309 N Klevin St · Anchorage, AK 99508

$509,900

8 bd · 4.0 ba · 4,138 sqft · MultiFamily public records · 5 Days on market

Built 1985 6,250 sqft lot Est $567k · 10% under

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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 +25.3/30.0
• ARV discount +12.0/15.0
• DSCR +8.4/10.0
• 1% rule +6.5/10.0
• Livability +3.9/5.0
• Rent growth +3.7/5.0
• Schools +3.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 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

Stable Mountain View 4-plex with strong pro forma upside on a quiet street near JBER, schools, and shopping. Fully occupied by long-term tenants (2 to 5+ years), all current and on time, all on month-to-month leases -- giving a new owner flexibility to raise rents to market or occupy a unit. Current gross rent of $51,600/yr reflects below-market rates; comparable Mountain View 4-plexes with similar unit mix are achieving closer to $65,000/yr, representing roughly $12,000/yr in lease-up potential. Individual electric meters (tenant-paid); owner currently covers gas, water/sewer, and refuse. Investor-ready with a clear path to a 7%+ pro forma cap rate. Also a strong fit for an owner-occupant

Key facts

• 6,250 sq ft lot
• 4 parking spots
• Built 1985

Property features AI

Exterior

• Parking: 4 open parking spaces; No attached garage or carport
• Utilities: Public sewer
• Home design: Multi-family property; Built in 1985
• Construction: Wood frame construction; Block and poured concrete foundation; Composition/shingle/asphalt roof
• Exterior features: Paved road access

Interior

• Bedrooms: 9 bedrooms
• Flooring: Carpet; Tile
• Bathrooms: 4 full bathrooms
• Interior features: Carpet and tile flooring

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $510k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $291/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $510k).
• Cap rate 9.0% 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) — zoned schools average 100% FRL vs 38% district-wide (62 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 12% at this address vs 40% district-wide (-28 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); 147 active listings in the ZIP; solid renter incomes; 306 units permitted in Anchorage Municipality in 2024 (90 in 5+ unit buildings).
• At $5,843/mo this rent would consume 88% 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 $15k 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 $143k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 32y 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 $509,900

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: 1.15% ✓
• Cap rate: 9.03%
• Cash-on-cash: 9.79%
• DSCR: 1.44
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $566,906
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4406 Parsons Ave	0.29mi	8/4.0	4,056 (-2%)	9mo	$520,000	$128	76
609 N Klevin St	0.18mi	8/4.0	4,138 (0%)	22mo	$474,900	$115	73
544 N Park St	0.16mi	9/4.0 (+1)	3,932 (-5%)	9mo	$540,000	$137	72
3921 Peterkin Ave	0.10mi	9/4.0 (+1)	4,138 (0%)	23mo	$510,000	$123	71
633 N Flower St	0.22mi	8/4.0	3,780 (-9%)	8mo	$180,000	$48	69
601 Irwin St	0.25mi	9/4.0 (+1)	3,780 (-9%)	6mo	$577,700	$153	64
808 N Flower St	0.32mi	9/4.0 (+1)	3,840 (-7%)	5mo	$540,000	$141	64
627 N Flower St	0.21mi	8/6.0	3,780 (-9%)	8mo	$180,000	$48	61
4502 McPhee Ave	0.43mi	9/4.0 (+1)	3,792 (-8%)	3mo	$549,900	$145	59
740 N Bragaw St	0.33mi	9/4.0 (+1)	3,560 (-14%)	6mo	$474,000	$133	52
825 N Bliss St	0.45mi	8/4.0	3,560 (-14%)	14mo	$510,000	$143	44
4306 McPhee Ave	0.37mi	8/4.0	3,536 (-14%)	19mo	$530,000	$150	42

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: 0.5%
• Equity multiple: 1.02×
• Total profit: $2,846
• Equity at exit: $76,028

10-year hold

• IRR: 12.0%
• Equity multiple: 2.02×
• Total profit: $146,173
• Equity at exit: $44,087

Cash invested: $142,772 (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: 29.1×

Monthly cashflow live

• Estimated rent: $5,843 high
• Mortgage (P&I): −$2,674
• Tax from tax record: −$565 /mo · $6,780/yr
• Insurance: −$212
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,227
• Net cashflow: $1,165

Break-even live

Break-even rent $4,369

Max offer price $509,900

Occupancy floor 75%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$5,844
Total (4 units)			$5,843

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: $127,475
• Closing costs: $15,297
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-06-03
   status $509,900 Pending 5 DOM
2. 2026-06-02
   days on market $509,900 Active 5 DOM
3. 2026-06-01
   days on market $509,900 Active 4 DOM
4. 2026-05-31
   days on market $509,900 Active 3 DOM
5. 2026-05-30
   days on market $509,900 Active 2 DOM

ⓘ 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: $6,780 · $565/mo
• Projected year-2 tax: $6,780 · $565/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: $70,116
• − Mortgage interest: −$28,562
• − Property taxes: −$6,780
• − Insurance: −$2,550
• − Repairs & maintenance: −$5,609
• − Management: −$5,609
• − Depreciation: −$14,833
• Taxable income: $6,172
• Est. tax owed @ 24.0%: −$1,481
• After-tax cash flow: $12,493/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

+277.7% since first listed

3 events — show timeline

• 2026-05-28 Listed $509,900 AKMLS
• 1994-06-13 Sold (Public Records) — Public Records
• 1994-03-09 Listed $135,000 AKMLS

Property tax history

+1.7%/yr

Latest (2025): $6,780 · +2.6% YoY. Source: county tax records.