2011 N Eugene Dr

Lazy Mountain, AK 99645

$259,900D

2 bd · 1.0 ba · 2,318 sqft · Built 1956 · Other · Active · 44 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,858/mo
• Mortgage (P&I): −$1,363
• Tax + insurance: −$212
• HOA: −$0
• Vac / Maint / Mgmt: −$390
• Net cashflow: $-107/mo
• Annual: $-1,284/yr
• Cap rate: 5.80%
• Cash-on-cash: -1.77%
• DSCR: 0.92
• 1% rule: 0.71%
• Cash to close: $72,772

Investor read

• This is a 2-bed/1.0-bath other listed at $260k.
• At list price, monthly cash flow is $-107 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $241k (7.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $186k (28.5% below list).
• It's been on market 44 days — a 3% lower offer ($252k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $186k (28.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 60/100 on livability (#87 in AK) — a middle-class / working-renter tenant base. Strengths: crime A-, housing A-; Watch: cost of living C-, health & safety C-, amenities F.
• Matanuska-Susitna Borough School District (town): math 42% / reading 50% proficiency, ranked #5 of 21 in AK (top 24%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Butte Elementary (math 42% / reading 52%, grade D-, #61 of 156 statewide, top 41%, 274 students, 43% FRL); Palmer Middle School (math 25% / reading 42%, grade F, #24 of 36 statewide, top 69%, 594 students, 46% FRL); Palmer High School (math 32% / reading 37%, grade F, #28 of 61 statewide, top 50%, 760 students, 33% FRL).
• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 380 active listings in the ZIP; solid renter incomes; 91 units permitted in Matanuska-Susitna Borough in 2024 (25 in 5+ unit buildings).
• Matanuska-Susitna County population projected at +50% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 44 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
• Built in 1956 — 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.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.