520 S Evolyn Dr

North Pole, AK 99705

$295,000C+

5 bd · 2.0 ba · 2,100 sqft · Built 1979 · SingleFamily · Active · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,108/mo
• Mortgage (P&I): −$1,547
• Tax + insurance: −$504
• HOA: −$0
• Vac / Maint / Mgmt: −$653
• Net cashflow: $404/mo
• Annual: $4,851/yr
• Cap rate: 7.94%
• Cash-on-cash: 5.87%
• DSCR: 1.26
• 1% rule: 1.05%
• Cash to close: $82,600

Investor read

• This is a 5-bed/2.0-bath single-family listed at $295k.
• At list price, monthly cash flow is $404 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $295k).
• It's been on market 16 days — a 2% lower offer ($291k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $291k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#22 in AK) — a middle-class / working-renter tenant base. Strengths: housing A+, employment A-, health & safety A-; Watch: amenities F, commute F.
• Fairbanks North Star Borough School District (urban): math 33% / reading 45% proficiency, ranked #10 of 21 in AK (top 48%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: North Pole Elementary (math 32% / reading 37%, grade F, #93 of 156 statewide, top 66%, 347 students, 37% FRL); North Pole Middle School (math 25% / reading 45%, grade F, #21 of 36 statewide, top 57%, 531 students, 39% FRL); North Pole High School (math 32% / reading 32%, grade F, #33 of 61 statewide, top 57%, 617 students, 29% FRL).
• Market conditions: Rents rising fast (+5.1%/yr); 248 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 1 units permitted in Fairbanks North Star Borough in 2024 (0 in 5+ unit buildings).
• Fairbanks North Star County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Cap rate 7.9% vs local median 3.7% in North Pole — 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.
• This rent runs 38% of the median local income ($97k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.