The Residence at Lordwith is a fully occupied, 24-unit mid-century brick community (three two-story buildings, all 2BR/1BA) in central Billings, next to Pioneer Park and about a mile from the medical corridor. It's a core-plus opportunity: stable income today, a proven renovation standard to extend, and demand being built by others. Eight units were fully renovated to a 2025 standard and already earn a premium; the remaining 16 (10 classic and 6 earlier, lighter renovations) can be brought up to that standard on turnover. In-place cap rate: 5.01% (NOI $273,224, based on the November 2026 rent roll and current expenses). Pro forma cap rate: 6.22% (illustrative, not underwritten: all units at the 2025 standard at $1,600/mo with residents paying utilities, plus internet billback). T-12 actual (Nov 2025 - Oct 2026): 4.73%. About a mile away, the ~$1B St. Vincent replacement hospital is under construction and the new MSU College of Nursing building has opened. Condo-conversion groundwork has been completed with the Montana Department of Revenue; no declaration has been recorded, and the property is offered as a single rental asset. Full T-12, rent roll, financial reconciliation memo and entity tax returns available with a signed CA