3405 Dorbrandt St · Anchorage, AK 99503

$574,000

9 bd · 3.9 ba · 3,380 sqft · MultiFamily public records · 123 Days on market

Built 1970 7,250 sqft lot $170/sqft · 7% below area Est $617k · 7% under

---

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 +17.9/30.0
• ARV discount +10.6/15.0
• Appreciation +6.5/10.0
• DSCR +5.6/10.0
• 1% rule +4.7/10.0
• 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: 3 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

This 3,380 SF multifamily features four 2-bedroom / 1-bath units with a 2-up / 2-down layout and covered parking for each unit via a 4-car carport. Recent improvements include fresh interior paint, new LVP flooring and carpet, updated lighting, new kitchen ranges, and bathroom updates. Unit 3 received a new kitchen in January 2026. Property includes shared coin-op laundry and common storage. Electric is separately metered. Owner pays gas/heat, water/sewer, trash, and common-area electric. Two units are tenant-occupied with long-term leases, one unit is vacant, and one owner-occupied unit will be vacated upon closing. A solid multifamily opportunity with covered parking, recent updates, and flexible occupancy.

Key facts

• 7,250 sq ft lot
• Garage
• Built 1970

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/?-bath units multifamily listed at $574k.

Deal economics

• At list price, monthly cash flow is $485 ($6k/yr) — positive. Per door: $162/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 $557k (3.0% below list).
• Recommended offer: $505k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.3% 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 (+2.3%/yr); 65 active listings in the ZIP; solid renter incomes; 306 units permitted in Anchorage Municipality in 2024 (90 in 5+ unit buildings).
• At $5,569/mo this rent would consume 88% 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 $22k of equity ($4k loan paydown + $18k 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 $161k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 123 days — a 12% lower offer ($505k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 29y ago; this cycle's ask has dropped $41k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $505,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 123 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.97% ✗
• Cap rate: 7.31%
• Cash-on-cash: 3.62%
• DSCR: 1.16
• GRM: 8.6

CMA / ARV

• ARV (median comp): $616,979
• List price: $574,000
• Delta: -6.97%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3105 Willow St	0.69mi	8/4.0 (-1)	3,372 (-0%)	1mo	$635,000	$188	62
4312 Penguin St	0.55mi	8/4.0 (-1)	3,456 (+2%)	9mo	$674,000	$195	57
1306 W 39th Ave	0.36mi	8/4.0 (-1)	3,248 (-4%)	22mo	$698,000	$215	53
240 W 33rd Ave	0.53mi	10/4.0 (+1)	3,560 (+5%)	11mo	$675,000	$190	52
3404 Greenland Dr	0.38mi	8/4.0 (-1)	3,700 (+10%)	20mo	$650,000	$176	45
1016 W 25th Ave	0.57mi	10/5.0 (+1)	3,832 (+13%)	5mo	$745,000	$194	38

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 10.8%
• Equity multiple: 1.62×
• Total profit: $99,122
• Equity at exit: $261,316

10-year hold

• IRR: 12.6%
• Equity multiple: 2.87×
• Total profit: $300,549
• Equity at exit: $405,240

Cash invested: $160,720 (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: 65
• Price-to-rent: 25.8×

Monthly cashflow live

• Estimated rent: $5,569 high
• Mortgage (P&I): −$3,010
• Tax from tax record: −$665 /mo · $7,980/yr
• Insurance: −$239
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,169
• Net cashflow: $485

Break-even live

Break-even rent $4,955

Max offer price $574,000

Occupancy floor 86%

Sensitivity live

Price	-10% $810	-5% $648	+0% $485	+5% $323	+10% $160
Rent	-10% $45	-5% $265	+0% $485	+5% $705	+10% $925
Rate	-1.0pp $774	-0.5pp $631	base $485	+0.5pp $336	+1.0pp $185

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	—	$5,568
Total (3 units)			$5,569

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: $143,500
• Closing costs: $17,220
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-05-31
   status $574,000 Pending 123 DOM
2. 2026-05-30
   days on market $574,000 Active 123 DOM
3. 2026-05-13
   price $574,000 718-char remark

   Show marketing remark (718 chars)

   This 3,380 SF multifamily features four 2-bedroom / 1-bath units with a 2-up / 2-down layout and covered parking for each unit via a 4-car carport. Recent improvements include fresh interior paint, new LVP flooring and carpet, updated lighting, new kitchen ranges, and bathroom updates. Unit 3 received a new kitchen in January 2026. Property includes shared coin-op laundry and common storage. Electric is separately metered. Owner pays gas/heat, water/sewer, trash, and common-area electric. Two units are tenant-occupied with long-term leases, one unit is vacant, and one owner-occupied unit will be vacated upon closing. A solid multifamily opportunity with covered parking, recent updates, and flexible occupancy.

