1521 Kinnikinnick St · Anchorage, AK 99508

$450,000

3 bd · 3.0 ba · 1,480 sqft · MultiFamily public records · 3 Days on market

Built 1952 8,160 sqft lot Est $477k · 6% under

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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 +10.8/30.0
• ARV discount +10.0/15.0
• Livability +3.9/5.0
• Rent growth +3.7/5.0
• Schools +3.7/10.0
• DSCR +3.1/10.0
• 1% rule +2.5/10.0
• Condition / age +2.5/5.0
• 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

Great opportunity for an owner-occupant or investor! This triplex features two 1-bedroom units upstairs and a spacious 1-bedroom unit downstairs. On-site laundry. New Anderson window in lower unit in 2026. Situated on a large 8,100 sq ft lot in a quiet, desirable Airport Heights neighborhood. Ideal for short-term rentals or traditional leasing.

Key facts

• New anderson window
• Large lot
• On-site laundry

Tags

• ON-SITE LAUNDRY
• NEW ANDERSON WINDOW
• LARGE LOT
• AIRPORT HEIGHTS NEIGHBORHOOD

Property features AI

Exterior

• Parking: 1 open parking space; No attached garage or carport
• Utilities: Public sewer
• Home design: Multi-Family property; Built in 1952; Wood frame construction; Block and poured concrete foundation
• Construction: Wood frame construction; Metal roof; Block and poured concrete foundation; Built in 1952
• Exterior features: Metal roof; Paved road access

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 3 full bathrooms
• Interior features: Multi-family layout

What this means for you Summary

Snapshot

• This is a 3 × 1-bed/1.0-bath units multifamily listed at $450k.

Deal economics

• At list price, monthly cash flow is $-206 ($-2k/yr) — negative. Per door: $-69/mo.
• To cash-flow at today's rent, offer at most $414k (8.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $339k (24.7% below list).
• Recommended offer: $339k (24.7% below list) — sets the bar for 1% rule.
• Cap rate 5.7% 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: Airport Heights Elementary (math 17% / reading 27%, grade F, #128 of 156 statewide, top 86%, 261 students, 97% FRL); Wendler Middle School (math 19% / reading 36%, grade F, #29 of 36 statewide, top 80%, 422 students, 60% FRL) — zoned schools average 78% FRL vs 38% district-wide (41 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 25% at this address vs 40% district-wide (-15 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; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 306 units permitted in Anchorage Municipality in 2024 (90 in 5+ unit buildings).
• At $3,390/mo this rent would consume 51% 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 $14k 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

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 16y 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 1952 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $339,000 (24.7% below list)

Questions for the listing agent

1. 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?
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 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
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: 0.75% ✗
• Cap rate: 5.74%
• Cash-on-cash: -1.96%
• DSCR: 0.91
• GRM: 11.1

CMA / ARV

• ARV (on-the-fly): $476,560
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2745 E 20th Ave	0.44mi	4/2.0 (+1)	1,424 (-4%)	13mo	$459,000	$322	53

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: -17.6%
• Equity multiple: 0.37×
• Total profit: $-79,568
• Equity at exit: $67,096

10-year hold

• IRR: -6.8%
• Equity multiple: 0.53×
• Total profit: $-58,647
• Equity at exit: $38,908

Cash invested: $126,000 (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: 33.2×

Monthly cashflow live

• Estimated rent: $3,390 medium
• Mortgage (P&I): −$2,360
• Tax from tax record: −$336 /mo · $4,036/yr
• Insurance: −$188
• HOA: −$0
• Vacancy / Maint / Mgmt: −$712
• Net cashflow: $-206

Break-even live

Break-even rent $3,650

Max offer price $413,684

Occupancy floor —

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$3,390
Total (3 units)			$3,390

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: $112,500
• Closing costs: $13,500
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3925 E 9th Ave Unit 5 Anchorage, AK	3.0	1.5	1200	$1,750	$1.46	43d	1	0.68mi
2045 Eastridge Dr Anchorage, AK	3.0	2.0	1861	$3,500	$1.88	23d	1	0.77mi
4670 Reka Dr Unit G11 Anchorage, AK	2.0	1.5	926	$1,800	$1.94	43d	1	0.94mi
4413 E 8th Ave Unit B Anchorage, AK	2.0	1.0	960	$1,400	$1.46	43d	1	0.94mi
3926 E 3rd Ave #6 Anchorage, AK	3.0	1.5	1200	$2,000	$1.67	43d	1	1.03mi
1515 Nelchina St Apt 4 Anchorage, AK	2.0	1.0	900	$1,500	$1.67	13d	1	1.18mi
1441 E 12th Ave Unit 1 Anchorage, AK	2.0	1.0	900	$1,495	$1.66	23d	1	1.18mi
1337 E 14th Ave Unit B Anchorage, AK	2.0	1.5	1000	$1,595	$1.59	43d	1	1.22mi
1526 Medfra St Unit 7 Anchorage, AK	2.0	1.0	900	$1,650	$1.83	23d	1	1.28mi
2432 Glacier St Unit A Anchorage, AK	3.0	2.0	1388	$2,850	$2.05	23d	1	1.31mi
2230 Candy Pl Anchorage, AK	4.0	3.0	1800	$2,795	$1.55	13d	1	1.34mi
2230 Candy Pl Unit C Anchorage, AK	4.0	3.0	1800	$2,995	$1.66	23d	1	1.34mi
2432 Forget-Me-Not Ln Unit A Anchorage, AK	2.0	1.0	900	$1,499	$1.67	13d	1	1.39mi
1225 Karluk St #1 Anchorage, AK	3.0	1.0	1200	$1,750	$1.46	43d	1	1.40mi
1100 E 10th Ave Unit 2 Anchorage, AK	3.0	1.0	1000	$2,400	$2.40	23d	1	1.43mi

Listing history 4 events

1. 2026-06-18
   days on market $450,000 Active 3 DOM
2. 2026-06-17
   days on market $450,000 Active 2 DOM
3. 2026-06-15
   remarks 346-char remark
4. 2026-06-15
   listed $450,000 Active 1 DOM

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

Tax reassessment forecast AK · Partial reset (capped growth)

• Current annual tax: $4,036 · $336/mo
• Projected year-2 tax: $4,695 · $391/mo
• Expected delta: +$660/yr (+$55/mo · 16.3%)

ⓘ 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: $40,680
• − Mortgage interest: −$25,207
• − Property taxes: −$4,036
• − Insurance: −$2,250
• − Repairs & maintenance: −$3,254
• − Management: −$3,254
• − Depreciation: −$13,091
• Taxable loss: −$10,413
• Est. tax savings @ 24.0%: +$2,499
• After-tax cash flow: $32/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

+67.3% since first listed

11 events — show timeline

• 2026-06-15 Listed $450,000 AKMLS
• 2024-03-12 Rental Removed $1,150 AKMLS
• 2024-03-03 Listed for Rent $1,150 AKMLS
• 2020-07-25 Delisted — AKMLS
• 2020-07-24 Sold (Public Records) — Public Records
• 2020-06-01 Delisted — AKMLS
• 2020-01-16 Listed $299,000 AKMLS
• 2013-05-30 Listed $323,500 AKMLS
• 2010-07-19 Sold (Public Records) — Public Records
• 2010-04-28 Listed $269,000 AKMLS
• 1995-01-09 Sold (Public Records) — Public Records

Property tax history

+2.8%/yr

Latest (2025): $4,036 · -3.0% YoY. Source: county tax records.