1526 Noble St

Fairbanks, AK 99701

$149,500B

None bd · 2.5 ba · 1,568 sqft · Built 1947 · MultiFamily · Active · 228 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,287/mo
• Mortgage (P&I): −$784
• Tax + insurance: −$224
• HOA: −$0
• Vac / Maint / Mgmt: −$900
• Net cashflow: $2,378/mo
• Annual: $28,541/yr
• Cap rate: 25.38%
• Cash-on-cash: 68.18%
• DSCR: 4.03
• 1% rule: 2.87%
• Cash to close: $41,860

Investor read

• This is a 3 × 2-bed/?-bath units multifamily listed at $150k. Condition is rated good.
• At list price, monthly cash flow is $2k ($29k/yr) — positive. Per door: $793/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $150k).
• It's been on market 228 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 57/100 on livability (#95 in AK) — a working-class tenant base; expect higher turnover. Strengths: housing A+; Watch: schools D, crime F, amenities F.
• Fairbanks North Star Borough School District (urban): math 33% / reading 45% proficiency, ranked #10 of 21 in AK (top 48%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+1.6%/yr); 196 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1 units permitted in Fairbanks North Star Borough in 2024 (0 in 5+ unit buildings).
• Fairbanks North Star County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 6 sale attempts since 10y ago; this cycle's ask has dropped $50k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 1.6% rent growth), your $42k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 25.4% vs local median 5.4% in Fairbanks — 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

• It's been on market 228 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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 1947 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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?

Repairs flagged (vision-AI assessment)

• Major: Kitchen appliances — Older and outdated
• Major: Bathroom fixtures — Simple and dated design