4660 Reka Dr Unit D05 · Anchorage, AK 99508

$130,000

1 bd · 1.0 ba · 661 sqft · Condo public records · 107 Days on market

Built 1978 $197/sqft · at area comps Est $129k · at est. $309/mo HOA · 22% of rent ↓ 4% since listing

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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).

• Cash flow +10.2/30.0
• ARV discount +7.1/15.0
• 1% rule +5.9/10.0
• Livability +3.9/5.0
• Rent growth +3.7/5.0
• Schools +3.7/10.0
• DSCR +2.9/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming single-level, ground-floor condo just steps from assigned parking. Freshly remodeled with new flooring and carpet, updated countertops, lighting, cabinets, faucets, garbage disposal, toilet, and closet hardware. Features a covered deck and wood stove hookup. Patio door opens to common area lawn—perfect for a pet. Conveniently located near Russian Jack Trails with minimal stairs for easy access. Seller is willing to sell fully furnished. The fully furnished part can be moved to where only the agents can see that and relay it to clients if you wish. I called the property manager and they confirmed your dues are 309.20 per month, she gave me the combo to the laundry room, and confirmed that one pet is allowed with no restrictions.

Key facts

• Covered deck
• Updated countertops
• Ground-floor condo

Tags

• GROUND-FLOOR CONDO
• REMODELED WITH NEW FLOORING
• UPDATED COUNTERTOPS
• COVERED DECK
• WOOD STOVE HOOKUP
• COMMON AREA LAWN

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $130k.

Deal economics

• At list price, monthly cash flow is $-73 ($-879/yr) — negative.
• To cash-flow at today's rent, offer at most $117k (10.0% below list).
• Meets the 1% rule at list price ($1k rent vs $130k).
• Recommended offer: $117k (10.0% below list) — sets the bar for cash-flow.
• Cap rate 5.6% 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.
• Market conditions: Rents rising fast (+4.9%/yr); 147 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 306 units permitted in Anchorage Municipality in 2024 (90 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $899 of loan paydown is wiped out by about $4k 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 107 days — a 9% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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: HOA is 22% of rent.

Recommended offer $117,058 (10.0% 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 107 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
3. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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: 1.09% ✓
• Cap rate: 5.62%
• Cash-on-cash: -2.42%
• DSCR: 0.89
• GRM: 7.6

CMA / ARV

• ARV (median comp): $128,943
• List price: $130,000
• Delta: 0.82%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.88% rent growth · sell at horizon

5-year hold

• IRR: -17.3%
• Equity multiple: 0.37×
• Total profit: $-22,797
• Equity at exit: $19,383

10-year hold

• IRR: -5.1%
• Equity multiple: 0.63×
• Total profit: $-13,384
• Equity at exit: $11,240

Cash invested: $36,400 (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 99508

• Rents YoY: 4.9%
• Active inventory: 147
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $1,418 high
• Mortgage (P&I): −$682
• Tax from tax record: −$149 /mo · $1,783/yr
• Insurance: −$54
• HOA: −$309
• Vacancy / Maint / Mgmt: −$298
• Net cashflow: $-73

Break-even live

Break-even rent $1,511

Max offer price $117,058

Occupancy floor —

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4545 Reka Dr Anchorage, AK	1.0–2.0	1.0	562	$1,395	$2.48	13d	10	0.15mi
5340 E 26th Ave Anchorage, AK	1.0	1.0	445	$1,306	$2.94	13d	3	0.64mi
4731 Mills Dr Anchorage, AK	1.0	1.0	700	$2,000	$2.86	43d	1	0.68mi
330 S Flower St Unit 12 Anchorage, AK	2.0	1.0	650	$1,300	$2.00	13d	1	1.23mi
330 S Flower St Unit 01 Anchorage, AK	2.0	1.0	700	$1,300	$1.86	43d	1	1.23mi
218 McCarrey St Anchorage, AK	3.0	1.0	640	$1,335	$2.09	21d	9	1.33mi
5901 E 6th Ave Anchorage, AK	2.0–3.0	1.0–2.0	907	$1,999	$2.20	13d	7	1.44mi

HOA detail condo

• Monthly dues: $309 · $3,708/yr
• Likely covers: trashparking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 7 events

