3846 Southern Pkwy · Louisville, KY 40214

$219,000

4 bd · 3.0 ba · 2,260 sqft · MultiFamily · 72 Days on market

Built 1900 6,011 sqft lot

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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 +8.9/10.0
• ARV discount +7.5/15.0
• 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 (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Set on iconic Southern Parkway, this painted brick and stone tri-plex blends period charm with thoughtful updates. The inviting front porch welcomes you into a property featuring updated LVP flooring, spacious rooms, original doors and trimwork, beadboard details, stylish backsplashes, and decorative fireplace mantles that highlight the building's early 1900s character. The main-level unit offers 2 bedrooms, a full bath, a living room, and a kitchen/dining space, while the two upper units are studio-style layouts with a bedroom, full bath, and combined kitchen/living areas. Each unit enjoys porch access. Current leases include Unit 1 ($700/mo, expires 11/30), Unit 2 (vacant), and Unit 3 ($6

Key facts

• Beadboard details
• Inviting front porch
• Updated lvp flooring

Tags

• INVITING FRONT PORCH
• UPDATED LVP FLOORING
• ORIGINAL DOORS AND TRIMWORK
• BEADBOARD DETAILS
• STYLISH BACKSPLASHES
• DECORATIVE FIREPLACE MANTLES

Property features AI

Finance

• Financial info: Multi-unit investment property with three units (one first-level unit, two second-level units)
• HOA & community: No association fee

Exterior

• Parking: 5 parking spaces (not covered)
• Utilities: Electricity connected; Natural gas service; Owner pays water; owner pays gas; tenant pays electric
• Home design: Triplex; Traditional style; Built in 1900
• Construction: Brick and stone construction; Shingle roof
• Exterior features: Balcony; See remarks for additional lot features

Interior

• Kitchen: Kitchen in first-level unit; Kitchen in second-level units (2)
• Bedrooms: 4 total bedrooms (2 on the first level, 2 on the second level)
• Bathrooms: 3 full bathrooms (1 on the first level, 2 on the second level)
• Heating & cooling: Forced-air heating with natural gas; Central air; Wall/window air conditioning units
• Interior features: Multiple separate meters for units; Basement
• Laundry & utility: Two furnaces

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath multifamily listed at $219k.

Deal economics

• At list price, monthly cash flow is $979 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $219k).
• Recommended offer: $206k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.7% 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 (+1.9%/yr); 243 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 2,836 units permitted in Jefferson County in 2024 (1,558 in 5+ unit buildings).
• At $3,045/mo this rent would consume 67% 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 $2k of loan paydown is wiped out by about $7k 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 + 1.9% rent growth), your $61k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 72 days — a 6% lower offer ($206k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 27y ago; this cycle's ask has dropped $31k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $65k; list at $219k implies a 237% gain — meaningful room to come down on a strong offer.

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 $205,860 (6.0% below list)

Questions for the listing agent

1. It's been on market 72 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.39% ✓
• Cap rate: 11.66%
• Cash-on-cash: 19.17%
• DSCR: 1.85
• GRM: 6.0

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: 9.9%
• Equity multiple: 1.38×
• Total profit: $23,524
• Equity at exit: $32,654

10-year hold

• IRR: 18.1%
• Equity multiple: 2.42×
• Total profit: $87,282
• Equity at exit: $18,935

Cash invested: $61,320 (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: 16.9×

Monthly cashflow live

• Estimated rent: $3,045 high
• Mortgage (P&I): −$1,148
• Tax from tax record: −$186 /mo · $2,237/yr
• Insurance: −$91
• HOA: −$0
• Vacancy / Maint / Mgmt: −$639
• Net cashflow: $979

Break-even live

Break-even rent $1,805

Max offer price $219,000

Occupancy floor 63%

Sensitivity live

Price	-10% $1,103	-5% $1,041	+0% $979	+5% $917	+10% $855
Rent	-10% $739	-5% $859	+0% $979	+5% $1,100	+10% $1,220
Rate	-1.0pp $1,090	-0.5pp $1,035	base $979	+0.5pp $923	+1.0pp $865

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,080
▸ 2× units	1	1	$1,966
Total (3 units)			$3,045

