638 W 74th Ave · Anchorage, AK 99518

$548,000

16 bd · 16.0 ba · 2,800 sqft · MultiFamily public records · 217 Days on market

Built 1972 7,477 sqft lot $196/sqft · 32% below area Est $515k · 6% over

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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 +28.7/30.0
• DSCR +10.0/10.0
• Appreciation +8.1/10.0
• 1% rule +7.8/10.0
• ARV discount +4.6/15.0
• Livability +3.9/5.0
• Schools +3.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Two-story 4 plex with large 1-bedroom, 1-bathroom units. Located in south Anchorage, close to the Dimond shopping center and restaurants. The seller has replaced the roof, painted the interior, and repaved the parking lot in the last year. New boiler in the last five years.

Key facts

• New boiler
• Painted the interior
• Replaced the roof

Tags

• LARGE 1-BEDROOM UNITS
• REPLACED THE ROOF
• PAINTED THE INTERIOR
• REPAVED THE PARKING LOT
• NEW BOILER

What this means for you Summary

Snapshot

• This is a 4 × 1-bed/1-bath units multifamily listed at $548k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $456/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $548k).
• Recommended offer: $482k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.3% 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: 49 active listings in the ZIP; solid renter incomes; 306 units permitted in Anchorage Municipality in 2024 (90 in 5+ unit buildings).
• At $7,006/mo this rent would consume 89% of the median local household income ($94k/yr) (locally 385% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $38k of equity ($4k loan paydown + $34k appreciation (6.2% local appreciation)).
• Anchorage County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (6.2% appreciation + 3.0% rent growth), your $153k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$60k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 217 days — a 12% lower offer ($482k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 27y ago; this cycle's ask has dropped $77k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $482,240 (12.0% below list)

Questions for the listing agent

1. It's been on market 217 days. Have you received any prior offers? Is the seller open to a 12% 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 1972 — 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. 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.
10. 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.
11. 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: 1.28% ✓
• Cap rate: 10.29%
• Cash-on-cash: 14.26%
• DSCR: 1.63
• GRM: 6.5

CMA / ARV

• ARV (median comp): $514,994
• List price: $548,000
• Delta: 6.41%
• Verdict: FAIR
• Comps: 6 within 1.0 mi

Projected returns pro-forma

6.2% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 27.6%
• Equity multiple: 2.83×
• Total profit: $280,786
• Equity at exit: $351,258

10-year hold

• IRR: 25.7%
• Equity multiple: 5.78×
• Total profit: $733,465
• Equity at exit: $642,908

Cash invested: $153,440 (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 99518

• Home prices YoY: 2.1%
• Active inventory: 49
• Price-to-rent: 26.1×

Monthly cashflow live

• Estimated rent: $7,006 medium
• Mortgage (P&I): −$2,874
• Tax from tax record: −$609 /mo · $7,308/yr
• Insurance: −$228
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,471
• Net cashflow: $1,824

Break-even live

Break-even rent $4,698

Max offer price $548,000

Occupancy floor 69%

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$7,004
Total (4 units)			$7,006

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: $137,000
• Closing costs: $16,440
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-18
   days on market $548,000 Active 217 DOM
2. 2026-06-17
   days on market $548,000 Active 216 DOM
3. 2026-06-16
   days on market $548,000 Active 215 DOM
4. 2026-06-15
   days on market $548,000 Active 214 DOM
5. 2026-06-14
   days on market $548,000 Active 212 DOM
6. 2026-06-13
   remarks 348-char remark
7. 2026-06-13
   days on market $548,000 Active 211 DOM
8. 2026-06-10
   days on market $548,000 Active 209 DOM
9. 2026-06-09
   days on market $548,000 Active 208 DOM
10. 2026-06-08
    days on market $548,000 Active 207 DOM
11. 2026-06-07
    days on market $548,000 Active 206 DOM
12. 2026-06-03
    days on market $548,000 Active 202 DOM
13. 2026-06-02
    days on market $548,000 Active 201 DOM
14. 2026-06-01
    days on market $548,000 Active 200 DOM
15. 2026-05-31
    days on market $548,000 Active 199 DOM
16. 2026-05-30
    days on market $548,000 Active 198 DOM
17. 2026-04-13
    price $548,000 277-char remark

    Show marketing remark (277 chars)

    Two-story 4 plex with large 1-bedroom, 1-bathroom units. Located in south Anchorage, close to the Dimond shopping center and restaurants. The seller has replaced the roof, painted the interior, and repaved the parking lot in the last year. New boiler in the last five years.

