432 N Bunn St · Anchorage, AK 99508

$515,000

8 bd · 4.0 ba · 4,050 sqft · MultiFamily public records · 127 Days on market

Built 1983 6,250 sqft lot Est $579k · 11% under

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Why this score? — see what drove the B- 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 +26.6/30.0
• ARV discount +12.5/15.0
• DSCR +9.1/10.0
• 1% rule +6.9/10.0
• Livability +3.9/5.0
• Rent growth +3.7/5.0
• Schools +3.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

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

Bring your Offers!!! Great investment opportunity for investors. 4-Plex with 8 bedrooms and 4 bathrooms. New Paint and New Roof !!! Lots of Parking. Each Unit has it's own laundry. Here is your chance to own your own property and be a landlord. Listing Licensee is related to Seller.

Key facts

• 6,250 sq ft lot
• 4 parking spots
• Built 1983

Property features AI

Exterior

• Parking: 4 open parking spaces; No garage or carport
• Utilities: Public sewer
• Home design: Multi-Family property; Built in 1983; Wood frame construction; Unknown foundation type
• Construction: Wood frame construction; Shingle roof; Built in 1983; Unknown foundation type
• Exterior features: Shingle roof; Paved road access

Interior

• Bedrooms: 8 total bedrooms
• Flooring: Carpet
• Bathrooms: 4 full bathrooms (4 total bathrooms)
• Interior features: Carpet flooring

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $515k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $345/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $515k).
• Recommended offer: $453k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.5% 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: Mountain View Elementary (math 8% / reading 12%, grade F, #153 of 156 statewide, top 100%, 290 students, 100% FRL); Clark Middle School (math 7% / reading 22%, grade F, #35 of 36 statewide, top 97%, 835 students, 100% FRL) — zoned schools average 100% FRL vs 38% district-wide (62 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 12% at this address vs 40% district-wide (-28 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 fast (+4.9%/yr); 147 active listings in the ZIP; solid renter incomes; 306 units permitted in Anchorage Municipality in 2024 (90 in 5+ unit buildings).
• At $6,116/mo this rent would consume 93% of the median local household income ($79k/yr) (locally 1248% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $15k 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.
• At projected returns (-3.0% appreciation + 4.9% rent growth), your $144k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 127 days — a 12% lower offer ($453k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 30y 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 $453,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 127 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.19% ✓
• Cap rate: 9.51%
• Cash-on-cash: 11.50%
• DSCR: 1.51
• GRM: 7.0

CMA / ARV

• ARV (on-the-fly): $579,150
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4406 Parsons Ave	0.14mi	8/4.0	4,056 (+0%)	9mo	$520,000	$128	86
544 N Park St	0.15mi	9/4.0 (+1)	3,932 (-3%)	9mo	$540,000	$137	76
633 N Flower St	0.25mi	8/4.0	3,780 (-7%)	8mo	$180,000	$48	71
4502 McPhee Ave	0.28mi	9/4.0 (+1)	3,792 (-6%)	3mo	$549,900	$145	69
808 N Flower St	0.33mi	9/4.0 (+1)	3,840 (-5%)	5mo	$540,000	$141	66
627 N Flower St	0.24mi	8/6.0	3,780 (-7%)	8mo	$180,000	$48	63
601 Irwin St	0.35mi	9/4.0 (+1)	3,780 (-7%)	6mo	$577,700	$153	63
617 N Flower St	0.24mi	8/4.0	3,456 (-15%)	2mo	$620,000	$179	63
825 N Bliss St	0.29mi	8/4.0	3,560 (-12%)	14mo	$510,000	$143	54
605 Mumford St	0.47mi	8/4.0	3,500 (-14%)	3mo	$539,900	$154	53
740 N Bragaw St	0.37mi	9/4.0 (+1)	3,560 (-12%)	6mo	$474,000	$133	53
4306 McPhee Ave	0.26mi	8/4.0	3,536 (-13%)	19mo	$530,000	$150	51

