2221 Muldoon Rd #129 · Anchorage, AK 99504

$60,000

3 bd · 1.0 ba · 980 sqft · Manufactured · 15 Days on market

Manufactured home Built 1976 Fair condition Est $80k · 25% under $675/mo HOA · 44% of rent

---

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 +25.2/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +8.3/10.0
• Livability +3.9/5.0
• Schools +3.7/10.0
• Rent growth +3.1/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Move-in ready with stunning Chugach Mountain views! This rare 3-bedroom home in Glencaren Court offers the perfect blend of comfort and convenience, with quick access to the Glenn Highway, Tikahtnu Commons, shopping, dining, and parks. The spacious layout allows room for family, a home office, or extra storage, while extensive updates provide peace of mind and dependable comfort through Winters!

Key facts

• Built 1976
• Listed 15 days

Property features AI

Finance

• Other: Directions: From Muldoon, east on Halligan; follow road on left to space 129, it will be on your left.
• HOA & community: Association: Glencaren Court; Association fee: $675 monthly

Exterior

• Parking: No garage; No carport
• Utilities: Public sewer
• Home design: Mobile home; Built in 1976; Block foundation
• Exterior features: Other roof

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 1 full bathroom
• Interior features: Microwave

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath manufactured listed at $60k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $135 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $60k).
• Recommended offer: $59k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.0% 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.

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: Susitna Elementary (math 32% / reading 32%, grade F, #104 of 156 statewide, top 70%, 368 students, 56% 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 66% FRL vs 38% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 24% at this address vs 40% district-wide (-16 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 (+2.6%/yr); 218 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $415 of loan paydown is wiped out by about $2k 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 15 days — a 2% lower offer ($59k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 44% of rent.

Recommended offer $59,100 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 2.58% ✓
• Cap rate: 8.99%
• Cash-on-cash: 9.65%
• DSCR: 1.43
• GRM: 3.2

CMA / ARV

• ARV (on-the-fly): $80,360
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2221 Muldoon Rd #291	0.10mi	3/2.0	1,000 (+2%)	4mo	$90,000	$90	85
2221 Muldoon Rd #251	0.14mi	3/2.0	980 (0%)	7mo	$45,000	$46	84
2221 Muldoon Rd #695	0.27mi	3/2.0	980 (0%)	11mo	$77,000	$79	74
2221 E Muldoon #240	0.12mi	3/2.0	1,050 (+7%)	8mo	$80,000	$76	72
2221 Muldoon Road Space #683	0.35mi	3/2.0	1,000 (+2%)	12mo	$67,000	$67	66
2221 E Muldoon Rd #143	0.18mi	3/2.0	850 (-13%)	3mo	$79,000	$93	63
2221 Muldoon Rd #278	0.35mi	3/1.5	1,040 (+6%)	16mo	$85,000	$82	58
2221 Muldoon Rd #408	0.35mi	4/2.0 (+1)	900 (-8%)	17mo	$110,000	$122	47
2221 E Muldoon Rd #579	0.35mi	3/2.0	1,100 (+12%)	15mo	$85,000	$77	46
2221 Muldoon Rd #906	0.27mi	2/2.0 (-1)	850 (-13%)	14mo	$75,000	$88	45

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 · 2.57% rent growth · sell at horizon

5-year hold

• IRR: -2.1%
• Equity multiple: 0.92×
• Total profit: $-1,351
• Equity at exit: $8,946

10-year hold

• IRR: 7.2%
• Equity multiple: 1.53×
• Total profit: $8,963
• Equity at exit: $5,188

Cash invested: $16,800 (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 99504

• Rents YoY: 2.6%
• Active inventory: 218
• Price-to-rent: 3.2×

Monthly cashflow live

• Estimated rent: $1,550 medium
• Mortgage (P&I): −$315
• Tax est. 1.5%: −$75 /mo · $900/yr
• Insurance: −$25
• HOA: −$675
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$326
• Net cashflow: $135

