2616 McRae Rd · Anchorage, AK 99517

$574,900

5 bd · 2.5 ba · 3,533 sqft · MultiFamily public records · 51 Days on market

Built 1966 0.26 ac lot $163/sqft · at area comps Est $631k · 9% under

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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 +16.4/30.0
• ARV discount +11.5/15.0
• DSCR +5.1/10.0
• 1% rule +4.2/10.0
• Livability +3.9/5.0
• Schools +3.7/10.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

This is a spacious multi-family duplex situated on a large lot in a convenient and well-established Anchorage neighborhood. This property is an excellent opportunity for investors, multi-generational living, or owner-occupants looking to offset their mortgage with rental income. Each unit features a functional layout with generous living spaces, ample natural light, and comfortable bedrooms. The flexible floor plans provide a great foundation for customization or value-add improvements, making this property ideal for those looking to build equity or maximize rental potential. Set on a sizable lot, the property offers plenty of outdoor space for tenants or owners to enjoy during the summer months. A major highlight is the abundant off-street parking, with space for up to 6 vehicles--an increasingly valuable feature for both residents and renters in Anchorage. Conveniently located in the 99517 area, this duplex provides easy access to schools, parks, shopping, dining, and Ted Stevens Anchorage International Airport. Commuters will appreciate the central location and quick connections to major roads, while outdoor enthusiasts can take advantage of nearby trails and recreational opportunities. Don't miss your chance to secure a multi-family property in Anchorage with room to grow and perform.

Key facts

• 0.26 acre lot
• Garage
• Built 1966

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.2-bath units multifamily listed at $575k.

Deal economics

• At list price, monthly cash flow is $276 ($3k/yr) — positive. Per door: $138/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $527k (8.3% below list).
• Recommended offer: $527k (8.3% below list) — sets the bar for 1% rule.
• Cap rate 7.0% vs local median 3.8% in Anchorage — 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 78/100 on livability (#6 in AK, #2,553 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: crime F, cost of living F.
• Anchorage School District (urban): math 37% / reading 43% proficiency, ranked #6 of 21 in AK (top 29%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Northwood Abc (math 17% / reading 27%, grade F, #128 of 156 statewide, top 86%, 281 students, 73% FRL); Romig Middle School (math 24% / reading 44%, grade F, #22 of 36 statewide, top 63%, 720 students, 37% FRL); West High School (math 32% / reading 27%, grade F, #39 of 61 statewide, top 65%, 1,763 students, 40% FRL).
• Market conditions: Rents rising (+3.3%/yr); 66 active listings in the ZIP; solid renter incomes; 306 units permitted in Anchorage Municipality in 2024 (90 in 5+ unit buildings).
• At $5,272/mo this rent would consume 61% of the median local household income ($104k/yr) (locally 643% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $17k of value loss. Plan a longer hold.
• Anchorage County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($558k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 28y ago 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: flood insurance adds $56/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $527,200 (8.3% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 8% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.92% ✗
• Cap rate: 6.98%
• Cash-on-cash: 2.47%
• DSCR: 1.11
• GRM: 9.1

CMA / ARV

• ARV (median comp): $631,366
• List price: $574,900
• Delta: -8.94%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2500 W 34th Ave	0.18mi	6/3.0 (+1)	3,516 (-0%)	7mo	$640,000	$182	78
3205 Oregon Dr	0.59mi	5/4.0	3,384 (-4%)	10mo	$675,000	$199	52
3212 Greenland Dr	0.66mi	4/3.0 (-1)	3,472 (-2%)	11mo	$472,900	$136	50
3430 Balchen Dr	0.50mi	6/4.0 (+1)	3,368 (-5%)	18mo	$525,000	$156	43
3600 W 41st Ave	0.68mi	6/4.0 (+1)	3,512 (-1%)	21mo	$739,000	$210	39
3807 Greenland Dr	0.69mi	6/4.0 (+1)	3,308 (-6%)	13mo	$799,900	$242	35
3305 Greenland Dr	0.67mi	6/5.0 (+1)	3,671 (+4%)	19mo	$620,000	$169	32

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.3% rent growth · sell at horizon

5-year hold

• IRR: -12.7%
• Equity multiple: 0.54×
• Total profit: $-73,981
• Equity at exit: $85,719

10-year hold

• IRR: -3.2%
• Equity multiple: 0.78×
• Total profit: $-35,116
• Equity at exit: $49,707

Cash invested: $160,972 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 80 Strongly Landlord-Friendly
• State Alaska: 80 Strongly Landlord-Friendly · R+8
• County: — inherits STATE
• City: — inherits STATE

30-day notice; security deposits capped; courts moderate-paced.

