3505 Lodge Ln #210 · Louisville/Jefferson County metro government (balance), KY 40218

$124,500

2 bd · 1.5 ba · 846 sqft · Condo · 20 Days on market

Built 1979

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Cash flow +4.7/30.0
• 1% rule +4.1/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Rent growth +1.6/5.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Step into extravagance and modernity with this impeccably updated condo, where every detail has been carefully curated for a lifestyle of sophistication and comfort. The open-concept living space is complimented with natural light, highlighting the sleek and contemporary design. The kitchen is ready for cooking with brand new appliances, countertops and cabinetry. Entertaining is a delight with the seamless flow from the kitchen to the stylishly appointed living and dining areas, perfect for hosting gatherings or enjoying quiet evenings. Indulge in relaxation in the primary suite, a haven of tranquility featuring ample closet space and an ensuite half bathroom with modern fixtures and finishes. No detail has been overlooked in the updated bathrooms, where style meets functionality. Step onto the private balcony, which overlooks the peaceful community area. This fully updated condo is not just a home; it's a statement of modern living, where elegance and convenience converge in perfect harmony. Welcome to a residence that redefines contemporary living.

Key facts

• Pet-friendly
• Community amenities
• Tennis courts

Tags

• ASSIGNED PARKING SPACE
• IN-UNIT LAUNDRY HOOKUPS
• PET-FRIENDLY
• COMMUNITY AMENITIES
• TENNIS COURTS
• PLAYGROUND

Property features AI

Finance

• Other: Part of a building with 3 floors and 12 condo units; Building number 3505; In-unit living area reported as 846 (source: listing)
• HOA & community: Association amenities include storage, clubhouse, and playground; Exterior maintenance, groundskeeping, master insurance, sewer, snow removal, trash, and water are covered by the association; Monthly maintenance fee applies; Rentals allowed; Pets allowed per restrictions

Exterior

• Parking: One assigned surface parking space
• Utilities: Electricity connected; Natural gas available; Sewer and water service included in maintenance
• Home design: Condominium; Single-story unit (one story); Located on building level 2; Architectural style: Other
• Construction: Built in 1979; Wood frame and brick construction; Shingle roof; Crawl space and slab foundation
• Exterior features: Balcony; Sidewalks on the lot; Level lot

Interior

• Kitchen: Kitchen adjacent to breakfast room
• Bedrooms: Two bedrooms, both on the first floor
• Bathrooms: One full bathroom; One half bathroom; Primary (en-suite) bathroom on the first floor
• Heating & cooling: Forced air heating with natural gas; Central air conditioning
• Interior features: Six total rooms; Primary bedroom and primary bathroom on the first floor; Living room; Breakfast room
• Laundry & utility: In-unit laundry located on the first floor

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $124k.

Deal economics

• At list price, monthly cash flow is $-310 ($-4k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $113k (9.4% below list).
• Recommended offer: $113k (9.4% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade F — 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.
• Zoned schools: Watterson Elementary (math 8% / reading 17%, grade F, #630 of 676 statewide, top 95%, 494 students, 70% FRL); Ramsey Middle (math 11% / reading 34%, grade F, #200 of 217 statewide, top 93%, 1,008 students, 62% FRL); Seneca High (math 8% / reading 17%, grade F, #228 of 254 statewide, top 91%, 1,309 students, 64% FRL).
• Market conditions: Rents falling (-3.5%/yr); 103 active listings in the ZIP; 37 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 $861 of loan paydown is wiped out by about $4k 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 20 days — a 2% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y 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.

Risks & watch-outs

• Watch-outs: HOA is 34% of rent.
• 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 $112,795 (9.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1979 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.91% ✗
• Cap rate: 3.31%
• Cash-on-cash: -10.66%
• DSCR: 0.53
• GRM: 9.2

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: -40.7%
• Equity multiple: -0.23×
• Total profit: $-42,984
• Equity at exit: $18,563

10-year hold

• IRR: —
• Equity multiple: -1.14×
• Total profit: $-74,691
• Equity at exit: $10,764

Cash invested: $34,860 (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: 103
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $1,128 high
• Mortgage (P&I): −$653
• Tax from tax record: −$112 /mo · $1,345/yr
• Insurance: −$52
• HOA est. from 4 same-building comps: −$384
• Vacancy / Maint / Mgmt: −$237
• Net cashflow: $-310

Break-even live

Break-even rent $1,520

Max offer price $69,775

Occupancy floor —

Sensitivity live

Price	-10% $-239	-5% $-275	+0% $-310	+5% $-345	+10% $-380
Rent	-10% $-399	-5% $-354	+0% $-310	+5% $-265	+10% $-221
Rate	-1.0pp $-247	-0.5pp $-278	base $-310	+0.5pp $-342	+1.0pp $-375

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: $31,125
• Closing costs: $3,735
• Reserves months: —
• Total cash needed: —

