4301 Naomi Dr · Louisville/Jefferson County metro government (balance), KY 40219

$340,000

8 bd · 4.0 ba · 3,236 sqft · MultiFamily · 38 Days on market

Built 1961

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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
• DSCR +10.0/10.0
• 1% rule +8.2/10.0
• ARV discount +7.5/15.0
• Rent growth +3.2/5.0
• Livability +2.5/5.0
• 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

Unique opportunity to own an income producing property in a high demand area. This well maintained 4plex is currently fully rented. Each unit offers about 800 sq ft with two bedrooms and 1 full bath, spacious living room and kitchen. This building is conveniently located near shopping centers. There are four parking spaces available, one for each tenant, and off street parking. Each unit is separately metered and has its own water heater and HVAC system. The building was fully renovated in 2015. All mechanical systems are around 5 years old. All windows were replaced 6 years ago. Currently, annual rent income is over $30,000. The seller pays about $300/month for water, shared area electric and garbage removal.

Key facts

• 4 parking spots
• Built 1961
• Listed 38 days

Property features AI

Finance

• Financial info: First-level units: two units with listed rent around 1515 each; Second-level units: two units with listed rent around 1575 each
• HOA & community: No association fee

Exterior

• Parking: Four parking spaces; No covered parking
• Utilities: Electricity connected; Separate meters for units
• Home design: Built in 1961; Brick construction; Shingle roof; Total building area approximately 3236
• Construction: Brick construction; Shingle roof; Built in 1961; No basement
• Exterior features: No notable exterior features listed

Interior

• Kitchen: Three kitchens total (one on the first level, two on the second level)
• 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: Forced air heating with four furnaces; Central air conditioning with four HVAC units
• Interior features: Multi-unit property with separate meters
• Laundry & utility: Tenant responsibility for cable, electric, and water

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $340k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $337/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $340k).
• Recommended offer: $330k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.0% vs local median 4.0% in Louisville/Jefferson County metro government (balance) — 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: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• 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 (+2.6%/yr); 103 active listings in the ZIP; 2,836 units permitted in Jefferson County in 2024 (1,558 in 5+ unit buildings).
• At $4,501/mo this rent would consume 97% of the median local household income ($56k/yr) (locally 1533% 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 + 2.6% rent growth), your $95k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($330k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 18y 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 $228k; 49% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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 $329,800 (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 1961 — 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. 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: 1.32% ✓
• Cap rate: 11.05%
• Cash-on-cash: 16.99%
• DSCR: 1.76
• GRM: 6.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.61% rent growth · sell at horizon

5-year hold

• IRR: 7.8%
• Equity multiple: 1.30×
• Total profit: $28,970
• Equity at exit: $50,695

10-year hold

• IRR: 16.7%
• Equity multiple: 2.35×
• Total profit: $128,523
• Equity at exit: $29,397

Cash invested: $95,200 (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 40219

• Rents YoY: 2.6%
• Active inventory: 103
• Price-to-rent: 25.2×

Monthly cashflow live

• Estimated rent: $4,501 high
• Mortgage (P&I): −$1,783
• Tax from tax record: −$283 /mo · $3,400/yr
• Insurance: −$142
• HOA: −$0
• Vacancy / Maint / Mgmt: −$945
• Net cashflow: $1,348

Break-even live

Break-even rent $2,795

Max offer price $340,000

Occupancy floor 65%

Sensitivity live

Price	-10% $1,540	-5% $1,444	+0% $1,348	+5% $1,252	+10% $1,155
Rent	-10% $992	-5% $1,170	+0% $1,348	+5% $1,526	+10% $1,703
Rate	-1.0pp $1,519	-0.5pp $1,434	base $1,348	+0.5pp $1,260	+1.0pp $1,170

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$4,500
Total (4 units)			$4,501

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: $85,000
• Closing costs: $10,200
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-18
   days on market $340,000 Active 38 DOM
2. 2026-06-17
   days on market $340,000 Active 37 DOM
3. 2026-06-16
   days on market $340,000 Active 36 DOM
4. 2026-06-15
   days on market $340,000 Active 35 DOM
5. 2026-06-13
   days on market $340,000 Active 33 DOM
6. 2026-06-10
   days on market $340,000 Active 30 DOM
7. 2026-06-09
   days on market $340,000 Active 29 DOM
8. 2026-06-08
   days on market $340,000 Active 28 DOM
9. 2026-06-07
   days on market $340,000 Active 27 DOM
10. 2026-06-03
    days on market $340,000 Active 23 DOM
11. 2026-06-02
    days on market $340,000 Active 22 DOM
12. 2026-06-01
    days on market $340,000 Active 21 DOM
13. 2026-05-31
    days on market $340,000 Active 20 DOM
14. 2026-05-11
    listed $340,000 Active
15. 2022-03-24
    price $695
16. 2021-02-24
    soldstatus $227,500
17. 2021-02-19
    soldstatus $227,500 Closed 719-char remark

    Show marketing remark (719 chars)

    Unique opportunity to own an income producing property in a high demand area. This well maintained 4plex is currently fully rented. Each unit offers about 800 sq ft with two bedrooms and 1 full bath, spacious living room and kitchen. This building is conveniently located near shopping centers. There are four parking spaces available, one for each tenant, and off street parking. Each unit is separately metered and has its own water heater and HVAC system. The building was fully renovated in 2015. All mechanical systems are around 5 years old. All windows were replaced 6 years ago. Currently, annual rent income is over $30,000. The seller pays about $300/month for water, shared area electric and garbage removal.

