231 McCarrey St Unit 5B · Anchorage, AK 99508

$109,999

2 bd · 1.0 ba · 790 sqft · Condo public records · 6 Days on market

Built 1981 $336/mo HOA · 22% of rent

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Why this score? — see what drove the C 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 +19.8/30.0
• 1% rule +8.6/10.0
• ARV discount +7.5/15.0
• DSCR +6.3/10.0
• Livability +3.9/5.0
• Rent growth +3.7/5.0
• Schools +3.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Incredibly priced condo in the heart of Anchorage! Just minutes away from the military base, hospitals, UAA, shopping, & much more. This condo offers a great layout with a nice living room area, kitchen w/ dining space, washer + dryer, 2 bedrooms, & full bathroom. This property is priced to sell so don't miss out!

Key facts

• $336 HOA
• Garage
• Built 1981

Property features AI

Finance

• HOA & community: Condo association (Contempo One) with monthly fee; Association fee covers sewer, snow removal, water, heat, and insurance

Exterior

• Parking: 1-car carport; No garage
• Utilities: Public sewer
• Home design: Condominium, attached; Built in 1981; Entry on first floor
• Construction: Wood frame construction; Composition/shingle/asphalt roof; Other foundation
• Exterior features: Paved road access

Interior

• Bedrooms: 2 bedrooms
• Flooring: Carpet
• Bathrooms: 1 full bathroom
• Interior features: Fireplace; Smoke detectors; Bedroom and bathroom on main level; Electric

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $110k.

Deal economics

• At list price, monthly cash flow is $130 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• Cap rate 7.7% 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.

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: Wonder Park Elementary (math 12% / reading 12%, grade F, #149 of 156 statewide, top 96%, 264 students, 100% FRL); Clark Middle School (math 7% / reading 22%, grade F, #35 of 36 statewide, top 97%, 835 students, 100% FRL); Bartlett High School (math 22% / reading 27%, grade F, #42 of 61 statewide, top 82%, 1,373 students, 64% FRL) — zoned schools average 88% FRL vs 38% district-wide (50 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 17% at this address vs 40% district-wide (-23 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); 147 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 48% 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 $760 of loan paydown is wiped out by about $3k 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.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 22y 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: HOA is 22% of rent.

Recommended offer $109,999

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.36% ✓
• Cap rate: 7.71%
• Cash-on-cash: 5.07%
• DSCR: 1.23
• GRM: 6.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -5.5%
• Equity multiple: 0.79×
• Total profit: $-6,445
• Equity at exit: $16,401

10-year hold

• IRR: 7.0%
• Equity multiple: 1.59×
• Total profit: $18,207
• Equity at exit: $9,511

Cash invested: $30,800 (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: 147
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $1,500 high
• Mortgage (P&I): −$577
• Tax from tax record: −$96 /mo · $1,151/yr
• Insurance: −$46
• HOA: −$336
• Vacancy / Maint / Mgmt: −$315
• Net cashflow: $130

Break-even live

Break-even rent $1,335

Max offer price $109,999

Occupancy floor 86%

Sensitivity live

Price	-10% $192	-5% $161	+0% $130	+5% $99	+10% $68
Rent	-10% $12	-5% $71	+0% $130	+5% $189	+10% $249
Rate	-1.0pp $185	-0.5pp $158	base $130	+0.5pp $102	+1.0pp $73

