2400 Griffiths Ave · Louisville, KY 40212

$55,000

3 bd · 2.0 ba · 1,620 sqft · SingleFamily · 30 Days on market

Built 1900 4,513 sqft lot Est $89k · 38% under ↓ 13% since listing

---

Why this score? — see what drove the A 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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Livability +3.2/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0

Listing remarks

Investor special with endless potential! This 3-bedroom, 2-bath home has been taken completely down to the studs and is ready for your vision and finishing touches. Whether you're looking for your next flip project or a long-term rental investment, this property offers a blank canvas to create exactly what you want. Great opportunity to customize the layout, finishes, and design to maximize value. Bring your contractor, ideas, and imagination—this one is ready for transformation!

Key facts

• 4,513 sq ft lot
• Built 1900
• Listed 30 days

Property features AI

Finance

• HOA & community: No association fee

Exterior

• Parking: No parking
• Utilities: No utilities specified
• Home design: Single-family residence; Camelback architectural style; 2 stories; Entry facing not specified
• Construction: Built in 1900; Wood frame construction with aluminum siding; Shingle roof; Crawl space foundation
• Exterior features: Partial chain-link fencing; Corner lot

Interior

• Bedrooms: 3 bedrooms (two located on the second floor)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric and natural gas heating; Central air conditioning
• Interior features: Living room on the first floor; First-floor laundry; No basement; Five total rooms
• Laundry & utility: Laundry on the first floor

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $55k.

Deal economics

• At list price, monthly cash flow is $634 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $55k).
• Recommended offer: $54k (1.5% below list) — sets the bar for market timing.
• Cap rate 20.1% 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 flat; 140 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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).
• This rent runs 42% of the median local income ($36k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $6k of equity ($380 loan paydown + $6k appreciation (10.0% local appreciation)).
• Jefferson County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 0.5% rent growth), your $15k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, 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 30 days — a 2% lower offer ($54k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $54,175 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 2.29% ✓
• Cap rate: 20.12%
• Cash-on-cash: 49.40%
• DSCR: 3.20
• GRM: 3.6

CMA / ARV

• ARV (on-the-fly): $89,100
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2429 Griffiths Ave	0.07mi	3/2.0	1,645 (+2%)	4mo	$90,000	$55	91
315 N 27th St	0.32mi	3/1.0	1,540 (-5%)	3mo	$100,000	$65	70
2333 Duncan St	0.15mi	3/1.0	1,480 (-9%)	5mo	$83,750	$57	70
320 N 18th St	0.52mi	3/2.0	1,508 (-7%)	1mo	$147,900	$98	63
2024 Portland Ave	0.40mi	3/1.0	1,518 (-6%)	5mo	$83,750	$55	63
218 S 25th St	0.50mi	3/2.0	1,523 (-6%)	10mo	$130,000	$85	58
2010 St Xavier St	0.30mi	4/1.5 (+1)	1,780 (+10%)	11mo	$75,000	$42	53
2529 W Jefferson St	0.56mi	3/2.0	1,496 (-8%)	11mo	$28,500	$19	52
2715 W Market St	0.54mi	4/2.0 (+1)	1,735 (+7%)	8mo	$139,000	$80	51
207 N 19th St	0.50mi	3/1.0	1,464 (-10%)	7mo	$60,000	$41	51
2616 Duncan St	0.34mi	2/1.0 (-1)	1,440 (-11%)	7mo	$48,000	$33	50
2915 Portland Ave	0.68mi	3/2.0	1,800 (+11%)	8mo	$80,000	$44	43

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

Projected returns pro-forma

10.0% appreciation · 0.51% rent growth · sell at horizon

5-year hold

• IRR: 61.3%
• Equity multiple: 5.37×
• Total profit: $67,257
• Equity at exit: $49,548

10-year hold

• IRR: 53.8%
• Equity multiple: 11.43×
• Total profit: $160,689
• Equity at exit: $106,853

Cash invested: $15,400 (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 40212

• Home prices YoY: 11.0%
• Rents YoY: 0.5%
• Active inventory: 140
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $1,260 high
• Mortgage (P&I): −$288
• Tax from tax record: −$50 /mo · $603/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$265
• Net cashflow: $634

Break-even live

Break-even rent $458

Max offer price $55,000

Occupancy floor 45%

Sensitivity live

Price	-10% $665	-5% $649	+0% $634	+5% $618	+10% $603
Rent	-10% $534	-5% $584	+0% $634	+5% $684	+10% $733
Rate	-1.0pp $662	-0.5pp $648	base $634	+0.5pp $620	+1.0pp $605

