511 N Flower St · Anchorage, AK 99508

$190,000

2 bd · 2.0 ba · 1,080 sqft · MultiFamily public records · 189 Days on market

Built 1970 6,250 sqft lot $176/sqft · 36% below area Est $296k · 36% under ↓ 24% since listing

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• Livability +3.9/5.0
• Rent growth +3.7/5.0
• Schools +3.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Spacious duplex with fenced and groomed yard. Great location. Library, School, Shopping, Church, and Restaurants all within walking distance.

Key facts

• Fenced yard
• Groomed yard
• 6,250 sq ft lot

Tags

• FENCED YARD
• GROOMED YARD

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/2.0-bath units multifamily listed at $190k.

Deal economics

• At list price, monthly cash flow is $873 ($10k/yr) — positive. Per door: $437/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $190k).
• Recommended offer: $167k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.8% 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.
• Market conditions: Rents rising fast (+4.9%/yr); 147 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 306 units permitted in Anchorage Municipality in 2024 (90 in 5+ unit buildings).
• This rent runs 42% of the median local income ($79k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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.
• At projected returns (-3.0% appreciation + 4.9% rent growth), your $53k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 189 days — a 12% lower offer ($167k) is reasonable based on typical stale-listing flexibility.

Recommended offer $167,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 189 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: 1.48% ✓
• Cap rate: 11.81%
• Cash-on-cash: 19.70%
• DSCR: 1.88
• GRM: 5.6

CMA / ARV

• ARV (median comp): $296,126
• List price: $190,000
• Delta: -35.84%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.88% rent growth · sell at horizon

5-year hold

• IRR: 13.9%
• Equity multiple: 1.57×
• Total profit: $30,307
• Equity at exit: $28,330

10-year hold

• IRR: 24.1%
• Equity multiple: 3.28×
• Total profit: $121,347
• Equity at exit: $16,428

Cash invested: $53,200 (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 99508

• Rents YoY: 4.9%
• Active inventory: 147
• Price-to-rent: 11.3×

Monthly cashflow live

• Estimated rent: $2,809 high
• Mortgage (P&I): −$996
• Tax from tax record: −$270 /mo · $3,243/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$590
• Net cashflow: $873

Break-even live

Break-even rent $1,704

Max offer price $190,000

Occupancy floor 64%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$2,808
Total (2 units)			$2,809

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: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
524 N Klevin St Unit B Anchorage, AK	2.0	1.0	1080	$1,700	$1.57	43d	1	0.04mi
617 N Flower St Anchorage, AK	2.0	1.0	920	$1,750	$1.90	43d	1	0.07mi
404 N Klevin St Unit 2 Anchorage, AK	1.0	1.0	750	$1,095	$1.46	43d	1	0.08mi
415 N Bragaw St #18 Anchorage, AK	1.0	1.0	700	$1,400	$2.00	43d	1	0.09mi
415 N Bragaw St Anchorage, AK	1.0–2.0	1.0	700	$1,500	$2.14	13d	3	0.09mi
541 Irwin St Unit 4 Anchorage, AK	2.0	1.0	800	$1,350	$1.69	13d	1	0.13mi
138 N Klevin St Unit 2 Anchorage, AK	1.0	1.0	800	$1,250	$1.56	23d	1	0.21mi
325 N Hoyt St Unit C Anchorage, AK	2.0	1.0	800	$1,300	$1.62	43d	1	0.21mi
225 N Park St Unit 11 Anchorage, AK	2.0	1.0	710	$1,200	$1.69	43d	1	0.21mi
225 N Park St Apt 3 Anchorage, AK	2.0	1.0	800	$1,250	$1.56	21d	1	0.21mi
225 N Park St Apt 4 Anchorage, AK	2.0	1.0	805	$1,250	$1.55	43d	1	0.21mi
816 N Bragaw St Unit 1 Anchorage, AK	2.0	1.0	950	$1,650	$1.74	43d	1	0.22mi
821 N Hoyt St Unit 06 Anchorage, AK	2.0	1.0	825	$1,250	$1.52	13d	1	0.28mi
814 N Bunn St Unit 4 Anchorage, AK	2.0	1.0	1100	$1,400	$1.27	13d	1	0.29mi
423 N Lane St #4 Anchorage, AK	3.0	1.0	980	$2,050	$2.09	23d	1	0.31mi
423 N Lane St Apt 1 Anchorage, AK	3.0	1.0	980	$2,000	$2.04	23d	1	0.31mi
3926 E 3rd Ave #6 Anchorage, AK	3.0	1.5	1200	$2,000	$1.67	43d	1	0.54mi
330 S Flower St Unit 01 Anchorage, AK	2.0	1.0	700	$1,300	$1.86	43d	1	0.56mi
218 McCarrey St Anchorage, AK	3.0	1.0	640	$1,510	$2.36	21d	9	0.60mi
5201 Chena Ave #1 Anchorage, AK	3.0	1.0	1100	$1,350	$1.23	43d	1	0.80mi
4413 E 8th Ave Unit B Anchorage, AK	2.0	1.0	960	$1,400	$1.46	43d	1	0.92mi
5310 Lionheart Dr Unit 15 Anchorage, AK	2.0	1.0	820	$1,695	$2.07	13d	1	0.95mi
3925 E 9th Ave Unit 5 Anchorage, AK	3.0	1.5	1200	$1,750	$1.46	43d	1	0.95mi
5326 Lionheart Dr Unit 12 Anchorage, AK	2.0	1.0	820	$1,650	$2.01	23d	1	0.97mi
5741 Rocky Mountain Ct Unit D Anchorage, AK	2.0	1.0	900	$1,475	$1.64	23d	1	1.30mi
5901 E 6th Ave Anchorage, AK	2.0–3.0	1.0–2.0	907	$1,999	$2.20	13d	7	1.45mi

