436 E 11th Ave #23 · Anchorage, AK 99501

$149,000

2 bd · 1.0 ba · 766 sqft · Condo · 92 Days on market

Built 1969 Good condition $195/sqft · 16% below area Est $178k · 16% under $450/mo HOA · 25% of rent

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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).

• ARV discount +14.8/15.0
• Cash flow +11.8/30.0
• 1% rule +7.2/10.0
• Condition / age +4.0/5.0
• Livability +3.9/5.0
• Rent growth +3.8/5.0
• Schools +3.7/10.0
• DSCR +3.5/10.0
• Appreciation +0.1/10.0

Listing remarks MLS

Just minutes and within walking distance to downtown you can enjoy evenings at local breweries and local restaurants, stroll to nearby shopping or take a walk on the Coastal Trail for some fresh air! This fully remodeled and move-in ready, spacious 2 bedroom, 1 bath condo offers the perfect blend of comfort and convenience. It boasts brand new hickory cabinets, new stainless/black appliances, and fresh interior paint! Dues include HEAT, water, sewer, garbage, insurance and exterior maintenance. New laminate flooring is sure to impress the most discriminating buyer. The bathroom has been refreshed with a new tub and shower surround. Located at the edge of downtown but with affordable pricing!

Key facts

• Fully remodeled
• Local breweries
• Local restaurants

Tags

• WALKING DISTANCE TO DOWNTOWN
• LOCAL BREWERIES
• LOCAL RESTAURANTS
• FULLY REMODELED
• BRAND NEW HICKORY CABINETS
• NEW STAINLESS BLACK APPLIANCES

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $149k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-41 ($-486/yr) — negative.
• To cash-flow at today's rent, offer at most $143k (3.9% below list).
• Meets the 1% rule at list price ($2k rent vs $149k).
• Recommended offer: $136k (9.0% below list) — sets the bar for market timing.
• Cap rate 6.0% 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 (+5.1%/yr); 102 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 306 units permitted in Anchorage Municipality in 2024 (90 in 5+ unit buildings).
• This rent runs 31% of the median local income ($71k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• 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.
• Anchorage County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 92 days — a 9% lower offer ($136k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 25% of rent.

Recommended offer $135,590 (9.0% 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. It's been on market 92 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
3. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.22% ✓
• Cap rate: 5.97%
• Cash-on-cash: -1.17%
• DSCR: 0.95
• GRM: 6.8

CMA / ARV

• ARV (median comp): $177,671
• List price: $149,000
• Delta: -16.14%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.12% rent growth · sell at horizon

5-year hold

• IRR: -14.6%
• Equity multiple: 0.46×
• Total profit: $-22,453
• Equity at exit: $22,216

10-year hold

• IRR: -1.4%
• Equity multiple: 0.89×
• Total profit: $-4,636
• Equity at exit: $12,883

Cash invested: $41,720 (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 99501

• Home prices YoY: -3.7%
• Rents YoY: 5.1%
• Active inventory: 102
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,822 high
• Mortgage (P&I): −$781
• Tax est. 1.5%: −$186 /mo · $2,235/yr
• Insurance: −$62
• HOA: −$450
• Vacancy / Maint / Mgmt: −$383
• Net cashflow: $-41

