4501 S 6th St Apt 74 · Louisville, KY 40214

$58,000

1 bd · 1.0 ba · 538 sqft · Condo · 65 Days on market

Built 1981 $270/mo HOA · 31% 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 +17.0/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +5.3/10.0
• Livability +3.2/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investment opportunity! Get your chance at 4-residential condos being sold as a package deal in Innwood Condominiums right near Southern Parkway and Waterson Parkway. These newly renovated and well maintained condos have had great cash flow and long-term tenants that provide no hassle management and give you the return you deserve.

Key facts

• $270 HOA
• Built 1981
• Listed 65 days

Property features AI

Finance

• HOA & community: Monthly maintenance fee applies (reported); Maintenance covers exterior maintenance, groundskeeping, heat, sewer, snow removal, trash, and water

Exterior

• Utilities: Electricity connected
• Home design: Contemporary condominium; One story
• Construction: Built in 1981; Wood frame and brick construction; Shingle roof; Poured concrete foundation
• Exterior features: Level lot; No fencing

Interior

• Kitchen: First-floor kitchen
• Bedrooms: One bedroom on the first floor
• Bathrooms: One full bathroom
• Heating & cooling: Radiant heating; Wall/window air conditioning unit(s)
• Interior features: Three total rooms; Four closets; Unfinished basement
• Laundry & utility: No first-floor laundry

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $58k.

Deal economics

• At list price, monthly cash flow is $39 ($471/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($879 rent vs $58k).
• Recommended offer: $55k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.1% 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+, 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: Semple Elementary (math 2% / reading 12%, grade F, #662 of 676 statewide, top 99%, 574 students, 79% FRL); Frederick Law Olmsted Academy North (math 5% / reading 15%, grade F, #217 of 217 statewide, top 100%, 510 students, 74% FRL); Iroquois High (math 12% / reading 8%, grade F, #245 of 254 statewide, top 97%, 1,090 students, 74% FRL) — zoned schools average 76% FRL vs 56% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 9% at this address vs 27% district-wide (-18 pts) — the specific schools serving this property underperform the Jefferson County average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+1.9%/yr); 247 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 19d 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 $401 of loan paydown is wiped out by about $2k 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 65 days — a 6% lower offer ($55k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 22y 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 31% 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 $54,520 (6.0% below list)

Questions for the listing agent

1. It's been on market 65 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
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 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: 1.51% ✓
• Cap rate: 7.10%
• Cash-on-cash: 2.90%
• DSCR: 1.13
• GRM: 5.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.89% rent growth · sell at horizon

5-year hold

• IRR: -13.4%
• Equity multiple: 0.53×
• Total profit: $-7,700
• Equity at exit: $8,648

10-year hold

• IRR: -6.9%
• Equity multiple: 0.59×
• Total profit: $-6,693
• Equity at exit: $5,015

Cash invested: $16,240 (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 40214

• Rents YoY: 1.9%
• Active inventory: 247
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $879 high
• Mortgage (P&I): −$304
• Tax from tax record: −$56 /mo · $678/yr
• Insurance: −$24
• HOA: −$270
• Vacancy / Maint / Mgmt: −$184
• Net cashflow: $39

Break-even live

Break-even rent $829

Max offer price $58,000

Occupancy floor 91%

Sensitivity live

Price	-10% $72	-5% $56	+0% $39	+5% $23	+10% $6
Rent	-10% $-30	-5% $5	+0% $39	+5% $74	+10% $109
Rate	-1.0pp $68	-0.5pp $54	base $39	+0.5pp $24	+1.0pp $9

