119 Mcarthur Dr · St. Matthews, KY 40207

$690,000

16 bd · 16.0 ba · 3,630 sqft · MultiFamily · 1 Days on market

Built 1959 7,405 sqft lot

---

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 +25.1/30.0
• DSCR +8.2/10.0
• ARV discount +7.5/15.0
• 1% rule +5.9/10.0
• Rent growth +3.2/5.0
• 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

Rare-to-market is this professionally managed St. Matthews 4-plex. Fully occupied and easy to rent, the current owner has maintained and improved the property. Highlights include central air added to all four units in 2017, furnaces replaced approximately 2014, entire roof replaced in 2020, parking lot paved in 2021, windows replaced in 2016, and more. Laundry hookups for each apartment in basement along with extra storage. Each unit is large with hardwood flooring, good closet space, large rooms and lots of light. A hard to find brick 4-plex in super desirable 40207. Please see agent notes regarding showings.

Key facts

• Rear parking
• Washer dryer hookups
• Convenient location

Tags

• INVESTMENT OPPORTUNITY
• CONVENIENT LOCATION
• REAR PARKING
• ADDITIONAL STORAGE
• WASHER DRYER HOOKUPS

Property features AI

Finance

• Other: Building area listed as 3,630 total; Lot includes sidewalk; lot area approximately 0.17 acres
• Financial info: Owner pays water, sewer, and trash removal (relevant for lease/rent arrangements)
• HOA & community: No association fee

Exterior

• Parking: 4 parking spaces; No covered parking
• Utilities: Electricity connected; Natural gas available
• Home design: Other architectural style; Main structure is not in a flood plain
• Construction: Brick construction; Shingle roof; Built in 1959
• Exterior features: No notable exterior features listed; Sidewalk on property

Interior

• Kitchen: Each unit includes a full kitchen with range and refrigerator (2 ranges, 2 refrigerators total)
• Bedrooms: Total of 4 bedrooms; Each level includes 2 bedrooms
• Bathrooms: 4 full bathrooms (2 on each level); No partial baths
• Heating & cooling: Forced air heating (natural gas) with 4 furnaces; Central air conditioning with 4 HVAC units
• Interior features: Basement present; Separate meters for units; Building has multiple units (2 units)
• Laundry & utility: Basement laundry facilities (count: 4); Owner pays water, sewer, and trash removal

What this means for you Summary

Snapshot

• This is a 4 × 4-bed/4.0-bath units multifamily listed at $690k.

Deal economics

• At list price, monthly cash flow is $2k ($18k/yr) — positive. Per door: $382/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $690k).
• Cap rate 9.0% vs local median 4.1% in St. Matthews — 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 (+2.6%/yr); 159 active listings in the ZIP; solid renter incomes; 2,836 units permitted in Jefferson County in 2024 (1,558 in 5+ unit buildings).
• At $7,508/mo this rent would consume 88% of the median local household income ($102k/yr) (locally 751% 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 $5k of loan paydown is wiped out by about $21k 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

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 26y 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 $530k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $690,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1959 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.09% ✓
• Cap rate: 8.95%
• Cash-on-cash: 9.49%
• DSCR: 1.42
• GRM: 7.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.63% rent growth · sell at horizon

5-year hold

• IRR: -2.4%
• Equity multiple: 0.91×
• Total profit: $-17,376
• Equity at exit: $102,881

10-year hold

• IRR: 6.9%
• Equity multiple: 1.51×
• Total profit: $98,402
• Equity at exit: $59,659

Cash invested: $193,200 (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 40207

• Rents YoY: 2.6%
• Active inventory: 159
• Price-to-rent: 30.6×

Monthly cashflow live

• Estimated rent: $7,508 medium
• Mortgage (P&I): −$3,618
• Tax from tax record: −$497 /mo · $5,967/yr
• Insurance: −$288
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,577
• Net cashflow: $1,528

Break-even live

Break-even rent $5,574

Max offer price $690,000

Occupancy floor 75%

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

Units	Beds	Baths	Est. rent
▸ 4× units	4	4	$7,508
Total (4 units)			$7,508

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: $172,500
• Closing costs: $20,700
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-06-18
   remarks 632-char remark
2. 2026-06-18
   listed $690,000 Active 1 DOM

ⓘ 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: $5,967 · $497/mo
• Projected year-2 tax: $5,967 · $497/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 6/10 Major FEMA zone X (unshaded) · 67% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥103°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $90,096
• − Mortgage interest: −$38,651
• − Property taxes: −$5,967
• − Insurance: −$3,450
• − Repairs & maintenance: −$7,208
• − Management: −$7,208
• − Depreciation: −$20,073
• Taxable income: $7,541
• Est. tax owed @ 24.0%: −$1,810
• After-tax cash flow: $16,528/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 — St. Matthews

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: St. Matthews, KY
• County: Jefferson County · 790,184 people
• City population: 50,267
• Metro: Louisville/Jefferson County, KY-IN
• Population (ZIP): 28,903
• Household income: $101,898
• Rent vs Own: 30.9% rent · 69.1% own
• Severe rent burden: 751.0

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: Predominantly White (88%)
• Race & ethnicity: White 88% Two or more races 4% Black 3% Asian 3% Hispanic / Latino 3%
• Common ancestry: Italian 3% Lithuanian 3% Slovak 2%
• Foreign-born: 5% · Canada, China, South Korea
• Languages at home: 95% English-only · Spanish 1% Other Indo-European 1% German/W. Germanic 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: ▼ -335.02%
• Current HPI: 220.6522
• Rent YoY: ▲ 2.63%
• 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

+245.0% since first listed

10 events — show timeline

• 2026-06-17 Listed $690,000 Metro Search MLS
• 2022-09-20 Sold (Public Records) $529,900 Public Records
• 2022-09-19 Sold (MLS) $529,900 Metro Search MLS
• 2022-09-10 Pending — Metro Search MLS
• 2022-08-11 Contingent — Metro Search MLS
• 2022-08-03 Listed $529,900 Metro Search MLS
• 2018-10-02 Sold (Public Records) $205,000 Public Records
• 2015-06-01 Sold (Public Records) $315,000 Public Records
• 2000-08-18 Sold (MLS) $210,100 Metro Search MLS
• 2000-07-08 Listed $200,000 Metro Search MLS

Property tax history

+6.9%/yr

Latest (2025): $5,967 · +1.0% YoY. Source: county tax records.