3222 W Market St · Louisville, KY 40212

$189,900

3 bd · 2.0 ba · 1,858 sqft · SingleFamily · 124 Days on market

Built 1910 4,966 sqft lot Est $164k · 16% over

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Why this score? — see what drove the D- 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 +11.5/30.0
• Appreciation +10.0/10.0
• DSCR +3.4/10.0
• Livability +3.2/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• 1% rule +2.1/10.0
• ARV discount +0.2/15.0

Listing remarks MLS

Great opportunity to buy this fixer upper located in Louisville, KY and sitting on a .126 acre lot with a detached garage. The interior has 1858 sq. ft. with 3 bedrooms and 2 bathrooms plus a full basement.

Key facts

• Open floor plan
• Fenced backyard
• Off-street parking

Tags

• ORIGINAL HARDWOOD FLOORS
• OPEN FLOOR PLAN
• FENCED BACKYARD
• OFF-STREET PARKING
• DETACHED TWO-CAR GARAGE
• CONVENIENTLY LOCATED

Property features AI

Finance

• HOA & community: No association fee

Exterior

• Parking: Detached 1-car garage
• Utilities: Electricity connected
• Home design: Single family residence; Other architectural style; 2 stories; Built in 1910; Entry level: First floor living spaces
• Construction: Aluminum siding; Shingle roof; Poured concrete foundation
• Exterior features: Sidewalk; Partial wood and chain-link fencing

Interior

• Kitchen: Kitchen located on the first floor
• Bedrooms: 3 bedrooms (all on the first floor); Primary bedroom on the first floor
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating (natural gas); Central air conditioning; 1 HVAC unit
• Interior features: 6 total rooms; 4 closets; Unfinished basement
• Laundry & utility: No first-floor laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $-62 ($-740/yr) — negative.
• To cash-flow at today's rent, offer at most $179k (5.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $135k (29.0% below list).
• Recommended offer: $135k (29.0% below list) — sets the bar for 1% rule.

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: Foster Traditional Academy (math 2% / reading 12%, grade F, #662 of 676 statewide, top 99%, 578 students, 84% FRL); Robert Frost Sixth-Grade Academy (math 3% / reading 14%); Ballard High (math 42% / reading 46%, grade F, #27 of 254 statewide, top 10%, 2,014 students, 34% FRL) — zoned schools at 59% FRL track the district average.
• Market conditions: Rents flat; 141 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 2,836 units permitted in Jefferson County in 2024 (1,558 in 5+ unit buildings).

Forward outlook

• In year one you build about $20k of equity ($1k loan paydown + $19k appreciation (10.0% local appreciation)).
• Jefferson County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 0.5% rent growth), your $53k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 124 days — a 12% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y ago; this cycle's ask is 826% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $50k; list at $190k implies a 280% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — 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 $134,911 (29.0% 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. It's been on market 124 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
3. Built in 1910 — 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. 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?
9. 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.
10. 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.
11. 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: 0.71% ✗
• Cap rate: 5.90%
• Cash-on-cash: -1.39%
• DSCR: 0.94
• GRM: 11.7

CMA / ARV

• ARV (on-the-fly): $163,504
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3615 Herman St	0.31mi	2/2.5 (-1)	1,897 (+2%)	3mo	$102,000	$54	73
233 S 41st St	0.63mi	4/2.0 (+1)	1,765 (-5%)	2mo	$110,000	$62	56
107 N 38th St	0.39mi	3/1.0	1,649 (-11%)	8mo	$145,000	$88	53
212 N 38th St	0.49mi	4/2.0 (+1)	1,747 (-6%)	12mo	$189,900	$109	52
2715 W Market St	0.54mi	4/2.0 (+1)	1,735 (-7%)	8mo	$139,000	$80	52
309 S 41st St	0.67mi	3/2.0	1,675 (-10%)	2mo	$102,000	$61	51
224 N 38th St	0.52mi	3/2.0	1,685 (-9%)	12mo	$75,000	$45	50
3428 Del Park Ter	0.55mi	3/2.0	1,642 (-12%)	12mo	$158,200	$96	44
3519 River Park Dr	0.46mi	4/2.0 (+1)	1,636 (-12%)	13mo	$87,630	$54	43
4007 Vermont Ave	0.68mi	4/2.5 (+1)	2,052 (+10%)	4mo	$197,500	$96	40
405 N 38th St	0.69mi	4/2.0 (+1)	1,616 (-13%)	7mo	$190,000	$118	35
624 S 39th St	0.74mi	4/2.5 (+1)	1,596 (-14%)	5mo	$180,000	$113	31

