114 N 46th St · Louisville, KY 40212

$99,900

2 bd · 1.0 ba · 1,384 sqft · SingleFamily · 55 Days on market

Built 1925 5,227 sqft lot Est $122k · 18% 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 +27.1/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +9.4/10.0
• 1% rule +7.0/10.0
• Livability +3.2/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0

Listing remarks MLS

Lovely two bedroom home that has been loved! Beautiful Hardwood floors, screened in front porch, and more. Schedule your private showing today! Tenant requires 48 hour notice.

Key facts

• Future expansion
• Storage
• Unfinished basement

Tags

• HARDWOOD FLOORS
• UPDATED KITCHEN
• ENCLOSED FRONT PORCH
• UNFINISHED BASEMENT
• STORAGE
• FUTURE EXPANSION

Property features AI

Finance

• Other: Subdivision: Westmeade
• HOA & community: No association fee

Exterior

• Utilities: Electricity connected; Natural gas available
• Home design: Single-family residence with bungalow/ranch style; One story; Built in 1925
• Construction: Wood frame and brick construction; Shingle roof; Concrete block foundation
• Exterior features: Level lot with sidewalks; Full chain link fencing

Interior

• Kitchen: Kitchen on the first floor
• Bedrooms: 2 bedrooms, both on the first floor (primary bedroom on the first floor)
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced-air heating (natural gas); Central air conditioning; One HVAC unit
• Interior features: One fireplace on the main level; Unfinished basement; Three closets; Five rooms (six total rooms listed)
• Laundry & utility: Basement laundry (laundry room located in the basement); First-floor laundry not present

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $284 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Recommended offer: $97k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.7% 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 flat; 140 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals at typical pace (median 18d 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).
• This rent runs 40% of the median local income ($36k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $11k of equity ($691 loan paydown + $10k 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 $28k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 55 days — a 3% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y ago; this cycle's ask has dropped $20k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1925 — 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 $96,903 (3.0% below list)

Questions for the listing agent

1. It's been on market 55 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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 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: 9.70%
• Cash-on-cash: 12.17%
• DSCR: 1.54
• GRM: 6.9

CMA / ARV

• ARV (on-the-fly): $121,792
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
431 N 44th St	0.30mi	2/1.0	1,350 (-2%)	5mo	$109,994	$81	78
429 N 44th St	0.29mi	2/1.5	1,268 (-8%)	1mo	$112,000	$88	70
119 S Longworth Ave	0.12mi	3/1.5 (+1)	1,329 (-4%)	14mo	$178,000	$134	69
237 Glendora Ave	0.33mi	3/2.0 (+1)	1,436 (+4%)	2mo	$186,250	$130	68
366 N 41st St	0.44mi	3/1.0 (+1)	1,400 (+1%)	10mo	$175,200	$125	64
356 N 43rd St	0.31mi	2/1.0	1,200 (-13%)	1mo	$95,000	$79	62
3931 Northwestern Pkwy	0.73mi	2/1.0	1,373 (-1%)	5mo	$100,000	$73	60
4149 W Muhammad Ali Blvd	0.58mi	3/1.0 (+1)	1,327 (-4%)	3mo	$88,000	$66	58
238 S 41st St	0.47mi	3/2.0 (+1)	1,450 (+5%)	8mo	$119,900	$83	54
220 N 39th St	0.50mi	3/2.0 (+1)	1,240 (-10%)	4mo	$145,000	$117	47
127 N 39th St	0.54mi	2/1.0	1,197 (-14%)	8mo	$80,000	$67	46
4210 Miami Ave	0.54mi	3/2.0 (+1)	1,568 (+13%)	12mo	$208,000	$133	34

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: 32.1%
• Equity multiple: 3.49×
• Total profit: $69,543
• Equity at exit: $89,998

10-year hold

• IRR: 27.0%
• Equity multiple: 7.62×
• Total profit: $185,216
• Equity at exit: $194,084

Cash invested: $27,972 (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: 140
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,201 high
• Mortgage (P&I): −$524
• Tax from tax record: −$100 /mo · $1,197/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$252
• Net cashflow: $284

Break-even live

Break-even rent $842

Max offer price $99,900

Occupancy floor 71%

Sensitivity live

Price	-10% $340	-5% $312	+0% $284	+5% $255	+10% $227
Rent	-10% $189	-5% $236	+0% $284	+5% $331	+10% $379
Rate	-1.0pp $334	-0.5pp $309	base $284	+0.5pp $258	+1.0pp $231

