511 N Flower St · Anchorage, AK 99508

$190,000

2 bd · 2.0 ba · 1,080 sqft · MultiFamily public records · 257 Days on market

Built 1970 Fair condition 6,250 sqft lot $176/sqft · 37% below area Est $300k · 37% 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 +9.0/10.0
• Livability +3.9/5.0
• Rent growth +3.7/5.0
• Condition / age +2.2/5.0
• Schools +1.6/10.0
• 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. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $756 ($9k/yr) — positive. Per door: $378/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 11.1% vs local median 3.9% 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: Mountain View Elementary (math 8% / reading 12%, grade F, #153 of 156 statewide, top 100%, 290 students, 100% FRL); Clark Middle School (math 7% / reading 22%, grade F, #35 of 36 statewide, top 97%, 835 students, 100% FRL); Bettye Davis East Anchorage High School (math 20% / reading 25%, grade F, #51 of 61 statewide, top 83%, 1,745 students, 71% FRL) — zoned schools average 90% FRL vs 38% district-wide (53 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 16% at this address vs 40% district-wide (-24 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 fast (+4.9%/yr); 292 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 117d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 62% 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).

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 ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 257 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 257 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.40% ✓
• Cap rate: 11.07%
• Cash-on-cash: 17.06%
• DSCR: 1.76
• GRM: 6.0

CMA / ARV

• ARV (median comp): $299,979
• List price: $190,000
• Delta: -36.66%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
817 Price St	0.27mi	2/1.0	1,113 (+3%)	2mo	$200,000	$180	77
808 N Bunn St	0.29mi	3/1.5 (+1)	1,104 (+2%)	1mo	$229,000	$207	75
100 Bunnell St Unit 8A	0.60mi	2/2.0	1,066 (-1%)	3mo	$224,900	$211	68
100 Bunnell St Unit 1A	0.60mi	2/2.5	1,066 (-1%)	1mo	$265,000	$249	67
124 N Flower St #124	0.23mi	2/1.0	1,248 (+16%)	0mo	$190,000	$152	60
259 Bunn St	0.54mi	3/1.5 (+1)	1,032 (-4%)	2mo	$350,000	$339	59
322 Park St	0.56mi	3/1.0 (+1)	1,040 (-4%)	0mo	$275,000	$264	58
716 N Bliss St	0.37mi	2/1.0	864 (-20%)	2mo	$99,000	$115	52
561 Izembek Cir	1.09mi	3/2.0 (+1)	1,116 (+3%)	3mo	$242,500	$217	52
3233 Tarwater Ave	0.47mi	2/2.0	825 (-24%)	3mo	$250,000	$303	51
1535 Primrose St	1.46mi	3/1.0 (+1)	1,152 (+7%)	2mo	$250,000	$217	43
5000 Kenai Ave	0.84mi	3/1.5 (+1)	1,248 (+16%)	3mo	$350,000	$280	30

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 10.5%
• Equity multiple: 1.42×
• Total profit: $22,573
• Equity at exit: $28,330

10-year hold

• IRR: 21.1%
• Equity multiple: 2.95×
• Total profit: $103,799
• 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: 292
• Price-to-rent: 11.9×

Monthly cashflow live

• Estimated rent: $2,661 high
• Mortgage (P&I): −$996
• Tax from tax record: −$270 /mo · $3,243/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$559
• Net cashflow: $756

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$2,662
Total (2 units)			$2,661

Break-even live

Break-even rent $1,704

Max offer price $190,000

Occupancy floor 67%

Sensitivity live

Price	-10% $864	-5% $810	+0% $756	+5% $703	+10% $649
Rent	-10% $546	-5% $651	+0% $756	+5% $861	+10% $967
Rate	-1.0pp $852	-0.5pp $805	base $756	+0.5pp $707	+1.0pp $657

