1601 N Centurian Pl

Wasilla, AK 99654

$665,000D-

8 bd · 5.0 ba · 3,600 sqft · Built 2013 · MultiFamily · Active · 134 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,930/mo
• Mortgage (P&I): −$3,487
• Tax + insurance: −$766
• HOA: −$0
• Vac / Maint / Mgmt: −$1,035
• Net cashflow: $-358/mo
• Annual: $-4,299/yr
• Cap rate: 5.65%
• Cash-on-cash: -2.31%
• DSCR: 0.90
• 1% rule: 0.74%
• Cash to close: $186,200

Investor read

• This is a 2 × 4.0-bed/2.5-bath units multifamily listed at $665k.
• At list price, monthly cash flow is $-358 ($-4k/yr) — negative. Per door: $-179/mo.
• To cash-flow at today's rent, offer at most $602k (9.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $493k (25.9% below list).
• It's been on market 134 days — a 12% lower offer ($585k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $493k (25.9% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $20k of value loss. Plan a longer hold.
• Location reads 62/100 on livability (#58 in AK) — a middle-class / working-renter tenant base. Strengths: housing A; Watch: employment C-, cost of living C-, health & safety C-.
• Matanuska-Susitna Borough School District (town): math 42% / reading 50% proficiency, ranked #5 of 21 in AK (top 24%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents flat; 496 active listings in the ZIP; solid renter incomes; 91 units permitted in Matanuska-Susitna Borough in 2024 (25 in 5+ unit buildings).
• Matanuska-Susitna County population projected at +50% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 14y 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.
• Cap rate 5.6% vs local median 2.7% in Wasilla — 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.
• At $4,930/mo this rent would consume 61% of the median local household income ($98k/yr) (locally 872% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• 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?
• It's been on market 134 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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?