Rent comps 37 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3500 Lodge Ln #240 Louisville, KY	1.0	1.0	687	$1,040	$1.51	5d	1	0.04mi
6512 Six Mile Ln #6 Louisville, KY	2.0	2.0	900	$1,099	$1.22	18d	1	0.05mi
6512 Six Mile Ln #6 Louisville, KY	2.0	2.0	900	$1,099	$1.22	5d	1	0.05mi
6710 Six Mile Ln Louisville, KY	2.0	1.0	1005	$1,275	$1.27	25d	1	0.18mi
6710 Six Mile Ln Louisville, KY	2.0	1.0	1005	$1,275	$1.27	16d	1	0.18mi
3424 Breckenridge Ln Louisville, KY	2.0	1.0–2.0	875	$1,229	$1.40	5d	6	0.33mi
4401 Landside Dr Unit 3 Louisville, KY	2.0	1.0	850	$850	$1.00	12d	1	0.53mi
4405 Landside Dr Unit 3 Louisville, KY	2.0	1.0	800	$800	$1.00	25d	1	0.55mi
226 Granvil Dr Louisville, KY	3.0	1.0	1050	$1,800	$1.71	5d	1	0.55mi
4508 Landside Dr Unit 12 Louisville, KY	2.0	1.0	950	$1,000	$1.05	5d	1	0.58mi
7402 6 Mile Ln Apt 9 Louisville, KY	1.0	1.0	630	$975	$1.55	25d	1	0.60mi
4204 Breckenridge Ln Louisville, KY	1.0	1.0	650	$892	$1.37	16d	7	0.69mi
7025 Bronner Cir Louisville, KY	1.0–2.0	1.0–2.5	1050	$1,403	$1.34	13d	9	0.80mi
3712 Klondike Ln Louisville, KY	2.0	1.0	875	$950	$1.09	19d	1	0.94mi
8010 Summerfield Cir Louisville, KY	1.0–3.0	1.0–2.5	1100	$1,300	$1.18	16d	1	1.01mi
5935 6 Mile Ln Unit Second Floor Louisville, KY	2.0	1.0	980	$1,500	$1.53	25d	1	1.01mi
3710 Noblitt Dr Apt 3 Louisville, KY	2.0	1.0	950	$1,100	$1.16	19d	1	1.03mi
4313 Norbrook Dr Unit 4 Louisville, KY	2.0	1.0	725	$950	$1.31	25d	1	1.05mi
3705 Briarbridge Ln Unit 4 Louisville, KY	2.0	1.0	750	$750	$1.00	23d	1	1.06mi
3705 Briarbridge Ln Unit 4 Louisville, KY	2.0	1.0	750	$750	$1.00	25d	1	1.06mi
4311 Norbrook Dr Apt 4 Louisville, KY	1.0	1.0	550	$850	$1.55	25d	1	1.06mi
3700 Tyanne Pl Unit 208 Louisville, KY	1.0	1.0	575	$950	$1.65	25d	1	1.07mi
3700 Tyanne Pl Unit 218 Louisville, KY	1.0	1.0	575	$900	$1.57	25d	1	1.07mi
2106 Buechel Bank Rd Louisville, KY	1.0–3.0	1.0	1000	$1,234	$1.23	5d	7	1.08mi
3206 Abshire Ln Louisville, KY	1.0–2.0	1.0–2.0	720	$1,295	$1.80	4d	10	1.16mi
2906 Noe Ct Unit 2 Louisville, KY	2.0	1.0	878	$895	$1.02	25d	1	1.17mi
4603 Roxann Blvd Louisville, KY	1.0	1.0	576	$1,025	$1.78	4d	6	1.17mi
3245 Orchard Manor Cir Louisville, KY	1.0–2.0	1.0–2.0	950	$1,185	$1.25	5d	3	1.18mi
3206 Orchard Manor Cir Apt 7 Louisville, KY	2.0	1.0	850	$900	$1.06	5d	1	1.21mi
3204 Orchard Manor Cir Unit 3 Louisville, KY	2.0	1.0	750	$900	$1.20	5d	1	1.21mi
3316 Noe Way Louisville, KY	2.0	1.0	950	$950	$1.00	5d	2	1.22mi
7204 Churchill Park Dr Louisville, KY	1.0–3.0	1.0–2.0	1020	$1,362	$1.34	22d	35	1.22mi
2041 Shady Grove Way Louisville, KY	3.0	1.0–2.0	754	$1,238	$1.64	25d	4	1.23mi
3416 Clingstone Way Louisville, KY	2.0	1.5	900	$1,150	$1.28	19d	1	1.23mi
3216 Hikes Ln Louisville, KY	2.0	1.5	900	$1,150	$1.28	25d	1	1.25mi
203 El Conquistador Pl Louisville, KY	2.0	2.0	1006	$1,400	$1.39	25d	1	1.38mi
3012 Pamela Way Louisville, KY	1.0	1.0	600	$900	$1.50	5d	1	1.43mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-06-21
   days on market $124,500 Active 20 DOM
2. 2026-06-18
   days on market $124,500 Active 17 DOM
3. 2026-06-17
   days on market $124,500 Active 16 DOM
4. 2026-06-16
   days on market $124,500 Active 15 DOM
5. 2026-06-15
   days on market $124,500 Active 14 DOM
6. 2026-06-13
   days on market $124,500 Active 12 DOM
7. 2026-06-10
   days on market $124,500 Active 9 DOM
8. 2026-06-09
   days on market $124,500 Active 8 DOM
9. 2026-06-08
   days on market $124,500 Active 7 DOM
10. 2026-06-07
    days on market $124,500 Active 6 DOM
11. 2026-06-03
    days on market $124,500 Active 2 DOM
12. 2026-06-02
    pricedays on marketlisting id $124,500 Active 1 DOM
13. 2026-06-01
    days on market $124,900 Active 42 DOM
14. 2026-05-31
    days on market $124,900 Active 41 DOM
15. 2026-04-20
    listed $124,900 Active
16. 2023-12-12
    soldstatus $120,000
17. 2023-12-07
    soldstatus $120,000 Closed 1073-char remark

