2205 Barrow St · Anchorage, AK 99503

$375,000

4 bd · 2.5 ba · 2,652 sqft · MultiFamily public records · 286 Days on market

Built 1962 Fair condition 7,500 sqft lot $141/sqft · 33% below area Est $560k · 33% under

---

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 +24.2/30.0
• ARV discount +15.0/15.0
• DSCR +7.8/10.0
• Appreciation +6.5/10.0
• 1% rule +6.3/10.0
• Livability +3.9/5.0
• Rent growth +3.1/5.0
• Schools +2.3/10.0
• Condition / age +2.2/5.0

Listing remarks MLS

5 minutes from Downtown. 5 minutes from Midtown. Close to bike trails and baseball fields. Duplex. Upstairs will be liveable. Downstairs can be a 2nd apt, a MIL, a shop or just make it a large family home! Possibilities are endless!

Key facts

• Close to bike trails
• Large family home
• 7,500 sq ft lot

Tags

• CLOSE TO BIKE TRAILS
• CLOSE TO BASEBALL FIELDS
• DOWNSTAIRS CAN BE A 2ND APT
• DOWNSTAIRS CAN BE A SHOP
• LARGE FAMILY HOME

What this means for you Summary

Snapshot

• This is a 1×3bd/1.0ba + 1×2bd/1.0ba units multifamily listed at $375k. Condition is rated fair.
• This rent per unit runs 34% of the median local income ($76k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Deal economics

• At list price, monthly cash flow is $750 ($9k/yr) — positive. Per door: $375/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $375k).
• Recommended offer: $330k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.7% 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); Central Middle School of Science (math 17% / reading 32%, grade F, #30 of 36 statewide, top 86%, 371 students, 80% FRL); West High School (math 32% / reading 27%, grade F, #39 of 61 statewide, top 65%, 1,763 students, 40% FRL) — zoned schools at 40% FRL track the district average.
• Zoned-school proficiency averages 23% at this address vs 40% district-wide (-17 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); 92 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 93d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 306 units permitted in Anchorage Municipality in 2024 (90 in 5+ unit buildings).

Forward outlook

• In year one you build about $14k of equity ($3k loan paydown + $12k 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 $105k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 286 days — a 12% lower offer ($330k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $330,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 286 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.13% ✓
• Cap rate: 8.69%
• Cash-on-cash: 8.57%
• DSCR: 1.38
• GRM: 7.3

CMA / ARV

• ARV (median comp): $559,896
• List price: $375,000
• Delta: -33.02%
• Verdict: UNDERPRICED
• Comps: 17 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
804 W 16th Ave	0.69mi	4/4.0	2,560 (-4%)	0mo	$450,000	$176	56
3400 North Star St	1.00mi	4/4.0	2,496 (-6%)	2mo	$505,000	$202	48
437 E 14th Ave	0.62mi	4/3.0	3,000 (+13%)	11mo	$484,900	$162	38
745 W 20th Ave	0.56mi	4/3.0	3,090 (+16%)	13mo	$620,000	$201	36
1536 G St	0.68mi	5/3.0 (+1)	3,100 (+17%)	1mo	$845,000	$273	35
1345 Medfra St	0.96mi	4/4.0	2,520 (-5%)	21mo	$465,000	$185	33
1338 E St	0.70mi	4/3.0	2,940 (+11%)	20mo	$549,900	$187	30
1220 Nelchina St	1.05mi	5/3.0 (+1)	2,380 (-10%)	24mo	$399,900	$168	21

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 15.3%
• Equity multiple: 1.88×
• Total profit: $91,908
• Equity at exit: $170,720

10-year hold

• IRR: 16.6%
• Equity multiple: 3.42×
• Total profit: $253,851
• Equity at exit: $264,747

Cash invested: $105,000 (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 →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 2 active · 2 under contract
• Months of supply: 6.0 mo (17%/mo absorbed)
• Median asking: $549,450 ($237/sqft)
• Median days on market: 176 d
• This list price: lowest-priced of the active set
• ARV vs active asking: -11.0% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 99503

