1403 Nelchina St · Anchorage, AK 99501

$115,000

2 bd · 1.0 ba · 1,397 sqft · SingleFamily public records · 354 Days on market

Built 1953 7,000 sqft lot $82/sqft · 61% below area

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.9/5.0
• Rent growth +3.8/5.0
• Schools +3.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.1/10.0

Listing remarks MLS

Fixer upper opportunity in Fairview. Single-family home, a 2-bedroom, 1-bath residence with two fireplaces and a yard. The property is designated with R3 zoning, able to have up to a fourplex for future building. The property is offered for sale in ''As-Is'' condition. Proximity to a local school is within walking distance. This presents an opportunity for renovation of the existing structure or future multi-unit development.

Key facts

• Yard
• R3 zoning
• Two fireplaces

Tags

• TWO FIREPLACES
• YARD
• R3 ZONING
• WALKING DISTANCE TO SCHOOL
• OPPORTUNITY FOR RENOVATION
• FUTURE MULTI-UNIT DEVELOPMENT

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $443 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• Recommended offer: $101k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.9% 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 (+5.1%/yr); 102 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 41% of comp listings sitting > 30 days — soft ceiling on asking rent; 306 units permitted in Anchorage Municipality in 2024 (90 in 5+ unit buildings).
• This rent runs 31% of the median local income ($71k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $795 of loan paydown is wiped out by about $3k 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 + 5.1% rent growth), your $32k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 354 days — a 12% lower offer ($101k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 23y ago; this cycle's ask has dropped $70k (38%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 3.8% of price; built in 1953 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $101,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 354 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.60% ✓
• Cap rate: 10.92%
• Cash-on-cash: 16.51%
• DSCR: 1.73
• GRM: 5.2

CMA / ARV

• ARV (median comp): $294,436
• List price: $115,000
• Delta: -60.94%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1403 Nelchina St	0.00mi	2/1.0	1,397 (0%)	0mo	$115,000	$82	100
1251 Elegante Ln	0.22mi	3/1.5 (+1)	1,320 (-6%)	1mo	$265,000	$201	72
1803 Parkside Dr	0.48mi	3/2.5 (+1)	1,442 (+3%)	6mo	$345,000	$239	56
2145 Dawnlight Ct	0.61mi	3/2.0 (+1)	1,492 (+7%)	1mo	$360,000	$241	51
1833 Parkside Dr	0.56mi	3/2.0 (+1)	1,497 (+7%)	4mo	$349,000	$233	49
2214 Daybreak Ct	0.66mi	3/2.0 (+1)	1,428 (+2%)	10mo	$385,000	$270	48
1755 Eastridge Dr	0.63mi	3/2.5 (+1)	1,492 (+7%)	1mo	$379,900	$255	47
2527 Cottonwood St	0.75mi	3/1.5 (+1)	1,368 (-2%)	11mo	$412,000	$301	45
2201 Daybreak Ct	0.64mi	2/1.5	1,232 (-12%)	9mo	$349,900	$284	41
510 E 10th Ave	0.67mi	3/2.0 (+1)	1,288 (-8%)	7mo	$297,000	$231	41
2451 Sprucewood St	0.69mi	2/1.0	1,190 (-15%)	10mo	$425,000	$357	35
1709 Morningtide Ct	0.59mi	3/2.0 (+1)	1,600 (+14%)	9mo	$359,000	$224	32

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 · 5.12% rent growth · sell at horizon

5-year hold

• IRR: 10.5%
• Equity multiple: 1.43×
• Total profit: $13,766
• Equity at exit: $17,147

10-year hold

• IRR: 21.6%
• Equity multiple: 3.06×
• Total profit: $66,197
• Equity at exit: $9,943

Cash invested: $32,200 (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 99501

• Home prices YoY: -3.7%
• Rents YoY: 5.1%
• Active inventory: 102
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $1,844 high
• Mortgage (P&I): −$603
• Tax from tax record: −$363 /mo · $4,350/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$387
• Net cashflow: $443

