1100 W 77th Ave

Anchorage, AK 99518

$660,000D

6 bd · 3.0 ba · 2,688 sqft · Built 1983 · MultiFamily · Pending · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,822/mo
• Mortgage (P&I): −$3,461
• Tax + insurance: −$869
• HOA: −$0
• Vac / Maint / Mgmt: −$1,013
• Net cashflow: $-521/mo
• Annual: $-6,252/yr
• Cap rate: 5.35%
• Cash-on-cash: -3.38%
• DSCR: 0.85
• 1% rule: 0.73%
• Cash to close: $184,800

Investor read

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $660k.
• At list price, monthly cash flow is $-521 ($-6k/yr) — negative. Per door: $-260/mo.
• To cash-flow at today's rent, offer at most $568k (13.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $482k (26.9% below list).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $482k (26.9% below list) — sets the bar for 1% rule.
• In year one you build about $45k of equity ($5k loan paydown + $41k appreciation (6.2% local appreciation)).
• 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: Campbell Stem Elementary (math 32% / reading 32%, grade F, #104 of 156 statewide, top 70%, 415 students, 47% 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) — zoned schools at 34% FRL track the district average.
• Market conditions: 51 active listings in the ZIP; solid renter incomes; 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.
• 4 sale attempts since 24y 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 2, paydown + projected appreciation supports a ~$73k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 5.3% 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 $4,822/mo this rent would consume 62% of the median local household income ($94k/yr) (locally 385% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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?
• 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?
• 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.