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
112 S 46th St Louisville, KY	3.0	1.0	902	$1,200	$1.33	24d	1	0.09mi
313 N 42nd St Louisville, KY	3.0	1.0	900	$1,250	$1.39	4d	1	0.36mi
106 N 40th St Louisville, KY	3.0	1.0	1325	$1,220	$0.92	4d	1	0.47mi
247 Cecil Ave Louisville, KY	3.0	2.0	1083	$1,305	$1.20	19d	1	0.48mi
302 Cecil Ave Louisville, KY	2.0	1.0	984	$1,025	$1.04	16d	1	0.49mi
127 N 40th St Louisville, KY	3.0	2.0	1500	$1,570	$1.05	4d	1	0.49mi
3901 Jewell Ave Louisville, KY	3.0	1.0	1069	$1,140	$1.07	21d	1	0.54mi
110 Hansbrough Pl Unit 101 Louisville, KY	2.0	1.0	924	$1,080	$1.17	24d	1	0.63mi
4020 Larkwood Ave Louisville, KY	1.0	1.0	1446	$785	$0.54	24d	1	0.64mi
3922 River Park Dr Louisville, KY	2.0	2.0	1800	$1,195	$0.66	12d	1	0.87mi
3819 River Park Dr Louisville, KY	3.0	1.0	1108	$1,090	$0.98	21d	1	0.90mi
628 S 39th St Louisville, KY	3.0	1.0	1448	$1,220	$0.84	16d	1	0.98mi
663 S 43rd St Louisville, KY	2.0	2.0	1736	$1,250	$0.72	24d	1	1.00mi
644 S 40th St Louisville, KY	2.0	1.0	1200	$1,500	$1.25	3d	1	1.00mi
3421 River Park Dr Louisville, KY	3.0	1.0	994	$1,250	$1.26	24d	1	1.15mi
652 S 37th St #9 Louisville, KY	3.0	1.0	1070	$1,095	$1.02	24d	1	1.16mi
714 S 42nd St Louisville, KY	3.0	1.0	1078	$1,150	$1.07	16d	1	1.21mi
714 S 40th St #2 Louisville, KY	3.0	1.0	1000	$1,250	$1.25	24d	1	1.24mi
2927 Rowan St Louisville, KY	3.0	1.0	1008	$1,205	$1.20	12d	1	1.27mi
2925 Slevin St Louisville, KY	2.0	1.0	896	$775	$0.86	4d	1	1.31mi
836 S 41st St Louisville, KY	3.0	1.0	1300	$1,300	$1.00	19d	1	1.39mi
309 E Spring St Unit 310-106 New Albany, IN	2.0	2.0	1005	$1,250	$1.24	17d	1	1.39mi
309 E Spring St Unit 310-203 New Albany, IN	2.0	2.5	1005	$1,250	$1.24	4d	1	1.39mi
807 E Main St New Albany, IN	3.0	2.0	1500	$1,650	$1.10	20d	1	1.40mi
823 S 38th St Louisville, KY	3.0	1.0	1100	$1,195	$1.09	4d	1	1.44mi
608 E Spring St Unit 2 New Albany, IN	2.0	2.0	1100	$1,195	$1.09	4d	1	1.45mi
608 E Spring St Unit 2 New Albany, IN	2.0	2.0	1100	$1,195	$1.09	24d	1	1.45mi
666 Eastlawn Ave Louisville, KY	2.0	1.0	936	$895	$0.96	16d	1	1.45mi

Listing history 13 events

1. 2026-06-08
   statusdays on market $99,900 Pending 55 DOM
2. 2026-06-07
   statusdays on market $99,900 Active 54 DOM
3. 2026-06-03
   days on market $99,900 Active Under Contract 50 DOM
4. 2026-06-02
   days on market $99,900 Active Under Contract 49 DOM
5. 2026-06-01
   days on market $99,900 Active Under Contract 48 DOM
6. 2026-05-31
   days on market $99,900 Active Under Contract 47 DOM
7. 2026-05-04
   price $109,900
8. 2026-04-14
   listed $120,000 Active
9. 2023-09-18
   status Pending 175-char remark

   Show marketing remark (175 chars)

   Lovely two bedroom home that has been loved! Beautiful Hardwood floors, screened in front porch, and more. Schedule your private showing today! Tenant requires 48 hour notice.

10. 2023-09-13
    soldstatus $95,000
11. 2023-09-01
    soldstatus $95,000 Closed 175-char remark

    Show marketing remark (175 chars)

    Lovely two bedroom home that has been loved! Beautiful Hardwood floors, screened in front porch, and more. Schedule your private showing today! Tenant requires 48 hour notice.

12. 2023-07-19
    historical Active Under Contract 175-char remark

    Show marketing remark (175 chars)

    Lovely two bedroom home that has been loved! Beautiful Hardwood floors, screened in front porch, and more. Schedule your private showing today! Tenant requires 48 hour notice.

13. 2023-07-03
    listed $95,000 Active 175-char remark

    Show marketing remark (175 chars)

    Lovely two bedroom home that has been loved! Beautiful Hardwood floors, screened in front porch, and more. Schedule your private showing today! Tenant requires 48 hour notice.

ⓘ 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: $1,197 · $100/mo
• Projected year-2 tax: $1,197 · $100/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 · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% 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: $14,415
• − Mortgage interest: −$5,596
• − Property taxes: −$1,197
• − Insurance: −$500
• − Repairs & maintenance: −$1,153
• − Management: −$1,153
• − Depreciation: −$2,906
• Taxable income: $1,910
• Est. tax owed @ 24.0%: −$458
• After-tax cash flow: $2,946/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

+15.7% since first listed

7 events — show timeline

• 2026-05-04 Price Changed $109,900 Metro Search MLS
• 2026-04-14 Listed $120,000 Metro Search MLS
• 2023-09-18 Pending — Metro Search MLS
• 2023-09-13 Sold (Public Records) $95,000 Public Records
• 2023-09-01 Sold (MLS) $95,000 Metro Search MLS
• 2023-07-19 Contingent — Metro Search MLS
• 2023-07-03 Listed $95,000 Metro Search MLS

Property tax history

+7.2%/yr

Latest (2025): $1,197 · -1.9% YoY. Source: county tax records.