4663 W Adirondack Cir · Meadow Lakes, AK 99623

$900,000

12 bd · 8.0 ba · 4,548 sqft · MultiFamily · 63 Days on market

Built 2016 Good condition 0.94 ac lot $198/sqft · at area comps Est $923k · 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 +17.7/30.0
• ARV discount +8.6/15.0
• DSCR +5.5/10.0
• 1% rule +4.8/10.0
• Schools +4.1/10.0
• Condition / age +4.0/5.0
• Rent growth +3.3/5.0
• Livability +2.7/5.0
• 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 MLS

A rare opportunity to own a detached fourplex offering space, comfort, and unbeatable convenience. Each of the four units features 3 bedrooms, 2 bathrooms, an attached garage, in-unit laundry, and a welcoming front porch. Set in a prime commute location, this property offers quick, straightforward access to the Parks Highway. Built in 2016, each unit offers in floor heat, on demand hot water, low maintenance vinyl siding. The open floor plans allow for room to breathe, with natural light streaming into the main living areas. Each kitchen is fully equipped with a refrigerator, range oven, dishwasher and sink where scrubbing dishes comes with a view. Tenants will love to settle into bedrooms tucked down the hall for added privacy. Detached units provide tenants with their own backyards with room to enjoy summer evenings in the sunshine, or clear winter nights bundled up to enjoy the beautiful aurora and stargazing. Each unit is metered separately so tenants pay their own gas and electric. Owner pays for trash. Denali Refuse $129.06. Previous owner took care of snow removal, and Tenants maintain their own lawns in summer months. Unit 4665 has a fenced yard. Rents and Lease Statuses: 4663: $1550 - Vacant 4665: $1550 - Year Lease ending on 6/30/2026 4667: $1550 - Year Lease ending on 8/31/2026 4669: $1450 - Year Lease ending on 3/13/2027

Key facts

• On demand hot water
• In floor heat
• In unit laundry

Tags

• DETACHED FOURPLEX
• IN UNIT LAUNDRY
• WELCOMING FRONT PORCH
• PRIME COMMUTE LOCATION
• IN FLOOR HEAT
• ON DEMAND HOT WATER

What this means for you Summary

Snapshot

• This is a 4 × 3-bed/2.0-bath units multifamily listed at $900k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $717 ($9k/yr) — positive. Per door: $179/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $878k (2.4% below list).
• Recommended offer: $846k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.2% vs local median 3.2% in Meadow Lakes — 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 53/100 on livability (#187 in AK) — a working-class tenant base; expect higher turnover. Strengths: housing A+; Watch: health & safety C-, schools F, crime F.
• 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 rising (+3.2%/yr); 414 active listings in the ZIP; solid renter incomes; 91 units permitted in Matanuska-Susitna Borough in 2024 (25 in 5+ unit buildings).
• At $8,781/mo this rent would consume 119% of the median local household income ($89k/yr) (locally 285% 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 $6k of loan paydown is wiped out by about $27k of value loss. Plan a longer hold.
• Matanuska-Susitna County population projected at +50% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($846k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 10y ago; this cycle's ask is 44900% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Recommended offer $846,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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 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: 0.98% ✗
• Cap rate: 7.25%
• Cash-on-cash: 3.42%
• DSCR: 1.15
• GRM: 8.5

CMA / ARV

• ARV (median comp): $923,426
• List price: $900,000
• Delta: -2.54%
• Verdict: FAIR
• Comps: 2 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4704 Adirondack Cir	0.07mi	12/8.0	4,532 (-0%)	13mo	$930,000	$205	86

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 · 3.17% rent growth · sell at horizon

5-year hold

• IRR: -10.7%
• Equity multiple: 0.61×
• Total profit: $-98,517
• Equity at exit: $134,193

10-year hold

• IRR: -1.2%
• Equity multiple: 0.92×
• Total profit: $-20,227
• Equity at exit: $77,816

Cash invested: $252,000 (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 99623

• Home prices YoY: -19.6%
• Rents YoY: 3.2%
• Active inventory: 414
• Price-to-rent: 34.2×