18. 2026-03-27
    price $558,000 277-char remark

    Show marketing remark (277 chars)

    Two-story 4 plex with large 1-bedroom, 1-bathroom units. Located in south Anchorage, close to the Dimond shopping center and restaurants. The seller has replaced the roof, painted the interior, and repaved the parking lot in the last year. New boiler in the last five years.

19. 2026-03-27
    status Active 277-char remark

    Show marketing remark (277 chars)

    Two-story 4 plex with large 1-bedroom, 1-bathroom units. Located in south Anchorage, close to the Dimond shopping center and restaurants. The seller has replaced the roof, painted the interior, and repaved the parking lot in the last year. New boiler in the last five years.

20. 2026-03-02
    price $568,000 277-char remark

    Show marketing remark (277 chars)

    Two-story 4 plex with large 1-bedroom, 1-bathroom units. Located in south Anchorage, close to the Dimond shopping center and restaurants. The seller has replaced the roof, painted the interior, and repaved the parking lot in the last year. New boiler in the last five years.

21. 2026-02-18
    price $595,000 277-char remark

    Show marketing remark (277 chars)

    Two-story 4 plex with large 1-bedroom, 1-bathroom units. Located in south Anchorage, close to the Dimond shopping center and restaurants. The seller has replaced the roof, painted the interior, and repaved the parking lot in the last year. New boiler in the last five years.

22. 2026-02-04
    price $614,000 277-char remark

    Show marketing remark (277 chars)

    Two-story 4 plex with large 1-bedroom, 1-bathroom units. Located in south Anchorage, close to the Dimond shopping center and restaurants. The seller has replaced the roof, painted the interior, and repaved the parking lot in the last year. New boiler in the last five years.

23. 2025-11-04
    listed $625,000 Active 277-char remark

    Show marketing remark (277 chars)

    Two-story 4 plex with large 1-bedroom, 1-bathroom units. Located in south Anchorage, close to the Dimond shopping center and restaurants. The seller has replaced the roof, painted the interior, and repaved the parking lot in the last year. New boiler in the last five years.

24. 1999-04-13
    listed $175,000

ⓘ 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: $7,308 · $609/mo
• Projected year-2 tax: $7,308 · $609/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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: $84,072
• − Mortgage interest: −$30,697
• − Property taxes: −$7,308
• − Insurance: −$2,740
• − Repairs & maintenance: −$6,726
• − Management: −$6,726
• − Depreciation: −$15,942
• Taxable income: $13,935
• Est. tax owed @ 24.0%: −$3,344
• After-tax cash flow: $18,540/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): 9,764
• Household income: $93,995
• Rent vs Own: 42.3% rent · 57.7% own
• Severe rent burden: 385.0

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: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: White 56% Two or more races 17% Hispanic / Latino 12% Black 7% Native American 5% Asian 4%
• Hispanic origin (detail): Mexican 6% Puerto Rican 1%
• Common ancestry: Portuguese 4% Lithuanian 2% Romanian 2%
• Foreign-born: 6% · Canada, South Korea, China
• Languages at home: 91% English-only · Spanish 5% Tagalog/Filipino 2% Korean 1%

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: ▲ 6.20%
• Current HPI: 294.8217
• Rent YoY: —
• Metro: Anchorage, AK
• State GDP YoY: —
• F500 in state: 0

Price history

+213.1% since first listed

8 events — show timeline

• 2026-04-13 Price Changed $548,000 AKMLS
• 2026-03-27 Price Changed $558,000 AKMLS
• 2026-03-27 Relisted — AKMLS
• 2026-03-02 Price Changed $568,000 AKMLS
• 2026-02-18 Price Changed $595,000 AKMLS
• 2026-02-04 Price Changed $614,000 AKMLS
• 2025-11-04 Listed $625,000 AKMLS
• 1999-04-13 Listed $175,000 AKMLS

Property tax history

+2.4%/yr

Latest (2025): $7,308 · +4.3% YoY. Source: county tax records.