440 Bawden St · Ketchikan, AK 99901

$449,000

6 bd · 2.0 ba · 2,956 sqft · MultiFamily public records · 6 Days on market

Built 1930 2,842 sqft lot Est $473k · 5% under

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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 +27.5/30.0
• ARV discount +9.8/15.0
• DSCR +9.6/10.0
• 1% rule +6.6/10.0
• Livability +3.8/5.0
• Schools +3.7/10.0
• Rent growth +2.5/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks

Discover this classic downtown duplex perfectly positioned in the heart of Ketchikan! The spacious main residence offers 4 bedrooms and 1 bathroom, hardwood floors and tasteful modern updates that blend comfort with character. Enjoy the convenience of an updated kitchen, in-unit laundry along with easy walking access to local restaurants, entertainment, and scenic waterfront strolls along the dock. The lower-level apartment includes 2 bedrooms and 1 bathroom and is already rented, providing immediate income potential. With separate laundry for tenants and a prime in-town location, this property is ideal for both homeowners and investors looking to enjoy the best of city living with added fi

Key facts

• Downtown duplex
• In-unit laundry
• Updated kitchen

Tags

• DOWNTOWN DUPLEX
• UPDATED KITCHEN
• IN-UNIT LAUNDRY
• IMMEDIATE INCOME POTENTIAL
• PRIME IN-TOWN LOCATION

Property features AI

Exterior

• Utilities: Public sewer
• Home design: Single-family residence; Residential property; 3 stories
• Construction: Shingle siding; Shingle roof
• Exterior features: Deck; Zoned Ketchikan RM

Interior

• Kitchen: Dishwasher; Electric range; Electric oven; Disposal; Microwave; Refrigerator
• Flooring: Hardwood floors
• Interior features: Vaulted ceilings; Fireplace in the living room (1 total)
• Laundry & utility: Washer and dryer included; Laundry on main level

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $449k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $449k).
• Cap rate 9.8% vs local median 3.7% in Ketchikan — 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 76/100 on livability (#12 in AK, #3,743 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: crime D+, amenities F.
• Ketchikan Gateway Borough School District (town): math 39% / reading 44% proficiency, ranked #7 of 21 in AK (top 33%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Houghtaling Elementary (math 37% / reading 42%, grade F, #75 of 156 statewide, top 52%, 310 students, 59% FRL); Schoenbar Middle School (math 30% / reading 36%, grade F, #26 of 36 statewide, top 71%, 269 students, 40% FRL); Ketchikan High School (math 42% / reading 42%, grade F, #17 of 61 statewide, top 32%, 498 students, 28% FRL).
• Market conditions: 97 active listings in the ZIP; 73 units permitted in Ketchikan Gateway Borough in 2024 (14 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Ketchikan Gateway County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $126k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 12y 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.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $449,000

Questions for the listing agent

1. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Crime grade is D 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?
4. 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.
5. 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.
6. 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: 1.16% ✓
• Cap rate: 9.82%
• Cash-on-cash: 12.60%
• DSCR: 1.56
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $472,960
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
122 Inman St	0.45mi	6/4.0	2,960 (+0%)	13mo	$474,000	$160	60
1378/1380 Fairy Chasm Rd	0.40mi	6/3.5	2,664 (-10%)	22mo	$420,000	$158	40

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 2.3%
• Equity multiple: 1.09×
• Total profit: $11,226
• Equity at exit: $66,947

10-year hold

• IRR: 11.9%
• Equity multiple: 1.94×
• Total profit: $117,597
• Equity at exit: $38,821

Cash invested: $125,720 (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 99901

• Home prices YoY: -33.4%
• Active inventory: 97
• Price-to-rent: 14.4×

Monthly cashflow live

• Estimated rent: $5,200 medium
• Mortgage (P&I): −$2,355
• Tax from tax record: −$246 /mo · $2,951/yr
• Insurance: −$187
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,092
• Net cashflow: $1,320

Break-even live

Break-even rent $3,529

Max offer price $449,000

Occupancy floor 70%

Sensitivity live

Price	-10% $1,575	-5% $1,448	+0% $1,320	+5% $1,193	+10% $1,066
Rent	-10% $910	-5% $1,115	+0% $1,320	+5% $1,526	+10% $1,731
Rate	-1.0pp $1,547	-0.5pp $1,435	base $1,320	+0.5pp $1,204	+1.0pp $1,086

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$5,200
Total (2 units)			$5,200

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: $112,250
• Closing costs: $13,470
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-17
   status $449,000 Pending 6 DOM
2. 2026-06-16
   days on market $449,000 Active 6 DOM
3. 2026-06-15
   days on market $449,000 Active 5 DOM
4. 2026-06-14
   days on market $449,000 Active 3 DOM
5. 2026-06-12
   remarks 699-char remark
6. 2026-06-12
   listed $449,000 Active 2 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: $2,951 · $246/mo
• Projected year-2 tax: $4,147 · $346/mo
• Expected delta: +$1,196/yr (+$100/mo · 40.5%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $62,400
• − Mortgage interest: −$25,151
• − Property taxes: −$2,951
• − Insurance: −$2,245
• − Repairs & maintenance: −$4,992
• − Management: −$4,992
• − Depreciation: −$13,062
• Taxable income: $9,008
• Est. tax owed @ 24.0%: −$2,162
• After-tax cash flow: $13,683/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: Ketchikan Gateway Borough School District
• NCES district ID: 0200150
• Math proficiency: 39% ▼ -5.00%
• Reading proficiency: 44% ▼ -2.00%
• Median HH income: $61,859
• Composite: 36.86/100
• National rank: #4550
• State rank: #7 of 21 in AK

Livability — Ketchikan

• Score: 76/100
• State rank: #12
• US rank: #3743

Category grades

Amenities F Commute A+ Cost of living C Crime D+ Employment B Housing A+ Health & safety A+ User ratings D+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ketchikan, AK
• Population (ZIP): 13,875

Population outlook (Ketchikan Gateway County) Hauer SSP2

• Today (2025): 14,287 people
• By 2030: 14,487 · +1.4%
• By 2040: 14,750 · +3.2%
• By 2050: 14,908 · +4.3%
• By 2075: 15,319 · +7.2%
• By 2100: 15,204 · +6.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 61% Native American 13% Two or more races 13% Asian 9% Hispanic / Latino 5%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Portuguese 5% Slovak 4% Italian 2%
• Foreign-born: 9% · Canada
• Languages at home: 89% English-only · Tagalog/Filipino 7% Spanish 2% Other Indo-European 1%

Political lean MEDSL · Ketchikan Gateway

• 2016 margin: R (+15.2) · D 37.7% · R 52.9% · Other 9.4%
• All cycles: 2016: R+15.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -95.31%
• Current HPI: 190.039
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+42.5% since first listed

6 events — show timeline

• 2026-04-28 Listed $449,000 SEABR
• 2019-08-27 Listed $415,000 AKMLS
• 2015-02-20 Sold (Public Records) — Public Records
• 2014-03-31 Listed $315,000 AKMLS
• 2010-02-24 Sold (Public Records) — Public Records
• 2006-08-18 Sold (Public Records) — Public Records

Property tax history

-0.7%/yr

Latest (2025): $2,951 · +6.9% YoY. Source: county tax records.