3637 Thompson Ave · Anchorage, AK 99508

$479,900

8 bd · 4.0 ba · 4,302 sqft · MultiFamily public records · 3 Days on market

Built 1972 6,098 sqft lot Est $551k · 13% under

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Why this score? — see what drove the B 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 +29.0/30.0
• ARV discount +13.3/15.0
• DSCR +10.0/10.0
• 1% rule +7.5/10.0
• Livability +3.9/5.0
• Rent growth +3.7/5.0
• Schools +3.7/10.0
• 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: 4 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 MLS

*** Seller makes no guarantees about property's condition, room count or other physical characteristics nor does seller guarantee accuracy whether property is on public sewer or private septic. *** The MLS listing price is typically the seller's reserve price. Auction will start within 72hrs of the MLS list date.

Key facts

• Plumbing updated
• Major boiler work
• Fully remodeled

Tags

• NEW ROOF
• FULLY REMODELED
• PLUMBING UPDATED
• HYDRONIC HEAT UPDATED
• MAJOR BOILER WORK
• NEW HWH

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $480k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $409/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $480k).
• Cap rate 10.4% 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.
• Market conditions: Rents rising fast (+4.9%/yr); 147 active listings in the ZIP; solid renter incomes; 306 units permitted in Anchorage Municipality in 2024 (90 in 5+ unit buildings).
• At $6,017/mo this rent would consume 91% of the median local household income ($79k/yr) (locally 1248% 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 $14k 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 + 4.9% rent growth), your $134k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 30y 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 $479,900

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. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 1.25% ✓
• Cap rate: 10.38%
• Cash-on-cash: 14.61%
• DSCR: 1.65
• GRM: 6.6

CMA / ARV

• ARV (on-the-fly): $550,656
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
601 Irwin St	0.11mi	9/4.0 (+1)	3,780 (-12%)	6mo	$577,700	$153	65
609 N Klevin St	0.29mi	8/4.0	4,138 (-4%)	22mo	$474,900	$115	62
633 N Flower St	0.24mi	8/4.0	3,780 (-12%)	8mo	$180,000	$48	62
4406 Parsons Ave	0.48mi	8/4.0	4,056 (-6%)	9mo	$520,000	$128	61
808 N Flower St	0.27mi	9/4.0 (+1)	3,840 (-11%)	5mo	$540,000	$141	60
3921 Peterkin Ave	0.23mi	9/4.0 (+1)	4,138 (-4%)	23mo	$510,000	$123	59
544 N Park St	0.32mi	9/4.0 (+1)	3,932 (-9%)	9mo	$540,000	$137	59
627 N Flower St	0.24mi	8/6.0	3,780 (-12%)	8mo	$180,000	$48	54
4502 McPhee Ave	0.58mi	9/4.0 (+1)	3,792 (-12%)	3mo	$549,900	$145	46

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 · 4.88% rent growth · sell at horizon

5-year hold

• IRR: 7.1%
• Equity multiple: 1.28×
• Total profit: $38,022
• Equity at exit: $71,555

10-year hold

• IRR: 17.9%
• Equity multiple: 2.61×
• Total profit: $216,628
• Equity at exit: $41,493

Cash invested: $134,372 (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 99508

• Rents YoY: 4.9%
• Active inventory: 147
• Price-to-rent: 26.6×

Monthly cashflow live

• Estimated rent: $6,017 high
• Mortgage (P&I): −$2,517
• Tax from tax record: −$400 /mo · $4,805/yr
• Insurance: −$200
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,264
• Net cashflow: $1,636

Break-even live

Break-even rent $3,946

Max offer price $479,900

Occupancy floor 68%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$6,016
Total (4 units)			$6,017

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: $119,975
• Closing costs: $14,397
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-03-24
   status Pending
2. 2026-03-20
   listed $479,900 Active
3. 2024-11-20
   soldstatus Closed 323-char remark

   Show marketing remark (323 chars)

   *** Seller makes no guarantees about property's condition, room count or other physical characteristics nor does seller guarantee accuracy whether property is on public sewer or private septic. *** The MLS listing price is typically the seller's reserve price. Auction will start within 72hrs of the MLS list date.