Break-even live

Break-even rent $1,873

Max offer price $143,136

Occupancy floor 97%

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: $37,250
• Closing costs: $4,470
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
380 E 11th Ave Unit 426 Anchorage, AK	2.0	1.0	900	$2,600	$2.89	23d	1	0.07mi
380 E 11th Ave Unit 124 Anchorage, AK	2.0	2.0	930	$2,800	$3.01	13d	1	0.07mi
524 E 11th Ave Anchorage, AK	1.0	1.0	745	$1,300	$1.74	13d	1	0.07mi
1201 Denali St #303 Anchorage, AK	2.0	2.0	1008	$2,300	$2.28	43d	1	0.11mi
1208 Denali St Apt 2 Anchorage, AK	2.0	1.0	900	$1,800	$2.00	23d	1	0.12mi
1208 Denali St Unit 6 Anchorage, AK	2.0	1.0	850	$1,750	$2.06	13d	1	0.12mi
1315 Cordova St Anchorage, AK	1.0	1.0	641	$1,100	$1.72	13d	1	0.20mi
329 E 14th Ave #14 Anchorage, AK	2.0	2.0	977	$2,150	$2.20	43d	1	0.22mi
827 E 11th Ave Apt 4 Anchorage, AK	2.0	1.0	900	$1,400	$1.56	23d	1	0.27mi
1101 B St Anchorage, AK	1.0–2.0	1.0–2.0	800	$2,600	$3.25	13d	4	0.30mi
526 E 15th Ave #4 Anchorage, AK	2.0	1.0	900	$1,500	$1.67	13d	1	0.32mi
1335 Hyder St Unit 7 Anchorage, AK	2.0	1.0	800	$1,400	$1.75	13d	1	0.33mi
618 Gambell St Unit 33 Anchorage, AK	1.0	1.0	600	$1,300	$2.17	43d	1	0.33mi
618 Gambell St Unit 23 Anchorage, AK	1.0	1.0	600	$1,300	$2.17	23d	1	0.33mi
540 Vista Glen Ct Apt 3 Anchorage, AK	1.0	1.0	600	$1,125	$1.88	43d	1	0.34mi
234 E 15th Ave Anchorage, AK	2.0	1.0	609	$1,475	$2.42	13d	6	0.35mi
201 E 16th Ave Anchorage, AK	2.0	1.0	626	$1,455	$2.32	13d	6	0.41mi
1100 E 10th Ave Unit 2 Anchorage, AK	3.0	1.0	1000	$2,400	$2.40	23d	1	0.45mi
337 E 4th Ave Anchorage, AK	1.0	1.0	678	$1,500	$2.21	43d	1	0.48mi
201 Barrow St #305 Anchorage, AK	1.0	1.0	711	$2,800	$3.94	43d	1	0.59mi
1526 Medfra St Unit 7 Anchorage, AK	2.0	1.0	900	$1,650	$1.83	23d	1	0.65mi
1337 E 14th Ave Unit B Anchorage, AK	2.0	1.5	1000	$1,595	$1.59	43d	1	0.66mi
1441 E 12th Ave Unit 1 Anchorage, AK	2.0	1.0	900	$1,495	$1.66	23d	1	0.69mi
511 W 17th Ave Unit 513 Anchorage, AK	2.0	1.0	932	$2,500	$2.68	21d	1	0.70mi
1515 Nelchina St Apt 4 Anchorage, AK	2.0	1.0	900	$1,500	$1.67	13d	1	0.74mi
1601 Medfra St Anchorage, AK	2.0	1.0–2.0	625	$1,475	$2.36	23d	10	0.80mi
518 E 22nd Ave #7 Anchorage, AK	1.0	1.0	589	$1,250	$2.12	43d	1	0.80mi
505 W 2nd Ave Anchorage, AK	1.0	1.0	800	$1,725	$2.16	43d	8	0.80mi
1945 Karluk St Unit 04 Anchorage, AK	2.0	1.0	800	$1,550	$1.94	13d	1	0.82mi
925 W 7th Ave Unit 415 Anchorage, AK	1.0	1.0	630	$1,350	$2.14	13d	1	0.85mi
423 W 22nd Ave Anchorage, AK	1.0–2.0	1.0–2.0	794	$1,710	$2.15	13d	6	0.87mi
537 E 24th Ave #4 Anchorage, AK	2.0	1.0	950	$1,550	$1.63	43d	1	0.87mi
2326 Cordova St Unit 1 5 Anchorage, AK	1.0	1.0	600	$1,500	$2.50	43d	1	0.88mi
1000 W 8th Ave Anchorage, AK	1.0	1.0	528	$2,600	$4.92	43d	1	0.89mi
1110 W 6th Ave #302 Anchorage, AK	1.0	1.0	540	$2,500	$4.63	23d	1	0.99mi
540 L St Anchorage, AK	1.0–2.0	1.0–2.0	885	$4,000	$4.52	13d	3	1.01mi
2225 Arctic Blvd Anchorage, AK	2.0	1.0	682	$1,645	$2.41	13d	6	1.03mi
1300 W 7th Ave Anchorage, AK	2.0	1.5	1050	$3,200	$3.05	43d	1	1.11mi
2701 Denali St Unit 5 Anchorage, AK	2.0	1.0	800	$1,300	$1.62	13d	1	1.11mi
1300 W 7th Ave Anchorage, AK	2.0	1.0–1.5	1074	$2,600	$2.42	13d	2	1.11mi