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 0.51% rent growth · sell at horizon

5-year hold

• IRR: 22.6%
• Equity multiple: 2.81×
• Total profit: $96,104
• Equity at exit: $171,077

10-year hold

• IRR: 19.7%
• Equity multiple: 6.26×
• Total profit: $279,881
• Equity at exit: $368,934

Cash invested: $53,172 (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 40212

• Home prices YoY: 11.0%
• Rents YoY: 0.5%
• Active inventory: 141
• Price-to-rent: 11.7×

Monthly cashflow live

• Estimated rent: $1,349 high
• Mortgage (P&I): −$996
• Tax from tax record: −$52 /mo · $630/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$283
• Net cashflow: $-62

Break-even live

Break-even rent $1,427

Max offer price $179,003

Occupancy floor 100%

Sensitivity live

Price	-10% $46	-5% $-8	+0% $-62	+5% $-115	+10% $-169
Rent	-10% $-168	-5% $-115	+0% $-62	+5% $-8	+10% $45
Rate	-1.0pp $34	-0.5pp $-13	base $-62	+0.5pp $-111	+1.0pp $-161

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
127 N 40th St Louisville, KY	3.0	2.0	1500	$1,570	$1.05	5d	1	0.58mi
106 N 40th St Louisville, KY	3.0	1.0	1325	$1,220	$0.92	5d	1	0.59mi
2529 W Main St #2 Louisville, KY	3.0	1.0	1404	$1,200	$0.85	25d	1	0.67mi
627 S 38th St Louisville, KY	4.0	1.0	1300	$1,349	$1.04	18d	1	0.71mi
2508 W Main St Louisville, KY	3.0	1.0	1327	$1,500	$1.13	25d	1	0.72mi
3922 River Park Dr Louisville, KY	2.0	2.0	1800	$1,195	$0.66	13d	1	0.77mi
628 S 39th St Louisville, KY	3.0	1.0	1448	$1,220	$0.84	18d	1	0.79mi
430 S 24th St Louisville, KY	3.0	1.5	1288	$1,400	$1.09	25d	1	0.82mi
737 S 33rd St Louisville, KY	4.0	1.0	1356	$1,595	$1.18	25d	1	0.87mi
2319 W Muhammad Ali Blvd Louisville, KY	4.0	1.0	1644	$1,300	$0.79	18d	1	0.91mi
803 S 35th St Louisville, KY	3.0	1.0	1486	$1,350	$0.91	25d	1	0.95mi
820 Hazel St Louisville, KY	4.0	2.0	1872	$1,395	$0.75	5d	1	1.00mi
722 S 40th St Unit NA Louisville, KY	4.0	2.5	1556	$1,700	$1.09	5d	1	1.08mi
663 S 43rd St Louisville, KY	2.0	2.0	1736	$1,250	$0.72	25d	1	1.16mi
120 N 20th St Louisville, KY	3.0	1.5	1300	$1,400	$1.08	25d	1	1.19mi
836 S 41st St Louisville, KY	3.0	1.0	1300	$1,300	$1.00	21d	1	1.25mi
2825 Greenwood Ave #4 Louisville, KY	3.0	1.0	1440	$1,250	$0.87	25d	1	1.29mi
2825 Greenwood Ave #2 Louisville, KY	2.0	1.0	1300	$995	$0.77	25d	1	1.29mi
2912 Greenwood Ave Louisville, KY	3.0	2.0	1362	$1,150	$0.84	18d	1	1.31mi
1919 Baird St Louisville, KY	3.0	1.0	1500	$1,100	$0.73	18d	1	1.39mi
3514 Grand Ave Louisville, KY	3.0	1.5	1450	$1,295	$0.89	23d	1	1.39mi
1115 S 32nd St Louisville, KY	3.0	1.0	1393	$1,275	$0.92	23d	1	1.40mi
1115 S 32nd St Louisville, KY	3.0	1.0	1393	$1,275	$0.92	25d	1	1.40mi
1810 Magazine St Louisville, KY	3.0	1.5	1248	$1,450	$1.16	12d	1	1.46mi

