2221 Muldoon Rd #68 · Anchorage, AK 99504

$64,000

2 bd · 1.5 ba · 980 sqft · Manufactured · 104 Days on market

Built 1974 Average condition $65/sqft · 24% above area Est $51k · 24% over ↓ 4% since listing

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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).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.9/5.0
• Schools +3.7/10.0
• Rent growth +3.1/5.0
• Condition / age +2.8/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 2221 Muldoon Rd #68 in the desirable Glencaren Court community in Anchorage! This well-kept home features a bright, functional layout with comfortable living spaces and great natural light. Backing to an open field with stunning views of the Chugach Mountains and conveniently located near shopping, dining, and all the amenities! There is a **$725 a month space rental fee**

Key facts

• Built 1974
• Listed 104 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath manufactured listed at $64k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $64k).
• Recommended offer: $58k (9.0% below list) — sets the bar for market timing.
• Cap rate 26.3% 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.

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 (+2.6%/yr); 214 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 306 units permitted in Anchorage Municipality in 2024 (90 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $442 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 2.6% rent growth), your $18k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 104 days — a 9% lower offer ($58k) is reasonable based on typical stale-listing flexibility.

Recommended offer $58,240 (9.0% below list)

Questions for the listing agent

1. It's been on market 104 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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.

Investment metrics

• 1% rule: 2.98% ✓
• Cap rate: 26.27%
• Cash-on-cash: 71.36%
• DSCR: 4.18
• GRM: 2.8

CMA / ARV

• ARV (median comp): $51,496
• List price: $64,000
• Delta: 24.28%
• Verdict: OVERPRICED
• Comps: 9 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2221 Muldoon Rd #291	0.05mi	3/2.0 (+1)	1,000 (+2%)	4mo	$90,000	$90	84
2221 Muldoon Rd #251	0.07mi	3/2.0 (+1)	980 (0%)	7mo	$45,000	$46	84
2221 Muldoon Rd #695	0.23mi	3/2.0 (+1)	980 (0%)	11mo	$77,000	$79	73
2221 E Muldoon #240	0.07mi	3/2.0 (+1)	1,050 (+7%)	7mo	$80,000	$76	72
2221 Muldoon Road Space #683	0.27mi	3/2.0 (+1)	1,000 (+2%)	12mo	$67,000	$67	67
2221 E Muldoon Rd #143	0.09mi	3/2.0 (+1)	850 (-13%)	3mo	$79,000	$93	64
2221 Muldoon Rd #278	0.27mi	3/1.5 (+1)	1,040 (+6%)	16mo	$85,000	$82	59
2221 Muldoon Rd #906	0.23mi	2/2.0	850 (-13%)	13mo	$75,000	$88	54
2221 E Muldoon Rd #579	0.27mi	3/2.0 (+1)	1,100 (+12%)	15mo	$85,000	$77	47

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 2.57% rent growth · sell at horizon

5-year hold

• IRR: 70.5%
• Equity multiple: 4.16×
• Total profit: $56,710
• Equity at exit: $9,543

10-year hold

• IRR: 74.4%
• Equity multiple: 8.45×
• Total profit: $133,553
• Equity at exit: $5,534

Cash invested: $17,920 (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 99504

• Rents YoY: 2.6%
• Active inventory: 214
• Price-to-rent: 2.8×

Monthly cashflow live

• Estimated rent: $1,909 high
• Mortgage (P&I): −$336
• Tax est. 1.5%: −$80 /mo · $960/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$401
• Net cashflow: $1,066

Break-even live

Break-even rent $560

Max offer price $64,000

Occupancy floor 39%

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: $16,000
• Closing costs: $1,920
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8110 E 16th Ave Unit C6 Anchorage, AK	2.0	1.0	1047	$1,850	$1.77	21d	1	0.45mi
1720 Muldoon Cir Unit 4 Anchorage, AK	2.0	1.0	850	$1,850	$2.18	43d	1	0.47mi
8414 Duben Ave Apt 5 Anchorage, AK	1.0	1.0	600	$1,125	$1.88	23d	1	1.33mi
1916 Beaver Pl #1 Anchorage, AK	2.0	1.0	900	$1,500	$1.67	23d	1	1.35mi
7533 Regal Mountain Dr Anchorage, AK	2.0	1.0	987	$3,000	$3.04	23d	1	1.45mi

