409 Marret Ave · Louisville, KY 40208

$300,000

4 bd · 4.0 ba · 4,200 sqft · Other · 123 Days on market

Built 1927 Fair condition 6,500 sqft lot $71/sqft · 36% below area Est $470k · 36% 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 +15.7/30.0
• ARV discount +15.0/15.0
• DSCR +4.8/10.0
• 1% rule +4.3/10.0
• Rent growth +4.0/5.0
• Schools +3.8/10.0
• Livability +3.2/5.0
• Condition / age +2.0/5.0
• Appreciation +0.0/10.0

Key facts

• 6,500 sq ft lot
• 8 parking spots
• Built 1927

What this means for you Summary

Snapshot

• This is a 4-bed/4.0-bath other listed at $300k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $131 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $279k (7.0% below list).
• Recommended offer: $264k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.8% vs local median 4.9% 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+, crime F.
• 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: Engelhard Elementary (math 8% / reading 12%, grade F, #648 of 676 statewide, top 98%, 276 students, 76% FRL); Meyzeek Middle (math 50% / reading 61%, grade B-, #7 of 217 statewide, top 3%, 930 students, 42% FRL); Atherton High (math 52% / reading 47%, grade D, #13 of 254 statewide, top 5%, 1,461 students, 39% FRL) — zoned schools at 53% FRL track the district average.
• Market conditions: Rents rising fast (+6.1%/yr); 132 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 120d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 83% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 2,836 units permitted in Jefferson County in 2024 (1,558 in 5+ unit buildings).
• At $2,790/mo this rent would consume 85% of the median local household income ($40k/yr) — 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 $9k 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 123 days — a 12% lower offer ($264k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1927 — 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 $264,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 123 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.93% ✗
• Cap rate: 6.82%
• Cash-on-cash: 1.87%
• DSCR: 1.08
• GRM: 9.0

CMA / ARV

• ARV (median comp): $470,000
• List price: $300,000
• Delta: -36.17%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1358 S 2nd St	0.46mi	5/4.5 (+1)	4,179 (-0%)	11mo	$345,000	$83	61
401 Gernert Ct	0.41mi	4/4.0	4,644 (+11%)	20mo	$330,000	$71	46
433 Park Ave	0.72mi	5/4.0 (+1)	4,686 (+12%)	17mo	$592,000	$126	28
1466 Saint James Ct	0.81mi	3/3.0 (-1)	3,480 (-17%)	5mo	$440,239	$127	27
416 Belgravia Ct	0.76mi	5/5.0 (+1)	3,664 (-13%)	12mo	$570,000	$156	25
1013 S 3rd St	0.72mi	5/5.0 (+1)	4,984 (+19%)	15mo	$445,000	$89	20

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 · 6.06% rent growth · sell at horizon

5-year hold

• IRR: -9.9%
• Equity multiple: 0.63×
• Total profit: $-31,377
• Equity at exit: $44,731

10-year hold

• IRR: 3.2%
• Equity multiple: 1.27×
• Total profit: $22,276
• Equity at exit: $25,939

Cash invested: $84,000 (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 →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 2 active
• Months of supply: 6.0 mo (17%/mo absorbed)
• Median asking: $347,000 ($92/sqft)
• Median days on market: 79 d
• This list price: lowest-priced of the active set
• ARV vs active asking: +21.8% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 40208

• Home prices YoY: -23.3%
• Rents YoY: 6.1%
• Active inventory: 132
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $2,790 high
• Mortgage (P&I): −$1,573
• Tax est. 1.5%: −$375 /mo · $4,500/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$586
• Net cashflow: $131

Break-even live

Break-even rent $2,624

Max offer price $300,000

Occupancy floor 90%

Sensitivity live

Price	-10% $338	-5% $235	+0% $131	+5% $27	+10% $-76
Rent	-10% $-89	-5% $21	+0% $131	+5% $241	+10% $351
Rate	-1.0pp $282	-0.5pp $207	base $131	+0.5pp $53	+1.0pp $-26

