3217 Springfield Dr · Louisville/Jefferson County metro government (balance), KY 40214

$359,900

8 bd · 4.0 ba · 3,430 sqft · MultiFamily · 36 Days on market

Built 1972 Est $398k · 10% 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 +26.1/30.0
• ARV discount +11.8/15.0
• DSCR +8.8/10.0
• 1% rule +6.4/10.0
• Rent growth +3.0/5.0
• Livability +2.5/5.0
• 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: 4 units. 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 MLS

Beautifully renovated & easy to rent. New windows, roof, plumbing, carpet, and freshly painted. Ceramic tile in the bathroom & kitchen. Best move-in condition investment in town. Priced for positive cash flow. Great rental area. Easy to show! Deliberately priced well below market for a quick sell! All units are rented. Rent is $495.00 per month per unit.

Key facts

• Common front door
• Water heaters
• Hvac units

Tags

• BRICK APARTMENT BUILDING
• COMMON FRONT DOOR
• WATER HEATERS
• HVAC UNITS
• UTILITY ROOMS
• OFF STREET PARKING LOT

Property features AI

Finance

• Financial info: First level reported rent: 3025.0
• HOA & community: No association fee

Exterior

• Parking: 6 on-site parking spaces; No covered parking
• Utilities: Electricity connected; Natural gas available; Owner pays water, sewer, and trash removal; tenants pay electric and gas
• Home design: Traditional style; Multi-family property (2 units)
• Construction: Built in 1972; Vinyl siding, aluminum siding, and brick exterior; Shingle roof; Total building area approximately 3,430
• Exterior features: No notable exterior features listed

Interior

• Kitchen: Each unit includes a kitchen (2 kitchens total); Each unit includes a range and refrigerator (2 ranges, 2 refrigerators)
• Bedrooms: 8 total bedrooms (4 on the 1st level, 4 on the 2nd level)
• Bathrooms: 4 full bathrooms (2 on the 1st level, 2 on the 2nd level)
• Heating & cooling: Forced air heating (natural gas); 4 furnaces; Central air conditioning; 4 HVAC units
• Interior features: Multi-unit building with separate meters
• Laundry & utility: Each unit has laundry (2 laundries total)

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $360k.

Deal economics

• At list price, monthly cash flow is $908 ($11k/yr) — positive. Per door: $227/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $360k).
• Recommended offer: $349k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.3% 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 rising (+1.9%/yr); 243 active listings in the ZIP; 2,836 units permitted in Jefferson County in 2024 (1,558 in 5+ unit buildings).
• At $4,096/mo this rent would consume 89% of the median local household income ($55k/yr) (locally 2054% 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 $2k of loan paydown is wiped out by about $11k 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 36 days — a 3% lower offer ($349k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 23y 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 $145k; list at $360k implies a 148% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $349,103 (3.0% below list)

Questions for the listing agent

1. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.14% ✓
• Cap rate: 9.32%
• Cash-on-cash: 10.81%
• DSCR: 1.48
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $397,880
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3225 Springfield Dr	0.02mi	8/4.0	3,410 (-1%)	23mo	$304,000	$89	78
3120 Fordhaven Rd	0.07mi	8/4.0	2,940 (-14%)	22mo	$340,000	$116	55

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 · 1.89% rent growth · sell at horizon

5-year hold

• IRR: -1.3%
• Equity multiple: 0.95×
• Total profit: $-5,076
• Equity at exit: $53,662

10-year hold

• IRR: 7.2%
• Equity multiple: 1.51×
• Total profit: $51,709
• Equity at exit: $31,118

Cash invested: $100,772 (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: 243
• Price-to-rent: 29.3×

Monthly cashflow live

• Estimated rent: $4,096 high
• Mortgage (P&I): −$1,887
• Tax from tax record: −$291 /mo · $3,491/yr
• Insurance: −$150
• HOA: −$0
• Vacancy / Maint / Mgmt: −$860
• Net cashflow: $908

Break-even live

Break-even rent $2,947

Max offer price $359,900

Occupancy floor 73%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$4,096
Total (4 units)			$4,096

