1439 Thornberry Ave · Louisville, KY 40215

$550,000

16 bd · 8.0 ba · 7,200 sqft · MultiFamily · 38 Days on market

Built 1952

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +3.8/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 8 units. confirmed

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 MLS

INVESTMENT OPPORTUNITY!!! This brick 8-plex building is a rare find in the neighborhood. All 2 bedroom / 1 Bath units, Tenants pay all utilities., 2 vacant units available for showings, 7 units have been recently remodeled and include: New appliances, LVP flooring, light fixtures, new paint, bathrooms, etc. Dedicated parking lot. The building is located close to Churchill Downs, Downtown and easy convenient access to I-65. Opportunity for higher rent revenue. Contact listing agent for Rent Roll and any questions.

Key facts

• Built 1952
• Listed 37 days

Property features AI

Finance

• Other: Property located in the CHURCHILL subdivision; Lot approximately 0.39 acres (17,079 square feet); Not in a flood plain; Directions: 264 West, Exit Right on Taylor Blvd, Left on Thornberry Ave, building on right
• HOA & community: No association fee

Exterior

• Parking: No covered parking
• Utilities: Electricity connected; Natural gas available
• Home design: Apartment building; Other architectural style; Building constructed in 1952
• Construction: Wood frame and brick construction; Shingle roof; Estimated building area 7,200
• Exterior features: No notable exterior features listed

Interior

• Bedrooms: 16 bedrooms (all on the first level)
• Bathrooms: 8 full bathrooms (all on the first level)
• Heating & cooling: Natural gas heating; Eight furnaces; Central air conditioning
• Interior features: Eight separate living rooms (one per unit); Eight total units; 40 total rooms across the first level
• Laundry & utility: Separate meters for units

What this means for you Summary

Snapshot

• This is a 8 × 2.0-bed/1.0-bath units multifamily listed at $550k.

Deal economics

• At list price, monthly cash flow is $3k ($38k/yr) — positive. Per door: $397/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $550k).
• Recommended offer: $534k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.2% 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 (+5.2%/yr); 119 active listings in the ZIP; lower-income renter base — watch delinquency; 2,836 units permitted in Jefferson County in 2024 (1,558 in 5+ unit buildings).
• At $8,931/mo this rent would consume 245% of the median local household income ($44k/yr) (locally 997% 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 $16k 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 + 5.2% rent growth), your $154k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($534k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 24y ago; this cycle's ask has dropped $48k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $533,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% 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. Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 1.62% ✓
• Cap rate: 13.22%
• Cash-on-cash: 24.73%
• DSCR: 2.10
• GRM: 5.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.16% rent growth · sell at horizon

5-year hold

• IRR: 20.6%
• Equity multiple: 1.86×
• Total profit: $133,008
• Equity at exit: $82,007

10-year hold

• IRR: 30.2%
• Equity multiple: 4.00×
• Total profit: $461,872
• Equity at exit: $47,554

Cash invested: $154,000 (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 40215

• Home prices YoY: -34.4%
• Rents YoY: 5.2%
• Active inventory: 119
• Price-to-rent: 41.1×

Monthly cashflow live

• Estimated rent: $8,931 high
• Mortgage (P&I): −$2,884
• Tax from tax record: −$769 /mo · $9,223/yr
• Insurance: −$229
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,876
• Net cashflow: $3,173

Break-even live

Break-even rent $4,914

Max offer price $550,000

Occupancy floor 59%

Sensitivity live

Price	-10% $3,485	-5% $3,329	+0% $3,173	+5% $3,018	+10% $2,862
Rent	-10% $2,468	-5% $2,821	+0% $3,173	+5% $3,526	+10% $3,879
Rate	-1.0pp $3,450	-0.5pp $3,313	base $3,173	+0.5pp $3,031	+1.0pp $2,886

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

Units	Beds	Baths	Est. rent
▸ 8× units	2.0	1	$8,928
Total (8 units)			$8,931

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: $137,500
• Closing costs: $16,500
• Reserves months: —
• Total cash needed: —

Listing history 30 events

1. 2026-06-21
   pricestatusdays on market $550,000 Active Under Contract 38 DOM
2. 2026-06-19
   status $585,000 Active 35 DOM
3. 2026-06-18
   days on market $585,000 Active Under Contract 35 DOM
4. 2026-06-17
   days on market $585,000 Active Under Contract 34 DOM
5. 2026-06-16
   days on market $585,000 Active Under Contract 33 DOM
6. 2026-06-15
   days on market $585,000 Active Under Contract 32 DOM
7. 2026-06-13
   days on market $585,000 Active Under Contract 30 DOM
8. 2026-06-10
   days on market $585,000 Active Under Contract 27 DOM
9. 2026-06-09
   days on market $585,000 Active Under Contract 26 DOM
10. 2026-06-08
    days on market $585,000 Active Under Contract 25 DOM
11. 2026-06-07
    days on market $585,000 Active Under Contract 24 DOM
12. 2026-06-03
    days on market $585,000 Active Under Contract 20 DOM
13. 2026-06-02
    days on market $585,000 Active Under Contract 19 DOM
14. 2026-06-02
    status $585,000 Active Under Contract 18 DOM
15. 2026-06-01
    days on market $585,000 Active 18 DOM
16. 2026-05-31
    days on market $585,000 Active 17 DOM
17. 2026-05-14
    listed $598,000 Active
18. 2024-04-15
    historical $895
19. 2024-02-29
    price $895
20. 2024-02-15
    listed $995
21. 2022-10-06
    soldstatus $732,000
22. 2022-10-03
    soldstatus $732,000 Closed 520-char remark

    Show marketing remark (520 chars)

    INVESTMENT OPPORTUNITY!!! This brick 8-plex building is a rare find in the neighborhood. All 2 bedroom / 1 Bath units, Tenants pay all utilities., 2 vacant units available for showings, 7 units have been recently remodeled and include: New appliances, LVP flooring, light fixtures, new paint, bathrooms, etc. Dedicated parking lot. The building is located close to Churchill Downs, Downtown and easy convenient access to I-65. Opportunity for higher rent revenue. Contact listing agent for Rent Roll and any questions.

