4106 North Star St · Anchorage, AK 99503

$399,000

4 bd · 4.0 ba · 2,650 sqft · MultiFamily public records · 392 Days on market

Built 1959 0.34 ac lot $151/sqft · 24% below area Est $527k · 24% under

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Why this score? — see what drove the D+ 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).

• ARV discount +15.0/15.0
• Cash flow +8.0/30.0
• Appreciation +6.5/10.0
• Livability +3.9/5.0
• Schools +3.7/10.0
• Rent growth +3.1/5.0
• 1% rule +2.5/10.0
• Condition / age +2.5/5.0
• DSCR +2.1/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 2 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Conveniently located midtown apartment 4 - 1BR units with extra computer room, laminated flooring, carpeted bedrooms, plenty of parking, storage units, fully rented to long term renters. Units to be shown upon accepted offer to minimize disturbing tenants.

Key facts

• 0.34 acre lot
• 8 parking spots
• Built 1959

What this means for you Summary

Snapshot

• This is a 2 × 1-bed/1.0-bath units multifamily listed at $399k.

Deal economics

• At list price, monthly cash flow is $-401 ($-5k/yr) — negative. Per door: $-200/mo.
• To cash-flow at today's rent, offer at most $328k (17.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $301k (24.6% below list).
• Recommended offer: $301k (24.6% below list) — sets the bar for 1% rule.
• Cap rate 5.1% 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: Willow Crest Elementary (math 22% / reading 22%, grade F, #128 of 156 statewide, top 86%, 284 students, 100% 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) — zoned schools average 59% FRL vs 38% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.3%/yr); 65 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 306 units permitted in Anchorage Municipality in 2024 (90 in 5+ unit buildings).
• At $3,007/mo this rent would consume 47% of the median local household income ($76k/yr) (locally 747% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $15k of equity ($3k loan paydown + $12k appreciation (3.1% local appreciation)).
• Anchorage County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 3, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 392 days — a 12% lower offer ($351k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 30y 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: built in 1959 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $300,700 (24.6% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 392 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1959 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
11. 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.
12. 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.
13. 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: 0.75% ✗
• Cap rate: 5.09%
• Cash-on-cash: -4.31%
• DSCR: 0.81
• GRM: 11.1

CMA / ARV

• ARV (median comp): $526,560
• List price: $399,000
• Delta: -24.23%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4102 Cope St	0.08mi	4/4.0	2,392 (-10%)	8mo	$575,000	$240	73
3400 North Star St	0.46mi	4/4.0	2,496 (-6%)	0mo	$505,000	$202	68
1808 Cleveland Ave	0.54mi	5/3.5 (+1)	2,487 (-6%)	19mo	$465,000	$187	41
3302 Greenland Dr	0.67mi	4/2.0	2,416 (-9%)	12mo	$385,000	$159	36

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

Projected returns pro-forma

3.1% appreciation · 2.28% rent growth · sell at horizon

5-year hold

• IRR: 3.5%
• Equity multiple: 1.20×
• Total profit: $22,530
• Equity at exit: $181,646

10-year hold

• IRR: 6.5%
• Equity multiple: 1.99×
• Total profit: $110,598
• Equity at exit: $281,691

Cash invested: $111,720 (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 99503

• Home prices YoY: 1.3%
• Rents YoY: 2.3%
• Active inventory: 65
• Price-to-rent: 22.1×

Monthly cashflow live

• Estimated rent: $3,007 high
• Mortgage (P&I): −$2,092
• Tax from tax record: −$518 /mo · $6,213/yr
• Insurance: −$166
• HOA: −$0
• Vacancy / Maint / Mgmt: −$631
• Net cashflow: $-401

Break-even live

Break-even rent $3,514

Max offer price $328,179

Occupancy floor —

Sensitivity live

Price	-10% $-175	-5% $-288	+0% $-401	+5% $-514	+10% $-627
Rent	-10% $-638	-5% $-520	+0% $-401	+5% $-282	+10% $-163
Rate	-1.0pp $-200	-0.5pp $-299	base $-401	+0.5pp $-504	+1.0pp $-609