Listing history 11 events

1. 2026-06-08
   status $190,000 Pending 189 DOM
2. 2026-06-07
   days on market $190,000 Active 189 DOM
3. 2026-06-03
   days on market $190,000 Active 185 DOM
4. 2026-06-02
   days on market $190,000 Active 184 DOM
5. 2026-05-31
   days on market $190,000 Active 183 DOM
6. 2026-05-30
   days on market $190,000 Active 182 DOM
7. 2026-04-10
   price $190,000 141-char remark

   Show marketing remark (141 chars)

   Spacious duplex with fenced and groomed yard. Great location. Library, School, Shopping, Church, and Restaurants all within walking distance.

8. 2026-02-04
   price $200,000 141-char remark

   Show marketing remark (141 chars)

   Spacious duplex with fenced and groomed yard. Great location. Library, School, Shopping, Church, and Restaurants all within walking distance.

9. 2026-01-14
   price $225,000 141-char remark

   Show marketing remark (141 chars)

   Spacious duplex with fenced and groomed yard. Great location. Library, School, Shopping, Church, and Restaurants all within walking distance.

10. 2025-11-29
    listed $250,000 Active 141-char remark

    Show marketing remark (141 chars)

    Spacious duplex with fenced and groomed yard. Great location. Library, School, Shopping, Church, and Restaurants all within walking distance.

11. 1985-02-19
    soldstatus

ⓘ 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: $3,243 · $270/mo
• Projected year-2 tax: $3,243 · $270/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

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: $33,708
• − Mortgage interest: −$10,643
• − Property taxes: −$3,243
• − Insurance: −$950
• − Repairs & maintenance: −$2,697
• − Management: −$2,697
• − Depreciation: −$5,527
• Taxable income: $7,951
• Est. tax owed @ 24.0%: −$1,908
• After-tax cash flow: $8,571/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): 36,458
• Household income: $79,314
• Rent vs Own: 46.8% rent · 53.2% own
• Severe rent burden: 1248.0

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 0.82)
• Race & ethnicity: White 38% Two or more races 14% Asian 13% Hispanic / Latino 13% Native American 10% Pacific Islander 8% Black 6%
• Hispanic origin (detail): Mexican 4% Puerto Rican 2% Cuban 1% Dominican 3%
• Common ancestry: Portuguese 3% Iranian 2% Romanian 2%
• Foreign-born: 15% · Canada, Jamaica, South Korea
• Languages at home: 72% English-only · Other Asian/Pacific 11% Spanish 8% Tagalog/Filipino 4%

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: ▼ -203.51%
• Current HPI: 257.8807
• Rent YoY: ▲ 4.88%
• Metro: Anchorage, AK
• State GDP YoY: —
• F500 in state: 0

Price history

-24.0% since first listed

5 events — show timeline

• 2026-04-10 Price Changed $190,000 AKMLS
• 2026-02-04 Price Changed $200,000 AKMLS
• 2026-01-14 Price Changed $225,000 AKMLS
• 2025-11-29 Listed $250,000 AKMLS
• 1985-02-19 Sold (Public Records) — Public Records

Property tax history

+2.2%/yr

Latest (2025): $3,243 · +4.0% YoY. Source: county tax records.