23. 2022-07-23
    price $895
24. 2022-07-13
    status Pending 520-char remark

    Show marketing remark (520 chars)

    INVESTMENT OPPORTUNITY!!! This brick 8-plex building is a rare find in the neighborhood. All 2 bedroom / 1 Bath units, Tenants pay all utilities., 2 vacant units available for showings, 7 units have been recently remodeled and include: New appliances, LVP flooring, light fixtures, new paint, bathrooms, etc. Dedicated parking lot. The building is located close to Churchill Downs, Downtown and easy convenient access to I-65. Opportunity for higher rent revenue. Contact listing agent for Rent Roll and any questions.

25. 2022-07-01
    listed $799,000 Active 520-char remark

    Show marketing remark (520 chars)

    INVESTMENT OPPORTUNITY!!! This brick 8-plex building is a rare find in the neighborhood. All 2 bedroom / 1 Bath units, Tenants pay all utilities., 2 vacant units available for showings, 7 units have been recently remodeled and include: New appliances, LVP flooring, light fixtures, new paint, bathrooms, etc. Dedicated parking lot. The building is located close to Churchill Downs, Downtown and easy convenient access to I-65. Opportunity for higher rent revenue. Contact listing agent for Rent Roll and any questions.

26. 2021-10-06
    soldstatus $420,000
27. 2021-05-17
    soldstatus $280,000
28. 2004-02-12
    soldstatus $220,000 444-char remark

    Show marketing remark (444 chars)

    Property needs tender, loving care and tenants. 3 occupied, Rents approx. $425.00. Some vacant units, easy to show. Ideal for handyman, investor. Owner may carry some of down payment depending on price and buyer. This is one of 17 Properties valued at Approx. $2,560,000, with equity of approx. $1,667,500. Owner wants Single Family Homes, South End or East End, and can add SFH for right opportunities. All offers will be carefully considered.

29. 2004-02-12
    soldstatus $220,000

    Show marketing remark (444 chars)

    Property needs tender, loving care and tenants. 3 occupied, Rents approx. $425.00. Some vacant units, easy to show. Ideal for handyman, investor. Owner may carry some of down payment depending on price and buyer. This is one of 17 Properties valued at Approx. $2,560,000, with equity of approx. $1,667,500. Owner wants Single Family Homes, South End or East End, and can add SFH for right opportunities. All offers will be carefully considered.

30. 2002-12-02
    listed $235,000 444-char remark

    Show marketing remark (444 chars)

    Property needs tender, loving care and tenants. 3 occupied, Rents approx. $425.00. Some vacant units, easy to show. Ideal for handyman, investor. Owner may carry some of down payment depending on price and buyer. This is one of 17 Properties valued at Approx. $2,560,000, with equity of approx. $1,667,500. Owner wants Single Family Homes, South End or East End, and can add SFH for right opportunities. All offers will be carefully considered.

ⓘ 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: $9,223 · $769/mo
• Projected year-2 tax: $9,223 · $769/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
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥104°F today · 19 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: $107,172
• − Mortgage interest: −$30,809
• − Property taxes: −$9,223
• − Insurance: −$2,750
• − Repairs & maintenance: −$8,574
• − Management: −$8,574
• − Depreciation: −$16,000
• Taxable income: $31,243
• Est. tax owed @ 24.0%: −$7,498
• After-tax cash flow: $30,583/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): 20,532
• Household income: $43,725
• Rent vs Own: 56.4% rent · 43.6% own
• Severe rent burden: 997.0

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: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 51% Black 33% Two or more races 11% Hispanic / Latino 6% Asian 2%
• Hispanic origin (detail): Mexican 2% Cuban 3%
• Common ancestry: Slovak 1% Romanian 1% Serbian 1%
• Foreign-born: 9% · Canada, Vietnam
• Languages at home: 88% English-only · Spanish 5% Other Indo-European 2% Arabic 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: ▼ -119.35%
• Current HPI: 227.8248
• Rent YoY: ▲ 5.16%
• 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

+154.5% since first listed

14 events — show timeline

• 2026-05-14 Listed $598,000 Metro Search MLS
• 2024-04-15 Rental Removed $895 MSMLS
• 2024-02-29 Price Changed $895 MSMLS
• 2024-02-15 Listed for Rent $995 MSMLS
• 2022-10-06 Sold (Public Records) $732,000 Public Records
• 2022-10-03 Sold (MLS) $732,000 Metro Search MLS
• 2022-07-23 Price Changed $895 RENT.
• 2022-07-13 Pending — Metro Search MLS
• 2022-07-01 Listed $799,000 Metro Search MLS
• 2021-10-06 Sold (Public Records) $420,000 Public Records
• 2021-05-17 Sold (Public Records) $280,000 Public Records
• 2004-02-12 Sold (Public Records) $220,000 Public Records
• 2004-02-12 Sold (MLS) $220,000 Metro Search MLS
• 2002-12-02 Listed $235,000 Metro Search MLS

Property tax history

+10.3%/yr

Latest (2025): $9,223 · -1.9% YoY. Source: county tax records.