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: $14,500
• Closing costs: $1,740
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4501 S 6th St #82 Louisville, KY	1.0	1.0	538	$775	$1.44	18d	1	0.02mi
554 Camden Ave Louisville, KY	1.0	1.0	661	$875	$1.32	25d	1	0.28mi
309 W Whitney Ave Louisville, KY	1.0	1.0	700	$875	$1.25	25d	1	0.40mi
4626 Southern Pkwy Louisville, KY	1.0–2.0	1.0	809	$825	$1.02	16d	3	0.42mi
4619 Southern Pkwy Unit 3 Louisville, KY	1.0	1.0	700	$975	$1.39	3d	1	0.44mi
4012 Southern Pkwy Unit 5 Louisville, KY	1.0	1.0	600	$795	$1.32	25d	1	0.49mi
4012 Southern Pkwy Unit 8 Louisville, KY	1.0	1.0	600	$795	$1.32	16d	1	0.50mi
4704 Southern Pkwy Unit A1 Louisville, KY	1.0	1.0	750	$775	$1.03	18d	1	0.54mi
1022 Stanley Ave Louisville, KY	2.0	1.0	700	$1,200	$1.71	22d	1	0.58mi
4228 Allmond Ave Unit 2 Louisville, KY	1.0	1.0	650	$700	$1.08	4d	1	0.60mi
623 Dresden Ave Louisville, KY	2.0	1.0	750	$975	$1.30	17d	1	0.62mi
1105 Beecher St Louisville, KY	2.0	1.0	708	$1,150	$1.62	17d	1	0.63mi
1111 Dresden Ave Louisville, KY	2.0	1.0	680	$1,100	$1.62	17d	1	0.83mi
5011 Southside Dr Louisville, KY	1.0–2.0	1.0	800	$899	$1.12	3d	9	1.10mi
5011 Southside Dr Louisville, KY	1.0–2.0	1.0	800	$899	$1.12	25d	1	1.10mi
4122 Craig Ave Louisville, KY	2.0	1.0	705	$1,051	$1.49	13d	1	1.24mi
1122 Larchmont Ave Unit B Louisville, KY	1.0	1.0	700	$750	$1.07	18d	1	1.31mi
2805 S 4th St #1 Louisville, KY	1.0	1.0	750	$725	$0.97	22d	1	1.38mi
1709 Valley Forge Way Unit 2 Louisville, KY	2.0	1.0	750	$895	$1.19	22d	1	1.46mi

HOA detail condo

• Monthly dues: $270 · $3,240/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 38 events

1. 2026-06-21
   days on market $58,000 Active 65 DOM
2. 2026-06-18
   days on market $58,000 Active 62 DOM
3. 2026-06-17
   days on market $58,000 Active 61 DOM
4. 2026-06-16
   days on market $58,000 Active 60 DOM
5. 2026-06-15
   days on market $58,000 Active 59 DOM
6. 2026-06-13
   days on market $58,000 Active 57 DOM
7. 2026-06-10
   days on market $58,000 Active 54 DOM
8. 2026-06-09
   days on market $58,000 Active 53 DOM
9. 2026-06-08
   days on market $58,000 Active 52 DOM
10. 2026-06-07
    days on market $58,000 Active 51 DOM
11. 2026-06-03
    days on market $58,000 Active 47 DOM
12. 2026-06-02
    days on market $58,000 Active 46 DOM
13. 2026-06-01
    days on market $58,000 Active 45 DOM
14. 2026-05-31
    days on market $58,000 Active 44 DOM
15. 2026-04-18
    listed $58,000 Active
16. 2026-04-09
    historical $755
17. 2026-03-26
    listed $755
18. 2021-12-07
    status Pending 333-char remark

    Show marketing remark (333 chars)

    Investment opportunity! Get your chance at 4-residential condos being sold as a package deal in Innwood Condominiums right near Southern Parkway and Waterson Parkway. These newly renovated and well maintained condos have had great cash flow and long-term tenants that provide no hassle management and give you the return you deserve.

19. 2021-12-01
    soldstatus $90,000
20. 2021-11-29
    historical Active Under Contract 333-char remark

    Show marketing remark (333 chars)

    Investment opportunity! Get your chance at 4-residential condos being sold as a package deal in Innwood Condominiums right near Southern Parkway and Waterson Parkway. These newly renovated and well maintained condos have had great cash flow and long-term tenants that provide no hassle management and give you the return you deserve.

21. 2021-11-24
    soldstatus $45,000 Closed 333-char remark

    Show marketing remark (333 chars)

    Investment opportunity! Get your chance at 4-residential condos being sold as a package deal in Innwood Condominiums right near Southern Parkway and Waterson Parkway. These newly renovated and well maintained condos have had great cash flow and long-term tenants that provide no hassle management and give you the return you deserve.

22. 2021-08-18
    price $48,750 333-char remark

    Show marketing remark (333 chars)

    Investment opportunity! Get your chance at 4-residential condos being sold as a package deal in Innwood Condominiums right near Southern Parkway and Waterson Parkway. These newly renovated and well maintained condos have had great cash flow and long-term tenants that provide no hassle management and give you the return you deserve.

23. 2021-08-18
    listed $50,000 Active 333-char remark

    Show marketing remark (333 chars)

    Investment opportunity! Get your chance at 4-residential condos being sold as a package deal in Innwood Condominiums right near Southern Parkway and Waterson Parkway. These newly renovated and well maintained condos have had great cash flow and long-term tenants that provide no hassle management and give you the return you deserve.

