2050 S Leora Dr

Meadow Lakes, AK 99623

$230,000D-

1 bd · 1.0 ba · 1,156 sqft · Built 2023 · Other · Active · 60 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,586/mo
• Mortgage (P&I): −$1,206
• Tax + insurance: −$383
• HOA: −$0
• Vac / Maint / Mgmt: −$333
• Net cashflow: $-337/mo
• Annual: $-4,042/yr
• Cap rate: 4.54%
• Cash-on-cash: -6.28%
• DSCR: 0.72
• 1% rule: 0.69%
• Cash to close: $64,400

Investor read

• This is a 1-bed/1.0-bath other listed at $230k.
• 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).
• It's been on market 60 days — a 3% lower offer ($223k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $159k (31.1% below list) — sets the bar for 1% rule.
• 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.
• 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).
• Matanuska-Susitna County population projected at +50% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• 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.

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 60 days. Have you received any prior offers? Is the seller open to a 31% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.