3320 Bardstown Rd Apt V4 · Louisville/Jefferson County metro government (balance), KY 40218

$39,900

1 bd · 1.0 ba · 559 sqft · Condo · 55 Days on market

Built 1960 $403/mo HOA · 45% of rent

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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 +20.5/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +6.5/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Rent growth +1.6/5.0
• Appreciation +0.0/10.0

Key facts

• Ground floor
• $403 HOA
• Built 1960

Tags

• GROUND FLOOR
• CONVENIENTLY NEAR I-264
• EASY ACCESS TO DOWNTOWN
• EASY ACCESS TO THE AIRPORT
• EASY ACCESS TO CHURCHILL DOWNS
• EASY ACCESS TO MUSEUMS

Property features AI

Finance

• HOA & community: Monthly maintenance fee applies (maintenance includes gas, heat, electric, water, sewer, trash, exterior maintenance, groundskeeping, snow removal, and master insurance); Association allows rentals; Pets allowed per restrictions; Condominium community (Brown Suburban)

Exterior

• Parking: Surface parking with front and side entry
• Security: Secured building
• Utilities: Electricity connected; Natural gas available; One HVAC unit for heating and one for cooling
• Home design: Residential condominium; High-rise/other architectural style; Unit located on level 1; Three-story building; Unit finished in the 1980s
• Construction: Brick construction; Built in 1960; Flat/other roof; Slab and poured concrete foundation
• Exterior features: Sidewalk; Storm sewer; Covenants/restrictions; Fencing (other)

Interior

• Kitchen: First-floor kitchen
• Bedrooms: One bedroom on the first floor
• Bathrooms: One full bathroom on the first floor
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Three total rooms; Three closets; No basement; First-floor laundry
• Laundry & utility: Laundry located on the first floor

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $40k.

Deal economics

• At list price, monthly cash flow is $53 ($635/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($891 rent vs $40k).
• Recommended offer: $39k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.9% 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 C — 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 falling (-3.5%/yr); 102 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 2,836 units permitted in Jefferson County in 2024 (1,558 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $276 of loan paydown is wiped out by about $1k 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 55 days — a 3% lower offer ($39k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 12y 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 $20k; list at $40k implies a 100% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 45% of rent.
• 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 $38,703 (3.0% below list)

Questions for the listing agent

1. It's been on market 55 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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: 2.23% ✓
• Cap rate: 7.88%
• Cash-on-cash: 5.68%
• DSCR: 1.25
• GRM: 3.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -14.5%
• Equity multiple: 0.51×
• Total profit: $-5,462
• Equity at exit: $5,949

10-year hold

• IRR: -26.8%
• Equity multiple: 0.15×
• Total profit: $-9,515
• Equity at exit: $3,450

Cash invested: $11,172 (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 40218

• Rents YoY: -3.5%
• Active inventory: 102
• Price-to-rent: 3.7×

Monthly cashflow live

• Estimated rent: $891 high
• Mortgage (P&I): −$209
• Tax from tax record: −$22 /mo · $263/yr
• Insurance: −$17
• HOA: −$403
• Vacancy / Maint / Mgmt: −$187
• Net cashflow: $53

Break-even live

Break-even rent $824

Max offer price $39,900

Occupancy floor 89%

Sensitivity live

Price	-10% $75	-5% $64	+0% $53	+5% $42	+10% $30
Rent	-10% $-17	-5% $18	+0% $53	+5% $88	+10% $123
Rate	-1.0pp $73	-0.5pp $63	base $53	+0.5pp $43	+1.0pp $32

