936 W 20th Ave · Anchorage, AK 99503

$850,000

8 bd · 4.8 ba · 3,512 sqft · MultiFamily public records · 28 Days on market

Built 1965 0.31 ac lot

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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 +14.9/30.0
• ARV discount +7.5/15.0
• Appreciation +6.5/10.0
• DSCR +4.6/10.0
• Livability +3.9/5.0
• Schools +3.7/10.0
• 1% rule +3.4/10.0
• 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: 4 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

Located between West Chester and Valley of the moon park. The main building is a 4 plex, all 2 bedroom units plus there is a mini home. Short commute to Midtown or walking distance to the coastal trail. Large lot with ample parking. Owner is a real estate licensee. Minimum if any deferred maintenance. Appt. only, allow 24hours notice for all tenants.

Key facts

• 0.31 acre lot
• 9 parking spots
• Built 1965

Property features AI

Exterior

• Parking: 9 open parking spaces; No attached garage or carport
• Utilities: Public sewer
• Home design: Multi-family property; Built in 1965
• Construction: Block foundation (detail: Unknown - BTV); Construction materials: Unknown
• Exterior features: Shingle and membrane roof; Paved road access

Interior

• Bedrooms: 8 bedrooms
• Flooring: Carpet
• Bathrooms: 5 full bathrooms
• Interior features: Carpet flooring

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.2-bath units multifamily listed at $850k.

Deal economics

• At list price, monthly cash flow is $256 ($3k/yr) — positive. Per door: $64/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 $714k (16.0% below list).
• Recommended offer: $714k (16.0% below list) — sets the bar for 1% rule.
• Cap rate 6.7% 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.
• Zoned schools: North Star Elementary (math 12% / reading 17%, grade F, #146 of 156 statewide, top 95%, 391 students, 0% FRL); Romig Middle School (math 24% / reading 44%, grade F, #22 of 36 statewide, top 63%, 720 students, 37% FRL) — zoned schools average 19% FRL vs 38% district-wide (19 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 24% at this address vs 40% district-wide (-16 pts) — the specific schools serving this property underperform the Anchorage School District average; the district grade overstates school quality for this exact location.
• 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 $7,140/mo this rent would consume 113% 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 $32k of equity ($6k loan paydown + $26k 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 $238k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$52k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($837k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 31y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Recommended offer $714,000 (16.0% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.84% ✗
• Cap rate: 6.65%
• Cash-on-cash: 1.29%
• DSCR: 1.06
• GRM: 9.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 8.6%
• Equity multiple: 1.50×
• Total profit: $117,838
• Equity at exit: $386,966

10-year hold

• IRR: 10.8%
• Equity multiple: 2.61×
• Total profit: $384,032
• Equity at exit: $600,094

Cash invested: $238,000 (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: 39.7×

Monthly cashflow live

• Estimated rent: $7,140 high
• Mortgage (P&I): −$4,457
• Tax from tax record: −$573 /mo · $6,878/yr
• Insurance: −$354
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,499
• Net cashflow: $256

Break-even live

Break-even rent $6,816

Max offer price $850,000

Occupancy floor 91%

Sensitivity live

Price	-10% $737	-5% $496	+0% $256	+5% $15	+10% $-225
Rent	-10% $-308	-5% $-26	+0% $256	+5% $538	+10% $820
Rate	-1.0pp $684	-0.5pp $472	base $256	+0.5pp $36	+1.0pp $-189

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1.2	$7,140
Total (4 units)			$7,140

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: $212,500
• Closing costs: $25,500
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-18
   days on market $850,000 Active 28 DOM
2. 2026-06-17
   days on market $850,000 Active 27 DOM
3. 2026-06-16
   days on market $850,000 Active 26 DOM
4. 2026-06-15
   days on market $850,000 Active 25 DOM
5. 2026-06-14
   days on market $850,000 Active 23 DOM
6. 2026-06-13
   days on market $850,000 Active 22 DOM
7. 2026-06-10
   days on market $850,000 Active 20 DOM
8. 2026-06-09
   days on market $850,000 Active 19 DOM
9. 2026-06-08
   days on market $850,000 Active 18 DOM
10. 2026-06-07
    days on market $850,000 Active 17 DOM
11. 2026-06-03
    days on market $850,000 Active 13 DOM
12. 2026-06-02
    days on market $850,000 Active 12 DOM
13. 2026-06-01
    days on market $850,000 Active 11 DOM
14. 2026-05-31
    days on market $850,000 Active 10 DOM
15. 2026-05-30
    days on market $850,000 Active 9 DOM
16. 2026-05-21
    listed $850,000 Active
17. 2006-10-25
    soldstatus
18. 2006-03-16
    listed $451,500
19. 2004-01-02
    soldstatus
20. 2000-04-24
    soldstatus
21. 1999-05-26
    listed $250,000
22. 1996-03-05
    soldstatus
23. 1995-11-29
    listed $189,900

ⓘ 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: $6,878 · $573/mo
• Projected year-2 tax: $8,497 · $708/mo
• Expected delta: +$1,618/yr (+$135/mo · 23.5%)

ⓘ 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: $85,680
• − Mortgage interest: −$47,613
• − Property taxes: −$6,878
• − Insurance: −$4,250
• − Repairs & maintenance: −$6,854
• − Management: −$6,854
• − Depreciation: −$24,727
• Taxable loss: −$11,497
• Est. tax savings @ 24.0%: +$2,759
• After-tax cash flow: $5,829/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

+347.6% since first listed

8 events — show timeline

• 2026-05-21 Listed $850,000 AKMLS
• 2006-10-25 Sold (Public Records) — Public Records
• 2006-03-16 Listed $451,500 AKMLS
• 2004-01-02 Sold (Public Records) — Public Records
• 2000-04-24 Sold (Public Records) — Public Records
• 1999-05-26 Listed $250,000 AKMLS
• 1996-03-05 Sold (Public Records) — Public Records
• 1995-11-29 Listed $189,900 AKMLS

Property tax history

+2.0%/yr

Latest (2025): $6,878 · +3.0% YoY. Source: county tax records.