Break-even live

Break-even rent $1,283

Max offer price $115,000

Occupancy floor 71%

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1515 Nelchina St Apt 4 Anchorage, AK	2.0	1.0	900	$1,500	$1.67	13d	1	0.05mi
1337 E 14th Ave Unit B Anchorage, AK	2.0	1.5	1000	$1,595	$1.59	43d	1	0.07mi
1526 Medfra St Unit 7 Anchorage, AK	2.0	1.0	900	$1,650	$1.83	23d	1	0.13mi
1441 E 12th Ave Unit 1 Anchorage, AK	2.0	1.0	900	$1,495	$1.66	23d	1	0.20mi
1225 Karluk St #1 Anchorage, AK	3.0	1.0	1200	$1,750	$1.46	43d	1	0.26mi
1100 E 10th Ave Unit 2 Anchorage, AK	3.0	1.0	1000	$2,400	$2.40	23d	1	0.37mi
827 E 11th Ave Apt 4 Anchorage, AK	2.0	1.0	900	$1,400	$1.56	23d	1	0.48mi
526 E 15th Ave #4 Anchorage, AK	2.0	1.0	900	$1,500	$1.67	13d	1	0.61mi
2045 Eastridge Dr Anchorage, AK	3.0	2.0	1861	$3,500	$1.88	23d	1	0.65mi
1201 Denali St #303 Anchorage, AK	2.0	2.0	1008	$2,300	$2.28	43d	1	0.70mi
1208 Denali St Apt 2 Anchorage, AK	2.0	1.0	900	$1,800	$2.00	23d	1	0.74mi
329 E 14th Ave #14 Anchorage, AK	2.0	2.0	977	$2,150	$2.20	43d	1	0.74mi
380 E 11th Ave Unit 124 Anchorage, AK	2.0	2.0	930	$2,800	$3.01	13d	1	0.76mi
380 E 11th Ave Unit 426 Anchorage, AK	2.0	1.0	900	$2,600	$2.89	23d	1	0.76mi
537 E 24th Ave #4 Anchorage, AK	2.0	1.0	950	$1,550	$1.63	43d	1	0.82mi
6 E 12th Ave Unit A Anchorage, AK	2.0	2.0	1318	$2,240	$1.70	43d	1	0.86mi
1101 B St Anchorage, AK	1.0–2.0	1.0–2.0	800	$2,600	$3.25	13d	4	1.00mi
1200 B St Anchorage, AK	3.0	2.0	1300	$2,995	$2.30	43d	1	1.01mi
423 W 22nd Ave Anchorage, AK	1.0–2.0	1.0–2.0	794	$1,710	$2.15	13d	6	1.20mi
511 W 17th Ave Unit 513 Anchorage, AK	2.0	1.0	932	$2,500	$2.68	21d	1	1.22mi
1541 G St #1 Anchorage, AK	3.0	2.0	1702	$4,000	$2.35	43d	1	1.30mi
2000 Blueberry St Unit 2000 Anchorage, AK	2.0	1.5	1200	$2,700	$2.25	43d	1	1.33mi

Listing history 18 events

1. 2026-05-02
   price $115,000 429-char remark

   Show marketing remark (429 chars)

   Fixer upper opportunity in Fairview. Single-family home, a 2-bedroom, 1-bath residence with two fireplaces and a yard. The property is designated with R3 zoning, able to have up to a fourplex for future building. The property is offered for sale in ''As-Is'' condition. Proximity to a local school is within walking distance. This presents an opportunity for renovation of the existing structure or future multi-unit development.

2. 2026-05-01
   status Active 429-char remark

   Show marketing remark (429 chars)

   Fixer upper opportunity in Fairview. Single-family home, a 2-bedroom, 1-bath residence with two fireplaces and a yard. The property is designated with R3 zoning, able to have up to a fourplex for future building. The property is offered for sale in ''As-Is'' condition. Proximity to a local school is within walking distance. This presents an opportunity for renovation of the existing structure or future multi-unit development.

3. 2026-04-24
   status Pending 429-char remark

   Show marketing remark (429 chars)

   Fixer upper opportunity in Fairview. Single-family home, a 2-bedroom, 1-bath residence with two fireplaces and a yard. The property is designated with R3 zoning, able to have up to a fourplex for future building. The property is offered for sale in ''As-Is'' condition. Proximity to a local school is within walking distance. This presents an opportunity for renovation of the existing structure or future multi-unit development.

4. 2026-04-06
   price $145,000 429-char remark

   Show marketing remark (429 chars)

   Fixer upper opportunity in Fairview. Single-family home, a 2-bedroom, 1-bath residence with two fireplaces and a yard. The property is designated with R3 zoning, able to have up to a fourplex for future building. The property is offered for sale in ''As-Is'' condition. Proximity to a local school is within walking distance. This presents an opportunity for renovation of the existing structure or future multi-unit development.