    Show marketing remark (1073 chars)

    Step into extravagance and modernity with this impeccably updated condo, where every detail has been carefully curated for a lifestyle of sophistication and comfort. The open-concept living space is complimented with natural light, highlighting the sleek and contemporary design. The kitchen is ready for cooking with brand new appliances, countertops and cabinetry. Entertaining is a delight with the seamless flow from the kitchen to the stylishly appointed living and dining areas, perfect for hosting gatherings or enjoying quiet evenings. Indulge in relaxation in the primary suite, a haven of tranquility featuring ample closet space and an ensuite half bathroom with modern fixtures and finishes. No detail has been overlooked in the updated bathrooms, where style meets functionality. Step onto the private balcony, which overlooks the peaceful community area. This fully updated condo is not just a home; it's a statement of modern living, where elegance and convenience converge in perfect harmony. Welcome to a residence that redefines contemporary living.

18. 2023-11-16
    status Pending 1073-char remark

    Show marketing remark (1073 chars)

    Step into extravagance and modernity with this impeccably updated condo, where every detail has been carefully curated for a lifestyle of sophistication and comfort. The open-concept living space is complimented with natural light, highlighting the sleek and contemporary design. The kitchen is ready for cooking with brand new appliances, countertops and cabinetry. Entertaining is a delight with the seamless flow from the kitchen to the stylishly appointed living and dining areas, perfect for hosting gatherings or enjoying quiet evenings. Indulge in relaxation in the primary suite, a haven of tranquility featuring ample closet space and an ensuite half bathroom with modern fixtures and finishes. No detail has been overlooked in the updated bathrooms, where style meets functionality. Step onto the private balcony, which overlooks the peaceful community area. This fully updated condo is not just a home; it's a statement of modern living, where elegance and convenience converge in perfect harmony. Welcome to a residence that redefines contemporary living.

19. 2023-11-15
    listed $120,000 Active 1073-char remark

    Show marketing remark (1073 chars)

    Step into extravagance and modernity with this impeccably updated condo, where every detail has been carefully curated for a lifestyle of sophistication and comfort. The open-concept living space is complimented with natural light, highlighting the sleek and contemporary design. The kitchen is ready for cooking with brand new appliances, countertops and cabinetry. Entertaining is a delight with the seamless flow from the kitchen to the stylishly appointed living and dining areas, perfect for hosting gatherings or enjoying quiet evenings. Indulge in relaxation in the primary suite, a haven of tranquility featuring ample closet space and an ensuite half bathroom with modern fixtures and finishes. No detail has been overlooked in the updated bathrooms, where style meets functionality. Step onto the private balcony, which overlooks the peaceful community area. This fully updated condo is not just a home; it's a statement of modern living, where elegance and convenience converge in perfect harmony. Welcome to a residence that redefines contemporary living.

ⓘ 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: $1,345 · $112/mo
• Projected year-2 tax: $1,345 · $112/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 ≥103°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 2 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,535
• − Mortgage interest: −$6,974
• − Property taxes: −$1,345
• − Insurance: −$622
• − Repairs & maintenance: −$1,083
• − Management: −$1,083
• − HOA: −$4,608
• − Depreciation: −$3,622
• Taxable loss: −$5,802
• Est. tax savings @ 24.0%: +$1,392
• After-tax cash flow: $-2,325/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

+4.1% since first listed

5 events — show timeline

• 2026-04-20 Listed $124,900 Metro Search MLS
• 2023-12-12 Sold (Public Records) $120,000 Public Records
• 2023-12-07 Sold (MLS) $120,000 Metro Search MLS
• 2023-11-16 Pending — Metro Search MLS
• 2023-11-15 Listed $120,000 Metro Search MLS

Property tax history

+7.5%/yr

Latest (2025): $1,345 · -2.1% YoY. Source: county tax records.