402 Marret Ave · Louisville, KY 40208

$300,000

4 bd · 4.0 ba · 4,200 sqft · MultiFamily · 25 Days on market

Built 1927 6,400 sqft lot Est $491k · 39% 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 +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.2/10.0
• Rent growth +4.0/5.0
• 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: 1 unit. 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

Upcoming location. Property is historic with 4 units (all 1 Br). Condition is fair with lots of potential to upgrade and improve rents! A owner of the property has a KY Real Estate License (not acting as agent). Annual gross rents are $12240.

Key facts

• 6,400 sq ft lot
• 8 parking spots
• Built 1927

Property features AI

Finance

• Other: Located in the Old Louisville subdivision; Directions: Off S. Preston Street, south of Ormsby Avenue
• HOA & community: No association fee

Exterior

• Parking: 8 parking spaces; Covered parking not provided
• Utilities: Electricity connected; Separate meters for units; Owner and tenants share water responsibilities (owner pays water; tenants may pay water as well); Tenants may be responsible for cable, electric, gas, and trash removal
• Home design: Multi-unit property with 2 units on the first level and 2 units on the second level; Built in 1927
• Construction: Shingle roof; Concrete, brick, and stucco construction
• Exterior features: No notable exterior features listed; Lot is approximately 0.15 acres (56 x 113)

Interior

• Bedrooms: 4 bedrooms total (2 bedrooms on the first level, 2 bedrooms on the second level)
• Bathrooms: 4 full bathrooms total (2 full baths on the first level, 2 full baths on the second level)
• Heating & cooling: Central air conditioning; 4 furnaces; 4 HVAC units
• Interior features: Basement present; Traditional architectural style

What this means for you Summary

Snapshot

• This is a 4-bed/4.0-bath multifamily listed at $300k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $300k).
• Recommended offer: $296k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.4% 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 (+6.1%/yr); 77 active listings in the ZIP; 5 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).
• At $4,252/mo this rent would consume 129% of the median local household income ($40k/yr) (locally 1136% 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 $9k 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 + 6.1% rent growth), your $84k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($296k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 21y 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 $237k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1927 — 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 $295,500 (1.5% below list)

Questions for the listing agent

1. Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.42% ✓
• Cap rate: 12.41%
• Cash-on-cash: 21.85%
• DSCR: 1.97
• GRM: 5.9

CMA / ARV

• ARV (on-the-fly): $491,400
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1472 S 2nd St	0.55mi	5/4.0 (+1)	3,811 (-9%)	21mo	$447,000	$117	37
1913 S Preston St	0.67mi	3/3.0 (-1)	4,380 (+4%)	21mo	$275,000	$63	35

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 · 6.06% rent growth · sell at horizon

5-year hold

• IRR: 16.6%
• Equity multiple: 1.69×
• Total profit: $58,036
• Equity at exit: $44,731

10-year hold

• IRR: 27.1%
• Equity multiple: 3.73×
• Total profit: $229,324
• Equity at exit: $25,939

Cash invested: $84,000 (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 40208

• Home prices YoY: -23.3%
• Rents YoY: 6.1%
• Active inventory: 77
• Price-to-rent: 23.5×

Monthly cashflow live

• Estimated rent: $4,252 high
• Mortgage (P&I): −$1,573
• Tax from tax record: −$131 /mo · $1,572/yr
• Insurance: −$125
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$893
• Net cashflow: $1,463

Break-even live

Break-even rent $2,400

Max offer price $300,000

Occupancy floor 61%

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$4,252
Total (4 units)			$4,252

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: $75,000
• Closing costs: $9,000
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1451 S 2nd St Louisville, KY	4.0	3.5	3983	$4,200	$1.05	23d	1	0.49mi
1100 S 3rd St Louisville, KY	3.0	2.0	2832	$2,500	$0.88	23d	1	0.68mi
1115 S 4th St Unit 300 Louisville, KY	3.0	1.0	3200	$1,975	$0.62	23d	1	0.70mi
540 S 4th St Unit 401 Louisville, KY	3.0	3.5	3200	$4,500	$1.41	23d	1	1.45mi
540 S 4th St Unit 401 Louisville, KY	3.0	3.5	3200	$4,500	$1.41	11d	1	1.45mi

Listing history 18 events

1. 2026-06-18
   days on market $300,000 Active 25 DOM
2. 2026-06-17
   days on market $300,000 Active 24 DOM
3. 2026-06-16
   days on market $300,000 Active 23 DOM
4. 2026-06-15
   days on market $300,000 Active 22 DOM
5. 2026-06-13
   days on market $300,000 Active 20 DOM
6. 2026-06-10
   days on market $300,000 Active 17 DOM
7. 2026-06-09
   days on market $300,000 Active 16 DOM
8. 2026-06-08
   days on market $300,000 Active 15 DOM
9. 2026-06-07
   days on market $300,000 Active 14 DOM
10. 2026-06-03
    days on market $300,000 Active 10 DOM
11. 2026-06-02
    days on market $300,000 Active 9 DOM
12. 2026-06-01
    days on market $300,000 Active 8 DOM
13. 2026-05-31
    days on market $300,000 Active 7 DOM
14. 2026-05-25
    listed $300,000 Active
15. 2012-09-28
    soldstatus $237,250
16. 2006-02-27
    soldstatus $218,000
17. 2006-02-24
    soldstatus $68,000 242-char remark

    Show marketing remark (242 chars)

    Upcoming location. Property is historic with 4 units (all 1 Br). Condition is fair with lots of potential to upgrade and improve rents! A owner of the property has a KY Real Estate License (not acting as agent). Annual gross rents are $12240.

18. 2005-08-10
    listed $99,000 242-char remark

    Show marketing remark (242 chars)

    Upcoming location. Property is historic with 4 units (all 1 Br). Condition is fair with lots of potential to upgrade and improve rents! A owner of the property has a KY Real Estate License (not acting as agent). Annual gross rents are $12240.

ⓘ 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: $1,572 · $131/mo
• Projected year-2 tax: $2,580 · $215/mo
• Expected delta: +$1,008/yr (+$84/mo · 64.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 76% 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 3/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $51,024
• − Mortgage interest: −$16,805
• − Property taxes: −$1,572
• − Insurance: −$2,298
• − Repairs & maintenance: −$4,082
• − Management: −$4,082
• − Depreciation: −$8,727
• Taxable income: $13,458
• Est. tax owed @ 24.0%: −$3,230
• After-tax cash flow: $14,330/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): 15,605
• Household income: $39,560
• Rent vs Own: 73.8% rent · 26.2% own
• Severe rent burden: 1136.0

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 0.56)
• Race & ethnicity: White 62% Black 22% Two or more races 9% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 3% Lithuanian 2% Slovak 2%
• Foreign-born: 5% · Canada, China, South Korea
• Languages at home: 90% English-only · Spanish 3% French/Haitian/Cajun 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: ▼ -72.97%
• Current HPI: 240.6261
• Rent YoY: ▲ 6.06%
• 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

+203.0% since first listed

5 events — show timeline

• 2026-05-25 Listed $300,000 Metro Search MLS
• 2012-09-28 Sold (Public Records) $237,250 Public Records
• 2006-02-27 Sold (Public Records) $218,000 Public Records
• 2006-02-24 Sold (MLS) $68,000 Metro Search MLS
• 2005-08-10 Listed $99,000 Metro Search MLS

Property tax history

+4.2%/yr

Latest (2025): $1,572 · -1.9% YoY. Source: county tax records.