24. 2019-12-12
    soldstatus $133,333
25. 2017-04-03
    soldstatus $20,000
26. 2015-12-10
    soldstatus $16,000
27. 2014-06-02
    soldstatus $22,000
28. 2014-05-30
    historical 146-char remark

    Show marketing remark (146 chars)

    Adorable updated condo! Tile flooring in kitchen and dining area, updated bathroom, updated kitchen. Carpet was installed 2 years ago. Great deal!

29. 2014-05-29
    soldstatus $22,000 146-char remark

    Show marketing remark (146 chars)

    Adorable updated condo! Tile flooring in kitchen and dining area, updated bathroom, updated kitchen. Carpet was installed 2 years ago. Great deal!

30. 2013-12-16
    listed $23,900 146-char remark

    Show marketing remark (146 chars)

    Adorable updated condo! Tile flooring in kitchen and dining area, updated bathroom, updated kitchen. Carpet was installed 2 years ago. Great deal!

31. 2010-11-03
    soldstatus $13,000
32. 2010-05-11
    listed $17,000
33. 2010-03-17
    soldstatus $245,500
34. 2005-03-14
    soldstatus $220,000
35. 2005-03-01
    soldstatus $20,000
36. 2005-01-24
    listed $27,500
37. 2005-01-20
    historical
38. 2004-01-20
    listed $27,500

ⓘ 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: $678 · $56/mo
• Projected year-2 tax: $678 · $56/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 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,543
• − Mortgage interest: −$3,249
• − Property taxes: −$678
• − Insurance: −$290
• − Repairs & maintenance: −$843
• − Management: −$843
• − HOA: −$3,240
• − Depreciation: −$1,687
• Taxable loss: −$288
• Est. tax savings @ 24.0%: +$69
• After-tax cash flow: $540/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): 45,405
• Household income: $54,931
• Rent vs Own: 45.6% rent · 54.4% own
• Severe rent burden: 2054.0

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 0.67)
• Race & ethnicity: White 51% Black 22% Hispanic / Latino 14% Two or more races 12% Asian 7%
• Hispanic origin (detail): Mexican 3% Cuban 6%
• Common ancestry: Slovak 1% Lithuanian 1% Serbian 1%
• Foreign-born: 21% · Canada, Vietnam, Philippines
• Languages at home: 74% English-only · Spanish 12% Vietnamese 3% Other Asian/Pacific 2%

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: ▼ -235.43%
• Current HPI: 237.4062
• Rent YoY: ▲ 1.89%
• 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

+110.9% since first listed

24 events — show timeline

• 2026-04-18 Listed $58,000 Metro Search MLS
• 2026-04-09 Rental Removed $755 TENANTTURNER2
• 2026-03-26 Listed for Rent $755 TENANTTURNER2
• 2021-12-07 Pending — Metro Search MLS
• 2021-12-01 Sold (Public Records) $90,000 Public Records
• 2021-11-29 Contingent — Metro Search MLS
• 2021-11-24 Sold (MLS) $45,000 Metro Search MLS
• 2021-08-18 Listed $50,000 Metro Search MLS
• 2021-08-18 Price Changed $48,750 Metro Search MLS
• 2019-12-12 Sold (Public Records) $133,333 Public Records
• 2017-04-03 Sold (Public Records) $20,000 Public Records
• 2015-12-10 Sold (Public Records) $16,000 Public Records
• 2014-06-02 Sold (Public Records) $22,000 Public Records
• 2014-05-30 Listing Removed — Metro Search MLS
• 2014-05-29 Sold (MLS) $22,000 Metro Search MLS
• 2013-12-16 Listed $23,900 Metro Search MLS
• 2010-11-03 Sold (MLS) $13,000 Metro Search MLS
• 2010-05-11 Listed $17,000 Metro Search MLS
• 2010-03-17 Sold (Public Records) $245,500 Public Records
• 2005-03-14 Sold (Public Records) $220,000 Public Records
• 2005-03-01 Sold (MLS) $20,000 Metro Search MLS
• 2005-01-24 Listed $27,500 Metro Search MLS
• 2005-01-20 Listing Removed — Metro Search MLS
• 2004-01-20 Listed $27,500 Metro Search MLS

Property tax history

+10.1%/yr

Latest (2025): $678 · +17.3% YoY. Source: county tax records.