203 N Hoyt St · Anchorage, AK 99508

$449,000

5 bd · 3.0 ba · 2,002 sqft · MultiFamily public records · 69 Days on market

Built 1950 6,098 sqft lot $224/sqft · 15% above area Est $389k · 15% over

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Why this score? — see what drove the D 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 +17.3/30.0
• DSCR +5.4/10.0
• 1% rule +4.0/10.0
• Livability +3.9/5.0
• Rent growth +3.7/5.0
• Schools +3.7/10.0
• Condition / age +2.5/5.0
• ARV discount +0.5/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Don't miss this exceptional opportunity to own a well-maintained triplex with impressive income potential. This versatile property includes three thoughtfully designed units: one 1-bedroom, 1-bath--perfect for singles or couples--and two spacious 2-bedroom, 1-bath units. Each unit features comfortable living spaces, private entrances, and strong rental appeal, making this property ideal for consistent cash flow. Unit 1 is currently vacant and move-in ready, offering a prime opportunity for an owner-occupant or an investor looking to maximize returns from day one. The property also boasts a large backyard with mature apple and cherry trees, and currants adding charm and outdoor appeal for tenants. A detached grandfathered 3-car garage/shop provides additional value-add potential--while it currently needs renovation, it presents an excellent opportunity to increase rental income, create additional storage, or develop a highly desirable workspace to further enhance overall returns.

Key facts

• 6,098 sq ft lot
• 3 parking spots
• Built 1950

What this means for you Summary

Snapshot

• This is a 1×1bd/1ba + 2×2bd/1ba units multifamily listed at $449k.

Deal economics

• At list price, monthly cash flow is $327 ($4k/yr) — positive. Per door: $109/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $404k (10.0% below list).
• Recommended offer: $404k (10.0% below list) — sets the bar for 1% rule.
• Cap rate 7.2% 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.
• Market conditions: Rents rising fast (+4.9%/yr); 147 active listings in the ZIP; solid renter incomes; 306 units permitted in Anchorage Municipality in 2024 (90 in 5+ unit buildings).
• At $4,043/mo this rent would consume 61% of the median local household income ($79k/yr) (locally 1248% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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.
• Anchorage County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 69 days — a 6% lower offer ($422k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 19y 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 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $404,300 (10.0% below list)

Questions for the listing agent

1. It's been on market 69 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 0.90% ✗
• Cap rate: 7.17%
• Cash-on-cash: 3.12%
• DSCR: 1.14
• GRM: 9.3

CMA / ARV

• ARV (median comp): $388,883
• List price: $449,000
• Delta: 15.46%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
524 N Klevin St	0.27mi	5/3.0	2,116 (+6%)	5mo	$350,000	$165	74
712 N Bragaw St	0.43mi	5/2.0	2,080 (+4%)	9mo	$385,000	$185	62
409 Schodde St	0.64mi	6/2.0 (+1)	2,016 (+1%)	7mo	$399,900	$198	54
617 N Park St	0.27mi	6/2.0 (+1)	2,224 (+11%)	7mo	$350,000	$157	54
4312 E 6th Ave	0.58mi	4/2.0 (-1)	2,048 (+2%)	10mo	$274,900	$134	52
302 Lionheart Ct	0.68mi	4/4.0 (-1)	2,008 (+0%)	21mo	$459,900	$229	42
5024 Klondike Ave	0.62mi	5/2.0	1,800 (-10%)	11mo	$392,500	$218	41
4313 E 8th Ave	0.69mi	5/2.0	1,920 (-4%)	21mo	$419,900	$219	39
4536 E 6th Ave	0.61mi	4/2.0 (-1)	1,872 (-6%)	20mo	$419,900	$224	35
4301 E 7th Ave	0.62mi	5/2.0	1,840 (-8%)	24mo	$395,000	$215	34
4770 Klondike Ave	0.52mi	4/2.0 (-1)	1,728 (-14%)	16mo	$399,000	$231	31
805 Lane St	0.73mi	6/2.5 (+1)	2,208 (+10%)	20mo	$470,000	$213	25

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 · 4.88% rent growth · sell at horizon

5-year hold

• IRR: -9.4%
• Equity multiple: 0.65×
• Total profit: $-44,223
• Equity at exit: $66,947

