23012 Homestead Rd · Anchorage, AK 99567

$417,000

3 bd · 1.0 ba · 1,898 sqft · SingleFamily public records · 113 Days on market

Built 1985 0.38 ac lot $220/sqft · 18% below area Est $509k · 18% under

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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 +20.5/30.0
• ARV discount +15.0/15.0
• DSCR +6.5/10.0
• 1% rule +5.1/10.0
• Livability +3.9/5.0
• Schools +3.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Closing cost credits may be available for owner occupant! Located near JBER, this ranch home is conveniently located for military personnel or a quick commute into Anchorage or the Valley for civilians! This home is extremely functional with 3 bedrooms, 1 bathroom, a huge bonus room, laundry room, and lots of storage! This is a Fannie Mae Homepath Property. Offers must be submitted @homepath.com An extensive remodel has just been completed and the home is in pristine condition! In addition to cosmetic upgrades, this property has a new roof, new furnaces/water heater, new appliances, new partial foundation, new windows, and fresh interior/exterior paint. This property is rounded out with a

Key facts

• Huge bonus room
• Lots of storage
• Extensive remodel

Tags

• HUGE BONUS ROOM
• LOTS OF STORAGE
• EXTENSIVE REMODEL
• NEW ROOF
• NEW FURNACES
• NEW WATER HEATER

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $417k.

Deal economics

• At list price, monthly cash flow is $549 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $417k).
• Recommended offer: $379k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.9% 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: 93 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 306 units permitted in Anchorage Municipality in 2024 (90 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k 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

• It's been on market 113 days — a 9% lower offer ($379k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 22y ago; this cycle's ask has dropped $48k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $379,470 (9.0% below list)

Questions for the listing agent

1. It's been on market 113 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
7. 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.
8. 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.

Investment metrics

• 1% rule: 1.01% ✓
• Cap rate: 7.87%
• Cash-on-cash: 5.64%
• DSCR: 1.25
• GRM: 8.3

CMA / ARV

• ARV (median comp): $508,663
• List price: $417,000
• Delta: -18.02%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
20880 Oberg Rd	0.32mi	3/2.0	1,920 (+1%)	1mo	$425,000	$221	79
22909 Green Garden Dr	0.32mi	3/2.5	1,959 (+3%)	10mo	$528,000	$270	65
22471 Centurion Dr	0.34mi	3/2.5	1,828 (-4%)	10mo	$467,900	$256	64
22479 Centurion Dr	0.33mi	3/2.0	1,772 (-7%)	10mo	$485,000	$274	61
22839 Northwoods Dr	0.49mi	3/2.5	1,900 (+0%)	13mo	$470,000	$247	60
23105 Green Garden Dr	0.40mi	3/2.0	1,760 (-7%)	7mo	$429,000	$244	60
23234 Northwoods Dr	0.65mi	4/3.0 (+1)	2,036 (+7%)	2mo	$589,900	$290	43
23070 Sheltering Spruce Ave	0.45mi	3/2.0	2,088 (+10%)	22mo	$650,000	$311	40
20903 Chickadee St	0.61mi	3/2.0	2,057 (+8%)	19mo	$449,900	$219	37
22747 Mc Manus Dr	0.60mi	3/2.5	1,740 (-8%)	20mo	$479,000	$275	36
21964 Deer Park Dr	0.69mi	4/2.0 (+1)	1,796 (-5%)	20mo	$447,000	$249	33
22115 Oberg Rd	0.67mi	4/2.5 (+1)	2,142 (+13%)	19mo	$580,000	$271	20

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -7.6%
• Equity multiple: 0.72×
• Total profit: $-32,621
• Equity at exit: $62,176

10-year hold

• IRR: 2.0%
• Equity multiple: 1.14×
• Total profit: $16,584
• Equity at exit: $36,055

Cash invested: $116,760 (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 99567

