1035 Baxter Ave · Louisville, KY 40204

$425,000

20 bd · 16.0 ba · 3,403 sqft · MultiFamily · 64 Days on market

Built 1910 4,460 sqft lot

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +3.9/5.0
• Livability +3.2/5.0
• 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

Investors! Take Notice! Location, location, location! Brick 4-plex in highly desirable Highlands neighborhood. Walking distance to all Bardstown Rd. has to offer. Perfect for owner/occupant. Rents are very low and has much potential for increased cash flow. New roof in 2012. Has been in the same family for 27 years.

Key facts

• 4,460 sq ft lot
• 4 parking spots
• Built 1910

Property features AI

Finance

• Financial info: Property configured as multiple units with separate rents (examples listed per unit)
• HOA & community: No association fee

Exterior

• Parking: 4 parking spaces (not covered)
• Utilities: Electricity connected; Natural gas
• Home design: Traditional-style building; Main structure not in a flood plain
• Construction: Brick construction; Composition/shingle roof; Built in 1910
• Exterior features: Sidewalks

Interior

• Kitchen: Each unit includes a kitchen; Dishwasher included in each unit; Range included in each unit; Refrigerator included in each unit
• Bedrooms: Total of 5 bedrooms; Third-level unit: 1 bedroom; Second-level unit: 2 bedrooms; First-level unit: 1 bedroom; Basement unit: 1 bedroom
• Bathrooms: Each level includes a full bathroom
• Heating & cooling: Forced air heating (natural gas); Wall/window cooling units
• Interior features: Three separate meters (multi-unit); Basement present
• Laundry & utility: Three furnaces; Utilities: electricity connected and natural gas

What this means for you Summary

Snapshot

• This is a 4 × 5-bed/4.0-bath units multifamily listed at $425k.

Deal economics

• At list price, monthly cash flow is $3k ($40k/yr) — positive. Per door: $835/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $425k).
• Recommended offer: $400k (6.0% below list) — sets the bar for market timing.
• Cap rate 15.7% 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 fast (+5.8%/yr); 99 active listings in the ZIP; 2,836 units permitted in Jefferson County in 2024 (1,558 in 5+ unit buildings).
• At $7,733/mo this rent would consume 130% of the median local household income ($71k/yr) (locally 761% 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 $3k of loan paydown is wiped out by about $13k 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 + 5.8% rent growth), your $119k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($400k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 14y 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 $150k; list at $425k implies a 184% 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 $399,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 64 days. Have you received any prior offers? Is the seller open to a 6% 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 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
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 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: 1.82% ✓
• Cap rate: 15.72%
• Cash-on-cash: 33.66%
• DSCR: 2.50
• GRM: 4.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.76% rent growth · sell at horizon

5-year hold

• IRR: 32.0%
• Equity multiple: 2.39×
• Total profit: $165,822
• Equity at exit: $63,369

10-year hold

• IRR: 40.5%
• Equity multiple: 5.32×
• Total profit: $514,050
• Equity at exit: $36,746

Cash invested: $119,000 (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 40204

• Rents YoY: 5.8%
• Active inventory: 99
• Price-to-rent: 18.3×

Monthly cashflow live

• Estimated rent: $7,733 medium
• Mortgage (P&I): −$2,229
• Tax from tax record: −$365 /mo · $4,381/yr
• Insurance: −$177
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,624
• Net cashflow: $3,338

Break-even live

Break-even rent $3,507

Max offer price $425,000

Occupancy floor 52%

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

Units	Beds	Baths	Est. rent
▸ 4× units	5	4	$7,732
Total (4 units)			$7,733

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: $106,250
• Closing costs: $12,750
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-04-25
   historical Active Under Contract
2. 2026-03-23
   listed $425,000 Active
3. 2012-05-11
   soldstatus $149,900
4. 2012-05-02
   soldstatus $149,900 317-char remark

   Show marketing remark (317 chars)

   Investors! Take Notice! Location, location, location! Brick 4-plex in highly desirable Highlands neighborhood. Walking distance to all Bardstown Rd. has to offer. Perfect for owner/occupant. Rents are very low and has much potential for increased cash flow. New roof in 2012. Has been in the same family for 27 years.

5. 2012-01-26
   listed $179,900 317-char remark

   Show marketing remark (317 chars)

   Investors! Take Notice! Location, location, location! Brick 4-plex in highly desirable Highlands neighborhood. Walking distance to all Bardstown Rd. has to offer. Perfect for owner/occupant. Rents are very low and has much potential for increased cash flow. New roof in 2012. Has been in the same family for 27 years.

ⓘ 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: $4,381 · $365/mo
• Projected year-2 tax: $4,381 · $365/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 3/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $92,796
• − Mortgage interest: −$23,807
• − Property taxes: −$4,381
• − Insurance: −$2,125
• − Repairs & maintenance: −$7,424
• − Management: −$7,424
• − Depreciation: −$12,364
• Taxable income: $35,272
• Est. tax owed @ 24.0%: −$8,465
• After-tax cash flow: $31,592/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): 14,034
• Household income: $71,116
• Rent vs Own: 50.6% rent · 49.4% own
• Severe rent burden: 761.0

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 (84%)
• Race & ethnicity: White 84% Black 6% Two or more races 5% Hispanic / Latino 4% Asian 2%
• Common ancestry: Slovak 3% Serbian 3% Romanian 3%
• Foreign-born: 4% · Canada, South Korea, China
• Languages at home: 95% English-only · Spanish 2% Korean 1% Chinese 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: ▼ -475.25%
• Current HPI: 246.3191
• Rent YoY: ▲ 5.76%
• 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

+136.2% since first listed

5 events — show timeline

• 2026-04-25 Contingent — Metro Search MLS
• 2026-03-23 Listed $425,000 Metro Search MLS
• 2012-05-11 Sold (Public Records) $149,900 Public Records
• 2012-05-02 Sold (MLS) $149,900 Metro Search MLS
• 2012-01-26 Listed $179,900 Metro Search MLS

Property tax history

+7.5%/yr

Latest (2025): $4,381 · -1.9% YoY. Source: county tax records.