2701 Rockwood St · Lockwood, MT 59101

$169,900

3 bd · 2.5 ba · 1,800 sqft · Manufactured · 100 Days on market

Built 2020 Good condition $94/sqft · 80% above area ↓ 6% since listing

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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).

• Cash flow +18.7/30.0
• ARV discount +7.5/15.0
• DSCR +5.9/10.0
• 1% rule +5.0/10.0
• Condition / age +4.0/5.0
• Rent growth +3.5/5.0
• Livability +3.0/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 2701 Rockwood St — single-level home offering 3 bedrooms and 2 1/2 baths. The open-concept living and dining area features vaulted ceilings and abundant natural light. Kitchen has updated cabinetry, stainless steel appliances, and a breakfast bar. The primary suite includes a private bath and good closet space. Two additional bedrooms and a full hall bath complete the layout. Outside, enjoy a covered patio for entertaining. . Located in a family-friendly Lockwood neighborhood close to schools, shopping, parks, and easy highway access. Reliable systems and tasteful finishes make this an excellent move-in-ready opportunity. Lot rent is $665 per month and water is $50 per month

Key facts

• Private bath
• Covered patio
• Updated cabinetry

Tags

• OPEN-CONCEPT LIVING
• UPDATED CABINETRY
• STAINLESS STEEL APPLIANCES
• BREAKFAST BAR
• PRIVATE BATH
• COVERED PATIO

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath manufactured listed at $170k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $168 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $170k (0.0% below list).
• Recommended offer: $155k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.5% vs local median 1.8% in Lockwood — 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 59/100 on livability (#238 in MT) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• Lockwood K-12 (suburban): math 21% / reading 33% proficiency, ranked #86 of 116 in MT (top 74%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Lockwood Middle School (math 19% / reading 35%, grade F, #115 of 146 statewide, top 79%, 433 students, 0% FRL); Billings Sr High School (math 25% / reading 43%, grade F, #55 of 132 statewide, top 41%, 1,739 students, 0% FRL) — zoned schools average 0% FRL vs 35% district-wide (35 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+4.0%/yr); 279 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,401 units permitted in Yellowstone County in 2024 (281 in 5+ unit buildings).
• This rent runs 35% of the median local income ($59k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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.

Negotiation context

• It's been on market 100 days — a 9% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y ago; this cycle's ask has dropped $30k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $154,609 (9.0% below list)

Questions for the listing agent

1. It's been on market 100 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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?
6. 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.
7. 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.
8. 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: 1.00% ✗
• Cap rate: 7.48%
• Cash-on-cash: 4.23%
• DSCR: 1.19
• GRM: 8.3

CMA / ARV

• ARV (median comp): $94,166
• List price: $169,900
• Delta: 80.43%
• Verdict: OVERPRICED
• Comps: 9 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.96% rent growth · sell at horizon

5-year hold

• IRR: -8.6%
• Equity multiple: 0.68×
• Total profit: $-15,168
• Equity at exit: $25,333

10-year hold

• IRR: 2.1%
• Equity multiple: 1.16×
• Total profit: $7,579
• Equity at exit: $14,690

Cash invested: $47,572 (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 59101

• Rents YoY: 4.0%
• Active inventory: 279
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,699 medium
• Mortgage (P&I): −$891
• Tax est. 1.5%: −$212 /mo · $2,548/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$357
• Net cashflow: $168

Break-even live

Break-even rent $1,486

Max offer price $169,900

Occupancy floor 85%

Sensitivity live

Price	-10% $285	-5% $226	+0% $168	+5% $109	+10% $50
Rent	-10% $34	-5% $101	+0% $168	+5% $235	+10% $302
Rate	-1.0pp $253	-0.5pp $211	base $168	+0.5pp $124	+1.0pp $79

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
133 Hemlock Dr Billings, MT	3.0	2.0	1450	$1,700	$1.17	45d	1	0.70mi

