3604 Rainbow Dr · Helena Valley Southeast, MT 59602

$94,900

3 bd · 2.0 ba · 1,120 sqft · Manufactured · 2 Days on market

Built 1993 Fair condition Est $111k · 14% under $615/mo HOA · 34% 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 +22.6/30.0
• ARV discount +14.0/15.0
• 1% rule +10.0/10.0
• DSCR +7.3/10.0
• Schools +3.8/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Key facts

• Functional kitchen
• Spacious living area
• Community pool

Tags

• DOUBLE-WIDE MOBILE HOME
• SPACIOUS LIVING AREA
• FUNCTIONAL KITCHEN
• CONVENIENT ACCESS TO AMENITIES

Property features AI

Finance

• Other: Annual tax noted
• Financial info: Land is leased
• HOA & community: Homeowners association with monthly fee of $615; Association fee includes water, sewer, trash, and snow removal; Community amenities: basketball court, landscaping, park, recreation facilities, pool, snow removal

Exterior

• Home design: Manufactured home (double wide); Residential property
• Construction: Crawl space and concrete foundation
• Exterior features: Located inside Leisure Village

Interior

• Kitchen: Dishwasher; Range; Refrigerator
• Bathrooms: 2 full bathrooms
• Interior features: Dryer; Dishwasher; Range; Refrigerator; Washer; Crawl space and concrete basement
• Laundry & utility: Washer; Dryer; Washer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $95k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $162 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $95k).
• Cap rate 8.3% vs local median 2.3% in Helena Valley Southeast — 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 63/100 on livability (#160 in MT) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Helena H S (town): math 34% / reading 54% proficiency, ranked #42 of 116 in MT (top 36%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 195 active listings in the ZIP; solid renter incomes; 456 units permitted in Lewis and Clark County in 2024 (207 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $656 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Lewis and Clark County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: HOA is 34% of rent.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $94,900

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.91% ✓
• Cap rate: 8.34%
• Cash-on-cash: 7.31%
• DSCR: 1.33
• GRM: 4.4

CMA / ARV

• ARV (on-the-fly): $110,880
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2934 Flamingo Rd	0.13mi	3/2.0	1,144 (+2%)	2mo	$165,000	$144	89
2924 Sunnyside Rd	0.08mi	3/2.0	1,040 (-7%)	3mo	$139,900	$135	82
2873 Village Rd	0.21mi	3/2.0	1,064 (-5%)	2mo	$77,000	$72	80
2922 Village Rd	0.25mi	3/2.0	1,140 (+2%)	12mo	$118,000	$104	75
2879 Village Rd	0.21mi	3/2.0	1,248 (+11%)	2mo	$89,900	$72	69
2968 Sunnyside Rd	0.15mi	3/2.0	994 (-11%)	10mo	$89,000	$90	66
2935 Sunnyside Rd	0.11mi	3/2.0	1,216 (+9%)	22mo	$120,000	$99	62
3521 Riviera Dr	0.26mi	3/2.0	1,216 (+9%)	15mo	$179,900	$148	61
3375 Wylie Dr #50	0.63mi	2/1.0 (-1)	952 (-15%)	15mo	$19,500	$20	24

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -4.7%
• Equity multiple: 0.82×
• Total profit: $-4,664
• Equity at exit: $14,150

10-year hold

• IRR: 5.4%
• Equity multiple: 1.41×
• Total profit: $10,858
• Equity at exit: $8,205

Cash invested: $26,572 (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 59602

• Active inventory: 195
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $1,814 medium
• Mortgage (P&I): −$498
• Tax est. 1.5%: −$119 /mo · $1,424/yr
• Insurance: −$40
• HOA: −$615
• Vacancy / Maint / Mgmt: −$381
• Net cashflow: $162

