2122 Speed Ave · Louisville, KY 40205

$450,000

4 bd · 4.0 ba · 2,630 sqft · MultiFamily · 20 Days on market

Built 1930 4,950 sqft lot Est $505k · 11% under

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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 +24.6/30.0
• ARV discount +12.4/15.0
• DSCR +7.9/10.0
• 1% rule +5.8/10.0
• Rent growth +3.8/5.0
• 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

Value-add four-unit multifamily opportunity in the Highlands/Seneca area. Property consists of four approximately 610 SF units, ask listing agent for detail. Significant upside through renovation. Building requires repairs and is being sold as-is. Total building square footage is approximately 2,630 SF per PVA. Strong location near major corridors, retail, and employment centers. Ideal for investors seeking to reposition and stabilize the asset. Buyer to verify all information. Buyer to perform all due diligence regarding condition, scope of work, and rental projections.

Key facts

• 4,950 sq ft lot
• Built 1930
• Listed 20 days

Property features AI

Finance

• Other: Lot dimensions about 33 x 150 with sidewalk; lot area ~4,950 sq ft
• Financial info: Two rental units (one on 1st level and one on 2nd level), each listed with rent of $1,400; Owner pays water, sewer and trash removal; tenants pay electric, gas and cable
• HOA & community: No association fee

Exterior

• Parking: No covered parking
• Utilities: Electricity connected; Natural gas fuel; Owner pays water, sewer and trash; tenants pay electric, gas and cable (per lease details)
• Home design: Apartment property; Built in 1930; Terra cotta pitched roof; Brick construction; Built area approximately 2,630 (building living area)
• Construction: Brick construction; Terra cotta pitched roof; 1930 construction year
• Exterior features: No notable exterior features listed; Sidewalk along the lot

Interior

• Kitchen: Each unit has a kitchen; Each unit includes a range and refrigerator
• Bedrooms: 4 bedrooms total (2 bedrooms in the 1st-level unit; 2 bedrooms in the 2nd-level unit)
• Bathrooms: 4 full bathrooms total (2 full baths in the 1st-level unit; 2 full baths in the 2nd-level unit)
• Heating & cooling: Gravity heating with 4 furnaces; Wall/window air conditioning units
• Interior features: Separate meters for units; Basement
• Laundry & utility: No in-unit laundry reported

What this means for you Summary

Snapshot

• This is a 4-bed/4.0-bath multifamily listed at $450k.

Deal economics

• At list price, monthly cash flow is $874 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $450k).
• Recommended offer: $443k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.8% 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 fast (+5.4%/yr); 127 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,836 units permitted in Jefferson County in 2024 (1,558 in 5+ unit buildings).
• At $4,848/mo this rent would consume 58% of the median local household income ($100k/yr) (locally 492% 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 $14k 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 + 5.4% rent growth), your $126k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($443k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe 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 $443,250 (1.5% below list)

Questions for the listing agent

1. Built in 1930 — 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: 1.08% ✓
• Cap rate: 8.77%
• Cash-on-cash: 8.85%
• DSCR: 1.39
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $504,960
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2074 Sherwood Ave	0.43mi	4/2.5	2,717 (+3%)	20mo	$535,000	$197	51
2023 Woodbourne Ave	0.56mi	4/2.0	2,745 (+4%)	12mo	$480,000	$175	48
2102 Saratoga Dr	0.51mi	4/2.0	2,410 (-8%)	16mo	$463,925	$193	40
1836 Eastern Pkwy	0.63mi	3/3.0 (-1)	2,870 (+9%)	15mo	$422,000	$147	34
1621 Norris Pl	0.54mi	4/2.0	2,270 (-14%)	18mo	$435,000	$192	29
2121 Edgeland Ave	0.73mi	5/2.5 (+1)	2,500 (-5%)	21mo	$381,000	$152	29

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 · 5.39% rent growth · sell at horizon

5-year hold

• IRR: -1.1%
• Equity multiple: 0.96×
• Total profit: $-5,365
• Equity at exit: $67,096

10-year hold

• IRR: 10.9%
• Equity multiple: 1.94×
• Total profit: $118,326
• Equity at exit: $38,908

Cash invested: $126,000 (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 40205

• Rents YoY: 5.4%
• Active inventory: 127
• Price-to-rent: 30.9×

Monthly cashflow live

• Estimated rent: $4,848 high
• Mortgage (P&I): −$2,360
• Tax from tax record: −$353 /mo · $4,241/yr
• Insurance: −$188
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,018
• Net cashflow: $874

Break-even live

Break-even rent $3,742

Max offer price $450,000

Occupancy floor 77%

Sensitivity live

Price	-10% $1,128	-5% $1,001	+0% $874	+5% $746	+10% $619
Rent	-10% $491	-5% $682	+0% $874	+5% $1,065	+10% $1,257
Rate	-1.0pp $1,100	-0.5pp $988	base $874	+0.5pp $757	+1.0pp $638

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$4,848
Total (4 units)			$4,848

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: $112,500
• Closing costs: $13,500
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1576 Cherokee Rd #6 Louisville, KY	3.0	3.5	2639	$8,000	$3.03	17d	1	0.48mi
1915 Overlook Ter Louisville, KY	3.0	2.5	2855	$3,180	$1.11	24d	1	0.60mi
2103 Wrocklage Ave Louisville, KY	3.0	2.0	1798	$3,100	$1.72	17d	1	0.65mi
1604 Edgeland Ave Louisville, KY	3.0	2.0	2263	$3,000	$1.33	4d	1	0.86mi
2424 Longest Ave Louisville, KY	4.0	2.5	2845	$3,800	$1.34	4d	1	0.87mi

Listing history 2 events

1. 2026-05-18
   status Pending
2. 2026-04-28
   listed $450,000 Active

ⓘ 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: $4,241 · $353/mo
• Projected year-2 tax: $4,241 · $353/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 9/10 Extreme FEMA zone X (unshaded) · 99% 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 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: $58,176
• − Mortgage interest: −$25,207
• − Property taxes: −$4,241
• − Insurance: −$2,916
• − Repairs & maintenance: −$4,654
• − Management: −$4,654
• − Depreciation: −$13,091
• Taxable income: $3,412
• Est. tax owed @ 24.0%: −$819
• After-tax cash flow: $9,664/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): 24,664
• Household income: $99,966
• Rent vs Own: 25.6% rent · 74.4% own
• Severe rent burden: 492.0

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 (92%)
• Race & ethnicity: White 92% Two or more races 4% Black 3% Hispanic / Latino 2%
• Common ancestry: Slovak 4% Italian 3% Lithuanian 2%
• Foreign-born: 4% · Canada
• Languages at home: 96% English-only · Russian/Polish/Slavic 1% Spanish 1% Other Asian/Pacific 0%

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: ▼ -384.33%
• Current HPI: 253.5022
• Rent YoY: ▲ 5.39%
• 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

2 events — show timeline

• 2026-05-18 Pending — Metro Search MLS
• 2026-04-28 Listed $450,000 Metro Search MLS

Property tax history

+5.9%/yr

Latest (2025): $4,241 · -1.9% YoY. Source: county tax records.