36358 Lambeau Ct

Sterling, AK 99672

$849,900C

None bd · 5.0 ba · 5,480 sqft · Built 1960 · MultiFamily · Active · 368 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $9,330/mo
• Mortgage (P&I): −$4,457
• Tax + insurance: −$1,416
• HOA: −$0
• Vac / Maint / Mgmt: −$1,959
• Net cashflow: $1,497/mo
• Annual: $17,967/yr
• Cap rate: 8.41%
• Cash-on-cash: 7.55%
• DSCR: 1.34
• 1% rule: 1.10%
• Cash to close: $237,972

Investor read

• This is a ?-bed/5.0-bath multifamily listed at $850k. Condition is rated fair.
• At list price, monthly cash flow is $1k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $850k).
• It's been on market 368 days — a 12% lower offer ($748k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $748k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $25k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#30 in AK) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+; Watch: health & safety C-, schools D, amenities F.
• Kenai Peninsula Borough School District (rural): math 35% / reading 48% proficiency, ranked #8 of 21 in AK (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 83 active listings in the ZIP; 152 units permitted in Kenai Peninsula Borough in 2024 (20 in 5+ unit buildings).
• Kenai Peninsula County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Cap rate 8.4% vs local median 1.4% in Sterling — 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 368 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1960 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
• What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?

Repairs flagged (vision-AI assessment)

• Moderate: Kitchen cabinets — Worn and dated appearance
• Minor: Bathroom fixtures — Some wear
• Minor: Exterior siding — Some wear