9353 Blackberry St #2

Anchorage, AK 99502

$165,000D-

2 bd · 1.0 ba · 738 sqft · Built 1982 · Condo · Active · 22 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,544/mo
• Mortgage (P&I): −$865
• Tax + insurance: −$275
• HOA: −$606
• Vac / Maint / Mgmt: −$324
• Net cashflow: $-526/mo
• Annual: $-6,316/yr
• Cap rate: 2.47%
• Cash-on-cash: -13.67%
• DSCR: 0.39
• 1% rule: 0.94%
• Cash to close: $46,200

Investor read

• This is a 2-bed/1.0-bath condo listed at $165k. Condition is rated average.
• At list price, monthly cash flow is $-526 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $89k (46.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $154k (6.4% below list).
• It's been on market 22 days — a 2% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $89k (46.2% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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: Kincaid Elementary (math 52% / reading 48%, grade D+, #52 of 156 statewide, top 34%, 466 students, 25% FRL); Mears Middle School (math 30% / reading 47%, grade F, #17 of 36 statewide, top 46%, 733 students, 30% FRL); Dimond High School (math 37% / reading 41%, grade F, #23 of 61 statewide, top 37%, 1,443 students, 25% FRL).
• Watch-outs: HOA is 39% of rent.
• Market conditions: Rents rising fast (+4.6%/yr); 307 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 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.
• 2 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.
• Cap rate 2.5% vs local median 3.8% in Anchorage — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.
• This rent is only 16% of the median local income ($116k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• 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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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?
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Moderate: kitchen cabinets — dated and worn
• Moderate: kitchen countertops — dated and worn
• Moderate: kitchen appliances — dated and worn
• Moderate: bathroom fixtures — standard and worn
• Moderate: bathroom cabinetry — standard and worn