2224 US Highway 87e #52 · Lockwood, MT 59102

$49,000

3 bd · 2.0 ba · 1,216 sqft · Manufactured · 84 Days on market

Built 1981 Good condition $40/sqft · 25% below area Est $65k · 25% under $695/mo HOA · 39% 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Condition / age +4.0/5.0
• Rent growth +3.8/5.0
• Livability +3.0/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Step inside this charming 3-bedroom, 2-bath home in Hillside Village and you’ll be greeted by a stylish, move-in ready interior. Recently refreshed with new paint, flooring, and bathrooms, the space feels bright and welcoming from the moment you enter. The cheerful kitchen and open layout flow naturally into the living area, making it easy to relax or entertain. The primary suite offers double closets and a private bath, while the two additional bedrooms are generously sized and share a second bathroom. Thoughtful updates throughout mean less work for you and more time to enjoy your new home. Affordable, inviting, and practical—plus, the seller is including one month of free lot rent to make your transition even smoother. Come see the difference in this cute and comfortable Hillside home!

Key facts

• Double closets
• Private bath
• Thoughtful updates

Tags

• MOVE IN READY INTERIOR
• CHEERFUL KITCHEN
• OPEN LAYOUT
• DOUBLE CLOSETS
• PRIVATE BATH
• THOUGHTFUL UPDATES

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $49k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $364 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $49k).
• Recommended offer: $46k (6.0% below list) — sets the bar for market timing.
• Cap rate 15.2% vs local median 1.7% 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-, schools F, amenities 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.
• Market conditions: Rents rising fast (+5.0%/yr); 197 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $339 of loan paydown is wiped out by about $1k 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 $14k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 84 days — a 6% lower offer ($46k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 39% of rent.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $46,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 84 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 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?
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: 3.61% ✓
• Cap rate: 15.21%
• Cash-on-cash: 31.86%
• DSCR: 2.42
• GRM: 2.3

CMA / ARV

• ARV (median comp): $65,228
• List price: $49,000
• Delta: -24.88%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2224 U.s. Highway 87 East #65	0.10mi	3/2.0	1,216 (0%)	3mo	$85,000	$70	93
2224 Highway 87 E #193	0.14mi	3/2.0	1,216 (0%)	2mo	$59,000	$49	92
2224 Us Highway 87 E Trlr 158	0.29mi	3/2.0	1,216 (0%)	0mo	$69,900	$57	86
2224 US Highway 87 E Trlr 91	0.29mi	3/2.0	1,216 (0%)	2mo	$50,150	$41	85
2224 US Highway 87 E #57	0.10mi	3/1.0	1,216 (0%)	8mo	$45,000	$37	84
2224 Highway 87 E #28 #28	0.29mi	3/2.0	1,216 (0%)	3mo	$49,000	$40	84
2224 US Highway 87 E #181	0.10mi	3/2.0	1,274 (+5%)	10mo	$87,500	$69	79
2224 Highway 87 E #230 #230	0.29mi	3/2.0	1,216 (0%)	9mo	$59,000	$49	79
2224 US Hwy 87 E #90	0.29mi	3/2.0	1,216 (0%)	9mo	$102,000	$84	79
2224 Highway 87 E #129	0.29mi	3/2.0	1,216 (0%)	10mo	$59,000	$49	78
2224 Highway 87 E #232 #232	0.29mi	3/2.0	1,216 (0%)	10mo	$99,999	$82	78
2224 Highway 87 E #220 #220	0.29mi	3/2.0	1,065 (-12%)	9mo	$59,000	$55	58

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: 31.8%
• Equity multiple: 2.41×
• Total profit: $19,400
• Equity at exit: $7,306

10-year hold

• IRR: 41.1%
• Equity multiple: 5.69×
• Total profit: $64,382
• Equity at exit: $4,237

Cash invested: $13,720 (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: 2.3×

