6913 Gold Kings Ave Unit D

Anchorage, AK 99504

$240,000D

3 bd · 1.5 ba · 1,252 sqft · Built 1999 · Condo · Pending · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,425/mo
• Mortgage (P&I): −$1,259
• Tax + insurance: −$456
• HOA: −$325
• Vac / Maint / Mgmt: −$509
• Net cashflow: $-123/mo
• Annual: $-1,481/yr
• Cap rate: 5.95%
• Cash-on-cash: -1.21%
• DSCR: 0.95
• 1% rule: 1.01%
• Cash to close: $67,200

Investor read

• This is a 3-bed/1.5-bath condo listed at $240k. Condition is rated good.
• At list price, monthly cash flow is $-123 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $222k (7.4% below list).
• Meets the 1% rule at list price ($2k rent vs $240k).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $222k (7.4% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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: Creekside Park Elementary (math 27% / reading 22%, grade F, #122 of 156 statewide, top 81%, 361 students, 85% FRL); Nicholas J. Begich Middle School (math 10% / reading 24%, grade F, #32 of 36 statewide, top 89%, 882 students, 78% FRL); Bartlett High School (math 22% / reading 27%, grade F, #42 of 61 statewide, top 82%, 1,373 students, 64% FRL) — zoned schools average 76% FRL vs 38% district-wide (38 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 22% at this address vs 40% district-wide (-18 pts) — the specific schools serving this property underperform the Anchorage School District average; the district grade overstates school quality for this exact location.
• Watch-outs: flood insurance adds $56/mo.
• Market conditions: Rents rising (+2.6%/yr); 214 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• 9 sale attempts since 28y 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.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.0% 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.
• This rent runs 34% of the median local income ($87k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?