401 N Bliss St · Anchorage, AK 99508

$520,000

8 bd · 4.0 ba · 3,536 sqft · MultiFamily · 3 Days on market

Built 1983 Good condition 6,250 sqft lot Est $513k · at est.

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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 +26.3/30.0
• DSCR +8.9/10.0
• 1% rule +7.0/10.0
• ARV discount +6.9/15.0
• Livability +3.9/5.0
• Condition / age +3.8/5.0
• Rent growth +3.7/5.0
• Schools +3.7/10.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

Great opportunity near JBER! This well cared for 4-plex on a non-thru street, is perfect for investors or those looking to owner-occupy and let the other units help pay the mortgage. Conveniently located with easy access to base, schools, shopping, and parks. Each unit offers functional layouts and 2 off-street parking spots. Two units upstairs has a fireplace, bottoms don't.

Key facts

• Easy access to base
• Non-thru street
• Functional layouts

Tags

• NON-THRU STREET
• EASY ACCESS TO BASE
• EASY ACCESS TO SCHOOLS
• EASY ACCESS TO SHOPPING
• EASY ACCESS TO PARKS
• FUNCTIONAL LAYOUTS

Property features AI

Finance

• Financial info: Annual tax listed (see brokerage for details)

Exterior

• Parking: 8 open parking spaces; No attached garage or carport
• Utilities: Public sewer
• Home design: Multi-family property; Built in 1983; Block foundation
• Construction: Asphalt shingle roof; Block foundation; Year built 1983
• Exterior features: Paved road access; Asphalt shingle roof

Interior

• Bedrooms: 8 bedrooms
• Bathrooms: 4 full bathrooms
• Interior features: Total living area of 3,536

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $520k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $335/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $520k).
• Cap rate 9.4% 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: Mountain View Elementary (math 8% / reading 12%, grade F, #153 of 156 statewide, top 100%, 290 students, 100% FRL); Clark Middle School (math 7% / reading 22%, grade F, #35 of 36 statewide, top 97%, 835 students, 100% FRL); Bettye Davis East Anchorage High School (math 20% / reading 25%, grade F, #51 of 61 statewide, top 83%, 1,745 students, 71% FRL) — zoned schools average 90% FRL vs 38% district-wide (53 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 16% at this address vs 40% district-wide (-24 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 fast (+4.9%/yr); 149 active listings in the ZIP; solid renter incomes; 306 units permitted in Anchorage Municipality in 2024 (90 in 5+ unit buildings).
• At $6,246/mo this rent would consume 95% of the median local household income ($79k/yr) (locally 1248% 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 $16k 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.
• At projected returns (-3.0% appreciation + 4.9% rent growth), your $146k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 11y 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.

Recommended offer $520,000

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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.20% ✓
• Cap rate: 9.39%
• Cash-on-cash: 11.05%
• DSCR: 1.49
• GRM: 6.9

CMA / ARV

• ARV (on-the-fly): $512,720
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
617 N Flower St	0.40mi	8/4.0	3,456 (-2%)	2mo	$620,000	$179	76
741 N Bliss St	0.24mi	8/4.0	3,264 (-8%)	6mo	$485,000	$149	71
605 Mumford St	0.63mi	8/4.0	3,500 (-1%)	3mo	$539,900	$154	66
4502 McPhee Ave	0.30mi	9/4.0 (+1)	3,792 (+7%)	3mo	$549,900	$145	66
740 N Bragaw St	0.53mi	9/4.0 (+1)	3,560 (+1%)	6mo	$474,000	$133	64
633 N Flower St	0.40mi	8/4.0	3,780 (+7%)	8mo	$180,000	$48	63
4406 Parsons Ave	0.21mi	8/4.0	4,056 (+15%)	9mo	$520,000	$128	58
627 N Flower St	0.40mi	8/6.0	3,780 (+7%)	8mo	$180,000	$48	55
544 N Park St	0.30mi	9/4.0 (+1)	3,932 (+11%)	9mo	$540,000	$137	55
601 Irwin St	0.51mi	9/4.0 (+1)	3,780 (+7%)	6mo	$577,700	$153	55
808 N Flower St	0.48mi	9/4.0 (+1)	3,840 (+9%)	5mo	$540,000	$141	54
314 Flower St	0.62mi	8/4.0	3,360 (-5%)	12mo	$615,000	$183	53

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 · 4.88% rent growth · sell at horizon

5-year hold

• IRR: 2.3%
• Equity multiple: 1.09×
• Total profit: $13,260
• Equity at exit: $77,534

10-year hold

• IRR: 13.7%
• Equity multiple: 2.19×
• Total profit: $173,210
• Equity at exit: $44,960

Cash invested: $145,600 (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: 149
• Price-to-rent: 27.8×

Monthly cashflow live

• Estimated rent: $6,246 high
• Mortgage (P&I): −$2,727
• Tax est. 1.5%: −$650 /mo · $7,800/yr
• Insurance: −$217
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,312
• Net cashflow: $1,341

Break-even live

Break-even rent $4,549

Max offer price $520,000

Occupancy floor 74%

Sensitivity live

Price	-10% $1,700	-5% $1,520	+0% $1,341	+5% $1,161	+10% $981
Rent	-10% $847	-5% $1,094	+0% $1,341	+5% $1,587	+10% $1,834
Rate	-1.0pp $1,603	-0.5pp $1,473	base $1,341	+0.5pp $1,206	+1.0pp $1,069

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$6,248
Total (4 units)			$6,246

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: $130,000
• Closing costs: $15,600
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-01
   status $520,000 Pending 3 DOM
2. 2026-05-31
   days on market $520,000 Active 3 DOM
3. 2026-05-30
   days on market $520,000 Active 2 DOM
4. 2026-05-28
   listed $520,000 Active
5. 2016-03-25
   listed $388,500
6. 2015-08-05
   listed $389,000

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

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: $74,952
• − Mortgage interest: −$29,128
• − Property taxes: −$7,800
• − Insurance: −$2,600
• − Repairs & maintenance: −$5,996
• − Management: −$5,996
• − Depreciation: −$15,127
• Taxable income: $8,304
• Est. tax owed @ 24.0%: −$1,993
• After-tax cash flow: $14,096/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.

Condition & rehab AI · 12 photos

Good 75/100 Cosmetic rehab

This 4-plex is well-maintained and ready for new owners. A fresh coat of paint and new carpet will enhance its curb appeal and interior comfort.

Value-add opportunities

• Both Paint the exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics.
• Both Replace the carpet in the living areas — New carpet improves comfort and adds value.
• Both Clean and maintain the HVAC system — A clean HVAC system ensures comfort and energy efficiency, attracting buyers and renters alike.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint the exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics. ↑
• Both Replace the carpet in the living areas — New carpet improves comfort and adds value. ↑
• Both Clean and maintain the HVAC system — A clean HVAC system ensures comfort and energy efficiency, attracting buyers and renters alike. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

+33.7% since first listed

3 events — show timeline

• 2026-05-28 Listed $520,000 AKMLS
• 2016-03-25 Listed $388,500 AKMLS
• 2015-08-05 Listed $389,000 AKMLS