Listing history 25 events

1. 2026-06-21
   days on market $169,900 Active 100 DOM
2. 2026-06-19
   days on market $169,900 Active 98 DOM
3. 2026-06-18
   days on market $169,900 Active 97 DOM
4. 2026-06-17
   days on market $169,900 Active 96 DOM
5. 2026-06-16
   days on market $169,900 Active 95 DOM
6. 2026-06-15
   days on market $169,900 Active 94 DOM
7. 2026-06-14
   days on market $169,900 Active 92 DOM
8. 2026-06-13
   days on market $169,900 Active 91 DOM
9. 2026-06-10
   days on market $169,900 Active 89 DOM
10. 2026-06-09
    days on market $169,900 Active 88 DOM
11. 2026-06-08
    days on market $169,900 Active 87 DOM
12. 2026-06-07
    days on market $169,900 Active 86 DOM
13. 2026-06-05
    days on market $169,900 Active 83 DOM
14. 2026-06-03
    days on market $169,900 Active 82 DOM
15. 2026-06-02
    days on market $169,900 Active 81 DOM
16. 2026-06-01
    days on market $169,900 Active 80 DOM
17. 2026-05-31
    days on market $169,900 Active 79 DOM
18. 2026-05-30
    days on market $169,900 Active 78 DOM
19. 2026-05-04
    price $169,900 701-char remark

    Show marketing remark (701 chars)

    Welcome to 2701 Rockwood St — single-level home offering 3 bedrooms and 2 1/2 baths. The open-concept living and dining area features vaulted ceilings and abundant natural light. Kitchen has updated cabinetry, stainless steel appliances, and a breakfast bar. The primary suite includes a private bath and good closet space. Two additional bedrooms and a full hall bath complete the layout. Outside, enjoy a covered patio for entertaining. . Located in a family-friendly Lockwood neighborhood close to schools, shopping, parks, and easy highway access. Reliable systems and tasteful finishes make this an excellent move-in-ready opportunity. Lot rent is $665 per month and water is $50 per month

20. 2026-04-17
    price $179,900 701-char remark

    Show marketing remark (701 chars)

    Welcome to 2701 Rockwood St — single-level home offering 3 bedrooms and 2 1/2 baths. The open-concept living and dining area features vaulted ceilings and abundant natural light. Kitchen has updated cabinetry, stainless steel appliances, and a breakfast bar. The primary suite includes a private bath and good closet space. Two additional bedrooms and a full hall bath complete the layout. Outside, enjoy a covered patio for entertaining. . Located in a family-friendly Lockwood neighborhood close to schools, shopping, parks, and easy highway access. Reliable systems and tasteful finishes make this an excellent move-in-ready opportunity. Lot rent is $665 per month and water is $50 per month

21. 2026-03-28
    price $189,900 701-char remark

    Show marketing remark (701 chars)

    Welcome to 2701 Rockwood St — single-level home offering 3 bedrooms and 2 1/2 baths. The open-concept living and dining area features vaulted ceilings and abundant natural light. Kitchen has updated cabinetry, stainless steel appliances, and a breakfast bar. The primary suite includes a private bath and good closet space. Two additional bedrooms and a full hall bath complete the layout. Outside, enjoy a covered patio for entertaining. . Located in a family-friendly Lockwood neighborhood close to schools, shopping, parks, and easy highway access. Reliable systems and tasteful finishes make this an excellent move-in-ready opportunity. Lot rent is $665 per month and water is $50 per month

22. 2026-03-13
    listed $199,900 Active 701-char remark

    Show marketing remark (701 chars)

    Welcome to 2701 Rockwood St — single-level home offering 3 bedrooms and 2 1/2 baths. The open-concept living and dining area features vaulted ceilings and abundant natural light. Kitchen has updated cabinetry, stainless steel appliances, and a breakfast bar. The primary suite includes a private bath and good closet space. Two additional bedrooms and a full hall bath complete the layout. Outside, enjoy a covered patio for entertaining. . Located in a family-friendly Lockwood neighborhood close to schools, shopping, parks, and easy highway access. Reliable systems and tasteful finishes make this an excellent move-in-ready opportunity. Lot rent is $665 per month and water is $50 per month

23. 2023-08-18
    soldstatus Closed 628-char remark

    Show marketing remark (628 chars)

    Beautiful Mobile Home on a permanent foundation! Maybe financeable through 21st Century Mortgage or Triad Bank! This beautiful 2020 32x60 double wide Friendship Freedom is fully handicap accessible with 3 bedrooms, one being a master suite, and has 2.5 baths. Located in Emerald View mobile home park in Lockwood, this open concept layout is great for entertaining with a large built in entertainment center where the television does stay! Gas forced heat and central air keeps you comfortable all year long and this home also has its own designated 2-car concrete parking pad. Buyer must be approved through Park Management.

