1435 Mellwood Ave · Louisville, KY 40206

$329,900

4 bd · 4.0 ba · 2,688 sqft · SingleFamily · 69 Days on market

Built 1900 4,961 sqft lot Est $500k · 34% under

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Why this score? — see what drove the B- 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 +26.7/30.0
• ARV discount +15.0/15.0
• DSCR +9.1/10.0
• 1% rule +7.0/10.0
• Rent growth +3.2/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome Home to 1435 Mellwood Avenue! This incredible Butchertown home has been beautifully updated with modern touches while keeping its historical character and charm. The floor plan allows for flexibility to make it into your ideal set up. You'll first enter the home to see an open concept floor plan featuring exposed brick, an original fireplace, new hardwood floors, multiple floor to ceiling windows, and tall ceilings. The remodeled kitchen meets the chef's expectations complete with granite countertops, new cabinets, and new appliances. Walking down the hall you see painted white brick and a nook area, perfect for you to hang your bags and coats. The updates and charm continue into 4 spacious bedrooms, each with a walk-in closet and full bathroom. Bedroom #1 can be turned into your flex room featuring your ideal office space or a movie room. At the end of the hall is your first floor laundry area. Further down the hall and up a step, your primary bedroom features a large walk-in closet, beautiful bathroom, tall ceilings, and lots of natural light. The attached one-car garage can be for extra storage or a great space for indoor/outdoor entertaining! The back lot allows 2-4 cars to park and off-street parking in the front. The list of updates includes new roof, siding, electric panel, insulation, updated plumbing, etc. 1435 Mellwood Avenue is a short walk to Frankfort Avenue, Nulu, Bourbon District, and Paristown Point where you'll enjoy local restaurants, shops, and distilleries. Seller is providing a one year home warranty with First American Home Warranty. Great potential for an Airbnb (subject to permit approval), long-term rental, or having roommates to share the mortgage costs. The possibilities are endless!

Key facts

• Spacious island
• Full bathroom
• New appliances

Tags

• OPEN-CONCEPT LIVING ROOM
• SPACIOUS ISLAND
• GRANITE COUNTERTOPS
• NEW APPLIANCES
• FULL BATHROOM
• FRESH CARPET

Property features AI

Finance

• Other: Located in the Butchertown subdivision; Directions available for access
• HOA & community: No association fee; No monthly maintenance

Exterior

• Parking: Rear entry parking
• Utilities: Electricity connected; Natural gas available
• Home design: Single-family residence (Shotgun style); One story
• Construction: Built in 1900; Wood frame construction; Shingle roof; Crawl space and concrete block foundation
• Exterior features: Wood fencing; Sidewalk

Interior

• Kitchen: Kitchen on the first floor
• Bedrooms: 4 bedrooms, all on the first floor; Primary bedroom on the first floor
• Bathrooms: 4 full bathrooms
• Heating & cooling: Natural gas heating; Central air conditioning; 2 HVAC units
• Interior features: Unfinished basement with outside entry; Basement present; 5 closets; 8 total rooms (excluding additional listed rooms)
• Laundry & utility: First-floor laundry

What this means for you Summary

Snapshot

• This is a 4-bed/4.0-bath single-family listed at $330k.

Deal economics

• At list price, monthly cash flow is $890 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $330k).
• Recommended offer: $310k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.5% 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+, schools D-.
• 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 (+2.9%/yr); 133 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 2,836 units permitted in Jefferson County in 2024 (1,558 in 5+ unit buildings).
• At $3,966/mo this rent would consume 63% of the median local household income ($76k/yr) (locally 995% 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 $10k 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.
• At projected returns (-3.0% appreciation + 2.9% rent growth), your $92k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 69 days — a 6% lower offer ($310k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 6y ago; this cycle's ask has dropped $20k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — 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 $310,106 (6.0% below list)

Questions for the listing agent

1. It's been on market 69 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.20% ✓
• Cap rate: 9.53%
• Cash-on-cash: 11.57%
• DSCR: 1.51
• GRM: 6.9

CMA / ARV

• ARV (on-the-fly): $499,968
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1822 Payne St	0.53mi	3/3.5 (-1)	2,805 (+4%)	8mo	$545,000	$194	54
132 Stoll Ave	0.45mi	3/2.0 (-1)	2,533 (-6%)	3mo	$274,500	$108	54
806 E Washington St	0.75mi	4/2.5	2,828 (+5%)	1mo	$524,999	$186	49
910 E Jefferson St	0.71mi	4/3.0	2,815 (+5%)	9mo	$375,000	$133	48