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: $13,750
• Closing costs: $1,650
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
212 N 25th St Louisville, KY	3.0	1.0	1104	$895	$0.81	24d	1	0.25mi
409 N 20th St Louisville, KY	3.0	1.0	1200	$1,050	$0.88	3d	1	0.34mi
353 N 27th St Louisville, KY	2.0	1.0	1100	$1,100	$1.00	24d	1	0.35mi
2529 W Main St #2 Louisville, KY	3.0	1.0	1404	$1,200	$0.85	24d	1	0.38mi
2508 W Main St Louisville, KY	3.0	1.0	1327	$1,500	$1.13	24d	1	0.39mi
120 N 20th St Louisville, KY	3.0	1.5	1300	$1,400	$1.08	24d	1	0.41mi
1919 Baird St Louisville, KY	3.0	1.0	1500	$1,100	$0.73	16d	1	0.43mi
2506 Montgomery St Louisville, KY	3.0	2.0	1081	$1,295	$1.20	3d	4	0.49mi
430 S 24th St Louisville, KY	3.0	1.5	1288	$1,400	$1.09	24d	1	0.67mi
2319 W Muhammad Ali Blvd Louisville, KY	4.0	1.0	1644	$1,300	$0.79	16d	1	0.70mi
2906 Montgomery St Unit B Louisville, KY	3.0	1.0	1152	$1,060	$0.92	24d	1	0.72mi
652 N 29th St Louisville, KY	3.0	1.0	1127	$1,350	$1.20	17d	1	0.76mi
1810 Magazine St Louisville, KY	3.0	1.5	1248	$1,450	$1.16	11d	1	1.08mi
848 S 23rd St Louisville, KY	3.0	1.5	1050	$1,450	$1.38	24d	1	1.37mi
3901 Jewell Ave Louisville, KY	3.0	1.0	1069	$1,140	$1.07	20d	1	1.38mi
980 W Liberty St Louisville, KY	1.0–3.0	1.0–1.5	1026	$1,535	$1.50	24d	133	1.40mi
127 N 40th St Louisville, KY	3.0	2.0	1500	$1,570	$1.05	3d	1	1.43mi
106 N 40th St Louisville, KY	3.0	1.0	1325	$1,220	$0.92	3d	1	1.46mi
2416 Garland Ave Louisville, KY	3.0	2.0	1172	$1,600	$1.37	24d	1	1.46mi
2634 Garland Ave Unit A Louisville, KY	3.0	1.0	1152	$940	$0.82	24d	1	1.49mi
2634 Garland Ave Unit B Louisville, KY	3.0	1.0	1152	$895	$0.78	20d	1	1.49mi

Listing history 20 events

1. 2026-06-18
   days on market $55,000 Active 30 DOM
2. 2026-06-17
   days on market $55,000 Active 29 DOM
3. 2026-06-16
   days on market $55,000 Active 28 DOM
4. 2026-06-15
   days on market $55,000 Active 27 DOM
5. 2026-06-13
   days on market $55,000 Active 25 DOM
6. 2026-06-10
   days on market $55,000 Active 22 DOM
7. 2026-06-09
   days on market $55,000 Active 21 DOM
8. 2026-06-08
   days on market $55,000 Active 20 DOM
9. 2026-06-07
   days on market $55,000 Active 19 DOM
10. 2026-06-03
    days on market $55,000 Active 15 DOM
11. 2026-06-02
    days on market $55,000 Active 14 DOM
12. 2026-06-01
    days on market $55,000 Active 13 DOM
13. 2026-05-31
    days on market $55,000 Active 12 DOM
14. 2026-05-19
    listed $55,000 Active
15. 2024-10-11
    historical
16. 2024-09-30
    price $42,000
17. 2024-09-23
    price $58,000
18. 2024-09-16
    price $63,900
19. 2024-09-09
    listed $74,900 Active
20. 2007-07-30
    soldstatus $63,000

ⓘ 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: $603 · $50/mo
• Projected year-2 tax: $603 · $50/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 ≥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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,121
• − Mortgage interest: −$3,081
• − Property taxes: −$603
• − Insurance: −$275
• − Repairs & maintenance: −$1,210
• − Management: −$1,210
• − Depreciation: −$1,600
• Taxable income: $7,144
• Est. tax owed @ 24.0%: −$1,714
• After-tax cash flow: $5,893/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): 14,661
• Household income: $35,753
• Rent vs Own: 51.3% rent · 48.7% own
• Severe rent burden: 1148.0

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: Majority Black (60%)
• Race & ethnicity: Black 60% White 37% Two or more races 2% Hispanic / Latino 1%
• Common ancestry: Slovak 1% Lithuanian 1% Iranian 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: ▲ 29.02%
• Current HPI: 293.2624
• Rent YoY: ▲ 0.51%
• 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

-12.7% since first listed

7 events — show timeline

• 2026-05-19 Listed $55,000 Metro Search MLS
• 2024-10-11 Listing Removed — Metro Search MLS
• 2024-09-30 Price Changed $42,000 Metro Search MLS
• 2024-09-23 Price Changed $58,000 Metro Search MLS
• 2024-09-16 Price Changed $63,900 Metro Search MLS
• 2024-09-09 Listed $74,900 Metro Search MLS
• 2007-07-30 Sold (Public Records) $63,000 Public Records

Property tax history

+4.4%/yr

Latest (2025): $603 · -1.9% YoY. Source: county tax records.