8431 E 20th Ave · Anchorage, AK 99504

$429,900

4 bd · 2.0 ba · 1,864 sqft · MultiFamily · 8 Days on market

Built 1981 Average condition 0.26 ac lot $231/sqft · 8% below area Est $469k · 8% 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 +11.2/15.0
• Cash flow +11.0/30.0
• Livability +3.9/5.0
• Schools +3.7/10.0
• 1% rule +3.2/10.0
• DSCR +3.2/10.0
• Rent growth +3.1/5.0
• Condition / age +2.8/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Opportunity knocks. Eastside duplex with excellent income potential. Main unit featues vaulted ceilings, kitchen w/ gas range, pantry & breakfast bar, natural hardwood flooring, dining room, bonus loft area overlooking living room, 3 beds, 1 bath, amazing mountain views & tons of natural light. 2 beds, 1 bath, ample living room, corner sink, breakfast bar, stack w/ d in unit 2. Huge lot with shed, tons of sunlight and boasts a variety of berries, fireweed & flowers. Gardeing potential is endless. Front two planter boxes near driveway are self- watering (sub-irrigation planters). As-Is Sale!

Key facts

• 0.26 acre lot
• 2 garage spots
• Built 1981

Property features AI

Exterior

• Parking: 2-car garage; 4 open parking spaces
• Utilities: Public sewer
• Home design: Multi-Family property; Built in 1981; Block foundation
• Construction: Block foundation
• Exterior features: Lot approximately 0.26 acres

Interior

• Bedrooms: 5 bedrooms
• Bathrooms: 2 full bathrooms
• Interior features: Multi-family layout

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $430k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $-181 ($-2k/yr) — negative. Per door: $-91/mo.
• To cash-flow at today's rent, offer at most $404k (6.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $353k (17.9% below list).
• Recommended offer: $353k (17.9% below list) — sets the bar for 1% rule.
• Cap rate 5.8% 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.
• Zoned schools: Susitna Elementary (math 32% / reading 32%, grade F, #104 of 156 statewide, top 70%, 368 students, 56% FRL); Nicholas J. Begich Middle School (math 10% / reading 24%, grade F, #32 of 36 statewide, top 89%, 882 students, 78% FRL); Bartlett High School (math 22% / reading 27%, grade F, #42 of 61 statewide, top 82%, 1,373 students, 64% FRL) — zoned schools average 66% FRL vs 38% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 24% at this address vs 40% district-wide (-16 pts) — the specific schools serving this property underperform the Anchorage School District average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+2.6%/yr); 217 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 306 units permitted in Anchorage Municipality in 2024 (90 in 5+ unit buildings).
• At $3,531/mo this rent would consume 49% of the median local household income ($87k/yr) (locally 1052% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k 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.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 33y 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 $353,100 (17.9% 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. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
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. 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.82% ✗
• Cap rate: 5.79%
• Cash-on-cash: -1.81%
• DSCR: 0.92
• GRM: 10.1

CMA / ARV

• ARV (median comp): $468,663
• List price: $429,900
• Delta: -8.27%
• Verdict: FAIR
• Comps: 15 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8431 E 20th Ave	0.00mi	5/2.0 (+1)	1,864 (0%)	0mo	$429,900	$231	95
8601 Moss Ct	0.31mi	4/2.0	1,998 (+7%)	7mo	$368,000	$184	68
1140 Valley St	0.61mi	5/2.0 (+1)	1,900 (+2%)	20mo	$429,000	$226	47
1321 Valley St	0.49mi	5/3.0 (+1)	2,088 (+12%)	7mo	$469,500	$225	42
1001 Friendly Ln	0.70mi	3/2.5 (-1)	1,952 (+5%)	14mo	$435,000	$223	41
1241 Valley St	0.52mi	5/2.0 (+1)	2,088 (+12%)	23mo	$425,000	$204	32

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: -19.8%
• Equity multiple: 0.31×
• Total profit: $-82,687
• Equity at exit: $64,099

10-year hold

• IRR: -13.5%
• Equity multiple: 0.23×
• Total profit: $-92,855
• Equity at exit: $37,170

Cash invested: $120,372 (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: 217
• Price-to-rent: 20.3×