Break-even live

Break-even rent $1,609

Max offer price $94,900

Occupancy floor 86%

Sensitivity live

Price	-10% $227	-5% $195	+0% $162	+5% $129	+10% $96
Rent	-10% $19	-5% $90	+0% $162	+5% $233	+10% $305
Rate	-1.0pp $210	-0.5pp $186	base $162	+0.5pp $137	+1.0pp $112

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: $23,725
• Closing costs: $2,847
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $615 · $7,380/yr

Listing history 2 events

1. 2026-06-19
   days on market $94,900 Active 2 DOM
2. 2026-06-17
   listed $94,900 Active 1 DOM

ⓘ 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 5/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 9 unhealthy d/yr today · 18 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,762
• − Mortgage interest: −$5,316
• − Property taxes: −$1,424
• − Insurance: −$474
• − Repairs & maintenance: −$1,741
• − Management: −$1,741
• − HOA: −$7,380
• − Depreciation: −$2,761
• Taxable income: $926
• Est. tax owed @ 24.0%: −$222
• After-tax cash flow: $1,720/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 · 9 photos

Fair 45/100 Moderate rehab

This manufactured home requires moderate repairs and maintenance to improve its condition and value. Upgrading the exterior siding, flooring, and bathroom fixtures would significantly enhance its appeal and marketability.

Repairs flagged

• Minor exterior siding — Some discoloration
• Minor interior walls — Some wear
• Minor flooring — Some wear
• Minor bathrooms — Standard fixtures, some wear
• Minor HVAC/mechanicals — Standard fixtures, some wear

Value-add opportunities

• Resale Paint exterior siding — Enhances curb appeal
• Both Replace carpeting — Improves comfort and appearance
• Resale Upgrade bathroom fixtures — Modernizes the space

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Some discoloration	Minor	$500–3,000
interior walls · Some wear	Minor	$500–3,000
flooring · Some wear	Minor	$500–3,000
bathrooms · Standard fixtures, some wear	Minor	$500–3,000
HVAC/mechanicals · Standard fixtures, some wear	Minor	$500–3,000
Total estimated repair cost · 5 items		$2,500–15,000

Value-add ROI direction

• Resale Paint exterior siding — Enhances curb appeal ↑
• Both Replace carpeting — Improves comfort and appearance ↑
• Resale Upgrade bathroom fixtures — Modernizes the space ↑

ⓘ 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: Helena H S
• NCES district ID: 3013830
• Math proficiency: 34% ▼ -6.00%
• Reading proficiency: 54% ▼ -3.00%
• Median HH income: $55,565
• Composite: 38.26/100
• National rank: #4238
• State rank: #42 of 116 in MT

Livability — Helena Valley Southeast

• Score: 63/100
• State rank: #160
• US rank: #15212

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Helena Valley Southeast, MT
• County: Lewis and Clark County · 62,482 people
• Metro: Helena, MT
• Population (ZIP): 30,754
• Household income: $92,985
• Rent vs Own: 15.9% rent · 84.1% own
• Severe rent burden: 105.0

Population outlook (Lewis and Clark County) Hauer SSP2

• Today (2025): 72,720 people
• By 2030: 75,403 · +3.7%
• By 2040: 79,496 · +9.3%
• By 2050: 82,741 · +13.8%
• By 2075: 90,296 · +24.2%
• By 2100: 93,425 · +28.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 6% Hispanic / Latino 4%
• Common ancestry: Portuguese 6% Lithuanian 3% Italian 3%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Lewis and Clark

• 2024 margin: Lean R (+5.7) · D 45.4% · R 51.1% · Other 3.5%
• 2008→2024 swing: -12.2pp toward R · 2008: 6.5pp · 2024: -5.7pp
• All cycles: 2024: R+5.7 2020: R+3.9 2016: R+6.9 2012: R+3.6 2008: D+6.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -178.02%
• Current HPI: 243.543
• Rent YoY: —
• Metro: Helena, 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

1 event — show timeline

• 2026-06-17 Listed $94,900 MRMLS