8500 E Gold Bullion Blvd

Fishhook, AK 99645

$159,000C

3 bd · 2.0 ba · 980 sqft · Built 1974 · Manufactured · Pending · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,612/mo
• Mortgage (P&I): −$834
• Tax + insurance: −$118
• HOA: −$0
• Vac / Maint / Mgmt: −$338
• Net cashflow: $322/mo
• Annual: $3,860/yr
• Cap rate: 8.72%
• Cash-on-cash: 8.67%
• DSCR: 1.39
• 1% rule: 1.01%
• Cash to close: $44,520

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $159k.
• At list price, monthly cash flow is $322 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $159k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 57/100 on livability (#112 in AK) — a working-class tenant base; expect higher turnover. Strengths: housing A+, employment A-; Watch: health & safety C-, amenities F, commute 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.
• Zoned schools: John Shaw Elementary (math 62% / reading 47%, grade C, #31 of 156 statewide, top 26%, 533 students, 40% FRL); Palmer Middle School (math 25% / reading 42%, grade F, #24 of 36 statewide, top 69%, 594 students, 46% FRL); Colony High School (math 29% / reading 38%, grade F, #32 of 61 statewide, top 52%, 1,117 students, 29% FRL).
• Market conditions: 378 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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.
• 3 sale attempts since 25y 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 8.7% vs local median 2.8% in Fishhook — 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.

Questions for listing agent

• Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.
• 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.