Listing history 20 events

1. 2026-06-21
   days on market $189,900 Active 124 DOM
2. 2026-06-18
   days on market $189,900 Active 121 DOM
3. 2026-06-17
   days on market $189,900 Active 120 DOM
4. 2026-06-16
   days on market $189,900 Active 119 DOM
5. 2026-06-15
   days on market $189,900 Active 118 DOM
6. 2026-06-13
   days on market $189,900 Active 116 DOM
7. 2026-06-10
   days on market $189,900 Active 113 DOM
8. 2026-06-09
   days on market $189,900 Active 112 DOM
9. 2026-06-08
   days on market $189,900 Active 111 DOM
10. 2026-06-07
    days on market $189,900 Active 110 DOM
11. 2026-06-03
    days on market $189,900 Active 106 DOM
12. 2026-06-02
    days on market $189,900 Active 105 DOM
13. 2026-06-01
    days on market $189,900 Active 104 DOM
14. 2026-05-31
    days on market $189,900 Active 103 DOM
15. 2026-03-29
    price $189,900
16. 2026-02-18
    price $205,000
17. 2026-02-17
    listed $20,500 Active
18. 2022-06-15
    soldstatus $50,000 Closed 207-char remark

    Show marketing remark (207 chars)

    Great opportunity to buy this fixer upper located in Louisville, KY and sitting on a .126 acre lot with a detached garage. The interior has 1858 sq. ft. with 3 bedrooms and 2 bathrooms plus a full basement.

19. 2022-05-26
    status Pending 207-char remark

    Show marketing remark (207 chars)

    Great opportunity to buy this fixer upper located in Louisville, KY and sitting on a .126 acre lot with a detached garage. The interior has 1858 sq. ft. with 3 bedrooms and 2 bathrooms plus a full basement.

20. 2022-05-19
    listed $25,500 Active 207-char remark

    Show marketing remark (207 chars)

    Great opportunity to buy this fixer upper located in Louisville, KY and sitting on a .126 acre lot with a detached garage. The interior has 1858 sq. ft. with 3 bedrooms and 2 bathrooms plus a full basement.

ⓘ 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: $630 · $52/mo
• Projected year-2 tax: $1,633 · $136/mo
• Expected delta: +$1,003/yr (+$84/mo · 159.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% 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 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,189
• − Mortgage interest: −$10,637
• − Property taxes: −$630
• − Insurance: −$950
• − Repairs & maintenance: −$1,295
• − Management: −$1,295
• − Depreciation: −$5,524
• Taxable loss: −$4,142
• Est. tax savings @ 24.0%: +$994
• After-tax cash flow: $254/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): 14,661
• Household income: $35,753
• Rent vs Own: 51.3% rent · 48.7% own
• Severe rent burden: 1148.0

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: Majority Black (60%)
• Race & ethnicity: Black 60% White 37% Two or more races 2% Hispanic / Latino 1%
• Common ancestry: Slovak 1% Lithuanian 1% Iranian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 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: ▲ 29.02%
• Current HPI: 293.2624
• Rent YoY: ▲ 0.51%
• 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

+644.7% since first listed

6 events — show timeline

• 2026-03-29 Price Changed $189,900 Metro Search MLS
• 2026-02-18 Price Changed $205,000 Metro Search MLS
• 2026-02-17 Listed $20,500 Metro Search MLS
• 2022-06-15 Sold (MLS) $50,000 Metro Search MLS
• 2022-05-26 Pending — Metro Search MLS
• 2022-05-19 Listed $25,500 Metro Search MLS

Property tax history

+13.3%/yr

Latest (2025): $630 · -1.9% YoY. Source: county tax records.