1011 W 76th Ave

Anchorage, AK 99518

$1,395,000B+

204 bd · 144.0 ba · 9,360 sqft · Built 1975 · MultiFamily · Pending · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $30,690/mo
• Mortgage (P&I): −$7,316
• Tax + insurance: −$1,962
• HOA: −$0
• Vac / Maint / Mgmt: −$6,445
• Net cashflow: $14,968/mo
• Annual: $179,616/yr
• Cap rate: 19.17%
• Cash-on-cash: 45.98%
• DSCR: 3.05
• 1% rule: 2.20%
• Cash to close: $390,600

Investor read

• This is a 12 × 17-bed/12.0-bath units multifamily listed at $1.40M.
• At list price, monthly cash flow is $15k ($180k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($31k rent vs $1.40M).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $96k of equity ($10k loan paydown + $86k appreciation (6.2% local appreciation)).
• 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: Campbell Stem Elementary (math 32% / reading 32%, grade F, #104 of 156 statewide, top 70%, 415 students, 47% FRL); Romig Middle School (math 24% / reading 44%, grade F, #22 of 36 statewide, top 63%, 720 students, 37% FRL) — zoned schools at 42% FRL track the district average.
• Market conditions: 49 active listings in the ZIP; solid renter incomes; 306 units permitted in Anchorage Municipality in 2024 (90 in 5+ unit buildings).
• Anchorage County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 8 sale attempts since 26y 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.
• At projected returns (6.2% appreciation + 3.0% rent growth), your $391k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$154k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 19.2% 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.
• At $30,690/mo this rent would consume 392% of the median local household income ($94k/yr) (locally 385% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• 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?
• Built in 1975 — 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 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?
• 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?
• 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.