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$3,008
Total (2 units)			$3,007

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: $99,750
• Closing costs: $11,970
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1417 Matterhorn Way Anchorage, AK	4.0	2.5	2352	$4,000	$1.70	22d	1	1.49mi

Listing history 20 events

1. 2026-06-18
   days on market $399,000 Active 392 DOM
2. 2026-06-17
   days on market $399,000 Active 391 DOM
3. 2026-06-16
   days on market $399,000 Active 390 DOM
4. 2026-06-15
   days on market $399,000 Active 389 DOM
5. 2026-06-14
   days on market $399,000 Active 387 DOM
6. 2026-06-13
   days on market $399,000 Active 386 DOM
7. 2026-06-10
   days on market $399,000 Active 384 DOM
8. 2026-06-09
   days on market $399,000 Active 383 DOM
9. 2026-06-08
   days on market $399,000 Active 382 DOM
10. 2026-06-07
    days on market $399,000 Active 381 DOM
11. 2026-06-03
    days on market $399,000 Active 377 DOM
12. 2026-06-02
    days on market $399,000 Active 376 DOM
13. 2026-06-01
    days on market $399,000 Active 375 DOM
14. 2026-05-31
    days on market $399,000 Active 374 DOM
15. 2026-05-30
    days on market $399,000 Active 373 DOM
16. 2026-01-14
    status Active 256-char remark

    Show marketing remark (256 chars)

    Conveniently located midtown apartment 4 - 1BR units with extra computer room, laminated flooring, carpeted bedrooms, plenty of parking, storage units, fully rented to long term renters. Units to be shown upon accepted offer to minimize disturbing tenants.

17. 2026-01-14
    price $399,000 256-char remark

    Show marketing remark (256 chars)

    Conveniently located midtown apartment 4 - 1BR units with extra computer room, laminated flooring, carpeted bedrooms, plenty of parking, storage units, fully rented to long term renters. Units to be shown upon accepted offer to minimize disturbing tenants.

18. 2025-05-08
    listed $415,000 Active 256-char remark

    Show marketing remark (256 chars)

    Conveniently located midtown apartment 4 - 1BR units with extra computer room, laminated flooring, carpeted bedrooms, plenty of parking, storage units, fully rented to long term renters. Units to be shown upon accepted offer to minimize disturbing tenants.

19. 2013-08-26
    listed $315,000
20. 1996-03-19
    listed $120,000

ⓘ 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: $6,213 · $518/mo
• Projected year-2 tax: $6,213 · $518/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: $36,084
• − Mortgage interest: −$22,350
• − Property taxes: −$6,213
• − Insurance: −$1,995
• − Repairs & maintenance: −$2,887
• − Management: −$2,887
• − Depreciation: −$11,607
• Taxable loss: −$11,855
• Est. tax savings @ 24.0%: +$2,845
• After-tax cash flow: $-1,966/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): 12,964
• Household income: $76,144
• Rent vs Own: 68.2% rent · 31.8% own
• Severe rent burden: 747.0

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 0.78)
• Race & ethnicity: White 43% Asian 15% Native American 15% Two or more races 13% Hispanic / Latino 8% Black 8% Pacific Islander 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Lithuanian 2% Slovak 2% Romanian 2%
• Foreign-born: 17% · Canada, Jamaica, China
• Languages at home: 75% English-only · Tagalog/Filipino 9% Spanish 6% Other Asian/Pacific 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: ▲ 3.10%
• Current HPI: 238.2191
• Rent YoY: ▲ 2.28%
• Metro: Anchorage, AK
• State GDP YoY: —
• F500 in state: 0

Price history

+232.5% since first listed

5 events — show timeline

• 2026-01-14 Relisted — AKMLS
• 2026-01-14 Price Changed $399,000 AKMLS
• 2025-05-08 Listed $415,000 AKMLS
• 2013-08-26 Listed $315,000 AKMLS
• 1996-03-19 Listed $120,000 AKMLS

Property tax history

+2.3%/yr

Latest (2025): $6,213 · +0.0% YoY. Source: county tax records.