2221 E Muldoon Rd #33 · Anchorage, AK 99504

$45,000

3 bd · 1.5 ba · 800 sqft · Manufactured · 21 Days on market

Built 1979 Fair condition Est $70k · 36% under $720/mo HOA · 35% of rent

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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 +15.0/30.0
• ARV discount +15.0/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.9/5.0
• Schools +3.7/10.0
• Rent growth +3.1/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

A gem in the rough. Liveable, and ready for your custom improvements & style. Rubber roof, fenced yard, large shed & nice covered front porch.

Key facts

• Covered front porch
• Fenced yard
• Large shed

Tags

• FENCED YARD
• LARGE SHED
• COVERED FRONT PORCH

Property features AI

Finance

• Other: Living area approximately 800
• HOA & community: GlenCaren community association; Association fee $720 monthly

Exterior

• Parking: 2 parking spaces
• Utilities: Public sewer; Paved road access
• Home design: Mobile home; Entry built in 1979
• Construction: Block foundation; Membrane (rubber) roof
• Exterior features: Covenant/restriction on the property; Located in a fire service area; Road service area; Paved driveway

Interior

• Bedrooms: 3 bedrooms
• Flooring: Carpet; Tile
• Bathrooms: 2 total bathrooms (1 full, 1 half)
• Interior features: Bedrooms and bathrooms on main level; Telephone service

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath manufactured listed at $45k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $595 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $45k).
• Recommended offer: $44k (1.5% below list) — sets the bar for market timing.
• Cap rate 22.2% 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.
• Market conditions: Rents rising (+2.6%/yr); 214 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $311 of loan paydown is wiped out by about $1k 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 + 2.6% rent growth), your $13k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($44k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 35% of rent.

Recommended offer $44,325 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 4.57% ✓
• Cap rate: 22.15%
• Cash-on-cash: 56.65%
• DSCR: 3.52
• GRM: 1.8

CMA / ARV

• ARV (on-the-fly): $70,400
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2221 E Muldoon Rd #143	0.15mi	3/2.0	850 (+6%)	3mo	$79,000	$93	78
2221 Muldoon Rd #639	0.25mi	2/2.0 (-1)	800 (0%)	8mo	$70,000	$88	75
2221 Muldoon Rd #673	0.19mi	3/2.0	800 (0%)	22mo	$75,000	$94	71
2221 Muldoon Rd #543	0.17mi	3/1.0	750 (-6%)	18mo	$59,000	$79	64
2221 Muldoon Rd #361	0.25mi	3/1.5	750 (-6%)	21mo	$45,000	$60	60
2221 Muldoon Rd #906	0.35mi	2/2.0 (-1)	850 (+6%)	13mo	$75,000	$88	55
2221 Muldoon Rd #408	0.25mi	4/2.0 (+1)	900 (+12%)	17mo	$110,000	$122	46

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: 54.6%
• Equity multiple: 3.40×
• Total profit: $30,177
• Equity at exit: $6,710

10-year hold

• IRR: 59.6%
• Equity multiple: 6.82×
• Total profit: $73,374
• Equity at exit: $3,891

Cash invested: $12,600 (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 99504

• Rents YoY: 2.6%
• Active inventory: 214
• Price-to-rent: 1.8×

Monthly cashflow live

• Estimated rent: $2,058 high
• Mortgage (P&I): −$236
• Tax est. 1.5%: −$56 /mo · $675/yr
• Insurance: −$19
• HOA: −$720
• Vacancy / Maint / Mgmt: −$432
• Net cashflow: $595

Break-even live

Break-even rent $1,305

Max offer price $45,000

Occupancy floor 66%

Sensitivity live

Price	-10% $626	-5% $610	+0% $595	+5% $579	+10% $564
Rent	-10% $432	-5% $513	+0% $595	+5% $676	+10% $757
Rate	-1.0pp $617	-0.5pp $606	base $595	+0.5pp $583	+1.0pp $571

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: $11,250
• Closing costs: $1,350
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1720 Muldoon Cir Unit 4 Anchorage, AK	2.0	1.0	850	$1,850	$2.18	44d	1	0.33mi
8110 E 16th Ave Unit C6 Anchorage, AK	2.0	1.0	1047	$1,850	$1.77	22d	1	0.36mi
1916 Beaver Pl #1 Anchorage, AK	2.0	1.0	900	$1,500	$1.67	24d	1	1.21mi
6701 E 6th Ave Apt 8 Anchorage, AK	2.0	1.0	750	$1,450	$1.93	44d	1	1.41mi
7533 Regal Mountain Dr Anchorage, AK	2.0	1.0	987	$3,000	$3.04	24d	1	1.48mi

HOA detail

• Monthly dues: $720 · $8,640/yr

Listing history 18 events

1. 2026-06-18
   status $45,000 Pending 21 DOM
2. 2026-06-18
   days on market $45,000 Active 21 DOM
3. 2026-06-17
   price $45,000 Active 20 DOM
4. 2026-06-17
   days on market $50,000 Active 20 DOM
5. 2026-06-16
   days on market $50,000 Active 19 DOM
6. 2026-06-15
   days on market $50,000 Active 18 DOM
7. 2026-06-14
   days on market $50,000 Active 16 DOM
8. 2026-06-13
   pricedays on market $50,000 Active 15 DOM
9. 2026-06-10
   days on market $55,000 Active 13 DOM
10. 2026-06-09
    days on market $55,000 Active 12 DOM
11. 2026-06-08
    days on market $55,000 Active 11 DOM
12. 2026-06-07
    days on market $55,000 Active 10 DOM
13. 2026-06-03
    days on market $55,000 Active 6 DOM
14. 2026-06-02
    days on market $55,000 Active 5 DOM
15. 2026-06-01
    days on market $55,000 Active 4 DOM
16. 2026-05-31
    days on market $55,000 Active 3 DOM
17. 2026-05-30
    days on market $55,000 Active 2 DOM
18. 2026-05-28
    listed $55,000 Active

ⓘ 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: $24,695
• − Mortgage interest: −$2,521
• − Property taxes: −$675
• − Insurance: −$225
• − Repairs & maintenance: −$1,976
• − Management: −$1,976
• − HOA: −$8,640
• − Depreciation: −$1,309
• Taxable income: $7,374
• Est. tax owed @ 24.0%: −$1,770
• After-tax cash flow: $5,368/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

Fair 45/100 Moderate rehab

A moderately rehabbed mobile home with average condition, requiring some cosmetic updates to enhance its resale and rental value.

Repairs flagged

• Minor Kitchen cabinets — Worn but still functional
• Minor Bathroom fixtures — Worn but still functional
• Minor Landscaping — Needs trimming and mulching

Value-add opportunities

• Both Painting — Enhances curb appeal and interior aesthetics
• Both Landscaping — Improves curb appeal and adds value
• Both Kitchen and bathroom updates — Modernizes spaces and adds value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Worn but still functional	Minor	$500–3,000
Bathroom fixtures · Worn but still functional	Minor	$500–3,000
Landscaping · Needs trimming and mulching	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• Both Painting — Enhances curb appeal and interior aesthetics ↑
• Both Landscaping — Improves curb appeal and adds value ↑
• Both Kitchen and bathroom updates — Modernizes spaces and adds value ↑

ⓘ 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): 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

1 event — show timeline

• 2026-05-28 Listed $55,000 AKMLS