• Home prices YoY: 1.3%
• Rents YoY: 2.3%
• Active inventory: 92
• Price-to-rent: 14.3×

Monthly cashflow live

• Estimated rent: $4,254 high
• Mortgage (P&I): −$1,967
• Tax from tax record: −$488 /mo · $5,860/yr
• Insurance: −$156
• HOA: −$0
• Vacancy / Maint / Mgmt: −$893
• Net cashflow: $750

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$2,179
1× unit	2	1	$2,075
Total (2 units)			$4,254

Break-even live

Break-even rent $3,305

Max offer price $375,000

Occupancy floor 77%

Sensitivity live

Price	-10% $962	-5% $856	+0% $750	+5% $643	+10% $537
Rent	-10% $413	-5% $582	+0% $750	+5% $918	+10% $1,086
Rate	-1.0pp $938	-0.5pp $845	base $750	+0.5pp $652	+1.0pp $554

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: $93,750
• Closing costs: $11,250
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2326 Cordova St Unit 1 5 Anchorage, AK	1.0	1.0	600	$1,500	$2.50	93d	1	0.05mi
518 E 22nd Ave #7 Anchorage, AK	1.0	1.0	589	$1,250	$2.12	93d	1	0.23mi
537 E 24th Ave #4 Anchorage, AK	2.0	1.0	950	$1,550	$1.63	93d	1	0.27mi
423 W 22nd Ave Anchorage, AK	1.0–2.0	1.0–2.0	794	$1,710	$2.15	63d	6	0.29mi
2701 Denali St Unit 5 Anchorage, AK	2.0	1.0	800	$1,300	$1.62	63d	1	0.32mi
201 E 16th Ave Anchorage, AK	2.0	1.0	626	$1,455	$2.32	63d	6	0.45mi
2000 Blueberry St Unit 2000 Anchorage, AK	2.0	1.5	1200	$2,700	$2.25	93d	1	0.45mi
234 E 15th Ave Anchorage, AK	2.0	1.0	609	$1,475	$2.42	63d	6	0.51mi
2225 Arctic Blvd Anchorage, AK	2.0	1.0	682	$1,645	$2.41	63d	6	0.52mi
511 W 17th Ave Unit 513 Anchorage, AK	2.0	1.0	932	$2,500	$2.68	70d	1	0.53mi
540 Vista Glen Ct Apt 3 Anchorage, AK	1.0	1.0	600	$1,125	$1.88	93d	1	0.54mi
526 E 15th Ave #4 Anchorage, AK	2.0	1.0	900	$1,500	$1.67	63d	1	0.56mi
329 E 14th Ave #14 Anchorage, AK	2.0	2.0	977	$2,150	$2.20	93d	1	0.63mi
612 E 14th Ave Unit 22 Anchorage, AK	1.0	1.0	500	$1,050	$2.10	93d	1	0.65mi