Methodology + full state rankings →

ZIP-level market 99517

• Rents YoY: 3.3%
• Active inventory: 66
• Price-to-rent: 18.2×

Monthly cashflow live

• Estimated rent: $5,272 medium
• Mortgage (P&I): −$3,015
• Tax from tax record: −$579 /mo · $6,952/yr
• Insurance: −$240
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,107
• Net cashflow: $276

Break-even live

Break-even rent $4,923

Max offer price $574,900

Occupancy floor 90%

Sensitivity live

Price	-10% $601	-5% $438	+0% $276	+5% $113	+10% $-50
Rent	-10% $-141	-5% $67	+0% $276	+5% $484	+10% $692
Rate	-1.0pp $565	-0.5pp $422	base $276	+0.5pp $127	+1.0pp $-25

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.2	$5,272
Total (2 units)			$5,272

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: $143,725
• Closing costs: $17,247
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-22
   days on market $574,900 Active 51 DOM
2. 2026-06-18
   days on market $574,900 Active 48 DOM
3. 2026-06-17
   days on market $574,900 Active 47 DOM
4. 2026-06-16
   days on market $574,900 Active 46 DOM
5. 2026-06-15
   days on market $574,900 Active 45 DOM
6. 2026-06-14
   days on market $574,900 Active 43 DOM
7. 2026-06-13
   days on market $574,900 Active 42 DOM
8. 2026-06-10
   days on market $574,900 Active 40 DOM
9. 2026-06-09
   days on market $574,900 Active 39 DOM
10. 2026-06-08
    days on market $574,900 Active 38 DOM
11. 2026-06-07
    days on market $574,900 Active 37 DOM
12. 2026-06-03
    days on market $574,900 Active 33 DOM
13. 2026-06-02
    days on market $574,900 Active 32 DOM
14. 2026-06-01
    days on market $574,900 Active 31 DOM
15. 2026-05-31
    days on market $574,900 Active 30 DOM
16. 2026-05-30
    days on market $574,900 Active 29 DOM
17. 2026-05-01
    listed $574,900 Active 1312-char remark

    Show marketing remark (1312 chars)

    This is a spacious multi-family duplex situated on a large lot in a convenient and well-established Anchorage neighborhood. This property is an excellent opportunity for investors, multi-generational living, or owner-occupants looking to offset their mortgage with rental income. Each unit features a functional layout with generous living spaces, ample natural light, and comfortable bedrooms. The flexible floor plans provide a great foundation for customization or value-add improvements, making this property ideal for those looking to build equity or maximize rental potential. Set on a sizable lot, the property offers plenty of outdoor space for tenants or owners to enjoy during the summer months. A major highlight is the abundant off-street parking, with space for up to 6 vehicles--an increasingly valuable feature for both residents and renters in Anchorage. Conveniently located in the 99517 area, this duplex provides easy access to schools, parks, shopping, dining, and Ted Stevens Anchorage International Airport. Commuters will appreciate the central location and quick connections to major roads, while outdoor enthusiasts can take advantage of nearby trails and recreational opportunities. Don't miss your chance to secure a multi-family property in Anchorage with room to grow and perform.

18. 2007-06-25
    listed $299,000
19. 1998-01-31
    listed $169,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast AK · Partial reset (capped growth)

• Current annual tax: $6,952 · $579/mo
• Projected year-2 tax: $6,952 · $579/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $63,264
• − Mortgage interest: −$32,203
• − Property taxes: −$6,952
• − Insurance: −$3,541
• − Repairs & maintenance: −$5,061
• − Management: −$5,061
• − Depreciation: −$16,724
• Taxable loss: −$6,279
• Est. tax savings @ 24.0%: +$1,507
• After-tax cash flow: $4,814/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.

Schools (NCES district)

• District: Anchorage School District
• NCES district ID: 0200180
• Math proficiency: 37% ▼ -2.00%
• Reading proficiency: 43% ▲ 1.00%
• Median HH income: $76,447
• Composite: 37.0/100
• National rank: #4523
• State rank: #6 of 21 in AK

Livability — Anchorage

• Score: 78/100
• State rank: #6
• US rank: #2553

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Anchorage, AK
• County: Anchorage Borough · 246,594 people
• City population: 218,117
• Metro: Anchorage, AK
• Population (ZIP): 16,486
• Household income: $103,880
• Rent vs Own: 39.9% rent · 60.1% own
• Severe rent burden: 643.0

Population outlook (Anchorage County) Hauer SSP2

• Today (2025): 314,993 people
• By 2030: 321,771 · +2.2%
• By 2040: 335,493 · +6.5%
• By 2050: 352,799 · +12.0%
• By 2075: 414,771 · +31.7%
• By 2100: 474,485 · +50.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 61% Two or more races 10% Asian 9% Native American 8% Hispanic / Latino 7% Black 4% Pacific Islander 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Portuguese 3% Italian 2% Slovene 2%
• Foreign-born: 11% · Canada, South Korea, China
• Languages at home: 86% English-only · Tagalog/Filipino 4% Other Asian/Pacific 2% Spanish 2%

Political lean MEDSL · Anchorage

• 2024 margin: D (+12.7) · D 56.3% · R 43.7%
• 2016→2024 swing: +27.9pp toward D · 2016: -15.2pp · 2024: 12.7pp
• All cycles: 2024: D+12.7 2016: R+15.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -193.57%
• Current HPI: 298.4457
• Rent YoY: ▲ 3.30%
• Metro: Anchorage, AK
• State GDP YoY: —
• F500 in state: 0

Price history

+240.2% since first listed

3 events — show timeline

• 2026-05-01 Listed $574,900 AKMLS
• 2007-06-25 Listed $299,000 AKMLS
• 1998-01-31 Listed $169,000 AKMLS

Property tax history

+1.1%/yr

Latest (2025): $6,952 · -3.9% YoY. Source: county tax records.