205 Water St Sheridan, MT 59749
Property details
About 205 Water St
Endless Potential on a Rare Double Lot - Live, Rent, Build, or Invest! Welcome to 205 Water Street, a well-maintained, flexible property brimming with possibilities located in the heart of Sheridan, MT. Situated on a 0.35± acre corner lot, the property spans two separate parcels - perfect for creating opportunities to build an additional duplex or single-family home, add a garage or simply holding the second lot as a long-term investment. The 2012 built home is located on Lot 11A and offers multiple living configurations. It is ideally suited for single family use, multi-generational living or as an income-generating duplex. As a single-family home, enjoy 6 total bedrooms, 3 full bathrooms and over 2,500 square feet of living space. The upper level features 3 bedrooms and 2 full baths, a spacious living room, full kitchen, washer/dryer, A/C and a charming balcony deck ideal for grilling or relaxing. The lower level mirrors the upper, with 3 more bedrooms, 1 full bath, its own full kitchen, pantry, laundry room and a private entrance making it an excellent option for a duplex setup or rental income. Designed with efficiency and versatility in mind, this home is equipped with two furnaces, two hot water heaters, and separate gas and electric meters - a rare and valuable configuration for multi-family use or owner-occupied living with a rental unit to help offset your mortgage or provide cash flow. The home has historically been used as a short and long term rental. A projected $3,000/month was estimated by a local, licensed property manager between the 2 units as long term rental, plus you have the option to sell or develop the other lot! Beyond the home itself, the property offers a lifestyle that's hard to match. Located just minutes from downtown Sheridan, and nestled in Montana's Ruby Valley-surrounded by scenic mountains, rivers, and open space in every direction. Outdoor recreation abounds with world famous fly fishing, hiking, horseback riding, hunting, and snowmobiling right at your doorstep. Plus, historic Virginia City is just a short drive away, offering rich local history and seasonal events. Conveniently positioned between Bozeman and Butte, with access to airports in both directions, this location balances small-town charm with regional connectivity. Whether you're a homeowner looking for flexibility, a savvy investor or a builder ready to capitalize on the additional lot, 205 Water St offers unmatched potential in a prime location.
Highlights
Summary
- Full Bathrooms: 3
- Appliances: Dryer, Dishwasher, Microwave, Range, Refrigerator, Washer
- Basement: Yes
- Flooring Type: Laminate, Partially Carpeted
- Interior: Window Treatments, Main Level Primary
- Total Bedroom Count: 6
- Parking: No Garage
- Waterfront: None
- Exterior: Gravel Driveway
- Heating: Forced Air, Natural Gas
- Cooling: Central Air, Ceiling Fan(s)
- List Price: $659,000
- Price/SqFt: $262
- Annual Tax Amount: $2,242
- Tax Year: 2024
- Lot: Lawn
- Directions: Corner of Water St. & Gourley Lane
- Year Built: 2012
- Stories: 2
- Living Area: 2,512 SqFt
- Lot Size: 0.35 Acres
- MLS Number: 402686
- MLS Name: SWMT
- Office Name: ERA Lambros R.E. - Dillon
- Office Phone: (406) 865-4596
- Office Email: dillon@eralambros.com
- Listing Agent: Terri Medina
The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange of the Gallatin Association of Realtors/Big Sky Country MLS. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information deemed reliable but not guaranteed. Copyright© 2025 Gallatin Association of Realtors/Big Sky Country MLS. All Rights Reserved.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 6/27/2025, 7:45:29 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
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$659,000
205 Water St
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Price information
Property sales
We're sorry, we currently don't have property sales data for this listing.
Tax history
| Year | Assessment | Property Tax |
|---|---|---|
| 2024 | $347,800 | $2,242 |
| 2023 | $347,800 | $2,308 |
| 2022 | $270,900 | $2,063 |
| 2021 | $270,900 | $2,011 |
| 2020 | $212,700 | $1,675 |
| 2019 | $212,700 | $1,679 |
| 2018 | $204,000 | $1,764 |
| 2017 | $204,000 | $1,796 |
History based on county public records data.
Nearby schools
6
Twin Bridges School
Public District PK-6
9.0 mi
•216 W 6th Ave
7
Ennis School
Public District PK-6
23.9 mi
•223 Charles Ave
7
Parkview School
Public District PK-5
26.5 mi
•22 Cottom Dr
School ratings are a score out of 10, where 10 is the highest and 1 is the lowest.
Neighborhood
The neighbors living near this home have an average income of $37,143. Typical income of Sheridan, MT residents is between $35k-100k annually. Typical family type is single, no kids. Residents of this area typically have post secondary degree education.
How much money do the neighbors make?
What level of education do the neighbors have?
What types of families live nearby?
Are the neighbors home owners or renters?
How old are people in this area?
What do the neighbors do for fun?
Figure Skating
NASCAR
Hunting
Where do the neighbors shop?
Dollar General
Wal-Mart
Academy Sports & Outdoors
Where do the neighbors go to eat?
Applebees
Hardee's
Jimmy Johns
What do the neighbors drive?
Cadillac
Oldsmobile
Ram
What do the neighbors listen to?
Classic Country
Oldies
New Country
Frequently asked questions
About 205 Water St
The listing price of 205 Water St property is $659,000.
The property 205 Water St is a house located in Sheridan, Montana, 59749.
Active Listing: 205 Water St is For Sale (Active/New) which means the seller is accepting offers.
The nearby schools for 205 Water St are: Twin Bridges School (GreatSchools Rating 6/10), Ennis School (GreatSchools Rating 7/10), Parkview School (GreatSchools Rating 7/10), Twin Bridges Middle School (GreatSchools Rating 8/10), Ennis 7-8 (GreatSchools Rating 8/10), Dillon Middle School (GreatSchools Rating 8/10), Sheridan High School (GreatSchools Rating 3/10), Twin Bridges High School (GreatSchools Rating 7/10), Ennis High School (GreatSchools Rating 8/10).
According to the records, the last property tax for 2024 is $2,242 (source: MLS/based on county public records data).
The property at 205 Water St has 6 bedrooms and 3 bathrooms.
The property 205 Water St is 2,512 SqFt (source: MLS/tax record).
The year of construction for 205 Water St is 2012.
This home is located at 205 Water St in Sheridan, MT and zip code 59749. This 2,512 square foot home, which was built in 2012, sits on a 0.35 acre lot. Features: 6 bedrooms, 3 bathrooms. It has been listed on Rocket Homes since June 2, 2025 and is currently priced at $659,000.
In May 2025 more than 0 listings in Sheridan, MT were sold above the asking price. During the same period more than 0 listings were sold at asking price, while more than 1 were sold below. Between April and May 2025, Sheridan, MT real estate market has seen increase in the number of listings by 9.5%. While the average time on the market in May 2025 was 14 days, the median list price was $561,000.