1011 Friendly Ln · Anchorage, AK 99504

$469,500

7 bd · 3.0 ba · 2,272 sqft · MultiFamily public records · 30 Days on market

Built 1972 8,580 sqft lot Est $670k · 30% 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 +22.0/30.0
• ARV discount +15.0/15.0
• DSCR +7.0/10.0
• 1% rule +5.5/10.0
• Livability +3.9/5.0
• Schools +3.7/10.0
• Rent growth +3.1/5.0
• 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: 3 units. confirmed

Listing remarks

Brand New Roof! New Windows in 2 units Perfect Starter Investment! Owner Occupy this Triplex with a Newer Boiler & H/W heater. Lower Two bed unit and Upstairs Three bed unit have been updated over past few years - Southern Two bed unit has long time tenant-needs updating. All Units have their OWN Washer & Dryer. Great Western Exposure, lots of light!

Key facts

• Brand new roof
• Newer boiler
• Western exposure

Tags

• BRAND NEW ROOF
• NEW WINDOWS
• NEWER BOILER
• OWN WASHER DRYER
• WESTERN EXPOSURE

🏷️ Possibly a rental listed for sale. The $469,500 price doesn't fit this home's estimated sale value (~$670,240) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $470k.

Deal economics

• At list price, monthly cash flow is $750 ($9k/yr) — positive. Per door: $250/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $470k).
• Recommended offer: $462k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.2% 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: Muldoon Elementary (math 17% / reading 17%, grade F, #139 of 156 statewide, top 92%, 466 students, 100% FRL); Nicholas J. Begich Middle School (math 10% / reading 24%, grade F, #32 of 36 statewide, top 89%, 882 students, 78% FRL); Bartlett High School (math 22% / reading 27%, grade F, #42 of 61 statewide, top 82%, 1,373 students, 64% FRL) — zoned schools average 80% FRL vs 38% district-wide (43 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 20% at this address vs 40% district-wide (-20 pts) — the specific schools serving this property underperform the Anchorage School District average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+2.6%/yr); 214 active listings in the ZIP; solid renter incomes; 306 units permitted in Anchorage Municipality in 2024 (90 in 5+ unit buildings).
• At $4,925/mo this rent would consume 68% of the median local household income ($87k/yr) (locally 1052% 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 $3k of loan paydown is wiped out by about $14k 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 30 days — a 2% lower offer ($462k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 32y ago; this cycle's ask is 29244% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Recommended offer $462,457 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.05% ✓
• Cap rate: 8.21%
• Cash-on-cash: 6.85%
• DSCR: 1.30
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $670,240
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1011 Boston St	0.06mi	7/3.0	2,272 (0%)	7mo	$670,000	$295	91
1031 Boston St	0.06mi	7/3.0	2,272 (0%)	22mo	$51,000	$22	78

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 · 2.57% rent growth · sell at horizon

5-year hold

• IRR: -6.3%
• Equity multiple: 0.77×
• Total profit: $-30,408
• Equity at exit: $70,004

10-year hold

• IRR: 2.9%
• Equity multiple: 1.20×
• Total profit: $26,460
• Equity at exit: $40,594

Cash invested: $131,460 (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 99504

• Rents YoY: 2.6%
• Active inventory: 214
• Price-to-rent: 23.8×

Monthly cashflow live

• Estimated rent: $4,925 high
• Mortgage (P&I): −$2,462
• Tax from tax record: −$483 /mo · $5,793/yr
• Insurance: −$196
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,034
• Net cashflow: $750

Break-even live

Break-even rent $3,975

Max offer price $469,500

Occupancy floor 80%

Sensitivity live

Price	-10% $1,016	-5% $883	+0% $750	+5% $617	+10% $484
Rent	-10% $361	-5% $556	+0% $750	+5% $945	+10% $1,139
Rate	-1.0pp $987	-0.5pp $870	base $750	+0.5pp $629	+1.0pp $505

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,926
Total (3 units)			$4,925

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: $117,375
• Closing costs: $14,085
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-03-25
   historical $1,600
2. 2026-03-25
   status Pending
3. 2026-02-26
   listed $1,600
4. 2026-02-22
   listed $469,500 Active
5. 2025-10-20
   price $469,000
6. 2025-09-12
   price $469,500
7. 2025-06-16
   listed $469,900 Active
8. 2000-11-28
   soldstatus
9. 2000-09-14
   listed $162,900
10. 2000-03-29
    listed $162,900
11. 1999-12-31
    listed $169,900
12. 1997-05-19
    soldstatus
13. 1997-03-07
    listed $142,000
14. 1996-04-29
    listed $147,000
15. 1994-12-28
    listed $135,000

ⓘ 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: $5,793 · $483/mo
• Projected year-2 tax: $5,793 · $483/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $59,100
• − Mortgage interest: −$26,299
• − Property taxes: −$5,793
• − Insurance: −$2,348
• − Repairs & maintenance: −$4,728
• − Management: −$4,728
• − Depreciation: −$13,658
• Taxable income: $1,546
• Est. tax owed @ 24.0%: −$371
• After-tax cash flow: $8,632/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): 42,093
• Household income: $86,710
• Rent vs Own: 33.9% rent · 66.1% own
• Severe rent burden: 1052.0

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: Highly diverse neighborhood (Simpson 0.80)
• Race & ethnicity: White 41% Two or more races 18% Asian 13% Native American 9% Black 9% Hispanic / Latino 9% Pacific Islander 6%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Portuguese 2% Ukrainian 2% Romanian 2%
• Foreign-born: 12% · Canada, South Korea, Vietnam
• Languages at home: 76% English-only · Other Asian/Pacific 9% Spanish 4% Tagalog/Filipino 3%

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: ▼ -184.29%
• Current HPI: 259.8803
• Rent YoY: ▲ 2.57%
• Metro: Anchorage, AK
• State GDP YoY: —
• F500 in state: 0

Price history

-98.8% since first listed

15 events — show timeline

• 2026-03-25 Rental Removed $1,600 AKMLS
• 2026-03-25 Pending — AKMLS
• 2026-02-26 Listed for Rent $1,600 AKMLS
• 2026-02-22 Listed $469,500 AKMLS
• 2025-10-20 Price Changed $469,000 AKMLS
• 2025-09-12 Price Changed $469,500 AKMLS
• 2025-06-16 Listed $469,900 AKMLS
• 2000-11-28 Sold (Public Records) — Public Records
• 2000-09-14 Listed $162,900 AKMLS
• 2000-03-29 Listed $162,900 AKMLS
• 1999-12-31 Listed $169,900 AKMLS
• 1997-05-19 Sold (Public Records) — Public Records
• 1997-03-07 Listed $142,000 AKMLS
• 1996-04-29 Listed $147,000 AKMLS
• 1994-12-28 Listed $135,000 AKMLS

Property tax history

+3.4%/yr

Latest (2025): $5,793 · +3.9% YoY. Source: county tax records.