10-year hold

• IRR: 2.2%
• Equity multiple: 1.17×
• Total profit: $21,190
• 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 99508

• Rents YoY: 4.9%
• Active inventory: 147
• Price-to-rent: 29.6×

Monthly cashflow live

• Estimated rent: $4,043 high
• Mortgage (P&I): −$2,355
• Tax from tax record: −$325 /mo · $3,903/yr
• Insurance: −$187
• HOA: −$0
• Vacancy / Maint / Mgmt: −$849
• Net cashflow: $327

Break-even live

Break-even rent $3,629

Max offer price $449,000

Occupancy floor 87%

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

Units	Beds	Baths	Est. rent
1× unit	1	1	$1,264
▸ 2× units	2	1	$2,780
Total (3 units)			$4,043

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 23 events

1. 2026-06-18
   days on market $449,000 Active 69 DOM
2. 2026-06-17
   days on market $449,000 Active 68 DOM
3. 2026-06-16
   days on market $449,000 Active 67 DOM
4. 2026-06-15
   days on market $449,000 Active 66 DOM
5. 2026-06-14
   days on market $449,000 Active 64 DOM
6. 2026-06-13
   days on market $449,000 Active 63 DOM
7. 2026-06-10
   days on market $449,000 Active 61 DOM
8. 2026-06-09
   days on market $449,000 Active 60 DOM
9. 2026-06-08
   days on market $449,000 Active 59 DOM
10. 2026-06-07
    days on market $449,000 Active 58 DOM
11. 2026-06-03
    days on market $449,000 Active 54 DOM
12. 2026-06-02
    days on market $449,000 Active 53 DOM
13. 2026-06-01
    days on market $449,000 Active 52 DOM
14. 2026-05-31
    days on market $449,000 Active 51 DOM
15. 2026-05-30
    days on market $449,000 Active 50 DOM
16. 2026-04-10
    listed $449,000 Active 994-char remark

    Show marketing remark (994 chars)

    Don't miss this exceptional opportunity to own a well-maintained triplex with impressive income potential. This versatile property includes three thoughtfully designed units: one 1-bedroom, 1-bath--perfect for singles or couples--and two spacious 2-bedroom, 1-bath units. Each unit features comfortable living spaces, private entrances, and strong rental appeal, making this property ideal for consistent cash flow. Unit 1 is currently vacant and move-in ready, offering a prime opportunity for an owner-occupant or an investor looking to maximize returns from day one. The property also boasts a large backyard with mature apple and cherry trees, and currants adding charm and outdoor appeal for tenants. A detached grandfathered 3-car garage/shop provides additional value-add potential--while it currently needs renovation, it presents an excellent opportunity to increase rental income, create additional storage, or develop a highly desirable workspace to further enhance overall returns.

17. 2025-10-14
    status Active
18. 2025-10-07
    status Pending
19. 2025-08-09
    listed $449,900 Active
20. 2011-06-24
    soldstatus
21. 2010-07-26
    listed $149,900
22. 2007-12-13
    soldstatus
23. 2007-07-09
    listed $137,000

ⓘ 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: $3,903 · $325/mo
• Projected year-2 tax: $4,623 · $385/mo
• Expected delta: +$720/yr (+$60/mo · 18.4%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $48,516
• − Mortgage interest: −$25,151
• − Property taxes: −$3,903
• − Insurance: −$2,245
• − Repairs & maintenance: −$3,881
• − Management: −$3,881
• − Depreciation: −$13,062
• Taxable loss: −$3,608
• Est. tax savings @ 24.0%: +$866
• After-tax cash flow: $4,790/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

+227.7% since first listed

8 events — show timeline

• 2026-04-10 Listed $449,000 AKMLS
• 2025-10-14 Relisted — AKMLS
• 2025-10-07 Pending — AKMLS
• 2025-08-09 Listed $449,900 AKMLS
• 2011-06-24 Sold (Public Records) — Public Records
• 2010-07-26 Listed $149,900 AKMLS
• 2007-12-13 Sold (Public Records) — Public Records
• 2007-07-09 Listed $137,000 AKMLS

Property tax history

+4.1%/yr

Latest (2025): $3,903 · +4.3% YoY. Source: county tax records.