116 2nd Ave SE · Harlem, MT 59526

$33,500

2 bd · 1.0 ba · 1,112 sqft · SingleFamily public records

Built 1912 7,000 sqft lot

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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
• Appreciation +9.6/10.0
• ARV discount +7.5/15.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0

Key facts

• 7,000 sq ft lot
• Built 1912

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $34k.

Deal economics

• At list price, monthly cash flow is $586 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $34k).

Location & tenants

• Location reads 63/100 on livability (#167 in MT) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, crime F, amenities F.
• Harlem H S (rural): math 11% / reading 11% proficiency, ranked #280 of 339 in MT (top 83%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 2 active listings in the ZIP.

Forward outlook

• In year one you build about $3k of equity ($232 loan paydown + $3k appreciation (9.3% local appreciation)).
• Blaine County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (9.3% appreciation + 3.0% rent growth), your $9k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1912 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $33,500

Questions for the listing agent

1. Built in 1912 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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: 3.09% ✓
• Cap rate: 27.29%
• Cash-on-cash: 74.99%
• DSCR: 4.34
• GRM: 2.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

9.29% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 84.8%
• Equity multiple: 6.76×
• Total profit: $53,989
• Equity at exit: $28,470

10-year hold

• IRR: 79.8%
• Equity multiple: 14.78×
• Total profit: $129,299
• Equity at exit: $59,665

Cash invested: $9,380 (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 59526

• Home prices YoY: 4.4%
• Active inventory: 2
• Price-to-rent: 2.7×

Monthly cashflow live

• Estimated rent: $1,035 medium
• Mortgage (P&I): −$176
• Tax est. 1.5%: −$42 /mo · $502/yr
• Insurance: −$14
• HOA: −$0
• Vacancy / Maint / Mgmt: −$217
• Net cashflow: $586

Break-even live

Break-even rent $293

Max offer price $33,500

Occupancy floor 38%

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: $8,375
• Closing costs: $1,005
• Reserves months: —
• Total cash needed: —

Listing history 1 events

1. 2026-06-07
   listed $33,500 Pending

ⓘ 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 2/10 Low FEMA zone X (unshaded) · 6% 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 1/10 Low
• 🫁 Air quality 5/10 Major 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,421
• − Mortgage interest: −$1,877
• − Property taxes: −$502
• − Insurance: −$168
• − Repairs & maintenance: −$994
• − Management: −$994
• − Depreciation: −$975
• Taxable income: $6,913
• Est. tax owed @ 24.0%: −$1,659
• After-tax cash flow: $5,375/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: Harlem H S
• NCES district ID: 3013400
• Math proficiency: 11% ▲ 11.00%
• Reading proficiency: 11% ▲ 11.00%
• Median HH income: $33,530
• Composite: 12.49/100
• National rank: #14564
• State rank: #280 of 339 in MT

Livability — Harlem

• Score: 63/100
• State rank: #167
• US rank: #15720

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Harlem, MT
• Population (ZIP): 2,584

Population outlook (Blaine County) Hauer SSP2

• Today (2025): 6,837 people
• By 2030: 6,969 · +1.9%
• By 2040: 7,228 · +5.7%
• By 2050: 7,540 · +10.3%
• By 2075: 8,571 · +25.4%
• By 2100: 9,058 · +32.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.97)
• Race & ethnicity: Native American 77% White 17% Two or more races 6% Hispanic / Latino 3%
• Common ancestry: Portuguese 2% Lithuanian 1% Iranian 1%
• Foreign-born: 1% · Canada
• Languages at home: 90% English-only · German/W. Germanic 2% Spanish 1%

Political lean MEDSL · Blaine

• 2024 margin: Lean R (+5.9) · D 44.6% · R 50.5% · Other 4.8%
• 2008→2024 swing: -25.2pp toward R · 2008: 19.3pp · 2024: -5.9pp
• All cycles: 2024: R+5.9 2020: D+3.9 2016: R+2.8 2012: D+15.2 2008: D+19.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 9.29%
• Current HPI: 222.0473
• 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

2 events — show timeline

• 2013-05-01 Delisted — HHLMLS
• 2012-12-03 Listed $33,500 HHLMLS

Property tax history

+6.8%/yr

Latest (2025): $1,879 · -6.0% YoY. Source: county tax records.