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 · 4.88% rent growth · sell at horizon

5-year hold

• IRR: 2.9%
• Equity multiple: 1.11×
• Total profit: $16,369
• Equity at exit: $76,788

10-year hold

• IRR: 14.1%
• Equity multiple: 2.23×
• Total profit: $177,940
• Equity at exit: $44,528

Cash invested: $144,200 (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 99508

• Rents YoY: 4.9%
• Active inventory: 147
• Price-to-rent: 28.1×

Monthly cashflow live

• Estimated rent: $6,116 high
• Mortgage (P&I): −$2,701
• Tax from tax record: −$534 /mo · $6,414/yr
• Insurance: −$215
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,284
• Net cashflow: $1,382

Break-even live

Break-even rent $4,367

Max offer price $515,000

Occupancy floor 72%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$6,116
Total (4 units)			$6,116

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: $128,750
• Closing costs: $15,450
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-05-05
   status Pending
2. 2026-05-04
   status Active
3. 2026-02-20
   price $515,000
4. 2026-02-10
   price $519,000
5. 2025-10-23
   listed $520,000 Active
6. 2020-09-17
   status Pending
7. 2020-09-16
   listed $314,000 Active
8. 2006-04-04
   soldstatus
9. 2005-11-03
   listed $345,000
10. 2005-09-26
    listed $345,000
11. 2004-06-18
    soldstatus
12. 2004-05-19
    soldstatus
13. 1996-02-29
    soldstatus
14. 1996-01-20
    listed $132,500

ⓘ 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: $6,414 · $534/mo
• Projected year-2 tax: $6,414 · $534/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $73,392
• − Mortgage interest: −$28,848
• − Property taxes: −$6,414
• − Insurance: −$2,575
• − Repairs & maintenance: −$5,871
• − Management: −$5,871
• − Depreciation: −$14,982
• Taxable income: $8,831
• Est. tax owed @ 24.0%: −$2,119
• After-tax cash flow: $14,463/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): 36,458
• Household income: $79,314
• Rent vs Own: 46.8% rent · 53.2% own
• Severe rent burden: 1248.0

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 0.82)
• Race & ethnicity: White 38% Two or more races 14% Asian 13% Hispanic / Latino 13% Native American 10% Pacific Islander 8% Black 6%
• Hispanic origin (detail): Mexican 4% Puerto Rican 2% Cuban 1% Dominican 3%
• Common ancestry: Portuguese 3% Iranian 2% Romanian 2%
• Foreign-born: 15% · Canada, Jamaica, South Korea
• Languages at home: 72% English-only · Other Asian/Pacific 11% Spanish 8% Tagalog/Filipino 4%

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: ▼ -203.51%
• Current HPI: 257.8807
• Rent YoY: ▲ 4.88%
• Metro: Anchorage, AK
• State GDP YoY: —
• F500 in state: 0

Price history

+288.7% since first listed

14 events — show timeline

• 2026-05-05 Pending — AKMLS
• 2026-05-04 Relisted — AKMLS
• 2026-02-20 Price Changed $515,000 AKMLS
• 2026-02-10 Price Changed $519,000 AKMLS
• 2025-10-23 Listed $520,000 AKMLS
• 2020-09-17 Pending — AKMLS
• 2020-09-16 Listed $314,000 AKMLS
• 2006-04-04 Sold (Public Records) — Public Records
• 2005-11-03 Listed $345,000 AKMLS
• 2005-09-26 Listed $345,000 AKMLS
• 2004-06-18 Sold (Public Records) — Public Records
• 2004-05-19 Sold (Public Records) — Public Records
• 1996-02-29 Sold (Public Records) — Public Records
• 1996-01-20 Listed $132,500 AKMLS

Property tax history

+1.7%/yr

Latest (2025): $6,414 · +1.1% YoY. Source: county tax records.