4521 Cordova St · Anchorage, AK 99503

$527,000

16 bd · 16.0 ba · 2,912 sqft · MultiFamily public records · 26 Days on market

Built 1971 7,400 sqft lot

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Why this score? — see what drove the C 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 +18.8/30.0
• ARV discount +7.5/15.0
• Appreciation +6.5/10.0
• DSCR +5.9/10.0
• 1% rule +5.0/10.0
• Livability +3.9/5.0
• Schools +3.7/10.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0

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

Great investment opportunity in Midtown! Well-maintained 4-plex w/ consistent occupancy. Close to shopping, dining & businesses. 4 one-bedroom units w/ functional layouts, mostly furnished, plus storage & shared laundry. Ideal for investors & perfect for short-term rentals.

Key facts

• Mostly furnished
• Close to businesses
• Close to dining

Tags

• WELL MAINTAINED
• CLOSE TO SHOPPING
• CLOSE TO DINING
• CLOSE TO BUSINESSES
• FUNCTIONAL LAYOUTS
• MOSTLY FURNISHED

Property features AI

Exterior

• Parking: No garage; No carport; No open parking spaces reported
• Utilities: Public sewer
• Home design: Multi-family property; Built in 1971
• Construction: Wood frame construction; Block foundation
• Exterior features: Paved road access; Asphalt composition shingle roof

Interior

• Bedrooms: 4 bedrooms
• Flooring: Carpet
• Bathrooms: 4 full bathrooms
• Interior features: Carpet flooring

What this means for you Summary

Snapshot

• This is a 4 × 1-bed/1-bath units multifamily listed at $527k.

Deal economics

• At list price, monthly cash flow is $532 ($6k/yr) — positive. Per door: $133/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 $524k (0.5% below list).
• Recommended offer: $519k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.5% 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: Rogers Park Elementary (math 67% / reading 65%, grade B+, #15 of 156 statewide, top 9%, 404 students, 30% FRL); Romig Middle School (math 24% / reading 44%, grade F, #22 of 36 statewide, top 63%, 720 students, 37% FRL); West High School (math 32% / reading 27%, grade F, #39 of 61 statewide, top 65%, 1,763 students, 40% FRL) — zoned schools at 36% FRL track the district average.
• Market conditions: Rents rising (+2.3%/yr); 67 active listings in the ZIP; solid renter incomes; 306 units permitted in Anchorage Municipality in 2024 (90 in 5+ unit buildings).
• At $5,245/mo this rent would consume 83% of the median local household income ($76k/yr) (locally 747% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $20k of equity ($4k loan paydown + $16k appreciation (3.1% local appreciation)).
• Anchorage County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (3.1% appreciation + 2.3% rent growth), your $148k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($519k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 13y ago; this cycle's ask is 5% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Recommended offer $519,095 (1.5% 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. Built in 1971 — 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: 1.00% ✗
• Cap rate: 7.50%
• Cash-on-cash: 4.33%
• DSCR: 1.19
• GRM: 8.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

3.1% appreciation · 2.28% rent growth · sell at horizon

5-year hold

• IRR: 11.4%
• Equity multiple: 1.65×
• Total profit: $96,427
• Equity at exit: $239,919

10-year hold

• IRR: 13.2%
• Equity multiple: 2.95×
• Total profit: $287,415
• Equity at exit: $372,058

Cash invested: $147,560 (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 99503

• Home prices YoY: 1.3%
• Rents YoY: 2.3%
• Active inventory: 67
• Price-to-rent: 33.5×

Monthly cashflow live

• Estimated rent: $5,245 high
• Mortgage (P&I): −$2,764
• Tax from tax record: −$628 /mo · $7,541/yr
• Insurance: −$220
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,101
• Net cashflow: $532

Break-even live

Break-even rent $4,572

Max offer price $527,000

Occupancy floor 85%

Sensitivity live

Price	-10% $830	-5% $681	+0% $532	+5% $383	+10% $234
Rent	-10% $118	-5% $325	+0% $532	+5% $739	+10% $946
Rate	-1.0pp $797	-0.5pp $666	base $532	+0.5pp $395	+1.0pp $256

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$5,244
Total (4 units)			$5,245

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: $131,750
• Closing costs: $15,810
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-10
   days on market $527,000 Active 26 DOM
2. 2026-06-09
   days on market $527,000 Active 25 DOM
3. 2026-06-08
   days on market $527,000 Active 24 DOM
4. 2026-06-07
   days on market $527,000 Active 23 DOM
5. 2026-06-03
   days on market $527,000 Active 19 DOM
6. 2026-06-02
   days on market $527,000 Active 18 DOM
7. 2026-06-01
   days on market $527,000 Active 17 DOM
8. 2026-05-31
   days on market $527,000 Active 16 DOM
9. 2026-05-30
   days on market $527,000 Active 15 DOM
10. 2026-05-09
    status Pending
11. 2026-05-08
    status Active
12. 2026-04-29
    status Pending
13. 2026-04-25
    price $527,000
14. 2026-04-17
    listed $499,900 Active
15. 2013-08-19
    soldstatus
16. 2013-05-21
    listed $355,000
17. 1992-10-15
    soldstatus

ⓘ 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: $7,541 · $628/mo
• Projected year-2 tax: $7,541 · $628/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: $62,940
• − Mortgage interest: −$29,520
• − Property taxes: −$7,541
• − Insurance: −$2,635
• − Repairs & maintenance: −$5,035
• − Management: −$5,035
• − Depreciation: −$15,331
• Taxable loss: −$2,158
• Est. tax savings @ 24.0%: +$518
• After-tax cash flow: $6,900/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): 12,964
• Household income: $76,144
• Rent vs Own: 68.2% rent · 31.8% own
• Severe rent burden: 747.0

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 0.78)
• Race & ethnicity: White 43% Asian 15% Native American 15% Two or more races 13% Hispanic / Latino 8% Black 8% Pacific Islander 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Lithuanian 2% Slovak 2% Romanian 2%
• Foreign-born: 17% · Canada, Jamaica, China
• Languages at home: 75% English-only · Tagalog/Filipino 9% Spanish 6% Other Asian/Pacific 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: ▲ 3.10%
• Current HPI: 238.2191
• Rent YoY: ▲ 2.28%
• Metro: Anchorage, AK
• State GDP YoY: —
• F500 in state: 0

Price history

+48.5% since first listed

8 events — show timeline

• 2026-05-09 Pending — AKMLS
• 2026-05-08 Relisted — AKMLS
• 2026-04-29 Pending — AKMLS
• 2026-04-25 Price Changed $527,000 AKMLS
• 2026-04-17 Listed $499,900 AKMLS
• 2013-08-19 Sold (Public Records) — Public Records
• 2013-05-21 Listed $355,000 AKMLS
• 1992-10-15 Sold (Public Records) — Public Records

Property tax history

+3.1%/yr

Latest (2025): $7,541 · +0.3% YoY. Source: county tax records.