2050 S Leora Dr · Meadow Lakes, AK 99623

$230,000

1 bd · 1.0 ba · 1,156 sqft · Other · 60 Days on market

Built 2023 0.92 ac lot $199/sqft · 20% below area Est $289k · 20% under

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Why this score? — see what drove the D- 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).

• ARV discount +15.0/15.0
• Cash flow +7.0/30.0
• Schools +4.1/10.0
• Rent growth +3.3/5.0
• Livability +2.7/5.0
• Condition / age +2.5/5.0
• 1% rule +1.9/10.0
• DSCR +1.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great opportunity to finish and customize to your style! This 1 bed, 1 bath home offers 1,156 sq ft of potential and is ready for your vision. Spacious garage provides plenty of room for vehicles, storage, or all your toys. Conveniently located just 10 minutes to Wasilla and 10 minutes to Big Lake, making for an easy commute. Property is being sold as-is. No owner financing.

Key facts

• 0.92 acre lot
• 2 garage spots
• Built 2023

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath other listed at $230k.

Deal economics

• At list price, monthly cash flow is $-337 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $181k (21.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $159k (31.1% below list).
• Recommended offer: $159k (31.1% below list) — sets the bar for 1% rule.
• Cap rate 4.5% vs local median 3.2% in Meadow Lakes — 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 53/100 on livability (#187 in AK) — a working-class tenant base; expect higher turnover. Strengths: housing A+; Watch: health & safety C-, schools F, crime F.
• Matanuska-Susitna Borough School District (town): math 42% / reading 50% proficiency, ranked #5 of 21 in AK (top 24%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+3.2%/yr); 414 active listings in the ZIP; solid renter incomes; 91 units permitted in Matanuska-Susitna Borough in 2024 (25 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Matanuska-Susitna County population projected at +50% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($223k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 18y 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.

Recommended offer $158,559 (31.1% below list)

Questions for the listing agent

1. 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?
2. It's been on market 60 days. Have you received any prior offers? Is the seller open to a 31% concession, seller financing, or rate buy-down credit?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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?
6. 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?
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: 0.69% ✗
• Cap rate: 4.54%
• Cash-on-cash: -6.28%
• DSCR: 0.72
• GRM: 12.1

CMA / ARV

• ARV (median comp): $288,740
• List price: $230,000
• Delta: -20.34%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.17% rent growth · sell at horizon

5-year hold

• IRR: -26.9%
• Equity multiple: 0.09×
• Total profit: $-58,429
• Equity at exit: $34,294

10-year hold

• IRR: -23.9%
• Equity multiple: -0.20×
• Total profit: $-77,290
• Equity at exit: $19,886

Cash invested: $64,400 (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 99623

• Home prices YoY: -19.6%
• Rents YoY: 3.2%
• Active inventory: 414
• Price-to-rent: 12.1×

Monthly cashflow live

• Estimated rent: $1,586 medium
• Mortgage (P&I): −$1,206
• Tax est. 1.5%: −$288 /mo · $3,450/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$333
• Net cashflow: $-337

Break-even live

Break-even rent $2,012

Max offer price $181,256

Occupancy floor —

Sensitivity live

Price	-10% $-178	-5% $-257	+0% $-337	+5% $-416	+10% $-496
Rent	-10% $-462	-5% $-399	+0% $-337	+5% $-274	+10% $-212
Rate	-1.0pp $-221	-0.5pp $-278	base $-337	+0.5pp $-396	+1.0pp $-457

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: $57,500
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $230,000 Active 60 DOM
2. 2026-06-17
   days on market $230,000 Active 59 DOM
3. 2026-06-16
   days on market $230,000 Active 58 DOM
4. 2026-06-15
   days on market $230,000 Active 57 DOM
5. 2026-06-14
   days on market $230,000 Active 55 DOM
6. 2026-06-13
   days on market $230,000 Active 54 DOM
7. 2026-06-10
   days on market $230,000 Active 52 DOM
8. 2026-06-09
   days on market $230,000 Active 51 DOM
9. 2026-06-08
   days on market $230,000 Active 50 DOM
10. 2026-06-07
    days on market $230,000 Active 49 DOM
11. 2026-06-03
    days on market $230,000 Active 45 DOM
12. 2026-06-02
    days on market $230,000 Active 44 DOM
13. 2026-06-01
    days on market $230,000 Active 43 DOM
14. 2026-05-31
    days on market $230,000 Active 42 DOM
15. 2026-05-30
    days on market $230,000 Active 41 DOM
16. 2026-04-19
    listed $230,000 Active 377-char remark

    Show marketing remark (377 chars)

    Great opportunity to finish and customize to your style! This 1 bed, 1 bath home offers 1,156 sq ft of potential and is ready for your vision. Spacious garage provides plenty of room for vehicles, storage, or all your toys. Conveniently located just 10 minutes to Wasilla and 10 minutes to Big Lake, making for an easy commute. Property is being sold as-is. No owner financing.

17. 2011-04-12
    soldstatus
18. 2008-03-26
    listed $26,900

ⓘ 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: $19,027
• − Mortgage interest: −$12,884
• − Property taxes: −$3,450
• − Insurance: −$1,150
• − Repairs & maintenance: −$1,522
• − Management: −$1,522
• − Depreciation: −$6,691
• Taxable loss: −$8,192
• Est. tax savings @ 24.0%: +$1,966
• After-tax cash flow: $-2,076/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.

Schools (NCES district)

• District: Matanuska-Susitna Borough School District
• NCES district ID: 0200510
• Math proficiency: 42% ▲ 1.00%
• Reading proficiency: 50% ▲ 5.00%
• Median HH income: $70,325
• Composite: 41.38/100
• National rank: #3484
• State rank: #5 of 21 in AK

Livability — Meadow Lakes

• Score: 53/100
• State rank: #187
• US rank: #24629

Category grades

Amenities F Commute F Cost of living C Crime F Employment B- Housing A+ Health & safety C- User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Meadow Lakes, AK
• County: Matanuska Susitna Borough · 100,174 people
• City population: 23,424
• Metro: Anchorage, AK
• Population (ZIP): 23,424
• Household income: $88,799
• Rent vs Own: 18.0% rent · 82.0% own
• Severe rent burden: 285.0

Population outlook (Matanuska-Susitna County) Hauer SSP2

• Today (2025): 126,730 people
• By 2030: 139,641 · +10.2%
• By 2040: 165,122 · +30.3%
• By 2050: 189,697 · +49.7%
• By 2075: 249,959 · +97.2%
• By 2100: 288,077 · +127.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Two or more races 10% Native American 8% Hispanic / Latino 4% Asian 3% Black 2%
• Common ancestry: Portuguese 3% Romanian 2% Italian 2%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 2% Russian/Polish/Slavic 2% Other Asian/Pacific 1%

Political lean MEDSL · Matanuska-Susitna

• 2016 margin: R (+15.2) · D 37.7% · R 52.9% · Other 9.4%
• All cycles: 2016: R+15.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -48.82%
• Current HPI: 200.2242
• Rent YoY: ▲ 3.17%
• Metro: Anchorage, AK
• State GDP YoY: —
• F500 in state: 0

Price history

+755.0% since first listed

3 events — show timeline

• 2026-04-19 Listed $230,000 AKMLS
• 2011-04-12 Sold (Public Records) — Public Records
• 2008-03-26 Listed $26,900 AKMLS

Property tax history

+3.6%/yr

Latest (2019): $349 · +0.5% YoY. Source: county tax records.