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
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 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	139d	1	0.04mi
617 N Flower St Anchorage, AK	2.0	1.0	920	$1,750	$1.90	139d	1	0.07mi
404 N Klevin St Unit 2 Anchorage, AK	1.0	1.0	750	$1,095	$1.46	139d	1	0.08mi
415 N Bragaw St #18 Anchorage, AK	1.0	1.0	700	$1,400	$2.00	139d	1	0.09mi
415 N Bragaw St Anchorage, AK	1.0	1.0	700	$1,375	$1.96	6d	1	0.09mi
342 N Klevin St Unit 2 Anchorage, AK	1.0	1.0	750	$1,050	$1.40	6d	1	0.09mi
541 Irwin St Unit 4 Anchorage, AK	2.0	1.0	800	$1,350	$1.69	109d	1	0.13mi
617 N Park St Unit B Anchorage, AK	3.0	1.0	2000	$2,000	$1.00	119d	1	0.14mi
533 Price St Apt 2 Anchorage, AK	2.0	1.0	800	$1,200	$1.50	6d	1	0.19mi
708 N Hoyt St Unit 4 Anchorage, AK	2.0	1.0	780	$1,350	$1.73	6d	1	0.20mi
218 N Park St Apt 3 Anchorage, AK	2.0	1.0	800	$1,395	$1.74	6d	1	0.20mi
138 N Klevin St Unit 2 Anchorage, AK	1.0	1.0	800	$1,250	$1.56	119d	1	0.21mi
325 N Hoyt St Unit C Anchorage, AK	2.0	1.0	800	$1,300	$1.62	139d	1	0.21mi
225 N Park St Unit 11 Anchorage, AK	2.0	1.0	710	$1,200	$1.69	139d	1	0.21mi
225 N Park St Apt 3 Anchorage, AK	2.0	1.0	800	$1,250	$1.56	117d	1	0.21mi
225 N Park St Unit 15 Anchorage, AK	1.0	1.0	800	$1,195	$1.49	6d	1	0.21mi
225 N Park St Apt 4 Anchorage, AK	2.0	1.0	805	$1,250	$1.55	139d	1	0.21mi
816 N Bragaw St Unit 1 Anchorage, AK	2.0	1.0	950	$1,650	$1.74	139d	1	0.22mi
815 N Park St #3 Anchorage, AK	2.0	1.0	—	$1,350	—	139d	1	0.23mi
803 Price St Apt 3 Anchorage, AK	2.0	1.0	1000	$1,600	$1.60	6d	1	0.26mi
821 N Hoyt St Unit 06 Anchorage, AK	2.0	1.0	825	$1,250	$1.52	109d	1	0.28mi
814 N Bunn St Unit 4 Anchorage, AK	2.0	1.0	1100	$1,400	$1.27	109d	1	0.29mi
423 N Lane St #4 Anchorage, AK	3.0	1.0	980	$2,050	$2.09	119d	1	0.31mi
423 N Lane St Apt 1 Anchorage, AK	3.0	1.0	980	$2,000	$2.04	119d	1	0.31mi
401 N Bliss St Apt 1 Anchorage, AK	2.0	1.0	895	$1,650	$1.84	6d	1	0.38mi
3404 Thompson Ave Apt C Anchorage, AK	2.0	1.0	—	$1,650	—	3d	1	0.39mi
3404 Thompson Ave Unit B Anchorage, AK	2.0	1.0	—	$1,600	—	139d	1	0.39mi
3162 Tarwater Ave Unit 1 Anchorage, AK	2.0	1.0	745	$1,400	$1.88	6d	1	0.53mi
3926 E 3rd Ave #6 Anchorage, AK	3.0	1.5	1200	$2,000	$1.67	139d	1	0.54mi
330 S Flower St Unit 01 Anchorage, AK	2.0	1.0	700	$1,300	$1.86	139d	1	0.56mi
330 S Flower St Unit 12 Anchorage, AK	2.0	1.0	650	$1,300	$2.00	109d	1	0.57mi
218 McCarrey St Anchorage, AK	1.0–3.0	1.0	747	$1,518	$2.03	0d	9	0.60mi
360 Bragaw St Anchorage, AK	3.0	2.0	1050	$2,349	$2.24	6d	4	0.65mi
5130 Taku Dr Unit 2 Anchorage, AK	2.0	1.0	730	$1,350	$1.85	3d	1	0.75mi
5201 Chena Ave #1 Anchorage, AK	3.0	1.0	1100	$1,350	$1.23	139d	1	0.80mi
4539 E 7th Ave Apt 1 Anchorage, AK	2.0	1.0	960	$1,650	$1.72	6d	1	0.89mi
4413 E 8th Ave Unit B Anchorage, AK	2.0	1.0	960	$1,400	$1.46	139d	1	0.92mi
5310 Lionheart Dr Unit 15 Anchorage, AK	2.0	1.0	820	$1,695	$2.07	109d	1	0.95mi
5310 Lionheart Dr Unit 15 Anchorage, AK	2.0	1.0	820	$1,695	$2.07	6d	1	0.95mi
3925 E 9th Ave Unit 5 Anchorage, AK	3.0	1.5	1200	$1,750	$1.46	139d	1	0.95mi

