultiFamily public records · 180 Days on market

Built 1910 5,009 sqft lot ↓ 10% since listing

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.1/5.0
• Livability +3.9/5.0
• Schools +2.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 5 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Key facts

• 5,009 sq ft lot
• Built 1910
• Listed 179 days

Property features AI

Exterior

• Utilities: Public water; Public sewer; Electricity connected
• Home design: Duplex (residential income); Two-story
• Construction: Basement is concrete and unfinished
• Exterior features: Level lot; City street frontage; Publicly maintained road

Interior

• Bedrooms: Two units each with 4 bedrooms
• Bathrooms: Two bathrooms in each unit
• Heating & cooling: Natural gas heating with forced air
• Interior features: Walk-in closets; Unfinished concrete basement
• Laundry & utility: Washer hookup

What this means for you Summary

Snapshot

• This is a 5 × 3-bed/1.6-bath units multifamily listed at $285k.

Deal economics

• At list price, monthly cash flow is $3k ($40k/yr) — positive. Per door: $669/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $285k).
• Recommended offer: $251k (12.0% below list) — sets the bar for market timing.
• Cap rate 20.7% vs local median 3.5% in Great Falls — 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 78/100 on livability (#19 in MT, #2,473 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: schools C-, employment C-, crime F.
• Great Falls H S (urban): math 27% / reading 39% proficiency, ranked #79 of 116 in MT (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+6.5%/yr); 49 active listings in the ZIP; 223 units permitted in Cascade County in 2024 (37 in 5+ unit buildings).
• At $6,454/mo this rent would consume 140% of the median local household income ($55k/yr) (locally 531% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Cascade County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 6.5% rent growth), your $80k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 180 days — a 12% lower offer ($251k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $250,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 180 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 2.26% ✓
• Cap rate: 20.67%
• Cash-on-cash: 51.34%
• DSCR: 3.28
• GRM: 3.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.48% rent growth · sell at horizon

5-year hold

• IRR: 51.8%
• Equity multiple: 3.39×
• Total profit: $190,361
• Equity at exit: $42,494

10-year hold

• IRR: 58.5%
• Equity multiple: 7.81×
• Total profit: $543,228
• Equity at exit: $24,642

Cash invested: $79,800 (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 59401

• Rents YoY: 6.5%
• Active inventory: 49
• Price-to-rent: 18.4×

Monthly cashflow live

• Estimated rent: $6,454 medium
• Mortgage (P&I): −$1,495
• Tax from tax record: −$72 /mo · $859/yr
• Insurance: −$119
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,355
• Net cashflow: $3,347

Break-even live

Break-even rent $2,217

Max offer price $285,000

Occupancy floor 43%

5-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 5× units	3	1.6	$6,455
Total (5 units)			$6,454

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: $71,250
• Closing costs: $8,550
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-19
   days on market $285,000 Active 180 DOM
2. 2026-06-18
   days on market $285,000 Active 179 DOM
3. 2026-06-17
   days on market $285,000 Active 178 DOM
4. 2026-06-16
   days on market $285,000 Active 177 DOM
5. 2026-06-15
   days on market $285,000 Active 176 DOM
6. 2026-06-14
   days on market $285,000 Active 174 DOM
7. 2026-06-13
   days on market $285,000 Active 173 DOM
8. 2026-06-10
   days on market $285,000 Active 171 DOM
9. 2026-06-09
   days on market $285,000 Active 170 DOM
10. 2026-06-08
    days on market $285,000 Active 169 DOM
11. 2026-06-07
    days on market $285,000 Active 168 DOM
12. 2026-06-05
    days on market $285,000 Active 165 DOM
13. 2026-06-03
    days on market $285,000 Active 164 DOM
14. 2026-06-02
    days on market $285,000 Active 163 DOM
15. 2026-06-01
    days on market $285,000 Active 162 DOM
16. 2026-05-31
    days on market $285,000 Active 161 DOM
17. 2026-05-30
    days on market $285,000 Active 160 DOM
18. 2026-03-10
    price $315,000
19. 2025-12-21
    listed $349,000 Active

ⓘ 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: $859 · $72/mo
• Projected year-2 tax: $2,394 · $200/mo
• Expected delta: +$1,535/yr (+$128/mo · 178.8%)

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥92°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 8 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $77,448
• − Mortgage interest: −$15,964
• − Property taxes: −$859
• − Insurance: −$2,222
• − Repairs & maintenance: −$6,196
• − Management: −$6,196
• − Depreciation: −$8,291
• Taxable income: $37,720
• Est. tax owed @ 24.0%: −$9,053
• After-tax cash flow: $31,115/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: Great Falls H S
• NCES district ID: 3013050
• Math proficiency: 27% ▼ -6.00%
• Reading proficiency: 39% ▼ -3.00%
• Median HH income: $43,586
• Composite: 28.03/100
• National rank: #6846
• State rank: #79 of 116 in MT

Livability — Great Falls

• Score: 78/100
• State rank: #19
• US rank: #2473

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Great Falls, MT
• County: Cascade County · 75,427 people
• City population: 75,427
• Metro: Great Falls, MT
• Population (ZIP): 13,255
• Household income: $55,299
• Rent vs Own: 44.6% rent · 55.4% own
• Severe rent burden: 531.0

Population outlook (Cascade County) Hauer SSP2

• Today (2025): 81,936 people
• By 2030: 81,376 · -0.7%
• By 2040: 79,435 · -3.1%
• By 2050: 77,906 · -4.9%
• By 2075: 78,595 · -4.1%
• By 2100: 79,997 · -2.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Two or more races 7% Native American 7% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 4% Puerto Rican 1%
• Common ancestry: Portuguese 7% Italian 4% Slovak 2%
• Foreign-born: 1% · China, Canada
• Languages at home: 96% English-only · Spanish 1% Chinese 1%

Political lean MEDSL · Cascade

• 2024 margin: Strong R (+22.3) · D 37.3% · R 59.6% · Other 3.0%
• 2008→2024 swing: -24.6pp toward R · 2008: 2.3pp · 2024: -22.3pp
• All cycles: 2024: R+22.3 2020: R+19.7 2016: R+21.6 2012: R+9.1 2008: D+2.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -119.63%
• Current HPI: 198.2599
• Rent YoY: ▲ 6.48%
• Metro: Great Falls, 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

-9.7% since first listed

2 events — show timeline

• 2026-03-10 Price Changed $315,000 MRMLS
• 2025-12-21 Listed $349,000 MRMLS

Property tax history

-0.9%/yr

Latest (2025): $859 · -37.4% YoY. Source: county tax records.