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: $54,750
• Closing costs: $6,570
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3830 Southern Pkwy Louisville, KY	4.0	2.5	3332	$2,100	$0.63	17d	1	0.05mi
3102 Grant Ave Louisville, KY	4.0	2.0	1603	$1,595	$1.00	24d	1	0.31mi
2718 S 5th St Louisville, KY	5.0	2.0	2196	$1,600	$0.73	12d	1	0.75mi
2718 S 3rd St Unit 2 Louisville, KY	4.0	2.0	2000	$2,800	$1.40	12d	1	0.75mi
2711 S 3rd St Unit 1 Louisville, KY	4.0	2.0	1800	$2,400	$1.33	12d	1	0.77mi
4513 S 6th St Louisville, KY	3.0	2.0	1581	$2,650	$1.68	24d	1	0.79mi
516 Colorado Ave Louisville, KY	3.0	2.0	2000	$1,800	$0.90	17d	1	1.06mi
1505 Homeview Dr Louisville, KY	5.0	2.0	1949	$1,850	$0.95	17d	1	1.27mi
4010 Taylor Blvd Louisville, KY	4.0	2.0	1612	$3,000	$1.86	17d	1	1.31mi

Listing history 30 events

1. 2026-06-18
   days on market $219,000 Active 72 DOM
2. 2026-06-17
   days on market $219,000 Active 71 DOM
3. 2026-06-16
   days on market $219,000 Active 70 DOM
4. 2026-06-15
   days on market $219,000 Active 69 DOM
5. 2026-06-13
   days on market $219,000 Active 67 DOM
6. 2026-06-10
   days on market $219,000 Active 64 DOM
7. 2026-06-09
   days on market $219,000 Active 63 DOM
8. 2026-06-08
   days on market $219,000 Active 62 DOM
9. 2026-06-07
   days on market $219,000 Active 61 DOM
10. 2026-06-03
    days on market $219,000 Active 57 DOM
11. 2026-06-02
    days on market $219,000 Active 56 DOM
12. 2026-06-01
    days on market $219,000 Active 55 DOM
13. 2026-05-31
    days on market $219,000 Active 54 DOM
14. 2026-05-18
    price $224,900
15. 2026-05-05
    price $234,000
16. 2026-04-20
    price $240,000
17. 2026-04-07
    listed $250,000 Active
18. 2025-11-15
    historical
19. 2025-10-09
    price $265,000
20. 2025-09-08
    price $270,000
21. 2025-08-22
    listed $277,000 Active
22. 2022-08-02
    historical
23. 2022-07-08
    price $475,000
24. 2022-07-07
    listed $510,000 Active
25. 2006-12-14
    historical
26. 2006-10-15
    listed $95,000
27. 2006-09-30
    historical
28. 2005-10-08
    listed $105,000
29. 1999-05-28
    soldstatus $65,000
30. 1999-04-16
    listed $69,950

ⓘ 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: $2,237 · $186/mo
• Projected year-2 tax: $2,237 · $186/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 4/10 Moderate FEMA zone X (unshaded) · 22% 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: $36,540
• − Mortgage interest: −$12,267
• − Property taxes: −$2,237
• − Insurance: −$1,095
• − Repairs & maintenance: −$2,923
• − Management: −$2,923
• − Depreciation: −$6,371
• Taxable income: $8,724
• Est. tax owed @ 24.0%: −$2,094
• After-tax cash flow: $9,660/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

+221.5% since first listed

17 events — show timeline

• 2026-05-18 Price Changed $224,900 Metro Search MLS
• 2026-05-05 Price Changed $234,000 Metro Search MLS
• 2026-04-20 Price Changed $240,000 Metro Search MLS
• 2026-04-07 Listed $250,000 Metro Search MLS
• 2025-11-15 Listing Removed — Metro Search MLS
• 2025-10-09 Price Changed $265,000 Metro Search MLS
• 2025-09-08 Price Changed $270,000 Metro Search MLS
• 2025-08-22 Listed $277,000 Metro Search MLS
• 2022-08-02 Listing Removed — Metro Search MLS
• 2022-07-08 Price Changed $475,000 Metro Search MLS
• 2022-07-07 Listed $510,000 Metro Search MLS
• 2006-12-14 Listing Removed — Metro Search MLS
• 2006-10-15 Listed $95,000 Metro Search MLS
• 2006-09-30 Listing Removed — Metro Search MLS
• 2005-10-08 Listed $105,000 Metro Search MLS
• 1999-05-28 Sold (MLS) $65,000 Metro Search MLS
• 1999-04-16 Listed $69,950 Metro Search MLS

Property tax history

+5.5%/yr

Latest (2025): $2,237 · -1.9% YoY. Source: county tax records.