3229 Garland Ave · Louisville, KY 40211

$73,000

3 bd · 1.0 ba · 1,080 sqft · SingleFamily · 83 Days on market

Built 1920 5,663 sqft lot Est $78k · 6% 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 +30.0/30.0
• ARV discount +10.3/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +3.7/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Sold ''As Is''. ALL BUYERS MUST BE PRE-APPROVED OR SHOW PROOF OF CASH WITH ALL OFFERS. BUYER TO BE RESPONSIBLE FOR COMPLIANCE WITH THE COUNTY SMOKE DETECTOR ORDINANCE. BUYERS AGENT TO VERIFY SQ FT, AGE, ANY HOA OR MONTHLY MAINT FEES, LOT SIZE AND WHICH UTILITIES ARE AVAILABLE. BUYERS AGENT TO VERIFY ALL SCHOOL INFO. BUYERS AGENT RESPONSIBLE FOR ALL SEWER AND FLOOD PLAIN INFORMATION.

Key facts

• Spacious backyard
• Huge deck
• Functional layout

Tags

• SPACIOUS BACKYARD
• HUGE DECK
• DETACHED GARAGE
• FUNCTIONAL LAYOUT
• SHOTGUN-STYLE CHARM

Property features AI

Finance

• Other: Property listed in the DEPPENS JOHN HEI subdivision
• HOA & community: No association fee

Exterior

• Parking: Detached garage (1 car); Rear entry; Driveway parking
• Utilities: Electricity connected; One HVAC unit reported; One cooling unit reported
• Home design: Single-family residence; Shotgun architectural style; One story
• Construction: Built in 1920; Vinyl siding and wood frame construction; Shingle roof; Crawl space foundation
• Exterior features: Privacy and partial fencing

Interior

• Kitchen: Kitchen located on the first floor
• Bedrooms: Three bedrooms, all on the first floor
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Six total rooms; Cellar with outside entry; First-floor laundry; No fireplaces reported
• Laundry & utility: Laundry on the first floor

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $73k.

Deal economics

• At list price, monthly cash flow is $518 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $73k).
• Recommended offer: $69k (6.0% below list) — sets the bar for market timing.
• Cap rate 14.8% vs local median 5.0% in Louisville — 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 63/100 on livability (#333 in KY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, health & safety D+, schools D-.
• Jefferson County (urban): math 19% / reading 35% proficiency, ranked #121 of 165 in KY (top 73%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+4.9%/yr); 140 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 2,836 units permitted in Jefferson County in 2024 (1,558 in 5+ unit buildings).
• At $1,255/mo this rent would consume 47% of the median local household income ($32k/yr) (locally 1483% 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 $505 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Jefferson County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 4.9% rent growth), your $20k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 83 days — a 6% lower offer ($69k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 17y 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.
• Current owner paid $8k; list at $73k implies a 873% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $68,620 (6.0% below list)

Questions for the listing agent

1. It's been on market 83 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — 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. 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 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: 1.72% ✓
• Cap rate: 14.80%
• Cash-on-cash: 30.40%
• DSCR: 2.35
• GRM: 4.8

CMA / ARV

• ARV (on-the-fly): $77,760
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3212 W Kentucky St	0.13mi	2/1.5 (-1)	1,104 (+2%)	2mo	$45,000	$41	82
844 Louis Coleman Jr Dr	0.11mi	3/1.0	1,008 (-7%)	3mo	$109,000	$108	81
3419 Greenwood Ave	0.26mi	3/1.0	1,033 (-4%)	3mo	$120,000	$116	78
722 S 37th St	0.39mi	2/1.0 (-1)	1,092 (+1%)	4mo	$46,000	$42	72
802 Sutcliffe Ave	0.31mi	2/1.0 (-1)	1,162 (+8%)	4mo	$110,000	$95	65
3107 Dumesnil St	0.58mi	3/1.0	1,035 (-4%)	6mo	$32,000	$31	61
637 S 27th St	0.72mi	3/1.0	1,110 (+3%)	7mo	$40,000	$36	56
2615 Greenwood Ave	0.63mi	3/1.0	988 (-8%)	3mo	$71,000	$72	54
3322 Virginia Ave	0.52mi	3/1.0	1,198 (+11%)	8mo	$180,000	$150	51
1310 Hemlock St	0.68mi	2/1.0 (-1)	1,126 (+4%)	8mo	$105,000	$93	50
3229 Kirby Ave	0.67mi	2/1.0 (-1)	950 (-12%)	2mo	$45,000	$47	42
2645 Grand Ave	0.60mi	2/1.0 (-1)	926 (-14%)	3mo	$62,000	$67	40