1. 2026-06-02
   status $130,000 Pending 107 DOM
2. 2026-06-01
   days on market $130,000 Active 107 DOM
3. 2026-05-31
   days on market $130,000 Active 106 DOM
4. 2026-05-30
   days on market $130,000 Active 105 DOM
5. 2026-04-07
   status Active 754-char remark

   Show marketing remark (754 chars)

   Charming single-level, ground-floor condo just steps from assigned parking. Freshly remodeled with new flooring and carpet, updated countertops, lighting, cabinets, faucets, garbage disposal, toilet, and closet hardware. Features a covered deck and wood stove hookup. Patio door opens to common area lawn—perfect for a pet. Conveniently located near Russian Jack Trails with minimal stairs for easy access. Seller is willing to sell fully furnished. The fully furnished part can be moved to where only the agents can see that and relay it to clients if you wish. I called the property manager and they confirmed your dues are 309.20 per month, she gave me the combo to the laundry room, and confirmed that one pet is allowed with no restrictions.

6. 2026-02-16
   price $130,000 754-char remark

   Show marketing remark (754 chars)

   Charming single-level, ground-floor condo just steps from assigned parking. Freshly remodeled with new flooring and carpet, updated countertops, lighting, cabinets, faucets, garbage disposal, toilet, and closet hardware. Features a covered deck and wood stove hookup. Patio door opens to common area lawn—perfect for a pet. Conveniently located near Russian Jack Trails with minimal stairs for easy access. Seller is willing to sell fully furnished. The fully furnished part can be moved to where only the agents can see that and relay it to clients if you wish. I called the property manager and they confirmed your dues are 309.20 per month, she gave me the combo to the laundry room, and confirmed that one pet is allowed with no restrictions.

7. 2026-02-07
   listed $134,900 Active 754-char remark

   Show marketing remark (754 chars)

   Charming single-level, ground-floor condo just steps from assigned parking. Freshly remodeled with new flooring and carpet, updated countertops, lighting, cabinets, faucets, garbage disposal, toilet, and closet hardware. Features a covered deck and wood stove hookup. Patio door opens to common area lawn—perfect for a pet. Conveniently located near Russian Jack Trails with minimal stairs for easy access. Seller is willing to sell fully furnished. The fully furnished part can be moved to where only the agents can see that and relay it to clients if you wish. I called the property manager and they confirmed your dues are 309.20 per month, she gave me the combo to the laundry room, and confirmed that one pet is allowed with no restrictions.

ⓘ 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: $1,783 · $149/mo
• Projected year-2 tax: $1,783 · $149/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $17,016
• − Mortgage interest: −$7,282
• − Property taxes: −$1,783
• − Insurance: −$650
• − Repairs & maintenance: −$1,361
• − Management: −$1,361
• − HOA: −$3,708
• − Depreciation: −$3,782
• Taxable loss: −$2,911
• Est. tax savings @ 24.0%: +$699
• After-tax cash flow: $-180/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): 36,458
• Household income: $79,314
• Rent vs Own: 46.8% rent · 53.2% own
• Severe rent burden: 1248.0

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 0.82)
• Race & ethnicity: White 38% Two or more races 14% Asian 13% Hispanic / Latino 13% Native American 10% Pacific Islander 8% Black 6%
• Hispanic origin (detail): Mexican 4% Puerto Rican 2% Cuban 1% Dominican 3%
• Common ancestry: Portuguese 3% Iranian 2% Romanian 2%
• Foreign-born: 15% · Canada, Jamaica, South Korea
• Languages at home: 72% English-only · Other Asian/Pacific 11% Spanish 8% Tagalog/Filipino 4%

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: ▼ -203.51%
• Current HPI: 257.8807
• Rent YoY: ▲ 4.88%
• Metro: Anchorage, AK
• State GDP YoY: —
• F500 in state: 0

Price history

-3.6% since first listed

3 events — show timeline

• 2026-04-07 Relisted — AKMLS
• 2026-02-16 Price Changed $130,000 AKMLS
• 2026-02-07 Listed $134,900 AKMLS

Property tax history

+7.5%/yr

Latest (2025): $1,783 · +29.3% YoY. Source: county tax records.