2332 Sycamore Ave · Louisville, KY 40206

$399,900

12 bd · 9.0 ba · 2,520 sqft · MultiFamily · 22 Days on market

Built 1955 9,148 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 +7.8/10.0
• ARV discount +7.5/15.0
• Rent growth +3.2/5.0
• 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: 3 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

Fully Leased! This is an excellent investment property is a highly convenient area. The owner pays for the water. The gas and the electric are separately meters. One of the units is discounted for general maintenance/mowing of the property.

Key facts

• Below-market rents
• Low vacancy rates
• Triplex

Tags

• TRIPLEX
• STRONG RENTAL HISTORY
• LOW VACANCY RATES
• BELOW-MARKET RENTS

Property features AI

Finance

• Other: Subdivision: Clifton Heights; Lot approximately 0.21 acres (60 x 155)
• Financial info: Property is a triplex with multiple rental units (first level: 2 units renting at listed rents; second level: 1 unit; basement rent listed but appears anomalous); Additional storage available; Pets allowed
• HOA & community: No association fee

Exterior

• Parking: 6 parking spaces (not covered)
• Utilities: Electricity connected; Natural gas available; Owner pays some utilities (electric, gas, sewer, trash removal, water); tenants pay cable, electric, gas, sewer, water; Separate meters present
• Home design: Triplex property; Traditional style; Built in 1955; Asphalt roof; Brick construction
• Construction: Built in 1955; Brick construction; Asphalt roof; Living/building area reported as 2520
• Exterior features: No notable exterior features listed

Interior

• Kitchen: Multiple kitchens (2 on first level); Ranges included (2 on first level, 1 on second level); Refrigerators included (2 on first level)
• Bedrooms: Total of 4 bedrooms
• Bathrooms: Three full bathrooms (two on first level, one on second level)
• Heating & cooling: Heating provided (electric and natural gas); Three furnaces; Central air and wall/window units for cooling
• Interior features: Traditional architectural style; No basement
• Laundry & utility: Laundry facilities on first level (2)

What this means for you Summary

Snapshot

• This is a 3 × 4-bed/3.0-bath units multifamily listed at $400k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive. Per door: $499/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $400k).
• Recommended offer: $394k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.8% 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 (+2.9%/yr); 133 active listings in the ZIP; solid renter incomes; 2,836 units permitted in Jefferson County in 2024 (1,558 in 5+ unit buildings).
• At $5,127/mo this rent would consume 81% of the median local household income ($76k/yr) (locally 995% 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 $12k 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 + 2.9% rent growth), your $112k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($394k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 15y 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 $280k; 43% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1955 — 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 $393,901 (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 1955 — 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: 1.28% ✓
• Cap rate: 10.78%
• Cash-on-cash: 16.04%
• DSCR: 1.71
• GRM: 6.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.89% rent growth · sell at horizon

5-year hold

• IRR: 6.9%
• Equity multiple: 1.27×
• Total profit: $29,912
• Equity at exit: $59,626

10-year hold

• IRR: 16.1%
• Equity multiple: 2.31×
• Total profit: $146,269
• Equity at exit: $34,576

Cash invested: $111,972 (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 40206

• Rents YoY: 2.9%
• Active inventory: 133
• Price-to-rent: 19.5×

Monthly cashflow live

• Estimated rent: $5,127 medium
• Mortgage (P&I): −$2,097
• Tax from tax record: −$290 /mo · $3,478/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,077
• Net cashflow: $1,497

Break-even live

Break-even rent $3,232

Max offer price $399,900

Occupancy floor 66%

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

Units	Beds	Baths	Est. rent
▸ 3× units	4	3	$5,127
Total (3 units)			$5,127

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: $99,975
• Closing costs: $11,997
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $399,900 Active 22 DOM
2. 2026-06-17
   days on market $399,900 Active 21 DOM
3. 2026-06-16
   days on market $399,900 Active 20 DOM
4. 2026-06-15
   days on market $399,900 Active 19 DOM
5. 2026-06-13
   days on market $399,900 Active 17 DOM
6. 2026-06-10
   days on market $399,900 Active 14 DOM
7. 2026-06-09
   days on market $399,900 Active 13 DOM
8. 2026-06-08
   days on market $399,900 Active 12 DOM
9. 2026-06-07
   days on market $399,900 Active 11 DOM
10. 2026-06-03
    days on market $399,900 Active 7 DOM
11. 2026-06-02
    days on market $399,900 Active 6 DOM
12. 2026-06-01
    days on market $399,900 Active 5 DOM
13. 2026-05-31
    days on market $399,900 Active 4 DOM
14. 2026-05-27
    listed $399,900 Active
15. 2020-08-13
    soldstatus $280,000
16. 2020-08-10
    soldstatus $280,000 Closed 245-char remark

    Show marketing remark (245 chars)

    Fully Leased! This is an excellent investment property is a highly convenient area. The owner pays for the water. The gas and the electric are separately meters. One of the units is discounted for general maintenance/mowing of the property.

17. 2020-06-27
    status Pending 245-char remark

    Show marketing remark (245 chars)

    Fully Leased! This is an excellent investment property is a highly convenient area. The owner pays for the water. The gas and the electric are separately meters. One of the units is discounted for general maintenance/mowing of the property.

18. 2020-06-24
    listed $284,900 Active 245-char remark

    Show marketing remark (245 chars)

    Fully Leased! This is an excellent investment property is a highly convenient area. The owner pays for the water. The gas and the electric are separately meters. One of the units is discounted for general maintenance/mowing of the property.

19. 2012-06-04
    historical
20. 2012-04-11
    soldstatus $145,000
21. 2011-06-04
    listed $155,000

ⓘ 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: $3,478 · $290/mo
• Projected year-2 tax: $3,478 · $290/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 · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $61,524
• − Mortgage interest: −$22,401
• − Property taxes: −$3,478
• − Insurance: −$2,000
• − Repairs & maintenance: −$4,922
• − Management: −$4,922
• − Depreciation: −$11,633
• Taxable income: $12,169
• Est. tax owed @ 24.0%: −$2,921
• After-tax cash flow: $15,041/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): 20,161
• Household income: $75,798
• Rent vs Own: 47.4% rent · 52.6% own
• Severe rent burden: 995.0

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: Predominantly White (78%)
• Race & ethnicity: White 78% Black 11% Two or more races 6% Hispanic / Latino 4% Asian 3%
• Common ancestry: Lithuanian 4% Slovak 3% Serbian 3%
• Foreign-born: 8% · Canada
• Languages at home: 91% English-only · Spanish 4% Korean 1% Tagalog/Filipino 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: ▼ -414.83%
• Current HPI: 242.7908
• Rent YoY: ▲ 2.89%
• 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

+158.0% since first listed

8 events — show timeline

• 2026-05-27 Listed $399,900 Metro Search MLS
• 2020-08-13 Sold (Public Records) $280,000 Public Records
• 2020-08-10 Sold (MLS) $280,000 Metro Search MLS
• 2020-06-27 Pending — Metro Search MLS
• 2020-06-24 Listed $284,900 Metro Search MLS
• 2012-06-04 Listing Removed — Metro Search MLS
• 2012-04-11 Sold (Public Records) $145,000 Public Records
• 2011-06-04 Listed $155,000 Metro Search MLS

Property tax history

+5.6%/yr

Latest (2025): $3,478 · -1.9% YoY. Source: county tax records.