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 · 4.87% rent growth · sell at horizon

5-year hold

• IRR: 27.1%
• Equity multiple: 2.15×
• Total profit: $23,555
• Equity at exit: $10,885

10-year hold

• IRR: 35.7%
• Equity multiple: 4.58×
• Total profit: $73,235
• Equity at exit: $6,312

Cash invested: $20,440 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 83 Strongly Landlord-Friendly
• State Kentucky: 83 Strongly Landlord-Friendly · R+16
• County: — inherits STATE
• City: — inherits STATE

7-day pay-or-quit (URLTA cities); generally landlord-friendly.

Methodology + full state rankings →

ZIP-level market 40211

• Home prices YoY: -33.4%
• Rents YoY: 4.9%
• Active inventory: 140
• Price-to-rent: 4.8×

Monthly cashflow live

• Estimated rent: $1,255 high
• Mortgage (P&I): −$383
• Tax from tax record: −$61 /mo · $729/yr
• Insurance: −$30
• HOA: −$0
• Vacancy / Maint / Mgmt: −$264
• Net cashflow: $518

Break-even live

Break-even rent $600

Max offer price $73,000

Occupancy floor 54%

Sensitivity live

Price	-10% $559	-5% $538	+0% $518	+5% $497	+10% $476
Rent	-10% $419	-5% $468	+0% $518	+5% $567	+10% $617
Rate	-1.0pp $555	-0.5pp $536	base $518	+0.5pp $499	+1.0pp $480