5. 2026-01-05
   status Active 429-char remark

   Show marketing remark (429 chars)

   Fixer upper opportunity in Fairview. Single-family home, a 2-bedroom, 1-bath residence with two fireplaces and a yard. The property is designated with R3 zoning, able to have up to a fourplex for future building. The property is offered for sale in ''As-Is'' condition. Proximity to a local school is within walking distance. This presents an opportunity for renovation of the existing structure or future multi-unit development.

6. 2025-07-31
   price $155,000 429-char remark

   Show marketing remark (429 chars)

   Fixer upper opportunity in Fairview. Single-family home, a 2-bedroom, 1-bath residence with two fireplaces and a yard. The property is designated with R3 zoning, able to have up to a fourplex for future building. The property is offered for sale in ''As-Is'' condition. Proximity to a local school is within walking distance. This presents an opportunity for renovation of the existing structure or future multi-unit development.

7. 2025-07-10
   price $180,000 429-char remark

   Show marketing remark (429 chars)

   Fixer upper opportunity in Fairview. Single-family home, a 2-bedroom, 1-bath residence with two fireplaces and a yard. The property is designated with R3 zoning, able to have up to a fourplex for future building. The property is offered for sale in ''As-Is'' condition. Proximity to a local school is within walking distance. This presents an opportunity for renovation of the existing structure or future multi-unit development.

8. 2025-05-27
   listed $185,000 Active 429-char remark

   Show marketing remark (429 chars)

   Fixer upper opportunity in Fairview. Single-family home, a 2-bedroom, 1-bath residence with two fireplaces and a yard. The property is designated with R3 zoning, able to have up to a fourplex for future building. The property is offered for sale in ''As-Is'' condition. Proximity to a local school is within walking distance. This presents an opportunity for renovation of the existing structure or future multi-unit development.

9. 2016-06-10
   listed $235,000
10. 2015-04-09
    listed $235,000
11. 2012-12-31
    listed $189,900
12. 2011-02-16
    soldstatus
13. 2008-10-21
    listed $235,000
14. 2004-11-17
    soldstatus
15. 2004-10-12
    listed $125,000
16. 2003-11-06
    soldstatus
17. 2003-09-19
    listed $72,500
18. 1994-05-18
    soldstatus

ⓘ 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: $4,350 · $363/mo
• Projected year-2 tax: $4,350 · $363/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: $22,126
• − Mortgage interest: −$6,442
• − Property taxes: −$4,350
• − Insurance: −$575
• − Repairs & maintenance: −$1,770
• − Management: −$1,770
• − Depreciation: −$3,345
• Taxable income: $3,873
• Est. tax owed @ 24.0%: −$930
• After-tax cash flow: $4,388/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): 16,175
• Household income: $70,891
• Rent vs Own: 62.8% rent · 37.2% own
• Severe rent burden: 889.0

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: Diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 53% Hispanic / Latino 11% Two or more races 11% Native American 9% Black 9% Asian 6% Pacific Islander 4%
• Hispanic origin (detail): Mexican 4% Puerto Rican 3% Dominican 1%
• Common ancestry: Portuguese 3% Slovak 3% Romanian 2%
• Foreign-born: 12% · Canada, Jamaica, China
• Languages at home: 81% English-only · Spanish 7% Other Asian/Pacific 2% Tagalog/Filipino 2%

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: ▼ -9.72%
• Current HPI: 251.948
• Rent YoY: ▲ 5.12%
• Metro: Anchorage, AK
• State GDP YoY: —
• F500 in state: 0

Price history

+58.6% since first listed

18 events — show timeline

• 2026-05-02 Price Changed $115,000 AKMLS
• 2026-05-01 Relisted — AKMLS
• 2026-04-24 Pending — AKMLS
• 2026-04-06 Price Changed $145,000 AKMLS
• 2026-01-05 Relisted — AKMLS
• 2025-07-31 Price Changed $155,000 AKMLS
• 2025-07-10 Price Changed $180,000 AKMLS
• 2025-05-27 Listed $185,000 AKMLS
• 2016-06-10 Listed $235,000 AKMLS
• 2015-04-09 Listed $235,000 AKMLS
• 2012-12-31 Listed $189,900 AKMLS
• 2011-02-16 Sold (Public Records) — Public Records
• 2008-10-21 Listed $235,000 AKMLS
• 2004-11-17 Sold (Public Records) — Public Records
• 2004-10-12 Listed $125,000 AKMLS
• 2003-11-06 Sold (Public Records) — Public Records
• 2003-09-19 Listed $72,500 AKMLS
• 1994-05-18 Sold (Public Records) — Public Records

Property tax history

+2.2%/yr

Latest (2025): $4,350 · +3.6% YoY. Source: county tax records.