1315 Cordova St Anchorage, AK	1.0	1.0	641	$1,100	$1.72	63d	1	0.66mi
1541 G St #1 Anchorage, AK	3.0	2.0	1702	$4,000	$2.35	93d	1	0.67mi
900 W 26th Ave Unit 15 Anchorage, AK	1.0	1.0	—	$1,300	—	93d	1	0.67mi
1945 Karluk St Unit 04 Anchorage, AK	2.0	1.0	800	$1,550	$1.94	63d	1	0.69mi
907 W 27th Ave Unit 3 Anchorage, AK	1.0	1.0	600	$1,275	$2.12	93d	1	0.69mi
915 W 27th Ave Anchorage, AK	2.0	1.0	570	$1,510	$2.65	63d	14	0.70mi
601 W 32nd Ave Anchorage, AK	1.0	1.0	487	$1,225	$2.51	93d	4	0.71mi
310 W 33rd Ave Unit 3 Anchorage, AK	2.0	1.0	5352	$1,600	$0.30	93d	1	0.71mi
243 W 13th Ave Unit 1284535P Anchorage, AK	2.0	1.5	—	$4,684	—	63d	1	0.71mi
237 W 13th Ave Unit 1284540P Anchorage, AK	2.0	1.5	—	$3,478	—	63d	1	0.72mi
1208 Denali St Unit 6 Anchorage, AK	2.0	1.0	850	$1,750	$2.06	63d	1	0.73mi
1208 Denali St Apt 2 Anchorage, AK	2.0	1.0	900	$1,800	$2.00	72d	1	0.73mi
6 E 12th Ave Unit A Anchorage, AK	2.0	2.0	1318	$2,240	$1.70	93d	1	0.74mi
1201 Denali St #303 Anchorage, AK	2.0	2.0	1008	$2,300	$2.28	93d	1	0.74mi
1337 Hyder St Anchorage, AK	2.0	1.0	—	$1,725	—	72d	1	0.74mi
1200 B St Anchorage, AK	3.0	2.0	1300	$2,995	$2.30	93d	1	0.75mi
1335 Hyder St Unit 2 Anchorage, AK	1.0	1.0	450	$1,095	$2.43	70d	1	0.75mi
1335 Hyder St Unit 7 Anchorage, AK	2.0	1.0	800	$1,400	$1.75	63d	1	0.75mi
3321 Eureka St Anchorage, AK	1.0	1.0	387	$1,280	$3.31	63d	4	0.78mi
319 W 12th Ave Unit 1284534P Anchorage, AK	2.0	1.5	—	$3,815	—	63d	1	0.79mi
380 E 11th Ave Unit 124 Anchorage, AK	2.0	2.0	930	$2,800	$3.01	63d	1	0.80mi
1101 B St Anchorage, AK	1.0–2.0	1.0–2.0	800	$2,600	$3.25	63d	4	0.80mi
380 E 11th Ave Unit 426 Anchorage, AK	2.0	1.0	900	$2,600	$2.89	72d	1	0.80mi
524 E 11th Ave Anchorage, AK	1.0	1.0	745	$1,300	$1.74	63d	1	0.83mi
3345 Mount Vernon Ct Anchorage, AK	3.0	2.5	1421	$2,500	$1.76	72d	1	0.84mi
1303 H St Unit 1 Anchorage, AK	3.0	2.5	3032	$2,800	$0.92	93d	1	0.85mi