Monthly cashflow live

• Estimated rent: $8,781 medium
• Mortgage (P&I): −$4,720
• Tax est. 1.5%: −$1,125 /mo · $13,500/yr
• Insurance: −$375
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,844
• Net cashflow: $717

Break-even live

Break-even rent $7,873

Max offer price $900,000

Occupancy floor 87%

Sensitivity live

Price	-10% $1,339	-5% $1,028	+0% $717	+5% $406	+10% $95
Rent	-10% $24	-5% $370	+0% $717	+5% $1,064	+10% $1,411
Rate	-1.0pp $1,171	-0.5pp $946	base $717	+0.5pp $484	+1.0pp $247

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

Units	Beds	Baths	Est. rent
▸ 4× units	3	2	$8,780
Total (4 units)			$8,781

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: $225,000
• Closing costs: $27,000
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-05-18
   historical $1,900
2. 2026-05-15
   status Pending 1367-char remark

   Show marketing remark (1367 chars)

   A rare opportunity to own a detached fourplex offering space, comfort, and unbeatable convenience. Each of the four units features 3 bedrooms, 2 bathrooms, an attached garage, in-unit laundry, and a welcoming front porch. Set in a prime commute location, this property offers quick, straightforward access to the Parks Highway. Built in 2016, each unit offers in floor heat, on demand hot water, low maintenance vinyl siding. The open floor plans allow for room to breathe, with natural light streaming into the main living areas. Each kitchen is fully equipped with a refrigerator, range oven, dishwasher and sink where scrubbing dishes comes with a view. Tenants will love to settle into bedrooms tucked down the hall for added privacy. Detached units provide tenants with their own backyards with room to enjoy summer evenings in the sunshine, or clear winter nights bundled up to enjoy the beautiful aurora and stargazing. Each unit is metered separately so tenants pay their own gas and electric. Owner pays for trash. Denali Refuse $129.06. Previous owner took care of snow removal, and Tenants maintain their own lawns in summer months. Unit 4665 has a fenced yard. Rents and Lease Statuses: 4663: $1550 - Vacant 4665: $1550 - Year Lease ending on 6/30/2026 4667: $1550 - Year Lease ending on 8/31/2026 4669: $1450 - Year Lease ending on 3/13/2027

3. 2026-05-13
   price $1,900
4. 2026-05-12
   price $900,000 1367-char remark

   Show marketing remark (1367 chars)

   A rare opportunity to own a detached fourplex offering space, comfort, and unbeatable convenience. Each of the four units features 3 bedrooms, 2 bathrooms, an attached garage, in-unit laundry, and a welcoming front porch. Set in a prime commute location, this property offers quick, straightforward access to the Parks Highway. Built in 2016, each unit offers in floor heat, on demand hot water, low maintenance vinyl siding. The open floor plans allow for room to breathe, with natural light streaming into the main living areas. Each kitchen is fully equipped with a refrigerator, range oven, dishwasher and sink where scrubbing dishes comes with a view. Tenants will love to settle into bedrooms tucked down the hall for added privacy. Detached units provide tenants with their own backyards with room to enjoy summer evenings in the sunshine, or clear winter nights bundled up to enjoy the beautiful aurora and stargazing. Each unit is metered separately so tenants pay their own gas and electric. Owner pays for trash. Denali Refuse $129.06. Previous owner took care of snow removal, and Tenants maintain their own lawns in summer months. Unit 4665 has a fenced yard. Rents and Lease Statuses: 4663: $1550 - Vacant 4665: $1550 - Year Lease ending on 6/30/2026 4667: $1550 - Year Lease ending on 8/31/2026 4669: $1450 - Year Lease ending on 3/13/2027

5. 2026-04-15
   listed $2,000
6. 2026-03-13
   listed $950,000 Active 1367-char remark

   Show marketing remark (1367 chars)

