1805 Joslyn St #73

Helena, MT 59601

$35,000B+

2 bd · 1.0 ba · 672 sqft · Built 1969 · Manufactured · Active · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,413/mo
• Mortgage (P&I): −$184
• Tax + insurance: −$58
• HOA: −$0
• Vac / Maint / Mgmt: −$297
• Net cashflow: $874/mo
• Annual: $10,489/yr
• Cap rate: 36.26%
• Cash-on-cash: 107.03%
• DSCR: 5.76
• 1% rule: 4.04%
• Cash to close: $9,800

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $35k. Condition is rated fair.
• At list price, monthly cash flow is $874 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $35k).
• It's been on market 18 days — a 2% lower offer ($34k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $34k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $242 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#6 in MT, #1,389 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: crime F.
• Helena H S (town): math 34% / reading 54% proficiency, ranked #42 of 116 in MT (top 36%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Kessler Elementary School (math 37% / reading 42%, grade F, #166 of 293 statewide, top 61%, 238 students, 0% FRL); C R Anderson Middle Schl (math 35% / reading 56%, grade D+, #40 of 146 statewide, top 27%, 1,067 students, 0% FRL); Capital High School (math 33% / reading 53%, grade F, #35 of 132 statewide, top 27%, 1,427 students, 0% FRL).
• Market conditions: Rents rising (+1.5%/yr); 166 active listings in the ZIP; 456 units permitted in Lewis and Clark County in 2024 (207 in 5+ unit buildings).
• Lewis and Clark County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 1.5% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 36.3% vs local median 2.6% in Helena — 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.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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?
• 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?
• 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.
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Kitchen countertops — Worn appearance
• Minor: Bathroom backsplash — Worn appearance
• Moderate: Exterior paint — Significant wear