HOA detail condo

• Monthly dues: $450 · $5,400/yr
• Likely covers: watersewertrashexterior maint.
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 16 events

1. 2026-06-18
   days on market $149,000 Active 92 DOM
2. 2026-06-17
   days on market $149,000 Active 91 DOM
3. 2026-06-16
   days on market $149,000 Active 90 DOM
4. 2026-06-15
   days on market $149,000 Active 89 DOM
5. 2026-06-14
   days on market $149,000 Active 87 DOM
6. 2026-06-13
   days on market $149,000 Active 86 DOM
7. 2026-06-10
   pricedays on market $149,000 Active 84 DOM
8. 2026-06-09
   days on market $154,000 Active 83 DOM
9. 2026-06-08
   days on market $154,000 Active 82 DOM
10. 2026-06-07
    days on market $154,000 Active 81 DOM
11. 2026-06-03
    days on market $154,000 Active 77 DOM
12. 2026-06-02
    days on market $154,000 Active 76 DOM
13. 2026-06-01
    days on market $154,000 Active 75 DOM
14. 2026-05-31
    days on market $154,000 Active 74 DOM
15. 2026-05-30
    days on market $154,000 Active 73 DOM
16. 2026-03-18
    listed $162,000 Active 700-char remark

    Show marketing remark (700 chars)

    Just minutes and within walking distance to downtown you can enjoy evenings at local breweries and local restaurants, stroll to nearby shopping or take a walk on the Coastal Trail for some fresh air! This fully remodeled and move-in ready, spacious 2 bedroom, 1 bath condo offers the perfect blend of comfort and convenience. It boasts brand new hickory cabinets, new stainless/black appliances, and fresh interior paint! Dues include HEAT, water, sewer, garbage, insurance and exterior maintenance. New laminate flooring is sure to impress the most discriminating buyer. The bathroom has been refreshed with a new tub and shower surround. Located at the edge of downtown but with affordable pricing!

ⓘ 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: $21,861
• − Mortgage interest: −$8,346
• − Property taxes: −$2,235
• − Insurance: −$745
• − Repairs & maintenance: −$1,749
• − Management: −$1,749
• − HOA: −$5,400
• − Depreciation: −$4,335
• Taxable loss: −$2,698
• Est. tax savings @ 24.0%: +$647
• After-tax cash flow: $161/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This fully remodeled and move-in ready 2-bedroom, 1-bath condo offers a great blend of comfort and convenience. The property features new hickory cabinets, stainless/black appliances, and fresh interior paint. The location is ideal for downtown living with easy access to local amenities.

Value-add opportunities

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics
• Both Replace light fixtures — Modern light fixtures improve lighting and aesthetics
• Both Install smart thermostat — Smart thermostat improves energy efficiency and comfort
• Both Add smart locks — Smart locks enhance security and convenience

Renovation cost estimate screening

Value-add ROI direction

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Replace light fixtures — Modern light fixtures improve lighting and aesthetics ↑
• Both Install smart thermostat — Smart thermostat improves energy efficiency and comfort ↑
• Both Add smart locks — Smart locks enhance security and convenience ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 16,175
• Household income: $70,891
• Rent vs Own: 62.8% rent · 37.2% own
• Severe rent burden: 889.0

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: Diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 53% Hispanic / Latino 11% Two or more races 11% Native American 9% Black 9% Asian 6% Pacific Islander 4%
• Hispanic origin (detail): Mexican 4% Puerto Rican 3% Dominican 1%
• Common ancestry: Portuguese 3% Slovak 3% Romanian 2%
• Foreign-born: 12% · Canada, Jamaica, China
• Languages at home: 81% English-only · Spanish 7% Other Asian/Pacific 2% Tagalog/Filipino 2%

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: ▼ -9.72%
• Current HPI: 251.948
• Rent YoY: ▲ 5.12%
• Metro: Anchorage, AK
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-03-18 Listed $162,000 AKMLS