24. 2023-07-03
    historical Active Under Contract 628-char remark

    Show marketing remark (628 chars)

    Beautiful Mobile Home on a permanent foundation! Maybe financeable through 21st Century Mortgage or Triad Bank! This beautiful 2020 32x60 double wide Friendship Freedom is fully handicap accessible with 3 bedrooms, one being a master suite, and has 2.5 baths. Located in Emerald View mobile home park in Lockwood, this open concept layout is great for entertaining with a large built in entertainment center where the television does stay! Gas forced heat and central air keeps you comfortable all year long and this home also has its own designated 2-car concrete parking pad. Buyer must be approved through Park Management.

25. 2023-06-01
    listed $180,000 Active 628-char remark

    Show marketing remark (628 chars)

    Beautiful Mobile Home on a permanent foundation! Maybe financeable through 21st Century Mortgage or Triad Bank! This beautiful 2020 32x60 double wide Friendship Freedom is fully handicap accessible with 3 bedrooms, one being a master suite, and has 2.5 baths. Located in Emerald View mobile home park in Lockwood, this open concept layout is great for entertaining with a large built in entertainment center where the television does stay! Gas forced heat and central air keeps you comfortable all year long and this home also has its own designated 2-car concrete parking pad. Buyer must be approved through Park Management.

ⓘ 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 6/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,382
• − Mortgage interest: −$9,517
• − Property taxes: −$2,548
• − Insurance: −$850
• − Repairs & maintenance: −$1,631
• − Management: −$1,631
• − Depreciation: −$4,943
• Taxable loss: −$736
• Est. tax savings @ 24.0%: +$177
• After-tax cash flow: $2,189/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 80/100 Cosmetic rehab

This mobile home is in good condition with recent updates, making it a solid investment opportunity.

Value-add opportunities

• Resale Paint interior walls — Fresh paint can make a home more appealing
• Resale Replace countertops — Updated countertops can add value
• Resale Install new flooring in bathrooms — New flooring can enhance the look of the bathrooms
• Both Add landscaping around the house — Landscaping can improve curb appeal and add value
• Resale Upgrade lighting fixtures — Modern lighting can make the home more attractive

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint interior walls — Fresh paint can make a home more appealing ↑
• Resale Replace countertops — Updated countertops can add value ↑
• Resale Install new flooring in bathrooms — New flooring can enhance the look of the bathrooms ↑
• Both Add landscaping around the house — Landscaping can improve curb appeal and add value ↑
• Resale Upgrade lighting fixtures — Modern lighting can make the home more attractive ↑

ⓘ 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: Lockwood K-12
• NCES district ID: 3000656
• Math proficiency: 21% ▼ -5.00%
• Reading proficiency: 33% ▼ -1.00%
• Median HH income: $53,104
• Composite: 23.97/100
• National rank: #7779
• State rank: #86 of 116 in MT

Livability — Lockwood

• Score: 59/100
• State rank: #238
• US rank: #20350

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lockwood, MT
• County: Yellowstone County · 159,426 people
• Metro: Billings, MT
• Population (ZIP): 42,250
• Household income: $58,598
• Rent vs Own: 43.6% rent · 56.4% own
• Severe rent burden: 1534.0

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 (75%)
• Race & ethnicity: White 75% Hispanic / Latino 9% Native American 9% Two or more races 8% Black 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 6% Italian 2% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 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: ▼ -191.74%
• Current HPI: 201.7039
• Rent YoY: ▲ 3.96%
• 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

-5.6% since first listed

7 events — show timeline

• 2026-05-04 Price Changed $169,900 BMTMLS
• 2026-04-17 Price Changed $179,900 BMTMLS
• 2026-03-28 Price Changed $189,900 BMTMLS
• 2026-03-13 Listed $199,900 BMTMLS
• 2023-08-18 Sold (MLS) — BMTMLS
• 2023-07-03 Contingent — BMTMLS
• 2023-06-01 Listed $180,000 BMTMLS