151 Alatna St

Valdez, AK 99686

$1,500,000F

48 bd · 19.2 ba · 0 sqft · Built 1979 · MultiFamily · Active · 165 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,225/mo
• Mortgage (P&I): −$7,866
• Tax + insurance: −$2,500
• HOA: −$0
• Vac / Maint / Mgmt: −$257
• Net cashflow: $-9,399/mo
• Annual: $-112,785/yr
• Cap rate: -1.23%
• Cash-on-cash: -26.85%
• DSCR: -0.19
• 1% rule: 0.08%
• Cash to close: $420,000

Investor read

• This is a 48-bed/19.2-bath multifamily listed at $1.50M.
• At list price, monthly cash flow is $-9k ($-113k/yr) — negative. Per door: $-587/mo.
• To cash-flow at today's rent, offer at most $140k (90.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $122k (91.8% below list).
• It's been on market 165 days — a 12% lower offer ($1.32M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $122k (91.8% below list) — sets the bar for 1% rule.
• In year one you build about $45k of equity ($10k loan paydown + $34k appreciation (2.3% local appreciation)).
• Location reads 82/100 on livability (#4 in AK, #1,173 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+; Watch: amenities C-, commute F.
• Valdez City School District (rural): math 38% / reading 58% proficiency, ranked #3 of 21 in AK (top 14%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Hermon Hutchens Elementary (math 37% / reading 62%, grade D, #55 of 156 statewide, top 37%, 302 students, 34% FRL); George H. Gilson Middle School (math 42% / reading 62%, grade C+, #3 of 36 statewide, top 9%, 144 students, 46% FRL); Valdez High School (math 34% / reading 44%, grade F, #22 of 61 statewide, top 35%, 157 students, 31% FRL).
• Market conditions: 9 active listings in the ZIP; 21 units permitted in Chugach Census Area in 2024 (0 in 5+ unit buildings).
• 7 sale attempts since 22y 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.
• By year 3, paydown + projected appreciation supports a ~$113k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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?
• It's been on market 165 days. Have you received any prior offers? Is the seller open to a 92% 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 1979 — 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?