4406 Reka Dr · Anchorage, AK 99508

$130,000

1 bd · 1.0 ba · 501 sqft · Condo · 8 Days on market

Built 1974

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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 +21.5/30.0
• ARV discount +7.5/15.0
• DSCR +6.9/10.0
• 1% rule +5.7/10.0
• 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

Listing remarks

Lovely ranch condo. Close to base U-Med district and Costco

Key facts

• Built 1974
• Listed 8 days

Property features AI

Exterior

• Home design: Built in 1974; Single-family property
• Construction: Built in 1974
• Exterior features: Located in the Russian Jack Park neighborhood

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $130k.

Deal economics

• At list price, monthly cash flow is $196 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $130k).
• Cap rate 8.1% 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: Rents rising fast (+4.9%/yr); 147 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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 $899 of loan paydown is wiped out by about $4k 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 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 25y 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.

Recommended offer $130,000

Questions for the listing agent

1. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. 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?
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: 1.07% ✓
• Cap rate: 8.10%
• Cash-on-cash: 6.46%
• DSCR: 1.29
• GRM: 7.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.88% rent growth · sell at horizon

5-year hold

• IRR: -4.2%
• Equity multiple: 0.84×
• Total profit: $-5,893
• Equity at exit: $19,383

10-year hold

• IRR: 7.5%
• Equity multiple: 1.62×
• Total profit: $22,410
• Equity at exit: $11,240

Cash invested: $36,400 (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: 7.8×

Monthly cashflow live

• Estimated rent: $1,385 high
• Mortgage (P&I): −$682
• Tax est. 1.5%: −$162 /mo · $1,950/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$291
• Net cashflow: $196

Break-even live

Break-even rent $1,137

Max offer price $130,000

Occupancy floor 81%

Sensitivity live

Price	-10% $286	-5% $241	+0% $196	+5% $151	+10% $106
Rent	-10% $87	-5% $141	+0% $196	+5% $251	+10% $305
Rate	-1.0pp $261	-0.5pp $229	base $196	+0.5pp $162	+1.0pp $128

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4545 Reka Dr Anchorage, AK	1.0–2.0	1.0	562	$1,395	$2.48	15d	10	0.11mi
4731 Mills Dr Anchorage, AK	1.0	1.0	700	$2,000	$2.86	45d	1	0.78mi
5340 E 26th Ave Anchorage, AK	1.0	1.0	445	$1,306	$2.94	15d	3	0.79mi
330 S Flower St Unit 12 Anchorage, AK	2.0	1.0	650	$1,300	$2.00	15d	1	1.12mi
330 S Flower St Unit 01 Anchorage, AK	2.0	1.0	700	$1,300	$1.86	45d	1	1.13mi
218 McCarrey St Anchorage, AK	3.0	1.0	640	$1,335	$2.09	22d	9	1.27mi
5901 E 6th Ave Anchorage, AK	2.0–3.0	1.0–2.0	907	$1,999	$2.20	15d	7	1.48mi
225 N Park St Unit 11 Anchorage, AK	2.0	1.0	710	$1,200	$1.69	45d	1	1.49mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 7 events

1. 2026-06-18
   days on market $130,000 Active 8 DOM
2. 2026-06-17
   days on market $130,000 Active 7 DOM
3. 2026-06-16
   days on market $130,000 Active 6 DOM
4. 2026-06-15
   days on market $130,000 Active 5 DOM
5. 2026-06-14
   days on market $130,000 Active 3 DOM
6. 2026-06-13
   remarks 59-char remark
7. 2026-06-13
   listed $130,000 Active 2 DOM

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

Taxation est. · year 1

• Rental income: $16,624
• − Mortgage interest: −$7,282
• − Property taxes: −$1,950
• − Insurance: −$650
• − Repairs & maintenance: −$1,330
• − Management: −$1,330
• − Depreciation: −$3,782
• Taxable income: $300
• Est. tax owed @ 24.0%: −$72
• After-tax cash flow: $2,280/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

+183.2% since first listed

4 events — show timeline

• 2026-06-11 Listed $130,000 FSBO.com
• 2016-03-21 Listed $85,000 AKMLS
• 2002-07-30 Listed $59,000 AKMLS
• 2001-03-30 Listed $45,900 AKMLS