4521 Cordova St

Anchorage, AK 99503

$527,000C

16 bd · 16.0 ba · 2,912 sqft · Built 1971 · MultiFamily · Active · 26 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,245/mo
• Mortgage (P&I): −$2,764
• Tax + insurance: −$848
• HOA: −$0
• Vac / Maint / Mgmt: −$1,101
• Net cashflow: $532/mo
• Annual: $6,383/yr
• Cap rate: 7.50%
• Cash-on-cash: 4.33%
• DSCR: 1.19
• 1% rule: 1.00%
• Cash to close: $147,560

Investor read

• This is a 4 × 1-bed/1-bath units multifamily listed at $527k.
• 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).
• It's been on market 26 days — a 2% lower offer ($519k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $519k (1.5% below list) — sets the bar for market timing.
• In year one you build about $20k of equity ($4k loan paydown + $16k appreciation (3.1% local appreciation)).
• 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).
• Anchorage County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts since 13y ago; this cycle's ask is 5% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• 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.
• 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.
• 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.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.