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: $75,000
• Closing costs: $9,000
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1355 S Brook St Louisville, KY	5.0	2.5	2827	$2,900	$1.03	10d	1	0.24mi
1451 S 2nd St Louisville, KY	4.0	3.5	3983	$4,200	$1.05	119d	1	0.49mi
1100 S 3rd St Louisville, KY	3.0	2.0	2832	$2,500	$0.88	119d	1	0.68mi
1115 S 4th St Unit 300 Louisville, KY	3.0	1.0	3200	$1,975	$0.62	119d	1	0.70mi
540 S 4th St Unit 401 Louisville, KY	3.0	3.5	3200	$4,500	$1.41	107d	1	1.45mi
540 S 4th St Unit 401 Louisville, KY	3.0	3.5	3200	$4,500	$1.41	119d	1	1.45mi

Property features AI

Finance

• Other: Living area reported as 4,200 total
• Financial info: Designed as a multi-unit property with separate meters
• HOA & community: No association fee

Exterior

• Parking: 8 parking spacesCovered parking: No
• Utilities: Electricity connectedOwner pays sewer and water; tenants pay cable, electric, trash removal, and water
• Home design: Traditional architectural styleMultifamily property with 2 units (one on 1st level, one on 2nd level)
• Construction: Built in 1927Construction materials: Concrete, Brick, StuccoShingle roof
• Exterior features: No additional exterior features listedSubdivision: Old LouisvilleLot dimensions approximately 50 x 120

Interior

• Bedrooms: 4 total bedroomsEach unit contains 2 bedrooms (1st level unit: 2 bedrooms; 2nd level unit: 2 bedrooms)
• Bathrooms: 4 full bathrooms (2 in the 1st level unit; 2 in the 2nd level unit)
• Heating & cooling: 4 furnaces2 HVAC units
• Interior features: Basement presentSeparate utility meters

Listing history 50 events

1. 2026-09-24
   days on market $300,000 Active 123 DOM
2. 2026-09-23
   days on market $300,000 Active 122 DOM
3. 2026-09-22
   days on market $300,000 Active 121 DOM
4. 2026-09-21
   days on market $300,000 Active 120 DOM
5. 2026-09-20
   days on market $300,000 Active 119 DOM
6. 2026-09-19
   days on market $300,000 Active 118 DOM
7. 2026-09-18
   days on market $300,000 Active 117 DOM
8. 2026-09-17
   days on market $300,000 Active 116 DOM
9. 2026-09-16
   days on market $300,000 Active 115 DOM
10. 2026-09-15
    days on market $300,000 Active 114 DOM
11. 2026-09-14
    days on market $300,000 Active 113 DOM
12. 2026-09-13
    days on market $300,000 Active 112 DOM
13. 2026-09-12
    days on market $300,000 Active 111 DOM
14. 2026-09-11
    days on market $300,000 Active 110 DOM
15. 2026-09-05
    days on market $300,000 Active 104 DOM
16. 2026-09-04
    days on market $300,000 Active 103 DOM
17. 2026-09-03
    days on market $300,000 Active 102 DOM
18. 2026-08-31
    days on market $300,000 Active 99 DOM
19. 2026-08-30
    days on market $300,000 Active 98 DOM
20. 2026-08-29
    days on market $300,000 Active 97 DOM
21. 2026-08-28
    days on market $300,000 Active 96 DOM
22. 2026-08-27
    days on market $300,000 Active 95 DOM
23. 2026-08-25
    days on market $300,000 Active 93 DOM
24. 2026-08-24
    days on market $300,000 Active 92 DOM
25. 2026-08-23
    days on market $300,000 Active 91 DOM
26. 2026-08-22
    days on market $300,000 Active 90 DOM
27. 2026-08-21
    days on market $300,000 Active 89 DOM
28. 2026-08-20
    days on market $300,000 Active 88 DOM
29. 2026-08-19
    days on market $300,000 Active 87 DOM
30. 2026-08-18
    days on market $300,000 Active 86 DOM
31. 2026-08-17
    days on market $300,000 Active 85 DOM
32. 2026-08-16
    days on market $300,000 Active 84 DOM
33. 2026-08-15
    days on market $300,000 Active 83 DOM
34. 2026-08-14
    days on market $300,000 Active 82 DOM
35. 2026-08-13
    days on market $300,000 Active 81 DOM
36. 2026-08-12
    days on market $300,000 Active 80 DOM
37. 2026-08-11
    days on market $300,000 Active 79 DOM
38. 2026-08-10
    days on market $300,000 Active 78 DOM
39. 2026-08-09
    days on market $300,000 Active 77 DOM
40. 2026-08-08
    days on market $300,000 Active 76 DOM
41. 2026-08-07
    days on market $300,000 Active 75 DOM
42. 2026-08-06
    days on market $300,000 Active 74 DOM
43. 2026-08-05
    days on market $300,000 Active 73 DOM
44. 2026-08-04
    days on market $300,000 Active 72 DOM
45. 2026-08-03
    days on market $300,000 Active 71 DOM
46. 2026-07-31
    days on market $300,000 Active 68 DOM
47. 2026-07-30
    days on market $300,000 Active 66 DOM
48. 2026-07-28
    days on market $300,000 Active 65 DOM
49. 2026-07-26
    days on market $300,000 Active 63 DOM
50. 2026-07-24
    days on market $300,000 Active 61 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 24% 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 100% 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: $33,481
• − Mortgage interest: −$16,805
• − Property taxes: −$4,500
• − Insurance: −$1,500
• − Repairs & maintenance: −$2,679
• − Management: −$2,679
• − Depreciation: −$8,727
• Taxable loss: −$3,408
• Est. tax savings @ 24.0%: +$818
• After-tax cash flow: $2,389/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.