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: $18,250
• Closing costs: $2,190
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
814 S 33rd St Louisville, KY	3.0	1.0	1104	$1,350	$1.22	4d	1	0.10mi
832 Hazel St Louisville, KY	2.0	1.0	720	$1,095	$1.52	4d	1	0.11mi
737 S 33rd St Louisville, KY	4.0	1.0	1356	$1,595	$1.18	24d	1	0.17mi
3122 W Kentucky St Louisville, KY	3.0	1.0	1030	$1,150	$1.12	24d	1	0.18mi
803 S 35th St Louisville, KY	3.0	1.0	1486	$1,350	$0.91	24d	1	0.19mi
701 Hazel St Unit 3 Louisville, KY	2.0	1.0	832	$800	$0.96	11d	1	0.28mi
666 Eastlawn Ave Louisville, KY	2.0	1.0	936	$895	$0.96	17d	1	0.35mi
1115 S 32nd St Louisville, KY	3.0	1.0	1393	$1,275	$0.92	22d	1	0.37mi
1115 S 32nd St Louisville, KY	3.0	1.0	1393	$1,275	$0.92	24d	1	0.37mi
2912 Greenwood Ave Louisville, KY	3.0	2.0	1362	$1,150	$0.84	17d	1	0.38mi
3514 Grand Ave Louisville, KY	3.0	1.5	1450	$1,295	$0.89	22d	1	0.41mi
2825 Greenwood Ave #4 Louisville, KY	3.0	1.0	1440	$1,250	$0.87	24d	1	0.41mi
2825 Greenwood Ave #2 Louisville, KY	2.0	1.0	1300	$995	$0.77	24d	1	0.41mi
2821 Greenwood Ave #1 Louisville, KY	3.0	1.0	1113	$1,300	$1.17	24d	1	0.42mi
823 S 38th St Louisville, KY	3.0	1.0	1100	$1,195	$1.09	4d	1	0.44mi
1145 Louis Coleman Jr Dr Louisville, KY	2.0	1.0	913	$875	$0.96	24d	1	0.46mi
2724 Garland Ave Unit 202 Louisville, KY	2.0	1.0	950	$745	$0.78	4d	1	0.47mi
3215 Virginia Ave Louisville, KY	3.0	1.0	975	$924	$0.95	24d	1	0.48mi
2711 W Kentucky St Louisville, KY	3.0	1.0	1155	$1,100	$0.95	24d	1	0.52mi
2710 W Kentucky St Apt 2 Louisville, KY	3.0	1.0	1015	$1,300	$1.28	24d	1	0.52mi
729 S 39th St Unit 1 Louisville, KY	2.0	1.0	800	$800	$1.00	24d	1	0.54mi
652 S 37th St #9 Louisville, KY	3.0	1.0	1070	$1,095	$1.02	24d	1	0.54mi
2634 Garland Ave Unit A Louisville, KY	3.0	1.0	1152	$940	$0.82	24d	1	0.55mi
2634 Garland Ave Unit B Louisville, KY	3.0	1.0	1152	$895	$0.78	21d	1	0.55mi
648 S 37th St #3 Louisville, KY	2.0	1.0	807	$850	$1.05	24d	1	0.56mi
2708 Greenwood Ave Apt 1 Louisville, KY	3.0	1.0	1100	$1,300	$1.18	24d	1	0.56mi
2733 Chase Ct Louisville, KY	2.0	1.0	900	$900	$1.00	17d	1	0.59mi
3421 River Park Dr Louisville, KY	3.0	1.0	994	$1,250	$1.26	24d	1	0.61mi
1155 S 28th St Unit 4 Louisville, KY	4.0	2.0	1010	$1,350	$1.34	24d	1	0.64mi
2913 Dumesnil St Apt 3 Louisville, KY	3.0	1.0	1112	$740	$0.67	11d	1	0.65mi
714 S 40th St #2 Louisville, KY	3.0	1.0	1000	$1,250	$1.25	24d	1	0.66mi
833 S 41st St Louisville, KY	3.0	2.0	786	$1,250	$1.59	24d	1	0.67mi
2706 Hale Ave Unit 1 Louisville, KY	3.0	1.0	1100	$1,400	$1.27	24d	1	0.67mi
2706 Hale Ave Unit 2 Louisville, KY	2.0	1.0	900	$1,250	$1.39	24d	1	0.67mi
627 S 38th St Louisville, KY	4.0	1.0	1300	$1,349	$1.04	17d	1	0.68mi
836 S 41st St Louisville, KY	3.0	1.0	1300	$1,300	$1.00	20d	1	0.70mi
715 S 41st St Unit 1 Louisville, KY	4.0	1.0	1000	$1,295	$1.29	11d	1	0.70mi
3611 Regatta Way Louisville, KY	3.0	1.0	1035	$1,450	$1.40	17d	1	0.74mi
628 S 39th St Louisville, KY	3.0	1.0	1448	$1,220	$0.84	17d	1	0.74mi
803 Cecil Ave Louisville, KY	4.0	1.0	1165	$1,449	$1.24	11d	1	0.75mi

Listing history 21 events

1. 2026-06-18
   days on market $73,000 Active 83 DOM
2. 2026-06-17
   days on market $73,000 Active 82 DOM
3. 2026-06-16
   days on market $73,000 Active 81 DOM
4. 2026-06-15
   days on market $73,000 Active 80 DOM
5. 2026-06-13
   days on market $73,000 Active 78 DOM
6. 2026-06-10
   days on market $73,000 Active 75 DOM
7. 2026-06-09
   days on market $73,000 Active 74 DOM
8. 2026-06-08
   days on market $73,000 Active 73 DOM
9. 2026-06-07
   days on market $73,000 Active 72 DOM
10. 2026-06-03
    days on market $73,000 Active 68 DOM
11. 2026-06-02
    days on market $73,000 Active 67 DOM
12. 2026-06-01
    days on market $73,000 Active 66 DOM
13. 2026-05-31
    days on market $73,000 Active 65 DOM
14. 2026-05-23
    price $73,000
15. 2026-03-27
    listed $75,000 Active
16. 2021-11-12
    historical
17. 2021-08-12
    listed $74,900 Active
18. 2010-04-09
    soldstatus $7,500 385-char remark

    Show marketing remark (385 chars)

    Sold ''As Is''. ALL BUYERS MUST BE PRE-APPROVED OR SHOW PROOF OF CASH WITH ALL OFFERS. BUYER TO BE RESPONSIBLE FOR COMPLIANCE WITH THE COUNTY SMOKE DETECTOR ORDINANCE. BUYERS AGENT TO VERIFY SQ FT, AGE, ANY HOA OR MONTHLY MAINT FEES, LOT SIZE AND WHICH UTILITIES ARE AVAILABLE. BUYERS AGENT TO VERIFY ALL SCHOOL INFO. BUYERS AGENT RESPONSIBLE FOR ALL SEWER AND FLOOD PLAIN INFORMATION.

