4404 Thompson Ave · Anchorage, AK 99508

$515,000

9 bd · 3.9 ba · 4,059 sqft · MultiFamily public records · 8 Days on market

Built 1983 6,250 sqft lot Est $572k · 10% under

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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 +23.2/30.0
• ARV discount +12.0/15.0
• DSCR +7.4/10.0
• 1% rule +5.8/10.0
• 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

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 3 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

Completely remodeled down to the studs 4 flex offering a turnkey investment opportunity in Anchorage, roof 4 years old. Each unit features 2 beds/1bath with modern updates throughout. All units include their own washer & dryer, providing added convenience and strong tenant appeal. Great location close to JBER, schools, shopping and highway.

Key facts

• Modern updates
• Washer and dryer
• Great location

Tags

• TURNKEY INVESTMENT OPPORTUNITY
• MODERN UPDATES
• WASHER AND DRYER
• GREAT LOCATION

Property features AI

Exterior

• Parking: Seven open parking spaces; No attached garage or carport
• Utilities: Public sewer
• Home design: Multi-family property; Built in 1983
• Construction: Wood frame construction; Block foundation; Composition/shingle/asphalt roof
• Exterior features: Paved road access

Interior

• Bedrooms: Eight bedrooms
• Bathrooms: Four full bathrooms
• Interior features: Total living area about 4059; Four full bathrooms

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/?-bath units multifamily listed at $515k.

Deal economics

• At list price, monthly cash flow is $931 ($11k/yr) — positive. Per door: $310/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $515k).
• Cap rate 8.5% 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: Mountain View Elementary (math 8% / reading 12%, grade F, #153 of 156 statewide, top 100%, 290 students, 100% FRL); Clark Middle School (math 7% / reading 22%, grade F, #35 of 36 statewide, top 97%, 835 students, 100% FRL) — zoned schools average 100% FRL vs 38% district-wide (62 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 12% at this address vs 40% district-wide (-28 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; solid renter incomes; 306 units permitted in Anchorage Municipality in 2024 (90 in 5+ unit buildings).
• At $5,577/mo this rent would consume 84% 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 $4k of loan paydown is wiped out by about $15k 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.
• At projected returns (-3.0% appreciation + 4.9% rent growth), your $144k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts 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.

Recommended offer $515,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
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: 1.08% ✓
• Cap rate: 8.46%
• Cash-on-cash: 7.75%
• DSCR: 1.34
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $572,319
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4406 Parsons Ave	0.13mi	8/4.0 (-1)	4,056 (-0%)	9mo	$520,000	$128	81
544 N Park St	0.17mi	9/4.0	3,932 (-3%)	9mo	$540,000	$137	79
4502 McPhee Ave	0.26mi	9/4.0	3,792 (-7%)	3mo	$549,900	$145	74
808 N Flower St	0.35mi	9/4.0	3,840 (-5%)	5mo	$540,000	$141	70
601 Irwin St	0.38mi	9/4.0	3,780 (-7%)	6mo	$577,700	$153	66
633 N Flower St	0.27mi	8/4.0 (-1)	3,780 (-7%)	8mo	$180,000	$48	64
627 N Flower St	0.27mi	8/6.0 (-1)	3,780 (-7%)	8mo	$180,000	$48	56
740 N Bragaw St	0.40mi	9/4.0	3,560 (-12%)	6mo	$474,000	$133	56
617 N Flower St	0.27mi	8/4.0 (-1)	3,456 (-15%)	2mo	$620,000	$179	56
605 Mumford St	0.50mi	8/4.0 (-1)	3,500 (-14%)	3mo	$539,900	$154	46
366 Flower St	0.64mi	10/4.0 (+1)	3,568 (-12%)	8mo	$450,000	$126	38
5300 Taku Dr	0.60mi	10/10.0 (+1)	4,464 (+10%)	5mo	$859,000	$192	31

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: -2.4%
• Equity multiple: 0.91×
• Total profit: $-13,358
• Equity at exit: $76,788

10-year hold

• IRR: 9.2%
• Equity multiple: 1.77×
• Total profit: $110,703
• Equity at exit: $44,528

Cash invested: $144,200 (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: 23.1×

Monthly cashflow live

• Estimated rent: $5,577 high
• Mortgage (P&I): −$2,701
• Tax from tax record: −$559 /mo · $6,711/yr
• Insurance: −$215
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,171
• Net cashflow: $931

Break-even live

Break-even rent $4,398

Max offer price $515,000

Occupancy floor 78%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	—	$5,577
Total (3 units)			$5,577

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: $128,750
• Closing costs: $15,450
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-05-21
   status Active
2. 2026-05-05
   status Pending
3. 2026-05-05
   status Active
4. 2026-05-01
   status Pending
5. 2026-04-28
   listed $515,000 Active
6. 2009-04-30
   soldstatus
7. 2005-06-03
   soldstatus

ⓘ 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: $6,711 · $559/mo
• Projected year-2 tax: $6,711 · $559/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: $66,924
• − Mortgage interest: −$28,848
• − Property taxes: −$6,711
• − Insurance: −$2,575
• − Repairs & maintenance: −$5,354
• − Management: −$5,354
• − Depreciation: −$14,982
• Taxable income: $3,101
• Est. tax owed @ 24.0%: −$744
• After-tax cash flow: $10,431/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

7 events — show timeline

• 2026-05-21 Relisted — AKMLS
• 2026-05-05 Pending — AKMLS
• 2026-05-05 Relisted — AKMLS
• 2026-05-01 Pending — AKMLS
• 2026-04-28 Listed $515,000 AKMLS
• 2009-04-30 Sold (Public Records) — Public Records
• 2005-06-03 Sold (Public Records) — Public Records

Property tax history

+2.1%/yr

Latest (2025): $6,711 · +35.4% YoY. Source: county tax records.