4221 S 2nd St · Louisville, KY 40214

$370,000

16 bd · None ba · 3,024 sqft · MultiFamily · 27 Days on market

Built 1960 8,059 sqft lot

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Why this score? — see what drove the C 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 +26.3/30.0
• DSCR +8.9/10.0
• ARV discount +7.5/15.0
• 1% rule +6.3/10.0
• Livability +3.2/5.0
• Rent growth +3.0/5.0
• 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

Louisville keeps showing up on every serious investor's radar — and this updated quadplex is exactly why. Four units, meaningful updates throughout, and a market where rental demand doesn't quit. One unit coming available soon. That's your house hack. Live in one, let three pay your mortgage while you build equity in a city that rewards patient landlords. The heavy lifting is already done. You're inheriting a stabilized asset, not a renovation list. Minutes from Noble Funk Brewing Company, Huston Quin Park, and George Rogers Clark Park. Don't sleep on this one.

Key facts

• Rental demand
• Four units
• Updated quadplex

Tags

• UPDATED QUADPLEX
• FOUR UNITS
• RENTAL DEMAND
• STABILIZED ASSET

Property features AI

Finance

• Other: Located in the Wilder Park subdivision; Directions: From 3rd St, left on Whitney Ave, left on S 2nd St
• Financial info: Separate meters for units
• HOA & community: No association fee

Exterior

• Parking: Six parking spaces (covered parking: none)
• Utilities: Natural gas available
• Home design: Other architectural style; Single property with multiple units (2 units on first level, 2 units on second level)
• Construction: Built in 1960; Brick construction; Shingle roof; Building area reported as 3,024 total
• Exterior features: No exterior features listed; Lot dimensions approximately 54 x 150; Lot area about 0.19 acres (8,059 sq ft)

Interior

• Bedrooms: Four bedrooms total — two on the first level and two on the second level
• Bathrooms: No full baths reported on either level
• Heating & cooling: Four furnaces; Central air; Wall/window air conditioning units
• Interior features: Two living rooms (one on each level); Basement present

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1-bath units multifamily listed at $370k.

Deal economics

• At list price, monthly cash flow is $954 ($11k/yr) — positive. Per door: $239/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $370k).
• Recommended offer: $364k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.4% 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 (+1.9%/yr); 243 active listings in the ZIP; 2,836 units permitted in Jefferson County in 2024 (1,558 in 5+ unit buildings).
• At $4,172/mo this rent would consume 91% of the median local household income ($55k/yr) (locally 2054% 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 $3k of loan paydown is wiped out by about $11k 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.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($364k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $125k; list at $370k implies a 196% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $364,450 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 1.13% ✓
• Cap rate: 9.39%
• Cash-on-cash: 11.06%
• DSCR: 1.49
• GRM: 7.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.89% rent growth · sell at horizon

5-year hold

• IRR: -1.0%
• Equity multiple: 0.96×
• Total profit: $-3,846
• Equity at exit: $55,168

10-year hold

• IRR: 7.5%
• Equity multiple: 1.54×
• Total profit: $56,150
• Equity at exit: $31,991

Cash invested: $103,600 (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 40214

• Rents YoY: 1.9%
• Active inventory: 243
• Price-to-rent: 29.6×

Monthly cashflow live

• Estimated rent: $4,172 high
• Mortgage (P&I): −$1,940
• Tax from tax record: −$247 /mo · $2,964/yr
• Insurance: −$154
• HOA: −$0
• Vacancy / Maint / Mgmt: −$876
• Net cashflow: $954

Break-even live

Break-even rent $2,964

Max offer price $370,000

Occupancy floor 72%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$4,172
Total (4 units)			$4,172

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: $92,500
• Closing costs: $11,100
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $370,000 Active 27 DOM
2. 2026-06-17
   days on market $370,000 Active 26 DOM
3. 2026-06-16
   days on market $370,000 Active 25 DOM
4. 2026-06-15
   days on market $370,000 Active 24 DOM
5. 2026-06-13
   days on market $370,000 Active 22 DOM
6. 2026-06-10
   days on market $370,000 Active 19 DOM
7. 2026-06-09
   days on market $370,000 Active 18 DOM
8. 2026-06-08
   days on market $370,000 Active 17 DOM
9. 2026-06-07
   days on market $370,000 Active 16 DOM
10. 2026-06-03
    days on market $370,000 Active 12 DOM
11. 2026-06-02
    days on market $370,000 Active 11 DOM
12. 2026-06-01
    days on market $370,000 Active 10 DOM
13. 2026-05-31
    days on market $370,000 Active 9 DOM
14. 2026-05-22
    listed $370,000 Active
15. 2023-02-17
    soldstatus $125,000

ⓘ 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: $2,964 · $247/mo
• Projected year-2 tax: $3,182 · $265/mo
• Expected delta: +$218/yr (+$18/mo · 7.4%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥105°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% 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: $50,064
• − Mortgage interest: −$20,726
• − Property taxes: −$2,964
• − Insurance: −$1,850
• − Repairs & maintenance: −$4,005
• − Management: −$4,005
• − Depreciation: −$10,764
• Taxable income: $5,751
• Est. tax owed @ 24.0%: −$1,380
• After-tax cash flow: $10,073/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): 45,405
• Household income: $54,931
• Rent vs Own: 45.6% rent · 54.4% own
• Severe rent burden: 2054.0

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 0.67)
• Race & ethnicity: White 51% Black 22% Hispanic / Latino 14% Two or more races 12% Asian 7%
• Hispanic origin (detail): Mexican 3% Cuban 6%
• Common ancestry: Slovak 1% Lithuanian 1% Serbian 1%
• Foreign-born: 21% · Canada, Vietnam, Philippines
• Languages at home: 74% English-only · Spanish 12% Vietnamese 3% Other Asian/Pacific 2%

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: ▼ -235.43%
• Current HPI: 237.4062
• Rent YoY: ▲ 1.89%
• 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

+196.0% since first listed

2 events — show timeline

• 2026-05-22 Listed $370,000 Metro Search MLS
• 2023-02-17 Sold (Public Records) $125,000 Public Records

Property tax history

+5.4%/yr

Latest (2025): $2,964 · -1.9% YoY. Source: county tax records.