35839 Irons Ave

Ridgeway, AK 99669

$125,000B-

2 bd · 1.0 ba · 672 sqft · Built 1979 · Manufactured · Active · 326 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,304/mo
• Mortgage (P&I): −$656
• Tax + insurance: −$83
• HOA: −$0
• Vac / Maint / Mgmt: −$274
• Net cashflow: $291/mo
• Annual: $3,495/yr
• Cap rate: 9.09%
• Cash-on-cash: 9.99%
• DSCR: 1.44
• 1% rule: 1.04%
• Cash to close: $35,000

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $125k.
• 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).
• It's been on market 326 days — a 12% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $110k (12.0% below list) — sets the bar for market timing.
• 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.
• 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: 235 active listings in the ZIP; 152 units permitted in Kenai Peninsula Borough in 2024 (20 in 5+ unit buildings).
• Kenai Peninsula County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Questions for listing agent

• It's been on market 326 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1979 — 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?
• 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.