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: $9,975
• Closing costs: $1,197
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3320 Bardstown Rd Unit V17 Louisville, KY	1.0	1.0	554	$825	$1.49	17d	1	0.04mi
2153 Goldsmith Ln Louisville, KY	1.0–3.0	1.0–2.0	950	$820	$0.86	4d	10	0.20mi
2206 Heather Ln Louisville, KY	1.0	1.0	480	$899	$1.87	17d	1	0.20mi
2013 Goldsmith Ln Louisville, KY	1.0	1.0	675	$865	$1.28	17d	1	0.35mi
2004 Goldsmith Ln Unit 3 Louisville, KY	2.0	1.0	750	$1,050	$1.40	22d	1	0.41mi
2007 Terril Ln Louisville, KY	1.0	1.0	587	$862	$1.47	25d	2	0.47mi
3201 Leith Ln Louisville, KY	1.0–2.0	1.0–1.5	850	$879	$1.03	4d	8	0.69mi
3600 Fountain Dr Louisville, KY	1.0–3.0	1.0	675	$849	$1.26	4d	30	0.73mi
3439 Newburg Rd Unit 1 Louisville, KY	1.0	1.0	700	$950	$1.36	25d	1	0.88mi
3715 Ethel Ave Louisville, KY	1.0	1.0	600	$1,400	$2.33	4d	1	1.08mi
3544 Brockton Ln Unit 3 Louisville, KY	1.0	1.0	650	$750	$1.15	25d	1	1.45mi
3544 Brockton Ln Unit 2 Louisville, KY	1.0	1.0	475	$650	$1.37	25d	1	1.45mi
3544 Brockton Ln Unit 2 Louisville, KY	1.0	1.0	475	$650	$1.37	18d	1	1.45mi
3544 Brockton Ln Unit 3 Louisville, KY	1.0	1.0	650	$750	$1.15	18d	1	1.45mi

HOA detail condo

• Monthly dues: $403 · $4,836/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-04-29
   status Pending
2. 2026-03-05
   listed $39,900 Active
3. 2026-03-01
   historical
4. 2026-01-12
   historical Active Under Contract
5. 2026-01-09
   listed $39,900 Active
6. 2025-12-31
   historical
7. 2025-07-29
   listed $39,900 Active
8. 2025-06-24
   status Pending
9. 2025-06-09
   historical Active Under Contract
10. 2025-06-07
    historical
11. 2025-03-10
    listed $39,900 Active
12. 2014-09-12
    historical
13. 2014-09-08
    soldstatus $20,000
14. 2014-09-05
    soldstatus $20,000
15. 2014-05-14
    listed $25,000

ⓘ 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: $263 · $22/mo
• Projected year-2 tax: $343 · $29/mo
• Expected delta: +$80/yr (+$7/mo · 30.4%)

ⓘ 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 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,689
• − Mortgage interest: −$2,235
• − Property taxes: −$263
• − Insurance: −$200
• − Repairs & maintenance: −$855
• − Management: −$855
• − HOA: −$4,836
• − Depreciation: −$1,161
• Taxable income: $285
• Est. tax owed @ 24.0%: −$68
• After-tax cash flow: $567/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): 33,736
• Household income: $58,811
• Rent vs Own: 50.5% rent · 49.5% own
• Severe rent burden: 1590.0

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 0.69)
• Race & ethnicity: White 42% Black 32% Hispanic / Latino 17% Two or more races 16% Asian 4%
• Hispanic origin (detail): Mexican 5% Puerto Rican 1% Cuban 7%
• Common ancestry: Lithuanian 1% Portuguese 1% Swiss 1%
• Foreign-born: 20% · Canada, India, Jamaica
• Languages at home: 77% English-only · Spanish 12% Other Indo-European 3% Arabic 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: ▼ -208.23%
• Current HPI: 257.9528
• Rent YoY: ▼ -3.47%
• 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

+59.6% since first listed

15 events — show timeline

• 2026-04-29 Pending — Metro Search MLS
• 2026-03-05 Listed $39,900 Metro Search MLS
• 2026-03-01 Listing Removed — Metro Search MLS
• 2026-01-12 Contingent — Metro Search MLS
• 2026-01-09 Listed $39,900 Metro Search MLS
• 2025-12-31 Listing Removed — Metro Search MLS
• 2025-07-29 Listed $39,900 Metro Search MLS
• 2025-06-24 Pending — Metro Search MLS
• 2025-06-09 Contingent — Metro Search MLS
• 2025-06-07 Listing Removed — Metro Search MLS
• 2025-03-10 Listed $39,900 Metro Search MLS
• 2014-09-12 Listing Removed — Metro Search MLS
• 2014-09-08 Sold (Public Records) $20,000 Public Records
• 2014-09-05 Sold (MLS) $20,000 Metro Search MLS
• 2014-05-14 Listed $25,000 Metro Search MLS

Property tax history

+1.2%/yr

Latest (2025): $263 · -17.8% YoY. Source: county tax records.