19. 2010-03-09
    listed $5,000 385-char remark

    Show marketing remark (385 chars)

    Sold ''As Is''. ALL BUYERS MUST BE PRE-APPROVED OR SHOW PROOF OF CASH WITH ALL OFFERS. BUYER TO BE RESPONSIBLE FOR COMPLIANCE WITH THE COUNTY SMOKE DETECTOR ORDINANCE. BUYERS AGENT TO VERIFY SQ FT, AGE, ANY HOA OR MONTHLY MAINT FEES, LOT SIZE AND WHICH UTILITIES ARE AVAILABLE. BUYERS AGENT TO VERIFY ALL SCHOOL INFO. BUYERS AGENT RESPONSIBLE FOR ALL SEWER AND FLOOD PLAIN INFORMATION.

20. 2010-01-25
    historical
21. 2009-12-08
    listed $9,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast KY · Resets to sale price

• Current annual tax: $729 · $61/mo
• Projected year-2 tax: $729 · $61/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 6/10 Major FEMA zone X (shaded) · 69% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥105°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,065
• − Mortgage interest: −$4,089
• − Property taxes: −$729
• − Insurance: −$365
• − Repairs & maintenance: −$1,205
• − Management: −$1,205
• − Depreciation: −$2,124
• Taxable income: $5,348
• Est. tax owed @ 24.0%: −$1,283
• After-tax cash flow: $4,930/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: Jefferson County
• NCES district ID: 2102990
• Math proficiency: 19% ▼ -17.00%
• Reading proficiency: 35% ▼ -11.00%
• Median HH income: $47,885
• Composite: 23.45/100
• National rank: #7884
• State rank: #121 of 165 in KY

Livability — Louisville

• Score: 63/100
• State rank: #333
• US rank: #15887

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Louisville, KY
• County: Jefferson County · 790,184 people
• City population: 769,292
• Metro: Louisville/Jefferson County, KY-IN
• Population (ZIP): 20,407
• Household income: $31,749
• Rent vs Own: 58.6% rent · 41.4% own
• Severe rent burden: 1483.0

Population outlook (Jefferson County) Hauer SSP2

• Today (2025): 823,112 people
• By 2030: 849,343 · +3.2%
• By 2040: 895,696 · +8.8%
• By 2050: 933,630 · +13.4%
• By 2075: 1,028,262 · +24.9%
• By 2100: 1,072,675 · +30.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (90%)
• Race & ethnicity: Black 90% White 5% Two or more races 4% Hispanic / Latino 1%
• Common ancestry: Italian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Jefferson

• 2024 margin: D (+16.6) · D 57.4% · R 40.9% · Other 1.7%
• 2008→2024 swing: +4.5pp toward D · 2008: 12.0pp · 2024: 16.6pp
• All cycles: 2024: D+16.6 2020: D+20.1 2016: D+13.3 2012: D+11.1 2008: D+12.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -88.22%
• Current HPI: 176.337
• Rent YoY: ▲ 4.87%
• Metro: Louisville/Jefferson County, KY-IN
• State GDP YoY: ▲ 1.81%
• F500 in state: 4

Industry mix (Fortune 500 HQ in KY)

Industry	F500 HQs	Revenue
▸Healthcare	1	$118B
▸Food / Beverage	1	$7B

Price history

+637.4% since first listed

8 events — show timeline

• 2026-05-23 Price Changed $73,000 Metro Search MLS
• 2026-03-27 Listed $75,000 Metro Search MLS
• 2021-11-12 Listing Removed — Metro Search MLS
• 2021-08-12 Listed $74,900 Metro Search MLS
• 2010-04-09 Sold (MLS) $7,500 Metro Search MLS
• 2010-03-09 Listed $5,000 Metro Search MLS
• 2010-01-25 Listing Removed — Metro Search MLS
• 2009-12-08 Listed $9,900 Metro Search MLS

Property tax history

+7.6%/yr

Latest (2025): $729 · -1.9% YoY. Source: county tax records.