3907 Lunar Dr · Anchorage, AK 99504

$999,000

9 bd · 9.9 ba · 5,564 sqft · MultiFamily public records · 11 Days on market

Built 1985 9,204 sqft lot

---

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).

• Cash flow +13.7/30.0
• ARV discount +7.5/15.0
• DSCR +4.2/10.0
• Livability +3.9/5.0
• Schools +3.7/10.0
• 1% rule +3.6/10.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 3 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

New roof to be installed June 2026! This well maintained four-plex (w/ a great rental history!) is located in a charming, park-like setting near UMed/JBER. This multi-family features two 2bd/2ba units and two 3bd/2ba units, each with a heated garage and heated/secure storage space! Enjoy the park/tree views from the floor to ceiling windows (so much LIGHT!) or the west facing balconies! The 3bd. .. .. .units have vaulted ceilings. Every unit boasts a primary bedroom with ensuite bath, washer/dryer in unit, dining space and a wood burning fireplace. Tenants pay their own gas and electric. New indoor/outdoor carpet in common areas 2026. Previous sales show new furnaces in 2017, new dishwasher

Key facts

• 9,204 sq ft lot
• 4 garage spots
• Built 1985

Property features AI

Exterior

• Parking: Attached garage with 4 garage spaces; 4 open parking spaces
• Utilities: Public sewer
• Home design: Multi-family property; Built in 1985; Wood-frame construction
• Construction: Block and poured concrete foundation
• Exterior features: Paved road access; Shingle roof

Interior

• Bedrooms: 10 bedrooms
• Flooring: Carpet
• Bathrooms: 8 full bathrooms
• Interior features: Carpet flooring

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/3.3-bath units multifamily listed at $999k.

Deal economics

• At list price, monthly cash flow is $79 ($948/yr) — positive. Per door: $26/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $859k (14.0% below list).
• Recommended offer: $859k (14.0% below list) — sets the bar for 1% rule.
• Cap rate 6.4% 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: Scenic Park Elementary (math 32% / reading 42%, grade F, #83 of 156 statewide, top 59%, 382 students, 39% 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 60% FRL vs 38% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 26% at this address vs 40% district-wide (-14 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; solid renter incomes; 306 units permitted in Anchorage Municipality in 2024 (90 in 5+ unit buildings).
• At $8,592/mo this rent would consume 119% 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 $7k of loan paydown is wiped out by about $30k 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 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 8y 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 $859,200 (14.0% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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 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: 0.86% ✗
• Cap rate: 6.39%
• Cash-on-cash: 0.34%
• DSCR: 1.02
• GRM: 9.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -16.2%
• Equity multiple: 0.43×
• Total profit: $-160,543
• Equity at exit: $148,954

10-year hold

• IRR: -8.7%
• Equity multiple: 0.47×
• Total profit: $-148,339
• Equity at exit: $86,375

Cash invested: $279,720 (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: 29.1×

Monthly cashflow live

• Estimated rent: $8,592 high
• Mortgage (P&I): −$5,239
• Tax from tax record: −$1,054 /mo · $12,643/yr
• Insurance: −$416
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,804
• Net cashflow: $79

Break-even live

Break-even rent $8,492

Max offer price $999,000

Occupancy floor 94%

Sensitivity live

Price	-10% $644	-5% $362	+0% $79	+5% $-204	+10% $-487
Rent	-10% $-600	-5% $-260	+0% $79	+5% $418	+10% $758
Rate	-1.0pp $582	-0.5pp $333	base $79	+0.5pp $-180	+1.0pp $-443

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	3.3	$8,592
Total (3 units)			$8,592

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: $249,750
• Closing costs: $29,970
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-22
   days on market $999,000 Active 11 DOM
2. 2026-06-18
   days on market $999,000 Active 8 DOM
3. 2026-06-17
   days on market $999,000 Active 7 DOM
4. 2026-06-16
   days on market $999,000 Active 6 DOM
5. 2026-06-15
   days on market $999,000 Active 5 DOM
6. 2026-06-14
   days on market $999,000 Active 3 DOM
7. 2026-06-13
   remarks 699-char remark
8. 2026-06-13
   listed $999,000 Active 2 DOM

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

Tax reassessment forecast AK · Partial reset (capped growth)

• Current annual tax: $12,643 · $1,054/mo
• Projected year-2 tax: $12,643 · $1,054/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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: $103,104
• − Mortgage interest: −$55,960
• − Property taxes: −$12,643
• − Insurance: −$4,995
• − Repairs & maintenance: −$8,248
• − Management: −$8,248
• − Depreciation: −$29,062
• Taxable loss: −$16,052
• Est. tax savings @ 24.0%: +$3,852
• After-tax cash flow: $4,800/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: 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

+40.9% since first listed

10 events — show timeline

• 2026-06-10 Listed $999,000 AKMLS
• 2023-05-26 Sold (Public Records) — Public Records
• 2023-04-11 Pending — AKMLS
• 2023-04-06 Listed $810,000 AKMLS
• 2020-07-21 Sold (Public Records) — Public Records
• 2020-06-07 Delisted — AKMLS
• 2020-06-04 Listed $695,000 AKMLS
• 2018-02-13 Listed $709,000 AKMLS
• 2016-12-22 Sold (Public Records) — Public Records
• 1991-11-07 Sold (Public Records) — Public Records

Property tax history

+3.5%/yr

Latest (2025): $12,643 · +4.7% YoY. Source: county tax records.