Phillips County

Phillips County sits at a median home price of $231,724, up 3.4% year-over-year, with an affordability index of 80 out of 100. The investment estimate fields for cap rate, cash flow, and cash-on-cash return are all returned as zero, which signals that the rental income data needed to build a complete cash-flow model is not available for this county. What the scoring system does tell you is unambiguous: the cash flow score is 0 and the appreciation score is 81. That combination places Phillips squarely on the appreciation end of the spectrum. You are not buying this county for monthly yield; you are buying it for price growth relative to what you are paying today.

The appreciation score of 81 and the overall score of 72 are meaningful in context. Phillips ranks 113th nationally out of 1,000 counties scored, landing at the 86th percentile, and 5th out of 56 Montana counties. That is a surprisingly high national rank for a county with a population of 4,233. The affordability score of 80 reflects the fact that at $231,724 you are not competing with capital pouring into Bozeman or Missoula, where median prices have climbed far beyond what a conventional rental underwrite can support. The stability score of 50 is the number that deserves attention: it is middling, and in a county this small, that likely reflects the concentration risk that comes with a thin, illiquid market.

This market suits an appreciation-oriented buyer who can tolerate low liquidity and does not need the property to cover carrying costs from day one. A cash-flow buyer should look elsewhere given the zero cash flow score. A value-add operator would need to confirm local rental demand before committing capital, because in a market of roughly 4,200 people, the pool of qualified tenants is narrow and vacancy in any given property can run long without a deep demand base. The 3.4% year-over-year price appreciation is real but not dramatic. The thesis here is not a high-growth momentum play; it is a low-basis, below-replacement-cost entry into a market that has been quietly appreciating while remaining off the radar of institutional capital.

On carrying costs, the combined monthly tax and insurance figure is $234, based on a state-average effective property tax rate of 0.83% and an insurance rate of 0.38%. The tax flag is "normal," meaning Montana's rate does not create a meaningful headwind or tailwind relative to the national baseline. Worth flagging: the 0.83% figure is a state-average estimate from Tax Foundation 2024 data, and actual rates at the county or township level in Phillips County may differ, so confirm the specific mill levy before finalizing your underwrite. At $231,724 in purchase price, the $1,923 annual tax and $881 annual insurance are manageable line items, but they still represent $2,804 per year that needs to be covered regardless of what the rent market delivers.

The primary risk in Phillips County is concentration, and it flows directly from the population figure. At 4,233 residents, this is one of the thinnest rental markets in the data set. Tenant turnover is expensive, lease-up periods can stretch, and a single large employer slowdown or demographic outflow would register immediately in vacancy rates. There is no cushion of population density to absorb shocks. The stability score of 50 is the quantitative expression of that fragility.

Compared to its neighbors, Phillips at $231,724 sits in the middle of the pricing range. Blaine County comes in lower at $205,075 with an overall score of 71, Liberty County at $219,236 also scores 71, and Hill County at $226,664 scores 70. Pondera County is priced higher at $250,371 with the only marginally better overall score of 73. Phillips' overall score of 72 is competitive within this peer group, and its 86th-percentile national rank is the highest of any county listed here. If you are choosing between these Montana neighbors, the case for Phillips over Hill or Blaine comes down to that national ranking and the appreciation score of 81. If price point is the primary constraint and you are willing to accept a lower national rank, Blaine or Liberty offer entry below $220,000. If you want the highest-scored county in the group and can absorb the price premium, Pondera at 73 is a close competitor but costs roughly $19,000 more at the median.