18. 2021-01-27
    status Pending 719-char remark

    Show marketing remark (719 chars)

    Unique opportunity to own an income producing property in a high demand area. This well maintained 4plex is currently fully rented. Each unit offers about 800 sq ft with two bedrooms and 1 full bath, spacious living room and kitchen. This building is conveniently located near shopping centers. There are four parking spaces available, one for each tenant, and off street parking. Each unit is separately metered and has its own water heater and HVAC system. The building was fully renovated in 2015. All mechanical systems are around 5 years old. All windows were replaced 6 years ago. Currently, annual rent income is over $30,000. The seller pays about $300/month for water, shared area electric and garbage removal.

19. 2021-01-21
    listed $225,000 Active 719-char remark

    Show marketing remark (719 chars)

    Unique opportunity to own an income producing property in a high demand area. This well maintained 4plex is currently fully rented. Each unit offers about 800 sq ft with two bedrooms and 1 full bath, spacious living room and kitchen. This building is conveniently located near shopping centers. There are four parking spaces available, one for each tenant, and off street parking. Each unit is separately metered and has its own water heater and HVAC system. The building was fully renovated in 2015. All mechanical systems are around 5 years old. All windows were replaced 6 years ago. Currently, annual rent income is over $30,000. The seller pays about $300/month for water, shared area electric and garbage removal.

20. 2009-01-14
    soldstatus $41,000 177-char remark

    Show marketing remark (177 chars)

    Sold as is, needs work. Subject to Seller's Addendum. Qualified buyers only. Agents: Do not give the lockbox code to your clients. Buyer's Agent must be present at all showings.

21. 2008-11-14
    listed $49,000 177-char remark

    Show marketing remark (177 chars)

    Sold as is, needs work. Subject to Seller's Addendum. Qualified buyers only. Agents: Do not give the lockbox code to your clients. Buyer's Agent must be present at all showings.

22. 2008-11-05
    historical
23. 2008-08-21
    historical
24. 2008-08-20
    listed $72,878
25. 2008-04-16
    listed $80,750
26. 2005-09-07
    soldstatus $138,000

ⓘ 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: $3,400 · $283/mo
• Projected year-2 tax: $3,400 · $283/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 · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% 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: $54,012
• − Mortgage interest: −$19,045
• − Property taxes: −$3,400
• − Insurance: −$1,700
• − Repairs & maintenance: −$4,321
• − Management: −$4,321
• − Depreciation: −$9,891
• Taxable income: $11,334
• Est. tax owed @ 24.0%: −$2,720
• After-tax cash flow: $13,454/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/Jefferson County metro government (balance)

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Louisville/Jefferson County metro government (balance), KY
• County: Jefferson County · 790,184 people
• City population: 419,741
• Metro: Louisville/Jefferson County, KY-IN
• Population (ZIP): 39,909
• Household income: $55,720
• Rent vs Own: 46.2% rent · 53.8% own
• Severe rent burden: 1533.0

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 44% Black 26% Hispanic / Latino 25% Two or more races 16% Asian 1%
• Hispanic origin (detail): Mexican 8% Cuban 14%
• Common ancestry: Lithuanian 1% Italian 1% Slovak 1%
• Foreign-born: 21% · Canada
• Languages at home: 70% English-only · Spanish 22% French/Haitian/Cajun 3% Arabic 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: ▼ -278.92%
• Current HPI: 264.3235
• Rent YoY: ▲ 2.61%
• 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

+146.4% since first listed

13 events — show timeline

• 2026-05-11 Listed $340,000 Metro Search MLS
• 2022-03-24 Price Changed $695 RENT.
• 2021-02-24 Sold (Public Records) $227,500 Public Records
• 2021-02-19 Sold (MLS) $227,500 Metro Search MLS
• 2021-01-27 Pending — Metro Search MLS
• 2021-01-21 Listed $225,000 Metro Search MLS
• 2009-01-14 Sold (MLS) $41,000 Metro Search MLS
• 2008-11-14 Listed $49,000 Metro Search MLS
• 2008-11-05 Listing Removed — Metro Search MLS
• 2008-08-21 Listing Removed — Metro Search MLS
• 2008-08-20 Listed $72,878 Metro Search MLS
• 2008-04-16 Listed $80,750 Metro Search MLS
• 2005-09-07 Sold (Public Records) $138,000 Public Records

Property tax history

+12.1%/yr

Latest (2025): $3,400 · +31.7% YoY. Source: county tax records.