3100 Ward Pl #30

Anchorage, AK 99517

$149,000D

2 bd · 1.0 ba · 865 sqft · Built 1977 · Condo · Active · 108 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,584/mo
• Mortgage (P&I): −$781
• Tax + insurance: −$197
• HOA: −$525
• Vac / Maint / Mgmt: −$333
• Net cashflow: $-252/mo
• Annual: $-3,029/yr
• Cap rate: 4.26%
• Cash-on-cash: -7.26%
• DSCR: 0.68
• 1% rule: 1.06%
• Cash to close: $41,720

Investor read

• This is a 2-bed/1.0-bath condo listed at $149k.
• At list price, monthly cash flow is $-252 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $104k (29.9% below list).
• Meets the 1% rule at list price ($2k rent vs $149k).
• It's been on market 108 days — a 9% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $104k (29.9% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• 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: Turnagain Elementary (math 47% / reading 52%, grade D, #55 of 156 statewide, top 37%, 308 students, 41% FRL); Romig Middle School (math 24% / reading 44%, grade F, #22 of 36 statewide, top 63%, 720 students, 37% FRL); West High School (math 32% / reading 27%, grade F, #39 of 61 statewide, top 65%, 1,763 students, 40% FRL) — zoned schools at 39% FRL track the district average.
• Watch-outs: HOA is 33% of rent.
• Market conditions: Rents rising (+3.3%/yr); 66 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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).
• Anchorage County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 6 sale attempts since 30y 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.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 108 days. Have you received any prior offers? Is the seller open to a 30% concession, seller financing, or rate buy-down credit?
• Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?