   A rare opportunity to own a detached fourplex offering space, comfort, and unbeatable convenience. Each of the four units features 3 bedrooms, 2 bathrooms, an attached garage, in-unit laundry, and a welcoming front porch. Set in a prime commute location, this property offers quick, straightforward access to the Parks Highway. Built in 2016, each unit offers in floor heat, on demand hot water, low maintenance vinyl siding. The open floor plans allow for room to breathe, with natural light streaming into the main living areas. Each kitchen is fully equipped with a refrigerator, range oven, dishwasher and sink where scrubbing dishes comes with a view. Tenants will love to settle into bedrooms tucked down the hall for added privacy. Detached units provide tenants with their own backyards with room to enjoy summer evenings in the sunshine, or clear winter nights bundled up to enjoy the beautiful aurora and stargazing. Each unit is metered separately so tenants pay their own gas and electric. Owner pays for trash. Denali Refuse $129.06. Previous owner took care of snow removal, and Tenants maintain their own lawns in summer months. Unit 4665 has a fenced yard. Rents and Lease Statuses: 4663: $1550 - Vacant 4665: $1550 - Year Lease ending on 6/30/2026 4667: $1550 - Year Lease ending on 8/31/2026 4669: $1450 - Year Lease ending on 3/13/2027

7. 2016-08-23
   listed $550,000

ⓘ 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: $105,372
• − Mortgage interest: −$50,414
• − Property taxes: −$13,500
• − Insurance: −$4,500
• − Repairs & maintenance: −$8,430
• − Management: −$8,430
• − Depreciation: −$26,182
• Taxable loss: −$6,083
• Est. tax savings @ 24.0%: +$1,460
• After-tax cash flow: $10,068/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 80/100 Cosmetic rehab

This fourplex is in good condition with minimal repairs needed. It offers a good investment opportunity with potential for increased value through cosmetic updates.

Value-add opportunities

• Both Paint the exterior — Enhances curb appeal and resale value
• Both Replace curtains in bathrooms — Improves aesthetics and cleanliness
• Both Replace kitchen countertops — Modernizes the kitchen and improves functionality

Renovation cost estimate screening

Value-add ROI direction

• Both Paint the exterior — Enhances curb appeal and resale value ↑
• Both Replace curtains in bathrooms — Improves aesthetics and cleanliness ↑
• Both Replace kitchen countertops — Modernizes the kitchen and improves functionality ↑

ⓘ 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: Matanuska-Susitna Borough School District
• NCES district ID: 0200510
• Math proficiency: 42% ▲ 1.00%
• Reading proficiency: 50% ▲ 5.00%
• Median HH income: $70,325
• Composite: 41.38/100
• National rank: #3484
• State rank: #5 of 21 in AK

Livability — Meadow Lakes

• Score: 53/100
• State rank: #187
• US rank: #24629

Category grades

Amenities F Commute F Cost of living C Crime F Employment B- Housing A+ Health & safety C- User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Meadow Lakes, AK
• County: Matanuska Susitna Borough · 100,174 people
• City population: 23,424
• Metro: Anchorage, AK
• Population (ZIP): 23,424
• Household income: $88,799
• Rent vs Own: 18.0% rent · 82.0% own
• Severe rent burden: 285.0

Population outlook (Matanuska-Susitna County) Hauer SSP2

• Today (2025): 126,730 people
• By 2030: 139,641 · +10.2%
• By 2040: 165,122 · +30.3%
• By 2050: 189,697 · +49.7%
• By 2075: 249,959 · +97.2%
• By 2100: 288,077 · +127.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Two or more races 10% Native American 8% Hispanic / Latino 4% Asian 3% Black 2%
• Common ancestry: Portuguese 3% Romanian 2% Italian 2%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 2% Russian/Polish/Slavic 2% Other Asian/Pacific 1%

Political lean MEDSL · Matanuska-Susitna

• 2016 margin: R (+15.2) · D 37.7% · R 52.9% · Other 9.4%
• All cycles: 2016: R+15.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -48.82%
• Current HPI: 200.2242
• Rent YoY: ▲ 3.17%
• Metro: Anchorage, AK
• State GDP YoY: —
• F500 in state: 0

Price history

-99.7% since first listed

7 events — show timeline

• 2026-05-18 Rental Removed $1,900 AKMLS
• 2026-05-15 Pending — AKMLS
• 2026-05-13 Price Changed $1,900 AKMLS
• 2026-05-12 Price Changed $900,000 AKMLS
• 2026-04-15 Listed for Rent $2,000 AKMLS
• 2026-03-13 Listed $950,000 AKMLS
• 2016-08-23 Listed $550,000 AKMLS