73679 Silver King Lp

Anchor Point, AK 99556

$80,000B

2 bd · 1.0 ba · 288 sqft · Built 2001 · Manufactured · Active · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,053/mo
• Mortgage (P&I): −$420
• Tax + insurance: −$133
• HOA: −$0
• Vac / Maint / Mgmt: −$221
• Net cashflow: $279/mo
• Annual: $3,353/yr
• Cap rate: 10.48%
• Cash-on-cash: 14.97%
• DSCR: 1.67
• 1% rule: 1.32%
• Cash to close: $22,400

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $80k.
• At list price, monthly cash flow is $279 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $3k of equity ($553 loan paydown + $2k appreciation (2.5% local appreciation)).
• Location reads 67/100 on livability (#23 in AK) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living B; Watch: employment D+, amenities F, commute F.
• Kenai Peninsula Borough School District (rural): math 35% / reading 48% proficiency, ranked #8 of 21 in AK (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Chapman School (math 32% / reading 52%, grade F, #70 of 156 statewide, top 46%, 160 students, 48% FRL); Homer Middle School (math 47% / reading 62%, grade B-, #1 of 36 statewide, top 3%, 178 students, 33% FRL); Homer Flex School (math 24% / reading 75%, grade D+, #10 of 61 statewide, top 15%, 36 students, 58% FRL) — zoned schools average 46% FRL vs 31% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 131 active listings in the ZIP; 152 units permitted in Kenai Peninsula Borough in 2024 (20 in 5+ unit buildings).
• Kenai Peninsula County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 8y ago; this cycle's ask has dropped $35k (30%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (2.5% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 10.5% vs local median 2.3% in Anchor Point — 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.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.