511 N Flower St

Anchorage, AK 99508

$190,000B+

2 bd · 2.0 ba · 1,080 sqft · Built 1970 · MultiFamily · Active · 210 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,809/mo
• Mortgage (P&I): −$996
• Tax + insurance: −$349
• HOA: −$0
• Vac / Maint / Mgmt: −$590
• Net cashflow: $873/mo
• Annual: $10,479/yr
• Cap rate: 11.81%
• Cash-on-cash: 19.70%
• DSCR: 1.88
• 1% rule: 1.48%
• Cash to close: $53,200

Investor read

• This is a 2 × 2-bed/2.0-bath units multifamily listed at $190k. Condition is rated fair.
• 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).
• It's been on market 210 days — a 12% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $167k (12.0% below list) — sets the bar for market timing.
• 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.
• 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); 236 active listings in the ZIP; 36 comparable units currently listed for rent nearby; rentals lingering (median 93d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% 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).
• 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.
• 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.

Questions for listing agent

• It's been on market 210 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?

Repairs flagged (vision-AI assessment)

• 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