1704 Valley Forge Way · Louisville, KY 40215

$337,500

8 bd · 4.0 ba · 3,430 sqft · MultiFamily · 60 Days on market

Built 1965

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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 +29.7/30.0
• DSCR +10.0/10.0
• 1% rule +7.9/10.0
• 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: 4 units. estimate disagrees with records

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!!! 4-unit apartment building. Dedicated parking, well managed. Opportunity for higher rent revenue. Building is located close to Downtown and easy convenient access I 264. Contact listing agent with any questions.

Key facts

• 5 parking spots
• Built 1965
• Listed 60 days

Property features AI

Finance

• Other: Building area reported as 3,430 (source: other)
• Financial info: Designed as income-producing multifamily with separate meters (tenant pays electric and gas; owner pays water)
• HOA & community: No association fee

Exterior

• Parking: Five parking spaces; No covered parking
• Utilities: Electricity connected; Tenant pays electric and gas; Owner pays water
• Home design: Multifamily property with multiple units; Built in 1965; Other architectural style; Shingle roof; Brick construction; Entry level information not specified; Facing direction not specified
• Construction: Brick construction; Shingle roof; Year built: 1965; Foundation details not specified
• Exterior features: No additional exterior features listed; Sidewalk along the lot

Interior

• Kitchen: Each unit has a kitchen; Ranges present in each unit; Refrigerators present in each unit
• Bedrooms: Eight total bedrooms (four on the first level, four on the second level)
• Bathrooms: Four full bathrooms (two on the first level, two on the second level)
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Two residential units per floor (total of 4 units); Each unit includes a living room and kitchen; Separate meters for utilities
• Laundry & utility: Laundry facilities on both first and second levels (two laundry areas per level); Four furnaces

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $338k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $307/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $338k).
• Recommended offer: $327k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.7% 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); 121 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 $4,360/mo this rent would consume 120% 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 $2k of loan paydown is wiped out by about $10k 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 $94k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($327k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 4y ago; this cycle's ask is 5% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $293k; 15% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• 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 $327,375 (3.0% below list)

Questions for the listing agent

1. It's been on market 60 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 1965 — 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: 1.29% ✓
• Cap rate: 10.65%
• Cash-on-cash: 15.57%
• DSCR: 1.69
• GRM: 6.5

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: 8.7%
• Equity multiple: 1.35×
• Total profit: $33,085
• Equity at exit: $50,322

10-year hold

• IRR: 19.6%
• Equity multiple: 2.81×
• Total profit: $170,874
• Equity at exit: $29,181

Cash invested: $94,500 (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: 121
• Price-to-rent: 25.8×

Monthly cashflow live

• Estimated rent: $4,360 high
• Mortgage (P&I): −$1,770
• Tax from tax record: −$308 /mo · $3,692/yr
• Insurance: −$141
• HOA: −$0
• Vacancy / Maint / Mgmt: −$916
• Net cashflow: $1,226

Break-even live

Break-even rent $2,808

Max offer price $337,500

Occupancy floor 67%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$4,360
Total (4 units)			$4,360

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: $84,375
• Closing costs: $10,125
• Reserves months: —
• Total cash needed: —

Listing history 33 events

1. 2026-06-18
   days on market $337,500 Active 60 DOM
2. 2026-06-17
   days on market $337,500 Active 59 DOM
3. 2026-06-16
   days on market $337,500 Active 58 DOM
4. 2026-06-15
   days on market $337,500 Active 57 DOM
5. 2026-06-13
   days on market $337,500 Active 55 DOM
6. 2026-06-10
   days on market $337,500 Active 52 DOM
7. 2026-06-09
   days on market $337,500 Active 51 DOM
8. 2026-06-08
   days on market $337,500 Active 50 DOM
9. 2026-06-07
   statusdays on market $337,500 Active 49 DOM
10. 2026-06-03
    days on market $337,500 Active Under Contract 45 DOM
11. 2026-06-02
    days on market $337,500 Active Under Contract 44 DOM
12. 2026-06-01
    days on market $337,500 Active Under Contract 43 DOM
13. 2026-05-31
    days on market $337,500 Active Under Contract 42 DOM
14. 2026-04-26
    historical Active Under Contract
15. 2026-04-26
    price $337,500
16. 2026-04-19
    listed $320,000 Active
17. 2024-05-16
    soldstatus $293,000
18. 2024-05-13
    soldstatus $293,000 Closed 237-char remark

    Show marketing remark (237 chars)

    INVESTMENT OPPORTUNITY!!! 4-unit apartment building. Dedicated parking, well managed. Opportunity for higher rent revenue. Building is located close to Downtown and easy convenient access I 264. Contact listing agent with any questions.