Monthly cashflow live

• Estimated rent: $1,769 medium
• Mortgage (P&I): −$257
• Tax est. 1.5%: −$61 /mo · $735/yr
• Insurance: −$20
• HOA: −$695
• Vacancy / Maint / Mgmt: −$372
• Net cashflow: $364

Break-even live

Break-even rent $1,308

Max offer price $49,000

Occupancy floor 74%

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: $12,250
• Closing costs: $1,470
• 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	44d	1	0.48mi

HOA detail

• Monthly dues: $695 · $8,340/yr

Listing history 18 events

1. 2026-06-19
   days on market $49,000 Active 84 DOM
2. 2026-06-18
   days on market $49,000 Active 83 DOM
3. 2026-06-17
   days on market $49,000 Active 82 DOM
4. 2026-06-16
   days on market $49,000 Active 81 DOM
5. 2026-06-15
   days on market $49,000 Active 80 DOM
6. 2026-06-14
   days on market $49,000 Active 78 DOM
7. 2026-06-13
   days on market $49,000 Active 77 DOM
8. 2026-06-10
   days on market $49,000 Active 75 DOM
9. 2026-06-09
   days on market $49,000 Active 74 DOM
10. 2026-06-08
    days on market $49,000 Active 73 DOM
11. 2026-06-07
    days on market $49,000 Active 72 DOM
12. 2026-06-05
    days on market $49,000 Active 69 DOM
13. 2026-06-03
    days on market $49,000 Active 68 DOM
14. 2026-06-02
    days on market $49,000 Active 67 DOM
15. 2026-06-01
    days on market $49,000 Active 66 DOM
16. 2026-05-31
    days on market $49,000 Active 65 DOM
17. 2026-05-30
    days on market $49,000 Active 64 DOM
18. 2026-03-27
    listed $49,000 Active 811-char remark

    Show marketing remark (811 chars)

    Step inside this charming 3-bedroom, 2-bath home in Hillside Village and you’ll be greeted by a stylish, move-in ready interior. Recently refreshed with new paint, flooring, and bathrooms, the space feels bright and welcoming from the moment you enter. The cheerful kitchen and open layout flow naturally into the living area, making it easy to relax or entertain. The primary suite offers double closets and a private bath, while the two additional bedrooms are generously sized and share a second bathroom. Thoughtful updates throughout mean less work for you and more time to enjoy your new home. Affordable, inviting, and practical—plus, the seller is including one month of free lot rent to make your transition even smoother. Come see the difference in this cute and comfortable Hillside home!

ⓘ 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 D · 0% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 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: $21,234
• − Mortgage interest: −$2,745
• − Property taxes: −$735
• − Insurance: −$245
• − Repairs & maintenance: −$1,699
• − Management: −$1,699
• − HOA: −$8,340
• − Depreciation: −$1,425
• Taxable income: $4,346
• Est. tax owed @ 24.0%: −$1,043
• After-tax cash flow: $3,328/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 manufactured home is in good condition with minimal repairs needed. It has a good foundation and structure, and the interior is well-maintained. The home is ready for a fresh coat of paint and some updates to the kitchen and flooring to increase its value.

Value-add opportunities

• Resale Paint exterior siding — Fresh paint can enhance curb appeal and property value.
• Both Replace countertops — Modern countertops can improve both resale and rental value.
• Both Install new flooring — New flooring can significantly enhance both resale and rental value.
• Both Update kitchen appliances — Upgraded appliances can attract more buyers and renters.
• Both Landscaping improvements — Enhanced landscaping can improve curb appeal and attract more buyers and renters.

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint exterior siding — Fresh paint can enhance curb appeal and property value. ↑
• Both Replace countertops — Modern countertops can improve both resale and rental value. ↑
• Both Install new flooring — New flooring can significantly enhance both resale and rental value. ↑
• Both Update kitchen appliances — Upgraded appliances can attract more buyers and renters. ↑
• Both Landscaping improvements — Enhanced landscaping can improve curb appeal and attract more buyers and renters. ↑

ⓘ 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): 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

1 event — show timeline

• 2026-03-27 Listed $49,000 BMTMLS