Break-even live

Break-even rent $1,379

Max offer price $60,000

Occupancy floor 86%

Sensitivity live

Price	-10% $177	-5% $156	+0% $135	+5% $114	+10% $94
Rent	-10% $13	-5% $74	+0% $135	+5% $196	+10% $258
Rate	-1.0pp $165	-0.5pp $150	base $135	+0.5pp $120	+1.0pp $104

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: $15,000
• Closing costs: $1,800
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8110 E 16th Ave Unit C6 Anchorage, AK	2.0	1.0	1047	$1,850	$1.77	23d	1	0.41mi
1720 Muldoon Cir Unit 4 Anchorage, AK	2.0	1.0	850	$1,850	$2.18	46d	1	0.47mi
1916 Beaver Pl #1 Anchorage, AK	2.0	1.0	900	$1,500	$1.67	26d	1	1.38mi

HOA detail

• Monthly dues: $675 · $8,100/yr

Listing history 12 events

1. 2026-06-23
   days on market $60,000 Active 15 DOM
2. 2026-06-22
   days on market $60,000 Active 14 DOM
3. 2026-06-18
   days on market $60,000 Active 11 DOM
4. 2026-06-17
   days on market $60,000 Active 10 DOM
5. 2026-06-16
   days on market $60,000 Active 9 DOM
6. 2026-06-15
   days on market $60,000 Active 8 DOM
7. 2026-06-14
   days on market $60,000 Active 6 DOM
8. 2026-06-13
   days on market $60,000 Active 5 DOM
9. 2026-06-10
   days on market $60,000 Active 3 DOM
10. 2026-06-09
    days on market $60,000 Active 2 DOM
11. 2026-06-07
    remarks 398-char remark
12. 2026-06-07
    listed $60,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $18,603
• − Mortgage interest: −$3,361
• − Property taxes: −$900
• − Insurance: −$300
• − Repairs & maintenance: −$1,488
• − Management: −$1,488
• − HOA: −$8,100
• − Depreciation: −$1,745
• Taxable income: $1,220
• Est. tax owed @ 24.0%: −$293
• After-tax cash flow: $1,328/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.

Condition & rehab AI · 13 photos

Fair 45/100 Cosmetic rehab

This mobile home requires cosmetic repairs to its exterior and siding, but is otherwise move-in ready with a good layout and potential for value increases through updates.

Repairs flagged

• Major siding — Significant wear and tear
• Major exterior paint — Visible peeling and fading

Value-add opportunities

• Both paint exterior — Enhances curb appeal and value
• Both repair siding — Fixes major issue and improves value
• Resale update kitchen appliances — Modernizes kitchen and appeals to buyers
• Resale update bathrooms — Modernizes bathrooms and appeals to buyers

Renovation cost estimate screening

Repair item	Severity	Est. cost
siding · Significant wear and tear	Major	$15,000–50,000
exterior paint · Visible peeling and fading	Major	$15,000–50,000
Total estimated repair cost · 2 items		$30,000–100,000

Value-add ROI direction

• Both paint exterior — Enhances curb appeal and value ↑
• Both repair siding — Fixes major issue and improves value ↑
• Resale update kitchen appliances — Modernizes kitchen and appeals to buyers ↑
• Resale update bathrooms — Modernizes bathrooms and appeals to buyers ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 42,093
• Household income: $86,710
• Rent vs Own: 33.9% rent · 66.1% own
• Severe rent burden: 1052.0

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 0.80)
• Race & ethnicity: White 41% Two or more races 18% Asian 13% Native American 9% Black 9% Hispanic / Latino 9% Pacific Islander 6%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Portuguese 2% Ukrainian 2% Romanian 2%
• Foreign-born: 12% · Canada, South Korea, Vietnam
• Languages at home: 76% English-only · Other Asian/Pacific 9% Spanish 4% Tagalog/Filipino 3%

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: ▼ -184.29%
• Current HPI: 259.8803
• Rent YoY: ▲ 2.57%
• Metro: Anchorage, AK
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-06-07 Listed $60,000 AKMLS