Listing history 17 events

1. 2026-06-18
   days on market $64,000 Active 104 DOM
2. 2026-06-17
   days on market $64,000 Active 103 DOM
3. 2026-06-16
   days on market $64,000 Active 102 DOM
4. 2026-06-15
   days on market $64,000 Active 101 DOM
5. 2026-06-14
   days on market $64,000 Active 99 DOM
6. 2026-06-13
   pricedays on market $64,000 Active 98 DOM
7. 2026-06-10
   days on market $65,000 Active 96 DOM
8. 2026-06-09
   days on market $65,000 Active 95 DOM
9. 2026-06-08
   days on market $65,000 Active 94 DOM
10. 2026-06-07
    days on market $65,000 Active 93 DOM
11. 2026-06-03
    days on market $65,000 Active 89 DOM
12. 2026-06-02
    days on market $65,000 Active 88 DOM
13. 2026-06-01
    days on market $65,000 Active 87 DOM
14. 2026-05-31
    days on market $65,000 Active 86 DOM
15. 2026-05-30
    days on market $65,000 Active 85 DOM
16. 2026-05-04
    price $65,000 386-char remark

    Show marketing remark (386 chars)

    Welcome to 2221 Muldoon Rd #68 in the desirable Glencaren Court community in Anchorage! This well-kept home features a bright, functional layout with comfortable living spaces and great natural light. Backing to an open field with stunning views of the Chugach Mountains and conveniently located near shopping, dining, and all the amenities! There is a **$725 a month space rental fee**

17. 2026-03-06
    listed $68,000 Active 386-char remark

    Show marketing remark (386 chars)

    Welcome to 2221 Muldoon Rd #68 in the desirable Glencaren Court community in Anchorage! This well-kept home features a bright, functional layout with comfortable living spaces and great natural light. Backing to an open field with stunning views of the Chugach Mountains and conveniently located near shopping, dining, and all the amenities! There is a **$725 a month space rental fee**

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $22,906
• − Mortgage interest: −$3,585
• − Property taxes: −$960
• − Insurance: −$320
• − Repairs & maintenance: −$1,832
• − Management: −$1,832
• − Depreciation: −$1,862
• Taxable income: $12,514
• Est. tax owed @ 24.0%: −$3,003
• After-tax cash flow: $9,785/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

Average 55/100 Moderate rehab

This manufactured home requires moderate renovations to its kitchen and bathroom, as well as an HVAC system upgrade. These updates would significantly increase its resale and rental value.

Repairs flagged

• Moderate kitchen cabinets — dated and in need of replacement
• Moderate kitchen countertops — dated and in need of replacement
• Moderate bathroom fixtures — basic and in need of replacement
• Unknown HVAC system — no visible damage

Value-add opportunities

• Both kitchen renovation — modernizing the kitchen would significantly increase both resale and rental value
• Both bathroom renovation — modernizing the bathroom would significantly increase both resale and rental value
• Both HVAC system upgrade — upgrading the HVAC system would improve comfort and energy efficiency, increasing both resale and rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and in need of replacement	Moderate	$3,000–15,000
kitchen countertops · dated and in need of replacement	Moderate	$3,000–15,000
bathroom fixtures · basic and in need of replacement	Moderate	$3,000–15,000
HVAC system · no visible damage	Unknown	$500–3,000
Total estimated repair cost · 4 items		$9,500–48,000

Value-add ROI direction

• Both kitchen renovation — modernizing the kitchen would significantly increase both resale and rental value ↑
• Both bathroom renovation — modernizing the bathroom would significantly increase both resale and rental value ↑
• Both HVAC system upgrade — upgrading the HVAC system would improve comfort and energy efficiency, increasing both resale and rental value ↑

ⓘ 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): 42,093
• Household income: $86,710
• Rent vs Own: 33.9% rent · 66.1% own
• Severe rent burden: 1052.0

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: Highly diverse neighborhood (Simpson 0.80)
• Race & ethnicity: White 41% Two or more races 18% Asian 13% Native American 9% Black 9% Hispanic / Latino 9% Pacific Islander 6%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Portuguese 2% Ukrainian 2% Romanian 2%
• Foreign-born: 12% · Canada, South Korea, Vietnam
• Languages at home: 76% English-only · Other Asian/Pacific 9% Spanish 4% Tagalog/Filipino 3%

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: ▼ -184.29%
• Current HPI: 259.8803
• Rent YoY: ▲ 2.57%
• Metro: Anchorage, AK
• State GDP YoY: —
• F500 in state: 0

Price history

-4.4% since first listed

2 events — show timeline

• 2026-05-04 Price Changed $65,000 AKMLS
• 2026-03-06 Listed $68,000 AKMLS