342 Eyak Dr

Anchorage, AK 99501

$610,000B

28 bd · 16.0 ba · 3,264 sqft · Built 1965 · MultiFamily · Pending · 150 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $9,822/mo
• Mortgage (P&I): −$3,199
• Tax + insurance: −$953
• HOA: −$0
• Vac / Maint / Mgmt: −$2,063
• Net cashflow: $3,608/mo
• Annual: $43,293/yr
• Cap rate: 13.39%
• Cash-on-cash: 25.35%
• DSCR: 2.13
• 1% rule: 1.61%
• Cash to close: $170,800

Investor read

• This is a 4 × 7-bed/4.0-bath units multifamily listed at $610k.
• At list price, monthly cash flow is $4k ($43k/yr) — positive. Per door: $902/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $610k).
• It's been on market 150 days — a 12% lower offer ($537k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $537k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $18k 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: Dr. Etheldra Davis - Fairview Elementary School (math 8% / reading 12%, grade F, #153 of 156 statewide, top 100%, 384 students, 100% FRL); Central Middle School of Science (math 17% / reading 32%, grade F, #30 of 36 statewide, top 86%, 371 students, 80% FRL) — zoned schools average 90% FRL vs 38% district-wide (52 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 17% at this address vs 40% district-wide (-23 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 (+5.1%/yr); 102 active listings in the ZIP; 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.
• 9 sale attempts since 32y 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.
• At projected returns (-3.0% appreciation + 5.1% rent growth), your $171k cash investment doubles in ~5 years — after that, you're playing with house money.
• Cap rate 13.4% 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.
• At $9,822/mo this rent would consume 166% of the median local household income ($71k/yr) (locally 889% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 150 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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?