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 · 2.89% rent growth · sell at horizon

5-year hold

• IRR: 0.8%
• Equity multiple: 1.03×
• Total profit: $2,851
• Equity at exit: $49,189

10-year hold

• IRR: 10.3%
• Equity multiple: 1.80×
• Total profit: $73,863
• Equity at exit: $28,524

Cash invested: $92,372 (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 40206

• Rents YoY: 2.9%
• Active inventory: 133
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $3,966 medium
• Mortgage (P&I): −$1,730
• Tax from tax record: −$376 /mo · $4,507/yr
• Insurance: −$137
• HOA: −$0
• Vacancy / Maint / Mgmt: −$833
• Net cashflow: $890

Break-even live

Break-even rent $2,839

Max offer price $329,900

Occupancy floor 73%

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: $82,475
• Closing costs: $9,897
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
930 E Jefferson St Unit 1028897P Louisville, KY	4.0	2.5	1894	$6,820	$3.60	3d	1	0.70mi
829 E Chestnut St Louisville, KY	4.0	3.5	2268	$3,300	$1.46	10d	1	0.97mi
2424 Longest Ave Louisville, KY	4.0	2.5	2845	$3,800	$1.34	3d	1	1.35mi

Listing history 44 events

1. 2026-06-18
   days on market $329,900 Active 69 DOM
2. 2026-06-17
   days on market $329,900 Active 68 DOM
3. 2026-06-16
   days on market $329,900 Active 67 DOM
4. 2026-06-15
   days on market $329,900 Active 66 DOM
5. 2026-06-13
   days on market $329,900 Active 64 DOM
6. 2026-06-10
   days on market $329,900 Active 61 DOM
7. 2026-06-09
   days on market $329,900 Active 60 DOM
8. 2026-06-08
   days on market $329,900 Active 59 DOM
9. 2026-06-07
   days on market $329,900 Active 58 DOM
10. 2026-06-03
    days on market $329,900 Active 54 DOM
11. 2026-06-02
    days on market $329,900 Active 53 DOM
12. 2026-06-01
    days on market $329,900 Active 52 DOM
13. 2026-05-31
    days on market $329,900 Active 51 DOM
14. 2026-05-21
    price $329,900
15. 2026-05-07
    price $334,900
16. 2026-04-30
    price $339,900
17. 2026-04-20
    price $344,900
18. 2026-04-10
    listed $350,000 Active
19. 2026-03-27
    historical $2,695
20. 2026-01-23
    listed $2,695
21. 2026-01-23
    historical $2,695
22. 2026-01-13
    listed $2,695
23. 2026-01-12
    historical $2,695
24. 2025-12-12
    listed $2,695
25. 2025-12-12
    historical $2,695
26. 2025-11-23
    listed $2,695
27. 2025-11-23
    historical $2,695
28. 2025-11-22
    listed $2,695
29. 2025-08-01
    price $389,000
30. 2025-07-13
    price $405,000
31. 2025-05-28
    price $419,000
32. 2021-03-01
    soldstatus $345,000 Closed 1748-char remark

    Show marketing remark (1748 chars)

    Welcome Home to 1435 Mellwood Avenue! This incredible Butchertown home has been beautifully updated with modern touches while keeping its historical character and charm. The floor plan allows for flexibility to make it into your ideal set up. You'll first enter the home to see an open concept floor plan featuring exposed brick, an original fireplace, new hardwood floors, multiple floor to ceiling windows, and tall ceilings. The remodeled kitchen meets the chef's expectations complete with granite countertops, new cabinets, and new appliances. Walking down the hall you see painted white brick and a nook area, perfect for you to hang your bags and coats. The updates and charm continue into 4 spacious bedrooms, each with a walk-in closet and full bathroom. Bedroom #1 can be turned into your flex room featuring your ideal office space or a movie room. At the end of the hall is your first floor laundry area. Further down the hall and up a step, your primary bedroom features a large walk-in closet, beautiful bathroom, tall ceilings, and lots of natural light. The attached one-car garage can be for extra storage or a great space for indoor/outdoor entertaining! The back lot allows 2-4 cars to park and off-street parking in the front. The list of updates includes new roof, siding, electric panel, insulation, updated plumbing, etc. 1435 Mellwood Avenue is a short walk to Frankfort Avenue, Nulu, Bourbon District, and Paristown Point where you'll enjoy local restaurants, shops, and distilleries. Seller is providing a one year home warranty with First American Home Warranty. Great potential for an Airbnb (subject to permit approval), long-term rental, or having roommates to share the mortgage costs. The possibilities are endless!

