35839 Irons Ave · Ridgeway, AK 99669

$125,000

2 bd · 1.0 ba · 672 sqft · Manufactured public records · 323 Days on market

Built 1979 0.32 ac lot $186/sqft · 26% below area Est $168k · 26% 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 +25.5/30.0
• ARV discount +15.0/15.0
• DSCR +8.4/10.0
• 1% rule +5.4/10.0
• Schools +3.7/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Nestled just right outside of Soldotna city limits this over 1/3 acre property has a 24x36 gravel building pad, 16x12 storage shed and 672 sq ft mobile home, private well, septic system and natural gas. This adds up to a great opportunity for building your new home while living on-site. It's primarily been a summertime dwelling but is fully functional. City convenience without city bureaucracy!

Key facts

• Private well
• Storage shed
• Gravel building pad

Tags

• GRAVEL BUILDING PAD
• STORAGE SHED
• PRIVATE WELL
• SEPTIC SYSTEM
• NATURAL GAS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $125k.

Deal economics

• At list price, monthly cash flow is $291 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $125k).
• Recommended offer: $110k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 66/100 on livability (#26 in AK) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A-; Watch: health & safety C-, amenities F, commute F.
• Kenai Peninsula Borough School District (rural): math 35% / reading 48% proficiency, ranked #8 of 21 in AK (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Soldotna Elementary (math 27% / reading 42%, grade F, #93 of 156 statewide, top 66%, 259 students, 42% FRL); Skyview Middle School (math 32% / reading 50%, grade F, #15 of 36 statewide, top 40%, 374 students, 38% FRL); Soldotna High School (math 27% / reading 37%, grade F, #33 of 61 statewide, top 57%, 707 students, 26% FRL) — zoned schools at 36% FRL track the district average.
• Market conditions: 227 active listings in the ZIP; 152 units permitted in Kenai Peninsula Borough in 2024 (20 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Kenai Peninsula County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 323 days — a 12% lower offer ($110k) is reasonable based on typical stale-listing flexibility.

Recommended offer $110,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 323 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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.

Investment metrics

• 1% rule: 1.04% ✓
• Cap rate: 9.09%
• Cash-on-cash: 9.99%
• DSCR: 1.44
• GRM: 8.0

CMA / ARV

• ARV (median comp): $168,222
• List price: $125,000
• Delta: -25.69%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -1.3%
• Equity multiple: 0.95×
• Total profit: $-1,761
• Equity at exit: $18,638

10-year hold

• IRR: 8.3%
• Equity multiple: 1.63×
• Total profit: $22,123
• Equity at exit: $10,808

Cash invested: $35,000 (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 99669

• Home prices YoY: -26.1%
• Active inventory: 227
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,304 medium
• Mortgage (P&I): −$656
• Tax from tax record: −$31 /mo · $376/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$274
• Net cashflow: $291

Break-even live

Break-even rent $935

Max offer price $125,000

Occupancy floor 73%

Sensitivity live

Price	-10% $362	-5% $327	+0% $291	+5% $256	+10% $221
Rent	-10% $188	-5% $240	+0% $291	+5% $343	+10% $394
Rate	-1.0pp $354	-0.5pp $323	base $291	+0.5pp $259	+1.0pp $226

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-19
   days on market $125,000 Active 323 DOM
2. 2026-06-18
   days on market $125,000 Active 322 DOM
3. 2026-06-17
   days on market $125,000 Active 321 DOM
4. 2026-06-16
   days on market $125,000 Active 320 DOM
5. 2026-06-15
   days on market $125,000 Active 319 DOM
6. 2026-06-14
   days on market $125,000 Active 317 DOM
7. 2026-06-12
   days on market $125,000 Active 316 DOM
8. 2026-06-09
   days on market $125,000 Active 313 DOM
9. 2026-06-08
   days on market $125,000 Active 312 DOM
10. 2026-06-07
    days on market $125,000 Active 311 DOM
11. 2026-06-07
    days on market $125,000 Active 310 DOM
12. 2026-06-04
    days on market $125,000 Active 307 DOM
13. 2026-06-02
    days on market $125,000 Active 306 DOM
14. 2026-06-01
    days on market $125,000 Active 305 DOM
15. 2026-05-31
    days on market $125,000 Active 304 DOM
16. 2026-05-31
    days on market $125,000 Active 303 DOM
17. 2025-07-30
    listed $125,000 Active 397-char remark

    Show marketing remark (397 chars)

    Nestled just right outside of Soldotna city limits this over 1/3 acre property has a 24x36 gravel building pad, 16x12 storage shed and 672 sq ft mobile home, private well, septic system and natural gas. This adds up to a great opportunity for building your new home while living on-site. It's primarily been a summertime dwelling but is fully functional. City convenience without city bureaucracy!

18. 2005-09-02
    soldstatus

ⓘ 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: $376 · $31/mo
• Projected year-2 tax: $932 · $78/mo
• Expected delta: +$556/yr (+$46/mo · 147.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $15,649
• − Mortgage interest: −$7,002
• − Property taxes: −$376
• − Insurance: −$625
• − Repairs & maintenance: −$1,252
• − Management: −$1,252
• − Depreciation: −$3,636
• Taxable income: $1,506
• Est. tax owed @ 24.0%: −$361
• After-tax cash flow: $3,134/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: Kenai Peninsula Borough School District
• NCES district ID: 0200390
• Math proficiency: 35% ▼ -6.00%
• Reading proficiency: 48% ▲ 1.00%
• Median HH income: $60,704
• Composite: 36.71/100
• National rank: #4594
• State rank: #8 of 21 in AK

Livability — Ridgeway

• Score: 66/100
• State rank: #26
• US rank: #12046

Category grades

Amenities F Commute F Cost of living D- Crime A- Employment A+ Housing A+ Health & safety C- User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ridgeway, AK
• Population (ZIP): 15,722

Population outlook (Kenai Peninsula County) Hauer SSP2

• Today (2025): 63,736 people
• By 2030: 66,260 · +4.0%
• By 2040: 70,449 · +10.5%
• By 2050: 74,414 · +16.8%
• By 2075: 87,508 · +37.3%
• By 2100: 95,360 · +49.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Two or more races 8% Native American 3% Hispanic / Latino 3% Asian 1%
• Common ancestry: Portuguese 4% Italian 4% Romanian 4%
• Foreign-born: 3% · Canada, China
• Languages at home: 95% English-only · Spanish 1% Tagalog/Filipino 1%

Political lean MEDSL · Kenai Peninsula

• 2016 margin: R (+15.2) · D 37.7% · R 52.9% · Other 9.4%
• All cycles: 2016: R+15.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -61.58%
• Current HPI: 174.4233
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

2 events — show timeline

• 2025-07-30 Listed $125,000 AKMLS
• 2005-09-02 Sold (Public Records) — Public Records

Property tax history

+1.7%/yr

Latest (2025): $376 · -2.3% YoY. Source: county tax records.