209 1st St W · Richey, MT 59259

$125,000

3 bd · 2.0 ba · 840 sqft · Other · 23 Days on market

Built 1929 Poor condition

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Why this score? — see what drove the C- 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 +18.5/30.0
• ARV discount +7.5/15.0
• Appreciation +6.3/10.0
• DSCR +5.8/10.0
• 1% rule +4.9/10.0
• Schools +3.7/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +1.0/5.0

Key facts

• Freezer pantry room
• Large dining room
• Large kitchen

Tags

• LARGE DINING ROOM
• LARGE KITCHEN
• LARGE STORAGE ROOM
• FREEZER PANTRY ROOM
• LARGE WALK IN CLOSET
• LARGE FENCED BACKYARD

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $125k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $118 ($1k/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 $124k (0.5% below list).
• Recommended offer: $123k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 71/100 on livability (#64 in MT) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, schools A-; Watch: health & safety D, crime D-, amenities F.
• Richey Elementary (rural): math 21% / reading 60% proficiency, ranked #135 of 339 in MT (top 40%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 1 active listings in the ZIP.

Forward outlook

• In year one you build about $4k of equity ($864 loan paydown + $3k appreciation (2.7% local appreciation)).
• Dawson County population projected at +40% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (2.7% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($123k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1929 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $123,125 (1.5% below list)

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. Built in 1929 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
5. Crime grade is D 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?
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: 0.99% ✗
• Cap rate: 7.43%
• Cash-on-cash: 4.05%
• DSCR: 1.18
• GRM: 8.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

2.66% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 10.4%
• Equity multiple: 1.58×
• Total profit: $20,398
• Equity at exit: $53,854

10-year hold

• IRR: 12.9%
• Equity multiple: 2.85×
• Total profit: $64,891
• Equity at exit: $81,213

Cash invested: $35,000 (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 59259

• Home prices YoY: 1.4%
• Active inventory: 1
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $1,243 medium
• Mortgage (P&I): −$656
• Tax est. 1.5%: −$156 /mo · $1,875/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$261
• Net cashflow: $118

Break-even live

Break-even rent $1,093

Max offer price $125,000

Occupancy floor 85%

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $125,000 Active 23 DOM
2. 2026-06-17
   days on market $125,000 Active 22 DOM
3. 2026-06-16
   days on market $125,000 Active 21 DOM
4. 2026-06-15
   days on market $125,000 Active 20 DOM
5. 2026-06-13
   days on market $125,000 Active 18 DOM
6. 2026-06-12
   days on market $125,000 Active 17 DOM
7. 2026-06-09
   days on market $125,000 Active 14 DOM
8. 2026-06-08
   days on market $125,000 Active 13 DOM
9. 2026-06-07
   days on market $125,000 Active 12 DOM
10. 2026-06-05
    days on market $125,000 Active 10 DOM
11. 2026-06-04
    days on market $125,000 Active 8 DOM
12. 2026-06-02
    days on market $125,000 Active 7 DOM
13. 2026-06-01
    days on market $125,000 Active 6 DOM
14. 2026-05-31
    days on market $125,000 Active 5 DOM
15. 2026-05-26
    listed $125,000 Active

ⓘ 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 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥96°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,918
• − Mortgage interest: −$7,002
• − Property taxes: −$1,875
• − Insurance: −$625
• − Repairs & maintenance: −$1,193
• − Management: −$1,193
• − Depreciation: −$3,636
• Taxable loss: −$607
• Est. tax savings @ 24.0%: +$146
• After-tax cash flow: $1,565/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 · 2 photos

Poor 20/100 Extensive rehab

This property requires extensive repairs and maintenance, including a new roof, exterior painting, and landscaping. Significant improvements would be needed to increase its resale or rental value.

Repairs flagged

• Major roof — Signs of potential leaks and wear.
• Major exterior siding — Peeling paint and siding indicate significant damage.
• Major interior walls/paint — The exterior condition suggests the interior may also be in poor condition.
• Major landscaping — Overgrown and in need of trimming and maintenance.

Value-add opportunities

• Both roof replacement — A new roof would significantly improve the home's appearance and functionality.
• Both exterior painting — New paint would improve the home's curb appeal and potentially increase its value.
• Both landscaping — A well-maintained yard would enhance the home's appeal and potentially increase its value.
• Both interior painting and repairs — A fresh coat of paint and repairs to interior walls would improve the home's condition and value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Signs of potential leaks and wear.	Major	$15,000–50,000
exterior siding · Peeling paint and siding indicate significant damage.	Major	$15,000–50,000
interior walls/paint · The exterior condition suggests the interior may also be in poor condition.	Major	$15,000–50,000
landscaping · Overgrown and in need of trimming and maintenance.	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Both roof replacement — A new roof would significantly improve the home's appearance and functionality. ↑
• Both exterior painting — New paint would improve the home's curb appeal and potentially increase its value. ↑
• Both landscaping — A well-maintained yard would enhance the home's appeal and potentially increase its value. ↑
• Both interior painting and repairs — A fresh coat of paint and repairs to interior walls would improve the home's condition and value. ↑

ⓘ 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: Richey Elementary
• NCES district ID: 3022370
• Math proficiency: 21% ▲ 21.00%
• Reading proficiency: 60% ▬ 0.00%
• Median HH income: $50,001
• Composite: 37.24/100
• National rank: #8980
• State rank: #135 of 339 in MT

Livability — Richey

• Score: 71/100
• State rank: #64
• US rank: #6754

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Richey, MT
• Population (ZIP): 324

Population outlook (Dawson County) Hauer SSP2

• Today (2025): 11,008 people
• By 2030: 11,795 · +7.1%
• By 2040: 13,471 · +22.4%
• By 2050: 15,363 · +39.6%
• By 2075: 20,473 · +86.0%
• By 2100: 23,528 · +113.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 8% Hispanic / Latino 1%
• Common ancestry: Portuguese 17% Italian 2% Lithuanian 2%
• Foreign-born: 3% · Canada, China
• Languages at home: 97% English-only · German/W. Germanic 1% Tagalog/Filipino 1%

Political lean MEDSL · Dawson

• 2024 margin: Solid R (+58.9) · D 19.3% · R 78.2% · Other 2.5%
• 2008→2024 swing: -35.3pp toward R · 2008: -23.6pp · 2024: -58.9pp
• All cycles: 2024: R+58.9 2020: R+57.8 2016: R+58.5 2012: R+40.9 2008: R+23.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.66%
• Current HPI: 188.0282
• 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

1 event — show timeline

• 2026-05-26 Listed $125,000 FSBO.com