33. 2021-02-27
    status Pending 1748-char remark

    Show marketing remark (1748 chars)

    Welcome Home to 1435 Mellwood Avenue! This incredible Butchertown home has been beautifully updated with modern touches while keeping its historical character and charm. The floor plan allows for flexibility to make it into your ideal set up. You'll first enter the home to see an open concept floor plan featuring exposed brick, an original fireplace, new hardwood floors, multiple floor to ceiling windows, and tall ceilings. The remodeled kitchen meets the chef's expectations complete with granite countertops, new cabinets, and new appliances. Walking down the hall you see painted white brick and a nook area, perfect for you to hang your bags and coats. The updates and charm continue into 4 spacious bedrooms, each with a walk-in closet and full bathroom. Bedroom #1 can be turned into your flex room featuring your ideal office space or a movie room. At the end of the hall is your first floor laundry area. Further down the hall and up a step, your primary bedroom features a large walk-in closet, beautiful bathroom, tall ceilings, and lots of natural light. The attached one-car garage can be for extra storage or a great space for indoor/outdoor entertaining! The back lot allows 2-4 cars to park and off-street parking in the front. The list of updates includes new roof, siding, electric panel, insulation, updated plumbing, etc. 1435 Mellwood Avenue is a short walk to Frankfort Avenue, Nulu, Bourbon District, and Paristown Point where you'll enjoy local restaurants, shops, and distilleries. Seller is providing a one year home warranty with First American Home Warranty. Great potential for an Airbnb (subject to permit approval), long-term rental, or having roommates to share the mortgage costs. The possibilities are endless!

34. 2021-01-24
    historical Active Under Contract 1748-char remark

    Show marketing remark (1748 chars)

    Welcome Home to 1435 Mellwood Avenue! This incredible Butchertown home has been beautifully updated with modern touches while keeping its historical character and charm. The floor plan allows for flexibility to make it into your ideal set up. You'll first enter the home to see an open concept floor plan featuring exposed brick, an original fireplace, new hardwood floors, multiple floor to ceiling windows, and tall ceilings. The remodeled kitchen meets the chef's expectations complete with granite countertops, new cabinets, and new appliances. Walking down the hall you see painted white brick and a nook area, perfect for you to hang your bags and coats. The updates and charm continue into 4 spacious bedrooms, each with a walk-in closet and full bathroom. Bedroom #1 can be turned into your flex room featuring your ideal office space or a movie room. At the end of the hall is your first floor laundry area. Further down the hall and up a step, your primary bedroom features a large walk-in closet, beautiful bathroom, tall ceilings, and lots of natural light. The attached one-car garage can be for extra storage or a great space for indoor/outdoor entertaining! The back lot allows 2-4 cars to park and off-street parking in the front. The list of updates includes new roof, siding, electric panel, insulation, updated plumbing, etc. 1435 Mellwood Avenue is a short walk to Frankfort Avenue, Nulu, Bourbon District, and Paristown Point where you'll enjoy local restaurants, shops, and distilleries. Seller is providing a one year home warranty with First American Home Warranty. Great potential for an Airbnb (subject to permit approval), long-term rental, or having roommates to share the mortgage costs. The possibilities are endless!

35. 2021-01-21
    listed $345,000 Active 1748-char remark

    Show marketing remark (1748 chars)

    Welcome Home to 1435 Mellwood Avenue! This incredible Butchertown home has been beautifully updated with modern touches while keeping its historical character and charm. The floor plan allows for flexibility to make it into your ideal set up. You'll first enter the home to see an open concept floor plan featuring exposed brick, an original fireplace, new hardwood floors, multiple floor to ceiling windows, and tall ceilings. The remodeled kitchen meets the chef's expectations complete with granite countertops, new cabinets, and new appliances. Walking down the hall you see painted white brick and a nook area, perfect for you to hang your bags and coats. The updates and charm continue into 4 spacious bedrooms, each with a walk-in closet and full bathroom. Bedroom #1 can be turned into your flex room featuring your ideal office space or a movie room. At the end of the hall is your first floor laundry area. Further down the hall and up a step, your primary bedroom features a large walk-in closet, beautiful bathroom, tall ceilings, and lots of natural light. The attached one-car garage can be for extra storage or a great space for indoor/outdoor entertaining! The back lot allows 2-4 cars to park and off-street parking in the front. The list of updates includes new roof, siding, electric panel, insulation, updated plumbing, etc. 1435 Mellwood Avenue is a short walk to Frankfort Avenue, Nulu, Bourbon District, and Paristown Point where you'll enjoy local restaurants, shops, and distilleries. Seller is providing a one year home warranty with First American Home Warranty. Great potential for an Airbnb (subject to permit approval), long-term rental, or having roommates to share the mortgage costs. The possibilities are endless!

