1615 #5 Halibut Point Rd

Sitka, AK 99835

$150,000C

3 bd · 1.0 ba · 869 sqft · Built 1967 · Manufactured · Active · 201 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,662/mo
• Mortgage (P&I): −$787
• Tax + insurance: −$316
• HOA: −$0
• Vac / Maint / Mgmt: −$349
• Net cashflow: $210/mo
• Annual: $2,520/yr
• Cap rate: 8.50%
• Cash-on-cash: 7.90%
• DSCR: 1.35
• 1% rule: 1.11%
• Cash to close: $42,000

Investor read

• This is a 3-bed/1.0-bath manufactured listed at $150k.
• At list price, monthly cash flow is $210 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• It's been on market 201 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 86/100 on livability (#1 in AK, #425 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: cost of living F.
• Zoned schools: Keet Gooshi Heen Elementary (math 60% / reading 51%, grade C, #30 of 156 statewide, top 19%, 274 students, 33% FRL); Blatchley Middle School (math 42% / reading 52%, grade D+, #8 of 36 statewide, top 20%, 265 students, 38% FRL); Sitka High School (math 27% / reading 42%, grade F, #28 of 61 statewide, top 50%, 329 students, 28% FRL).
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 43 active listings in the ZIP; 11 units permitted in Sitka City and Borough in 2024 (0 in 5+ unit buildings).
• 2 sale attempts 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.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 201 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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 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?
• 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.
• 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.