Monthly cashflow live

• Estimated rent: $3,531 high
• Mortgage (P&I): −$2,254
• Tax est. 1.5%: −$537 /mo · $6,448/yr
• Insurance: −$179
• HOA: −$0
• Vacancy / Maint / Mgmt: −$742
• Net cashflow: $-181

Break-even live

Break-even rent $3,761

Max offer price $403,644

Occupancy floor —

Sensitivity live

Price	-10% $116	-5% $-33	+0% $-181	+5% $-330	+10% $-479
Rent	-10% $-460	-5% $-321	+0% $-181	+5% $-42	+10% $97
Rate	-1.0pp $35	-0.5pp $-72	base $-181	+0.5pp $-293	+1.0pp $-406

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,532
Total (2 units)			$3,531

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: $107,475
• Closing costs: $12,897
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1544 State St Unit C Anchorage, AK	3.0	2.0	1664	$2,750	$1.65	25d	1	0.34mi
3400 Meadowbrook Cir Anchorage, AK	3.0	2.0	1500	$2,350	$1.57	16d	1	0.97mi
6721 Foothill Dr Anchorage, AK	4.0	2.0	1824	$3,100	$1.70	16d	1	1.09mi
3622 Sycamore Loop Anchorage, AK	3.0	2.0	1866	$2,895	$1.55	45d	1	1.10mi
3841 Sycamore Loop Anchorage, AK	4.0	2.0	1568	$3,000	$1.91	46d	1	1.13mi
248 Zappa Pl Unit A Anchorage, AK	3.0	2.0	1300	$2,150	$1.65	45d	1	1.28mi
422 Oklahoma St Unit 1 Anchorage, AK	3.0	2.5	1520	$2,300	$1.51	25d	1	1.28mi
7401 E 4th Ave Unit 6 Anchorage, AK	3.0	2.0	1272	$2,150	$1.69	25d	1	1.29mi
6413 E 14th Ct Unit A Anchorage, AK	4.0	2.0	1900	$2,475	$1.30	46d	1	1.32mi
6131 Prosperity Dr Anchorage, AK	3.0	1.5	1250	$2,800	$2.24	16d	1	1.45mi

Listing history 5 events

1. 2026-05-13
   status Pending 611-char remark
2. 2026-05-04
   listed $429,900 Active 611-char remark
3. 2017-08-25
   listed $345,000
4. 2005-04-12
   listed $275,000
5. 1993-10-02
   listed $143,500

ⓘ 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: $42,372
• − Mortgage interest: −$24,081
• − Property taxes: −$6,448
• − Insurance: −$2,150
• − Repairs & maintenance: −$3,390
• − Management: −$3,390
• − Depreciation: −$12,506
• Taxable loss: −$9,593
• Est. tax savings @ 24.0%: +$2,302
• After-tax cash flow: $125/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

A moderate rehab project is needed to improve the home's curb appeal and interior aesthetics, which would increase its resale and rental value.

Repairs flagged

• Minor kitchen cabinets — slight wear
• Minor bathroom cabinets — slight wear
• Moderate windows — some appear old

Value-add opportunities

• Both paint interior walls — enhances curb appeal and interior aesthetics
• Both replace windows — improves energy efficiency and enhances curb appeal
• Both update kitchen cabinets — modernizes the space and enhances functionality
• Both update bathroom cabinets — modernizes the space and enhances functionality

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · slight wear	Minor	$500–3,000
bathroom cabinets · slight wear	Minor	$500–3,000
windows · some appear old	Moderate	$3,000–15,000
Total estimated repair cost · 3 items		$4,000–21,000

Value-add ROI direction

• Both paint interior walls — enhances curb appeal and interior aesthetics ↑
• Both replace windows — improves energy efficiency and enhances curb appeal ↑
• Both update kitchen cabinets — modernizes the space and enhances functionality ↑
• Both update bathroom cabinets — modernizes the space and enhances functionality ↑

ⓘ 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

+199.6% since first listed

5 events — show timeline

• 2026-05-13 Pending — AKMLS
• 2026-05-04 Listed $429,900 AKMLS
• 2017-08-25 Listed $345,000 AKMLS
• 2005-04-12 Listed $275,000 AKMLS
• 1993-10-02 Listed $143,500 AKMLS