36. 2020-12-31
    historical
37. 2020-10-15
    price $374,900
38. 2020-10-15
    price $379,900
39. 2020-10-15
    price $384,999
40. 2020-10-15
    listed $369,900 Active
41. 2020-10-15
    price $364,900
42. 2020-10-15
    price $369,900
43. 2020-01-14
    status Pending
44. 2020-01-11
    listed $78,500 Active

ⓘ 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: $4,507 · $376/mo
• Projected year-2 tax: $4,507 · $376/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 100% 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: $47,598
• − Mortgage interest: −$18,480
• − Property taxes: −$4,507
• − Insurance: −$1,650
• − Repairs & maintenance: −$3,808
• − Management: −$3,808
• − Depreciation: −$9,597
• Taxable income: $5,749
• Est. tax owed @ 24.0%: −$1,380
• After-tax cash flow: $9,305/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): 20,161
• Household income: $75,798
• Rent vs Own: 47.4% rent · 52.6% own
• Severe rent burden: 995.0

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 (78%)
• Race & ethnicity: White 78% Black 11% Two or more races 6% Hispanic / Latino 4% Asian 3%
• Common ancestry: Lithuanian 4% Slovak 3% Serbian 3%
• Foreign-born: 8% · Canada
• Languages at home: 91% English-only · Spanish 4% Korean 1% Tagalog/Filipino 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: ▼ -414.83%
• Current HPI: 242.7908
• Rent YoY: ▲ 2.89%
• 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

+320.3% since first listed

31 events — show timeline

• 2026-05-21 Price Changed $329,900 Metro Search MLS
• 2026-05-07 Price Changed $334,900 Metro Search MLS
• 2026-04-30 Price Changed $339,900 Metro Search MLS
• 2026-04-20 Price Changed $344,900 Metro Search MLS
• 2026-04-10 Listed $350,000 Metro Search MLS
• 2026-03-27 Rental Removed $2,695 TURBOTENANT
• 2026-01-23 Listed for Rent $2,695 TURBOTENANT
• 2026-01-23 Rental Removed $2,695 TENANTTURNER2
• 2026-01-13 Listed for Rent $2,695 TENANTTURNER2
• 2026-01-12 Rental Removed $2,695 TURBOTENANT
• 2025-12-12 Listed for Rent $2,695 TURBOTENANT
• 2025-12-12 Rental Removed $2,695 TENANTTURNER2
• 2025-11-23 Listed for Rent $2,695 TENANTTURNER2
• 2025-11-23 Rental Removed $2,695 APPFOLIO
• 2025-11-22 Listed for Rent $2,695 APPFOLIO
• 2025-08-01 Price Changed $389,000 Metro Search MLS
• 2025-07-13 Price Changed $405,000 Metro Search MLS
• 2025-05-28 Price Changed $419,000 Metro Search MLS
• 2021-03-01 Sold (MLS) $345,000 Metro Search MLS
• 2021-02-27 Pending — Metro Search MLS
• 2021-01-24 Contingent — Metro Search MLS
• 2021-01-21 Listed $345,000 Metro Search MLS
• 2020-12-31 Listing Removed — Metro Search MLS
• 2020-10-15 Price Changed $369,900 Metro Search MLS
• 2020-10-15 Price Changed $364,900 Metro Search MLS
• 2020-10-15 Listed $369,900 Metro Search MLS
• 2020-10-15 Price Changed $384,999 Metro Search MLS
• 2020-10-15 Price Changed $379,900 Metro Search MLS
• 2020-10-15 Price Changed $374,900 Metro Search MLS
• 2020-01-14 Pending — Metro Search MLS
• 2020-01-11 Listed $78,500 Metro Search MLS

Property tax history

+11.5%/yr

Latest (2025): $4,507 · -1.9% YoY. Source: county tax records.