Listing history 50 events

1. 2026-08-08
   days on market $375,000 Active 286 DOM
2. 2026-08-07
   days on market $375,000 Active 285 DOM
3. 2026-08-06
   days on market $375,000 Active 284 DOM
4. 2026-08-05
   days on market $375,000 Active 283 DOM
5. 2026-08-04
   days on market $375,000 Active 282 DOM
6. 2026-08-03
   days on market $375,000 Active 281 DOM
7. 2026-07-31
   days on market $375,000 Active 278 DOM
8. 2026-07-30
   days on market $375,000 Active 277 DOM
9. 2026-07-29
   days on market $375,000 Active 276 DOM
10. 2026-07-27
    days on market $375,000 Active 274 DOM
11. 2026-07-25
    days on market $375,000 Active 272 DOM
12. 2026-07-24
    days on market $375,000 Active 271 DOM
13. 2026-07-23
    days on market $375,000 Active 270 DOM
14. 2026-07-22
    days on market $375,000 Active 269 DOM
15. 2026-07-21
    days on market $375,000 Active 268 DOM
16. 2026-07-18
    days on market $375,000 Active 265 DOM
17. 2026-07-16
    days on market $375,000 Active 263 DOM
18. 2026-07-16
    days on market $375,000 Active 262 DOM
19. 2026-07-14
    days on market $375,000 Active 261 DOM
20. 2026-07-13
    days on market $375,000 Active 260 DOM
21. 2026-07-12
    days on market $375,000 Active 259 DOM
22. 2026-07-11
    days on market $375,000 Active 258 DOM
23. 2026-07-10
    days on market $375,000 Active 257 DOM
24. 2026-07-09
    days on market $375,000 Active 256 DOM
25. 2026-07-08
    days on market $375,000 Active 255 DOM
26. 2026-07-07
    days on market $375,000 Active 254 DOM
27. 2026-07-06
    days on market $375,000 Active 253 DOM
28. 2026-07-05
    days on market $375,000 Active 252 DOM
29. 2026-07-04
    days on market $375,000 Active 251 DOM
30. 2026-07-03
    days on market $375,000 Active 250 DOM
31. 2026-07-02
    days on market $375,000 Active 249 DOM
32. 2026-07-01
    days on market $375,000 Active 248 DOM
33. 2026-06-30
    days on market $375,000 Active 247 DOM
34. 2026-06-29
    days on market $375,000 Active 246 DOM
35. 2026-06-28
    days on market $375,000 Active 245 DOM
36. 2026-06-28
    days on market $375,000 Active 244 DOM
37. 2026-06-27
    days on market $375,000 Active 243 DOM
38. 2026-06-25
    days on market $375,000 Active 241 DOM
39. 2026-06-23
    days on market $375,000 Active 239 DOM
40. 2026-06-22
    days on market $375,000 Active 238 DOM
41. 2026-06-18
    days on market $375,000 Active 235 DOM
42. 2026-06-17
    days on market $375,000 Active 234 DOM
43. 2026-06-16
    days on market $375,000 Active 233 DOM
44. 2026-06-15
    days on market $375,000 Active 232 DOM
45. 2026-06-14
    days on market $375,000 Active 230 DOM
46. 2026-06-13
    days on market $375,000 Active 229 DOM
47. 2026-06-10
    days on market $375,000 Active 227 DOM
48. 2026-06-09
    days on market $375,000 Active 226 DOM
49. 2026-06-08
    days on market $375,000 Active 225 DOM
50. 2026-06-07
    days on market $375,000 Active 224 DOM

ⓘ 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: $5,860 · $488/mo
• Projected year-2 tax: $5,860 · $488/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: $51,048
• − Mortgage interest: −$21,006
• − Property taxes: −$5,860
• − Insurance: −$1,875
• − Repairs & maintenance: −$4,084
• − Management: −$4,084
• − Depreciation: −$10,909
• Taxable income: $3,231
• Est. tax owed @ 24.0%: −$775
• After-tax cash flow: $8,219/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.

Condition & rehab AI · 9 photos

Fair 45/100 Moderate rehab Est. rehab $66,300–$119,340 screening

The property requires significant interior and exterior renovations to bring it up to a livable condition. Immediate repairs and maintenance are needed to stabilize the structure and improve the property's value.

Repairs flagged

• Major Exposed cabinets — No cabinets or appliances
• Major Exposed plumbing — No fixtures or finishes
• Major Exposed siding — No landscaping or finishes
• Major Exposed subfloor — No flooring or finishes
• Major Exposed walls — No paint or finishes

Value-add opportunities

• Both Paint walls — Improves curb appeal and interior finish ↑
• Both Install flooring — Enhances interior finish and comfort ↑
• Both Install cabinets and appliances — Completes kitchen and makes it functional ↑
• Both Install fixtures and finishes — Enhances bathroom and makes it functional ↑
• Both Landscaping — Enhances curb appeal and property value ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 23/100

Zoned Schools

Elementary North Star Elementary F AK #146/156 Nat'l #36,758/41,679 Middle Central Middle School Of Science F AK #30/36 Nat'l #10,474/14,009 High West High School F AK #39/61 Nat'l #11,215/17,239

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

B Composite livability gradescore 78/100

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 · 314,993 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: 7% of renters

---

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

4 events — show timeline

• 2026-05-05 Relisted — AKMLS
• 2025-10-21 Listed $375,000 AKMLS
• 2015-12-15 Sold (Public Records) — Public Records
• 1984-05-21 Sold (Public Records) — Public Records

Property tax history

+2.9%/yr

Latest (2025): $5,860 · +4.4% YoY. Source: county tax records.