Listing history 50 events

1. 2026-09-24
   days on market $190,000 Active 257 DOM
2. 2026-09-23
   days on market $190,000 Active 256 DOM
3. 2026-09-22
   days on market $190,000 Active 255 DOM
4. 2026-09-21
   days on market $190,000 Active 254 DOM
5. 2026-09-20
   days on market $190,000 Active 253 DOM
6. 2026-09-18
   days on market $190,000 Active 251 DOM
7. 2026-09-17
   days on market $190,000 Active 250 DOM
8. 2026-09-16
   days on market $190,000 Active 249 DOM
9. 2026-09-15
   days on market $190,000 Active 248 DOM
10. 2026-09-14
    days on market $190,000 Active 247 DOM
11. 2026-09-13
    days on market $190,000 Active 246 DOM
12. 2026-09-12
    days on market $190,000 Active 245 DOM
13. 2026-09-11
    days on market $190,000 Active 244 DOM
14. 2026-09-05
    days on market $190,000 Active 238 DOM
15. 2026-09-04
    days on market $190,000 Active 237 DOM
16. 2026-09-03
    days on market $190,000 Active 236 DOM
17. 2026-08-31
    days on market $190,000 Active 233 DOM
18. 2026-08-30
    days on market $190,000 Active 232 DOM
19. 2026-08-29
    days on market $190,000 Active 231 DOM
20. 2026-08-28
    days on market $190,000 Active 230 DOM
21. 2026-08-27
    days on market $190,000 Active 229 DOM
22. 2026-08-26
    days on market $190,000 Active 228 DOM
23. 2026-08-25
    days on market $190,000 Active 227 DOM
24. 2026-08-24
    days on market $190,000 Active 226 DOM
25. 2026-08-23
    days on market $190,000 Active 225 DOM
26. 2026-08-22
    days on market $190,000 Active 224 DOM
27. 2026-08-21
    days on market $190,000 Active 223 DOM
28. 2026-08-20
    days on market $190,000 Active 222 DOM
29. 2026-08-19
    days on market $190,000 Active 221 DOM
30. 2026-08-18
    days on market $190,000 Active 220 DOM
31. 2026-08-17
    days on market $190,000 Active 219 DOM
32. 2026-08-16
    days on market $190,000 Active 218 DOM
33. 2026-08-15
    days on market $190,000 Active 217 DOM
34. 2026-08-14
    days on market $190,000 Active 216 DOM
35. 2026-08-13
    days on market $190,000 Active 215 DOM
36. 2026-08-12
    days on market $190,000 Active 214 DOM
37. 2026-08-11
    days on market $190,000 Active 213 DOM
38. 2026-08-10
    days on market $190,000 Active 212 DOM
39. 2026-08-09
    days on market $190,000 Active 211 DOM
40. 2026-08-08
    days on market $190,000 Active 210 DOM
41. 2026-08-07
    days on market $190,000 Active 209 DOM
42. 2026-08-06
    days on market $190,000 Active 208 DOM
43. 2026-08-05
    days on market $190,000 Active 207 DOM
44. 2026-08-04
    days on market $190,000 Active 206 DOM
45. 2026-08-03
    days on market $190,000 Active 205 DOM
46. 2026-07-31
    days on market $190,000 Active 202 DOM
47. 2026-07-30
    days on market $190,000 Active 201 DOM
48. 2026-07-29
    days on market $190,000 Active 200 DOM
49. 2026-07-27
    days on market $190,000 Active 198 DOM
50. 2026-07-25
    days on market $190,000 Active 196 DOM

ⓘ 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: $31,932
• − Mortgage interest: −$10,643
• − Property taxes: −$3,243
• − Insurance: −$950
• − Repairs & maintenance: −$2,555
• − Management: −$2,555
• − Depreciation: −$5,527
• Taxable income: $6,459
• Est. tax owed @ 24.0%: −$1,550
• After-tax cash flow: $7,526/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.

Condition & rehab AI · 9 photos

Fair 45/100 Moderate rehab Est. rehab $27,000–$48,600 screening

The property requires significant repairs and maintenance, including a new roof, exterior siding, and landscaping. These improvements will significantly enhance its value and make it more attractive to buyers or renters.

Deferred maintenance Est. $50,000–$150,000 screening

• Major Roof (roof) — The roof appears to be missing shingles and has visible damage.
• Major Windows (windows) — The windows are old and appear to be in poor condition.
• Major Electrical (electrical) — The electrical box is exposed and appears to be in poor condition.
• Major Plumbing (plumbing) — The plumbing appears to be old and in poor condition.
• Major Exterior (exterior) — The exterior siding appears to be peeling and in poor condition.

Repairs flagged

• Major roof — Signs of significant wear
• Major exterior siding — Severe weathering and chipping
• Major landscaping — Overgrown and needs trimming
• Major fencing — In poor condition and needs repair

Value-add opportunities

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Replace flooring — New flooring improves the home's appearance and value ↑
• Both Landscaping maintenance — A well-maintained yard enhances curb appeal and property value ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 16/100

Zoned Schools

Elementary Mountain View Elementary F AK #153/156 Nat'l #39,071/41,679 Middle Clark Middle School F AK #35/36 Nat'l #12,767/14,009 High Bettye Davis East Anchorage High School F AK #51/61 Nat'l #13,583/17,239

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

B Composite livability gradescore 78/100

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 · 314,993 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: 15% of renters

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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%

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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%

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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.