307 S Billings Blvd Blvd #24 · Billings, MT 59101

$37,500

2 bd · 1.0 ba · 564 sqft · Manufactured · 120 Days on market

Built 1972 Good condition $447/mo HOA · 45% of rent

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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 +24.1/30.0
• 1% rule +10.0/10.0
• DSCR +7.8/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Rent growth +3.5/5.0
• Schools +3.2/10.0
• Appreciation +0.0/10.0

Key facts

• Fully remodeled
• New flooring
• Mini-split a/c unit

Tags

• FULLY REMODELED
• NEW FLOORING
• BRAND-NEW APPLIANCES
• FULLY REMODELED BATHROOM
• MINI-SPLIT A/C UNIT
• NEWER IN-WALL GAS HEATER

Property features AI

Finance

• HOA & community: Homeowners association with a monthly fee of $447; HOA covers grounds and structure maintenance, snow removal, trash, and water

Exterior

• Parking: No designated parking
• Utilities: Public water; Public sewer
• Home design: Residential mobile home; Single-story (one level)
• Construction: Wood siding; Metal roof
• Exterior features: Shed(s) on the property; Interior, level lot

Interior

• Kitchen: Range; Dishwasher; Free-standing gas range; Oven; Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Central air conditioning; Natural gas heating; Ductless heating option; Wall furnace
• Interior features: Range, Dishwasher, Free-Standing Range, Gas Range, Oven, Refrigerator; No basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $38k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $74 ($887/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($987 rent vs $38k).
• Recommended offer: $34k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.7% vs local median 3.0% in Billings — 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 80/100 on livability (#10 in MT, #1,830 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: crime F.
• Billings H S (urban): math 29% / reading 45% proficiency, ranked #69 of 116 in MT (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Billings West High School (math 34% / reading 52%, grade F, #35 of 132 statewide, top 27%, 2,269 students, 0% FRL).
• Market conditions: Rents rising (+4.0%/yr); 279 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $259 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 + 4.0% rent growth), your $10k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 120 days — a 9% lower offer ($34k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: HOA is 45% of rent.

Recommended offer $34,125 (9.0% below list)

Questions for the listing agent

1. It's been on market 120 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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?
8. 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.
9. 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.
10. 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: 2.63% ✓
• Cap rate: 8.66%
• Cash-on-cash: 8.45%
• DSCR: 1.38
• GRM: 3.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -0.3%
• Equity multiple: 0.99×
• Total profit: $-114
• Equity at exit: $5,591

10-year hold

• IRR: 12.0%
• Equity multiple: 2.06×
• Total profit: $11,172
• Equity at exit: $3,242

Cash invested: $10,500 (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: 3.2×

Monthly cashflow live

• Estimated rent: $987 high
• Mortgage (P&I): −$197
• Tax est. 1.5%: −$47 /mo · $562/yr
• Insurance: −$16
• HOA: −$447
• Vacancy / Maint / Mgmt: −$207
• Net cashflow: $74

Break-even live

Break-even rent $894

Max offer price $37,500

Occupancy floor 88%

Sensitivity live

Price	-10% $100	-5% $87	+0% $74	+5% $61	+10% $48
Rent	-10% $-4	-5% $35	+0% $74	+5% $113	+10% $152
Rate	-1.0pp $93	-0.5pp $83	base $74	+0.5pp $64	+1.0pp $54

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: $9,375
• Closing costs: $1,125
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
305 S 12th St W Billings, MT	1.0	1.0	500	$795	$1.59	22d	1	0.51mi
828 Broadwater Ave Billings, MT	2.0	1.0	650	$1,095	$1.68	14d	1	0.83mi
634 1/2 Lewis Ave Billings, MT	1.0	1.0	668	$850	$1.27	14d	1	1.10mi
46 Adams St Billings, MT	1.0	1.0	400	$700	$1.75	14d	1	1.15mi
3707 2nd Ave S Billings, MT	2.0	1.0	650	$850	$1.31	22d	1	1.17mi
3409 1st Ave N Billings, MT	1.0	1.0	600	$895	$1.49	14d	1	1.38mi
613 S 34th St Billings, MT	1.0	1.0	714	$1,100	$1.54	22d	1	1.48mi

HOA detail

• Monthly dues: $447 · $5,364/yr

Listing history 20 events

1. 2026-06-21
   days on market $37,500 Active 120 DOM
2. 2026-06-19
   days on market $37,500 Active 118 DOM
3. 2026-06-18
   days on market $37,500 Active 117 DOM
4. 2026-06-17
   days on market $37,500 Active 116 DOM
5. 2026-06-16
   days on market $37,500 Active 115 DOM
6. 2026-06-15
   days on market $37,500 Active 114 DOM
7. 2026-06-14
   days on market $37,500 Active 112 DOM
8. 2026-06-13
   days on market $37,500 Active 111 DOM
9. 2026-06-10
   days on market $37,500 Active 109 DOM
10. 2026-06-09
    days on market $37,500 Active 108 DOM
11. 2026-06-08
    days on market $37,500 Active 107 DOM
12. 2026-06-07
    days on market $37,500 Active 106 DOM
13. 2026-06-05
    days on market $37,500 Active 103 DOM
14. 2026-06-02
    days on market $37,500 Active 101 DOM
15. 2026-06-01
    days on market $37,500 Active 100 DOM
16. 2026-05-31
    days on market $37,500 Active 99 DOM
17. 2026-05-30
    days on market $37,500 Active 98 DOM
18. 2026-04-15
    status Active
19. 2026-03-15
    historical Active Under Contract
20. 2026-02-19
    listed $37,500 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 FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥95°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,850
• − Mortgage interest: −$2,101
• − Property taxes: −$562
• − Insurance: −$188
• − Repairs & maintenance: −$948
• − Management: −$948
• − HOA: −$5,364
• − Depreciation: −$1,091
• Taxable income: $648
• Est. tax owed @ 24.0%: −$156
• After-tax cash flow: $732/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 · 14 photos

Good 80/100 Cosmetic rehab

This manufactured home is in good condition with modern updates, ready for move-in. Consider enhancing curb appeal with landscaping and painting the exterior for a higher resale or rental value.

Value-add opportunities

• Both landscaping — enhances curb appeal and rental value
• Both paint exterior — improves curb appeal and resale value

Renovation cost estimate screening

Value-add ROI direction

• Both landscaping — enhances curb appeal and rental value ↑
• Both paint exterior — improves curb appeal and resale 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: Billings H S
• NCES district ID: 3003900
• Math proficiency: 29% ▼ -4.00%
• Reading proficiency: 45% ▲ 2.00%
• Median HH income: $49,863
• Composite: 31.93/100
• National rank: #5848
• State rank: #69 of 116 in MT

Livability — Billings

• Score: 80/100
• State rank: #10
• US rank: #1830

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Billings, MT
• County: Yellowstone County · 159,426 people
• City population: 147,124
• 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

3 events — show timeline

• 2026-04-15 Relisted — BMTMLS
• 2026-03-15 Contingent — BMTMLS
• 2026-02-19 Listed $37,500 BMTMLS