Condition & rehab AI · 1 photo

Fair 40/100 Moderate rehab Est. rehab $105,000–$189,000 screening

A moderate renovation is needed to improve the home's curb appeal and overall condition, focusing on exterior paint and landscaping.

Repairs flagged

• Major Exterior paint — Significant wear and tear
• Minor Landscaping — Needs trimming and planting

Value-add opportunities

• Resale Paint exterior — Fresh paint enhances curb appeal ↑
• Rental Landscaping — Well-maintained landscaping attracts tenants ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 38/100

Zoned Schools

Elementary Engelhard Elementary F KY #648/676 Nat'l #39,071/41,679 Middle Meyzeek Middle B- KY #7/217 Nat'l #2,418/14,009 High Atherton High D KY #13/254 Nat'l #5,677/17,239

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

C Composite livability gradescore 63/100

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 · 823,112 people
• City population: 769,292
• Metro: Louisville/Jefferson County, KY-IN
• Population (ZIP): 15,605
• Household income: $39,560
• Rent vs Own: 73.8% rent · 26.2% own
• Severe rent burden: 10% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 62% Black 22% Two or more races 9% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 3% Lithuanian 2% Slovak 2%
• Foreign-born: 5% · Canada, China, South Korea
• Languages at home: 90% English-only · Spanish 3% French/Haitian/Cajun 1%

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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: ▼ -72.97%
• Current HPI: 240.6261
• Rent YoY: ▲ 6.06%
• Metro: Louisville/Jefferson County, KY-IN
• State GDP YoY: ▲ 1.81%
• F500 in state: 4

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Industry mix (Fortune 500 HQ in KY)

Industry	F500 HQs	Revenue
▸Healthcare	1	$118B
▸Food / Beverage	1	$7B

Property features AI

Finance

• Other: Living area reported as 4,200 total
• Financial info: Designed as a multi-unit property with separate meters
• HOA & community: No association fee

Exterior

• Parking: 8 parking spacesCovered parking: No
• Utilities: Electricity connectedOwner pays sewer and water; tenants pay cable, electric, trash removal, and water
• Home design: Traditional architectural styleMultifamily property with 2 units (one on 1st level, one on 2nd level)
• Construction: Built in 1927Construction materials: Concrete, Brick, StuccoShingle roof
• Exterior features: No additional exterior features listedSubdivision: Old LouisvilleLot dimensions approximately 50 x 120

Interior

• Bedrooms: 4 total bedroomsEach unit contains 2 bedrooms (1st level unit: 2 bedrooms; 2nd level unit: 2 bedrooms)
• Bathrooms: 4 full bathrooms (2 in the 1st level unit; 2 in the 2nd level unit)
• Heating & cooling: 4 furnaces2 HVAC units
• Interior features: Basement presentSeparate utility meters

Price history

1 event — show timeline

• 2026-05-24 Listed $300,000 Metro Search MLS