4. 2024-11-04
   status Pending 323-char remark

   Show marketing remark (323 chars)

   *** Seller makes no guarantees about property's condition, room count or other physical characteristics nor does seller guarantee accuracy whether property is on public sewer or private septic. *** The MLS listing price is typically the seller's reserve price. Auction will start within 72hrs of the MLS list date.

5. 2024-10-24
   price $174,000 323-char remark

   Show marketing remark (323 chars)

   *** Seller makes no guarantees about property's condition, room count or other physical characteristics nor does seller guarantee accuracy whether property is on public sewer or private septic. *** The MLS listing price is typically the seller's reserve price. Auction will start within 72hrs of the MLS list date.

6. 2024-10-07
   price $191,700 323-char remark

   Show marketing remark (323 chars)

   *** Seller makes no guarantees about property's condition, room count or other physical characteristics nor does seller guarantee accuracy whether property is on public sewer or private septic. *** The MLS listing price is typically the seller's reserve price. Auction will start within 72hrs of the MLS list date.

7. 2024-09-19
   price $221,400 323-char remark

   Show marketing remark (323 chars)

   *** Seller makes no guarantees about property's condition, room count or other physical characteristics nor does seller guarantee accuracy whether property is on public sewer or private septic. *** The MLS listing price is typically the seller's reserve price. Auction will start within 72hrs of the MLS list date.

8. 2024-09-04
   price $237,700 323-char remark

   Show marketing remark (323 chars)

   *** Seller makes no guarantees about property's condition, room count or other physical characteristics nor does seller guarantee accuracy whether property is on public sewer or private septic. *** The MLS listing price is typically the seller's reserve price. Auction will start within 72hrs of the MLS list date.

9. 2024-08-13
   listed $265,000 Active 323-char remark

   Show marketing remark (323 chars)

   *** Seller makes no guarantees about property's condition, room count or other physical characteristics nor does seller guarantee accuracy whether property is on public sewer or private septic. *** The MLS listing price is typically the seller's reserve price. Auction will start within 72hrs of the MLS list date.

10. 2004-04-13
    listed $292,000
11. 2000-04-18
    soldstatus
12. 1996-10-30
    listed $129,000

ⓘ 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: $4,805 · $400/mo
• Projected year-2 tax: $5,258 · $438/mo
• Expected delta: +$453/yr (+$38/mo · 9.4%)

ⓘ 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: $72,204
• − Mortgage interest: −$26,882
• − Property taxes: −$4,805
• − Insurance: −$2,400
• − Repairs & maintenance: −$5,776
• − Management: −$5,776
• − Depreciation: −$13,961
• Taxable income: $12,604
• Est. tax owed @ 24.0%: −$3,025
• After-tax cash flow: $16,612/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): 36,458
• Household income: $79,314
• Rent vs Own: 46.8% rent · 53.2% own
• Severe rent burden: 1248.0

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 0.82)
• Race & ethnicity: White 38% Two or more races 14% Asian 13% Hispanic / Latino 13% Native American 10% Pacific Islander 8% Black 6%
• Hispanic origin (detail): Mexican 4% Puerto Rican 2% Cuban 1% Dominican 3%
• Common ancestry: Portuguese 3% Iranian 2% Romanian 2%
• Foreign-born: 15% · Canada, Jamaica, South Korea
• Languages at home: 72% English-only · Other Asian/Pacific 11% Spanish 8% Tagalog/Filipino 4%

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: ▼ -203.51%
• Current HPI: 257.8807
• Rent YoY: ▲ 4.88%
• Metro: Anchorage, AK
• State GDP YoY: —
• F500 in state: 0

Price history

+272.0% since first listed

12 events — show timeline

• 2026-03-24 Pending — AKMLS
• 2026-03-20 Listed $479,900 AKMLS
• 2024-11-20 Sold (MLS) — AKMLS
• 2024-11-04 Pending — AKMLS
• 2024-10-24 Price Changed $174,000 AKMLS
• 2024-10-07 Price Changed $191,700 AKMLS
• 2024-09-19 Price Changed $221,400 AKMLS
• 2024-09-04 Price Changed $237,700 AKMLS
• 2024-08-13 Listed $265,000 AKMLS
• 2004-04-13 Listed $292,000 AKMLS
• 2000-04-18 Sold (Public Records) — Public Records
• 1996-10-30 Listed $129,000 AKMLS

Property tax history

-0.6%/yr

Latest (2025): $4,805 · +3.5% YoY. Source: county tax records.