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: $89,975
• Closing costs: $10,797
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-04-30
   status Pending
2. 2026-04-16
   historical Active Under Contract
3. 2026-03-25
   listed $359,900 Active
4. 2025-09-04
   historical $750
5. 2025-09-04
   price $750
6. 2025-08-06
   listed $849
7. 2024-06-08
   historical $899
8. 2024-05-04
   listed $899
9. 2023-12-14
   historical $799
10. 2023-11-30
    price $799
11. 2023-11-23
    listed $850
12. 2008-09-05
    soldstatus $145,000
13. 2008-08-28
    soldstatus $145,000 364-char remark

    Show marketing remark (364 chars)

    Beautifully renovated & easy to rent. New windows, roof, plumbing, carpet, and freshly painted. Ceramic tile in the bathroom & kitchen. Best move-in condition investment in town. Priced for positive cash flow. Great rental area. Easy to show! Deliberately priced well below market for a quick sell! All units are rented. Rent is $495.00 per month per unit.

14. 2008-07-01
    listed $149,000 364-char remark

    Show marketing remark (364 chars)

    Beautifully renovated & easy to rent. New windows, roof, plumbing, carpet, and freshly painted. Ceramic tile in the bathroom & kitchen. Best move-in condition investment in town. Priced for positive cash flow. Great rental area. Easy to show! Deliberately priced well below market for a quick sell! All units are rented. Rent is $495.00 per month per unit.

15. 2008-06-06
    historical
16. 2008-04-28
    listed $154,000
17. 2008-01-28
    soldstatus $60,000
18. 2008-01-28
    soldstatus $60,000
19. 2007-12-13
    listed $99,900
20. 2007-09-11
    listed $99,900
21. 2006-03-28
    soldstatus $175,000
22. 2005-07-15
    historical
23. 2004-12-30
    historical
24. 2004-12-30
    listed $145,000
25. 2004-11-01
    listed $145,000
26. 2004-11-01
    historical
27. 2004-08-12
    listed $150,000
28. 2004-01-22
    historical
29. 2003-10-22
    listed $159,000

ⓘ 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: $3,491 · $291/mo
• Projected year-2 tax: $3,491 · $291/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 ≥104°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 · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $49,152
• − Mortgage interest: −$20,160
• − Property taxes: −$3,491
• − Insurance: −$1,800
• − Repairs & maintenance: −$3,932
• − Management: −$3,932
• − Depreciation: −$10,470
• Taxable income: $5,367
• Est. tax owed @ 24.0%: −$1,288
• After-tax cash flow: $9,603/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): 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

+126.4% since first listed

29 events — show timeline

• 2026-04-30 Pending — Metro Search MLS
• 2026-04-16 Contingent — Metro Search MLS
• 2026-03-25 Listed $359,900 Metro Search MLS
• 2025-09-04 Rental Removed $750 APPFOLIO
• 2025-09-04 Price Changed $750 APPFOLIO
• 2025-08-06 Listed for Rent $849 APPFOLIO
• 2024-06-08 Rental Removed $899 APPFOLIO
• 2024-05-04 Listed for Rent $899 APPFOLIO
• 2023-12-14 Rental Removed $799 APPFOLIO
• 2023-11-30 Price Changed $799 APPFOLIO
• 2023-11-23 Listed for Rent $850 APPFOLIO
• 2008-09-05 Sold (Public Records) $145,000 Public Records
• 2008-08-28 Sold (MLS) $145,000 Metro Search MLS
• 2008-07-01 Listed $149,000 Metro Search MLS
• 2008-06-06 Listing Removed — Metro Search MLS
• 2008-04-28 Listed $154,000 Metro Search MLS
• 2008-01-28 Sold (MLS) $60,000 Metro Search MLS
• 2008-01-28 Sold (MLS) $60,000 Metro Search MLS
• 2007-12-13 Listed $99,900 Metro Search MLS
• 2007-09-11 Listed $99,900 Metro Search MLS
• 2006-03-28 Sold (Public Records) $175,000 Public Records
• 2005-07-15 Listing Removed — Metro Search MLS
• 2004-12-30 Listed $145,000 Metro Search MLS
• 2004-12-30 Listing Removed — Metro Search MLS
• 2004-11-01 Listing Removed — Metro Search MLS
• 2004-11-01 Listed $145,000 Metro Search MLS
• 2004-08-12 Listed $150,000 Metro Search MLS
• 2004-01-22 Listing Removed — Metro Search MLS
• 2003-10-22 Listed $159,000 Metro Search MLS

Property tax history

+7.8%/yr

Latest (2025): $3,491 · +62.6% YoY. Source: county tax records.