• Home prices YoY: -4.7%
• Active inventory: 93
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $4,200 medium
• Mortgage (P&I): −$2,187
• Tax from tax record: −$409 /mo · $4,903/yr
• Insurance: −$174
• HOA: −$0
• Vacancy / Maint / Mgmt: −$882
• Net cashflow: $549

Break-even live

Break-even rent $3,505

Max offer price $417,000

Occupancy floor 82%

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: $104,250
• Closing costs: $12,510
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
19452 Sullins Dr Chugiak, AK	4.0	2.5	2617	$4,200	$1.60	43d	1	1.39mi

Listing history 24 events

1. 2026-06-10
   days on market $417,000 Active 113 DOM
2. 2026-06-09
   days on market $417,000 Active 112 DOM
3. 2026-06-08
   days on market $417,000 Active 111 DOM
4. 2026-06-07
   days on market $417,000 Active 110 DOM
5. 2026-06-03
   days on market $417,000 Active 106 DOM
6. 2026-06-02
   days on market $417,000 Active 105 DOM
7. 2026-06-01
   days on market $417,000 Active 104 DOM
8. 2026-05-31
   days on market $417,000 Active 103 DOM
9. 2026-05-30
   days on market $417,000 Active 102 DOM
10. 2026-05-05
    price $424,900
11. 2026-04-25
    status Active
12. 2026-04-14
    status Pending
13. 2026-04-07
    status Active
14. 2026-04-04
    price $434,900
15. 2026-02-28
    price $444,900
16. 2026-01-29
    price $454,900
17. 2026-01-05
    listed $464,900 Active
18. 2023-04-14
    soldstatus
19. 2008-12-19
    soldstatus
20. 2008-05-22
    listed $219,500
21. 2004-10-06
    soldstatus
22. 2004-09-07
    listed $199,900
23. 2004-07-08
    listed $205,000
24. 1999-06-01
    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: $4,903 · $409/mo
• Projected year-2 tax: $4,933 · $411/mo
• Expected delta: +$30/yr (+$2/mo · 0.6%)

ⓘ 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: $50,400
• − Mortgage interest: −$23,358
• − Property taxes: −$4,903
• − Insurance: −$2,085
• − Repairs & maintenance: −$4,032
• − Management: −$4,032
• − Depreciation: −$12,131
• Taxable loss: −$142
• Est. tax savings @ 24.0%: +$34
• After-tax cash flow: $6,620/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
• City population: 218,117
• Population (ZIP): 6,739

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: Predominantly White (82%)
• Race & ethnicity: White 82% Hispanic / Latino 7% Two or more races 6% Native American 5% Pacific Islander 1%
• Hispanic origin (detail): Puerto Rican 1%
• Common ancestry: Portuguese 4% Italian 3% Serbian 2%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 5% German/W. Germanic 1%

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: ▼ -13.74%
• Current HPI: 279.3784
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+107.3% since first listed

15 events — show timeline

• 2026-05-05 Price Changed $424,900 AKMLS
• 2026-04-25 Relisted — AKMLS
• 2026-04-14 Pending — AKMLS
• 2026-04-07 Relisted — AKMLS
• 2026-04-04 Price Changed $434,900 AKMLS
• 2026-02-28 Price Changed $444,900 AKMLS
• 2026-01-29 Price Changed $454,900 AKMLS
• 2026-01-05 Listed $464,900 AKMLS
• 2023-04-14 Sold (Public Records) — Public Records
• 2008-12-19 Sold (Public Records) — Public Records
• 2008-05-22 Listed $219,500 AKMLS
• 2004-10-06 Sold (Public Records) — Public Records
• 2004-09-07 Listed $199,900 AKMLS
• 2004-07-08 Listed $205,000 AKMLS
• 1999-06-01 Sold (Public Records) — Public Records

Property tax history

+2.7%/yr

Latest (2025): $4,903 · +6.6% YoY. Source: county tax records.