111 Muldoon Rd · Anchorage, AK 99504

$1,325,000

21 bd · 9.8 ba · 7,680 sqft · MultiFamily public records · 302 Days on market

Built 1970 0.33 ac lot

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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 +25.6/30.0
• DSCR +8.5/10.0
• ARV discount +7.5/15.0
• 1% rule +6.3/10.0
• Livability +3.9/5.0
• Schools +3.7/10.0
• Rent growth +3.1/5.0
• 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: 7 units. confirmed

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

Two-story 10-plex, w/ onsite parking and easy access to Muldoon Rd. , the Glenn Hwy. and JBER. Excellent location. Close to shopping areas. This 10-plex has nine (9) two bedroom units and one (1) three bedroom unit. Each unit has one bathroom. Laminate flooring, and new windows and fixtures. On-site coin op laundry.

Key facts

• 0.33 acre lot
• 13 parking spots
• Built 1970

What this means for you Summary

Snapshot

• This is a 7 × 3-bed/?-bath units multifamily listed at $1.32M.

Deal economics

• At list price, monthly cash flow is $3k ($37k/yr) — positive. Per door: $446/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($15k rent vs $1.32M).
• Recommended offer: $1.17M (12.0% below list) — sets the bar for market timing.
• Cap rate 9.1% 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: Muldoon Elementary (math 17% / reading 17%, grade F, #139 of 156 statewide, top 92%, 466 students, 100% FRL); Nicholas J. Begich Middle School (math 10% / reading 24%, grade F, #32 of 36 statewide, top 89%, 882 students, 78% FRL); Bartlett High School (math 22% / reading 27%, grade F, #42 of 61 statewide, top 82%, 1,373 students, 64% FRL) — zoned schools average 80% FRL vs 38% district-wide (43 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 20% at this address vs 40% district-wide (-20 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 (+2.6%/yr); 214 active listings in the ZIP; solid renter incomes; 306 units permitted in Anchorage Municipality in 2024 (90 in 5+ unit buildings).
• At $14,976/mo this rent would consume 207% of the median local household income ($87k/yr) (locally 1052% 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 $9k of loan paydown is wiped out by about $40k 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.

Negotiation context

• It's been on market 302 days — a 12% lower offer ($1.17M) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 19y 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.

Risks & watch-outs

• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,166,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 302 days. Have you received any prior offers? Is the seller open to a 12% 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. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.13% ✓
• Cap rate: 9.12%
• Cash-on-cash: 10.10%
• DSCR: 1.45
• GRM: 7.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.57% rent growth · sell at horizon

5-year hold

• IRR: -1.6%
• Equity multiple: 0.94×
• Total profit: $-22,305
• Equity at exit: $197,562

10-year hold

• IRR: 7.6%
• Equity multiple: 1.57×
• Total profit: $210,249
• Equity at exit: $114,562

Cash invested: $371,000 (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 99504

• Rents YoY: 2.6%
• Active inventory: 214
• Price-to-rent: 51.6×

Monthly cashflow live

• Estimated rent: $14,976 high
• Mortgage (P&I): −$6,948
• Tax from tax record: −$1,208 /mo · $14,490/yr
• Insurance: −$552
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,145
• Net cashflow: $3,123

Break-even live

Break-even rent $11,023

Max offer price $1,325,000

Occupancy floor 74%

Sensitivity live

Price	-10% $3,873	-5% $3,498	+0% $3,123	+5% $2,748	+10% $2,373
Rent	-10% $1,940	-5% $2,531	+0% $3,123	+5% $3,715	+10% $4,306
Rate	-1.0pp $3,790	-0.5pp $3,460	base $3,123	+0.5pp $2,780	+1.0pp $2,430

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

Units	Beds	Baths	Est. rent
▸ 7× units	3	—	$14,973
Total (7 units)			$14,976

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: $331,250
• Closing costs: $39,750
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2024-11-13
   status Pending
2. 2024-01-16
   listed $1,325,000 Active
3. 2022-02-25
   price $1,350
4. 2017-12-08
   soldstatus
5. 2017-06-07
   listed $1,250,000
6. 2016-04-12
   listed $1,265,000
7. 2013-06-27
   soldstatus
8. 2012-12-12
   listed $890,000
9. 2011-12-09
   soldstatus
10. 2011-07-19
    listed $850,000
11. 2009-11-24
    soldstatus
12. 2009-05-21
    listed $695,000
13. 2009-03-28
    listed $750,000
14. 2008-03-24
    soldstatus
15. 2007-09-27
    listed $750,000

ⓘ 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: $14,490 · $1,208/mo
• Projected year-2 tax: $15,129 · $1,261/mo
• Expected delta: +$639/yr (+$53/mo · 4.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 74% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $179,712
• − Mortgage interest: −$74,221
• − Property taxes: −$14,490
• − Insurance: −$6,625
• − Repairs & maintenance: −$14,377
• − Management: −$14,377
• − Depreciation: −$38,545
• Taxable income: $17,077
• Est. tax owed @ 24.0%: −$4,098
• After-tax cash flow: $33,377/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): 42,093
• Household income: $86,710
• Rent vs Own: 33.9% rent · 66.1% own
• Severe rent burden: 1052.0

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 0.80)
• Race & ethnicity: White 41% Two or more races 18% Asian 13% Native American 9% Black 9% Hispanic / Latino 9% Pacific Islander 6%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Portuguese 2% Ukrainian 2% Romanian 2%
• Foreign-born: 12% · Canada, South Korea, Vietnam
• Languages at home: 76% English-only · Other Asian/Pacific 9% Spanish 4% Tagalog/Filipino 3%

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: ▼ -184.29%
• Current HPI: 259.8803
• Rent YoY: ▲ 2.57%
• Metro: Anchorage, AK
• State GDP YoY: —
• F500 in state: 0

Price history

+76.7% since first listed

15 events — show timeline

• 2024-11-13 Pending — AKMLS
• 2024-01-16 Listed $1,325,000 AKMLS
• 2022-02-25 Price Changed $1,350 RENT.
• 2017-12-08 Sold (Public Records) — Public Records
• 2017-06-07 Listed $1,250,000 AKMLS
• 2016-04-12 Listed $1,265,000 AKMLS
• 2013-06-27 Sold (Public Records) — Public Records
• 2012-12-12 Listed $890,000 AKMLS
• 2011-12-09 Sold (Public Records) — Public Records
• 2011-07-19 Listed $850,000 AKMLS
• 2009-11-24 Sold (Public Records) — Public Records
• 2009-05-21 Listed $695,000 AKMLS
• 2009-03-28 Listed $750,000 AKMLS
• 2008-03-24 Sold (Public Records) — Public Records
• 2007-09-27 Listed $750,000 AKMLS

Property tax history

+3.3%/yr

Latest (2025): $14,490 · +3.9% YoY. Source: county tax records.