4. 2026-05-09
   price $589,000 718-char remark

   Show marketing remark (718 chars)

   This 3,380 SF multifamily features four 2-bedroom / 1-bath units with a 2-up / 2-down layout and covered parking for each unit via a 4-car carport. Recent improvements include fresh interior paint, new LVP flooring and carpet, updated lighting, new kitchen ranges, and bathroom updates. Unit 3 received a new kitchen in January 2026. Property includes shared coin-op laundry and common storage. Electric is separately metered. Owner pays gas/heat, water/sewer, trash, and common-area electric. Two units are tenant-occupied with long-term leases, one unit is vacant, and one owner-occupied unit will be vacated upon closing. A solid multifamily opportunity with covered parking, recent updates, and flexible occupancy.

5. 2026-04-03
   price $599,000 718-char remark

   Show marketing remark (718 chars)

   This 3,380 SF multifamily features four 2-bedroom / 1-bath units with a 2-up / 2-down layout and covered parking for each unit via a 4-car carport. Recent improvements include fresh interior paint, new LVP flooring and carpet, updated lighting, new kitchen ranges, and bathroom updates. Unit 3 received a new kitchen in January 2026. Property includes shared coin-op laundry and common storage. Electric is separately metered. Owner pays gas/heat, water/sewer, trash, and common-area electric. Two units are tenant-occupied with long-term leases, one unit is vacant, and one owner-occupied unit will be vacated upon closing. A solid multifamily opportunity with covered parking, recent updates, and flexible occupancy.

6. 2026-01-27
   listed $615,000 Active 718-char remark

   Show marketing remark (718 chars)

   This 3,380 SF multifamily features four 2-bedroom / 1-bath units with a 2-up / 2-down layout and covered parking for each unit via a 4-car carport. Recent improvements include fresh interior paint, new LVP flooring and carpet, updated lighting, new kitchen ranges, and bathroom updates. Unit 3 received a new kitchen in January 2026. Property includes shared coin-op laundry and common storage. Electric is separately metered. Owner pays gas/heat, water/sewer, trash, and common-area electric. Two units are tenant-occupied with long-term leases, one unit is vacant, and one owner-occupied unit will be vacated upon closing. A solid multifamily opportunity with covered parking, recent updates, and flexible occupancy.

7. 2026-01-12
   price $615,000 718-char remark

   Show marketing remark (718 chars)

   This 3,380 SF multifamily features four 2-bedroom / 1-bath units with a 2-up / 2-down layout and covered parking for each unit via a 4-car carport. Recent improvements include fresh interior paint, new LVP flooring and carpet, updated lighting, new kitchen ranges, and bathroom updates. Unit 3 received a new kitchen in January 2026. Property includes shared coin-op laundry and common storage. Electric is separately metered. Owner pays gas/heat, water/sewer, trash, and common-area electric. Two units are tenant-occupied with long-term leases, one unit is vacant, and one owner-occupied unit will be vacated upon closing. A solid multifamily opportunity with covered parking, recent updates, and flexible occupancy.

8. 2022-05-16
   soldstatus
9. 2022-01-18
   status Pending
10. 2022-01-14
    status Active
11. 2021-12-12
    price $415,000
12. 2021-09-23
    price $425,000
13. 2021-07-28
    price $435,000
14. 2021-06-20
    price $442,000
15. 2021-06-06
    listed $449,000 Active
16. 2006-06-06
    soldstatus
17. 2005-12-29
    listed $329,900
18. 2004-08-17
    listed $334,500
19. 1998-02-20
    soldstatus
20. 1997-10-06
    listed $172,500

ⓘ 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: $7,980 · $665/mo
• Projected year-2 tax: $7,980 · $665/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 6/10 Major FEMA zone X (unshaded) · 97% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $66,828
• − Mortgage interest: −$32,153
• − Property taxes: −$7,980
• − Insurance: −$2,870
• − Repairs & maintenance: −$5,346
• − Management: −$5,346
• − Depreciation: −$16,698
• Taxable loss: −$3,566
• Est. tax savings @ 24.0%: +$856
• After-tax cash flow: $6,678/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

+232.8% since first listed

18 events — show timeline

• 2026-05-13 Price Changed $574,000 AKMLS
• 2026-05-09 Price Changed $589,000 AKMLS
• 2026-04-03 Price Changed $599,000 AKMLS
• 2026-01-27 Listed $615,000 AKMLS
• 2026-01-12 Price Changed $615,000 AKMLS
• 2022-05-16 Sold (Public Records) — Public Records
• 2022-01-18 Pending — AKMLS
• 2022-01-14 Relisted — AKMLS
• 2021-12-12 Price Changed $415,000 AKMLS
• 2021-09-23 Price Changed $425,000 AKMLS
• 2021-07-28 Price Changed $435,000 AKMLS
• 2021-06-20 Price Changed $442,000 AKMLS
• 2021-06-06 Listed $449,000 AKMLS
• 2006-06-06 Sold (Public Records) — Public Records
• 2005-12-29 Listed $329,900 AKMLS
• 2004-08-17 Listed $334,500 AKMLS
• 1998-02-20 Sold (Public Records) — Public Records
• 1997-10-06 Listed $172,500 AKMLS

Property tax history

+3.1%/yr

Latest (2025): $7,980 · +0.5% YoY. Source: county tax records.