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
218 McCarrey St Anchorage, AK	3.0	1.0	640	$1,510	$2.36	21d	9	0.08mi
5201 Chena Ave #1 Anchorage, AK	3.0	1.0	1100	$1,350	$1.23	44d	1	0.32mi
5310 Lionheart Dr Unit 15 Anchorage, AK	2.0	1.0	820	$1,695	$2.07	14d	1	0.33mi
5326 Lionheart Dr Unit 12 Anchorage, AK	2.0	1.0	820	$1,650	$2.01	24d	1	0.34mi
4413 E 8th Ave Unit B Anchorage, AK	2.0	1.0	960	$1,400	$1.46	44d	1	0.46mi
225 N Park St Apt 3 Anchorage, AK	2.0	1.0	800	$1,250	$1.56	21d	1	0.46mi
225 N Park St Apt 4 Anchorage, AK	2.0	1.0	805	$1,250	$1.55	44d	1	0.46mi
225 N Park St Unit 11 Anchorage, AK	2.0	1.0	710	$1,200	$1.69	44d	1	0.46mi
423 N Lane St Apt 1 Anchorage, AK	3.0	1.0	980	$2,000	$2.04	24d	1	0.47mi
423 N Lane St #4 Anchorage, AK	3.0	1.0	980	$2,050	$2.09	24d	1	0.47mi
325 N Hoyt St Unit C Anchorage, AK	2.0	1.0	800	$1,300	$1.62	44d	1	0.48mi
330 S Flower St Unit 12 Anchorage, AK	2.0	1.0	650	$1,300	$2.00	14d	1	0.50mi
330 S Flower St Unit 01 Anchorage, AK	2.0	1.0	700	$1,300	$1.86	44d	1	0.50mi
138 N Klevin St Unit 2 Anchorage, AK	1.0	1.0	800	$1,250	$1.56	24d	1	0.52mi
404 N Klevin St Unit 2 Anchorage, AK	1.0	1.0	750	$1,095	$1.46	44d	1	0.60mi
5741 Rocky Mountain Ct Unit D Anchorage, AK	2.0	1.0	900	$1,475	$1.64	24d	1	0.67mi
524 N Klevin St Unit B Anchorage, AK	2.0	1.0	1080	$1,700	$1.57	44d	1	0.67mi
415 N Bragaw St Anchorage, AK	1.0–2.0	1.0	700	$1,500	$2.14	14d	3	0.67mi
415 N Bragaw St #18 Anchorage, AK	1.0	1.0	700	$1,400	$2.00	44d	1	0.68mi
617 N Flower St Anchorage, AK	2.0	1.0	920	$1,750	$1.90	44d	1	0.72mi
814 N Bunn St Unit 4 Anchorage, AK	2.0	1.0	1100	$1,400	$1.27	14d	1	0.73mi
821 N Hoyt St Unit 06 Anchorage, AK	2.0	1.0	825	$1,250	$1.52	14d	1	0.74mi
541 Irwin St Unit 4 Anchorage, AK	2.0	1.0	800	$1,350	$1.69	14d	1	0.79mi
5901 E 6th Ave Anchorage, AK	2.0–3.0	1.0–2.0	907	$1,999	$2.20	14d	7	0.84mi
816 N Bragaw St Unit 1 Anchorage, AK	2.0	1.0	950	$1,650	$1.74	44d	1	0.88mi
4545 Reka Dr Anchorage, AK	1.0–2.0	1.0	562	$1,630	$2.90	14d	10	1.11mi
4670 Reka Dr Unit G11 Anchorage, AK	2.0	1.5	926	$1,800	$1.94	44d	1	1.25mi
6701 E 6th Ave Apt 8 Anchorage, AK	2.0	1.0	750	$1,450	$1.93	44d	1	1.26mi
6701 E 6th Ave Apt 10 Anchorage, AK	1.0	1.0	800	$1,450	$1.81	44d	1	1.26mi

HOA detail condo

• Monthly dues: $336 · $4,032/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 4 events

1. 2026-05-11
   status Pending 322-char remark
2. 2026-05-04
   listed $109,999 Active 322-char remark
3. 2004-03-22
   soldstatus
4. 2004-02-03
   listed $69,900

ⓘ 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: $1,151 · $96/mo
• Projected year-2 tax: $1,230 · $103/mo
• Expected delta: +$79/yr (+$7/mo · 6.9%)

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

Taxation est. · year 1

• Rental income: $17,996
• − Mortgage interest: −$6,162
• − Property taxes: −$1,151
• − Insurance: −$550
• − Repairs & maintenance: −$1,440
• − Management: −$1,440
• − HOA: −$4,032
• − Depreciation: −$3,200
• Taxable income: $22
• Est. tax owed @ 24.0%: −$5
• After-tax cash flow: $1,556/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: 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

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 · 246,594 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: 1248.0

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%

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%

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

+57.4% since first listed

5 events — show timeline

• 2026-06-04 Sold (MLS) — AKMLS
• 2026-05-11 Pending — AKMLS
• 2026-05-04 Listed $109,999 AKMLS
• 2004-03-22 Sold (Public Records) — Public Records
• 2004-02-03 Listed $69,900 AKMLS

Property tax history

-0.7%/yr

Latest (2025): $1,151 · -23.9% YoY. Source: county tax records.