19. 2024-04-30
    historical Active Under Contract 237-char remark

    Show marketing remark (237 chars)

    INVESTMENT OPPORTUNITY!!! 4-unit apartment building. Dedicated parking, well managed. Opportunity for higher rent revenue. Building is located close to Downtown and easy convenient access I 264. Contact listing agent with any questions.

20. 2024-03-29
    status Pending 237-char remark

    Show marketing remark (237 chars)

    INVESTMENT OPPORTUNITY!!! 4-unit apartment building. Dedicated parking, well managed. Opportunity for higher rent revenue. Building is located close to Downtown and easy convenient access I 264. Contact listing agent with any questions.

21. 2024-03-27
    listed $300,000 Active 237-char remark

    Show marketing remark (237 chars)

    INVESTMENT OPPORTUNITY!!! 4-unit apartment building. Dedicated parking, well managed. Opportunity for higher rent revenue. Building is located close to Downtown and easy convenient access I 264. Contact listing agent with any questions.

22. 2024-03-14
    historical $895
23. 2024-01-07
    listed $895
24. 2022-03-18
    soldstatus $300,000 Closed 225-char remark

    Show marketing remark (225 chars)

    Turn-key Fourplex off taylor blvd. The building was remodeled in 2018. Including new plumbing, Hvac units, Electrical panels, Cabinets, Flooring and roofing. $3,000 in monthly rent. All units are 2 bedroom 1 bath. Owner/agent

25. 2022-03-14
    soldstatus $300,000
26. 2022-02-05
    status Pending 225-char remark

    Show marketing remark (225 chars)

    Turn-key Fourplex off taylor blvd. The building was remodeled in 2018. Including new plumbing, Hvac units, Electrical panels, Cabinets, Flooring and roofing. $3,000 in monthly rent. All units are 2 bedroom 1 bath. Owner/agent

27. 2022-02-04
    listed $300,000 Active 225-char remark

    Show marketing remark (225 chars)

    Turn-key Fourplex off taylor blvd. The building was remodeled in 2018. Including new plumbing, Hvac units, Electrical panels, Cabinets, Flooring and roofing. $3,000 in monthly rent. All units are 2 bedroom 1 bath. Owner/agent

28. 2022-02-03
    historical
29. 2022-02-03
    listed $300,000 Active
30. 2018-07-20
    soldstatus $22,000
31. 2018-03-09
    soldstatus $42,000
32. 2006-12-29
    soldstatus $147,500
33. 2004-11-18
    soldstatus $128,000

ⓘ 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: $3,692 · $308/mo
• Projected year-2 tax: $3,692 · $308/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 · 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: $52,320
• − Mortgage interest: −$18,905
• − Property taxes: −$3,692
• − Insurance: −$1,688
• − Repairs & maintenance: −$4,186
• − Management: −$4,186
• − Depreciation: −$9,818
• Taxable income: $9,846
• Est. tax owed @ 24.0%: −$2,363
• After-tax cash flow: $12,352/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

+163.7% since first listed

20 events — show timeline

• 2026-04-26 Contingent — Metro Search MLS
• 2026-04-26 Price Changed $337,500 Metro Search MLS
• 2026-04-19 Listed $320,000 Metro Search MLS
• 2024-05-16 Sold (Public Records) $293,000 Public Records
• 2024-05-13 Sold (MLS) $293,000 Metro Search MLS
• 2024-04-30 Contingent — Metro Search MLS
• 2024-03-29 Pending — Metro Search MLS
• 2024-03-27 Listed $300,000 Metro Search MLS
• 2024-03-14 Rental Removed $895 APPFOLIO
• 2024-01-07 Listed for Rent $895 APPFOLIO
• 2022-03-18 Sold (MLS) $300,000 Metro Search MLS
• 2022-03-14 Sold (Public Records) $300,000 Public Records
• 2022-02-05 Pending — Metro Search MLS
• 2022-02-04 Listed $300,000 Metro Search MLS
• 2022-02-03 Listed $300,000 Metro Search MLS
• 2022-02-03 Listing Removed — Metro Search MLS
• 2018-07-20 Sold (Public Records) $22,000 Public Records
• 2018-03-09 Sold (Public Records) $42,000 Public Records
• 2006-12-29 Sold (Public Records) $147,500 Public Records
• 2004-11-18 Sold (Public Records) $128,000 Public Records

Property tax history

+0.6%/yr

Latest (2025): $3,692 · -4.2% YoY. Source: county tax records.