609 Colorado Ave · Louisville, KY 40208

$175,000

3 bd · 2.0 ba · 1,849 sqft · SingleFamily · 25 Days on market

Built 1929 5,960 sqft lot Est $163k · 8% over

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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 +22.5/30.0
• DSCR +7.2/10.0
• 1% rule +4.8/10.0
• ARV discount +4.1/15.0
• Rent growth +4.0/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

**BACK ON MARKET & PRICED TO SELL!!SOLD AS IS. ENCLOSED FRONT PORCH, UNFINISHED BASEMENT WITH FULL BATH. STOVE & REFRIGERATOR TO REMAIN. GOOD SIZE LOT WITH COVERED BACK PATIO. 24 HOURS NOTICE TO SHOW. BETTER HURRY!!!

Key facts

• Vinyl flooring
• Bungalow
• Granite countertops

Tags

• BUNGALOW
• VINYL FLOORING
• GRANITE COUNTERTOPS
• STAINLESS STEEL STOVE
• STAINLESS STEEL REFRIGERATOR
• SCREENED-IN FRONT PORCH

Property features AI

Finance

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

Exterior

• Parking: Detached garage with driveway (1 garage space)
• Utilities: Electricity connected; Natural gas available
• Home design: Bungalow-style single-family home; 2 stories; Built in 1929
• Construction: Shingle roof; Poured concrete foundation; Construction includes vinyl siding, wood frame, and brick
• Exterior features: Sidewalk on the lot; Lot is cleared and level; Privacy and chain-link fencing

Interior

• Kitchen: Kitchen on the first floor; Dining room on the first floor
• Bedrooms: Primary bedroom on the first floor; Total of 3 bedrooms (1 on first floor, 2 on second floor), plus additional finished basement bedrooms
• Bathrooms: Primary bathroom on the first floor; Full bathroom in the basement; 2 full bathrooms total
• Heating & cooling: Forced air heating (natural gas) and electric; Central air conditioning; One HVAC unit for heating and one for cooling
• Interior features: 10 rooms total (13 rooms listed in some sources); Partially finished basement; 4 closets
• Laundry & utility: Laundry in the basement (no first-floor laundry)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $294 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $172k (1.7% below list).
• Recommended offer: $172k (1.7% below list) — sets the bar for 1% rule.
• Cap rate 8.3% 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 (+6.1%/yr); 77 active listings in the ZIP; 27 comparable units currently listed for rent nearby; rentals at typical pace (median 16d 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).
• At $1,719/mo this rent would consume 52% of the median local household income ($40k/yr) (locally 1136% 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 $1k of loan paydown is wiped out by about $5k 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 + 6.1% rent growth), your $49k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 23y 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 $52k; list at $175k implies a 237% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1929 — 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 $171,947 (1.7% below list)

Questions for the listing agent

1. Built in 1929 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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 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: 0.98% ✗
• Cap rate: 8.31%
• Cash-on-cash: 7.20%
• DSCR: 1.32
• GRM: 8.5

CMA / ARV

• ARV (on-the-fly): $162,712
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
742 Colorado Ave	0.22mi	3/2.0	1,799 (-3%)	3mo	$120,000	$67	83
517 Compton St	0.08mi	3/2.0	1,921 (+4%)	9mo	$161,430	$84	82
717 Creel Ave	0.16mi	3/1.0	1,996 (+8%)	9mo	$170,000	$85	68
514 Winkler Ave	0.31mi	3/1.0	1,659 (-10%)	1mo	$142,500	$86	63
911 Winkler Ave	0.27mi	4/3.0 (+1)	1,834 (-1%)	17mo	$211,000	$115	63
415 Creel Ave	0.19mi	3/1.5	1,978 (+7%)	19mo	$175,000	$88	62
617 Creel Ave	0.12mi	4/2.0 (+1)	1,616 (-13%)	8mo	$180,000	$111	62
414 M St	0.43mi	4/2.0 (+1)	1,998 (+8%)	1mo	$144,100	$72	61
716 Algonquin Pkwy	0.25mi	4/2.0 (+1)	2,108 (+14%)	6mo	$96,000	$46	54
1721 S 4th St	0.61mi	4/2.0 (+1)	1,700 (-8%)	10mo	$268,000	$158	44
1210 Lincoln Ave	0.56mi	4/2.0 (+1)	1,700 (-8%)	14mo	$207,000	$122	43
1214 Central Ave	0.72mi	4/2.0 (+1)	1,680 (-9%)	11mo	$224,000	$133	37

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 · 6.06% rent growth · sell at horizon

5-year hold

• IRR: -2.2%
• Equity multiple: 0.91×
• Total profit: $-4,241
• Equity at exit: $26,093

10-year hold

• IRR: 10.3%
• Equity multiple: 1.90×
• Total profit: $44,003
• Equity at exit: $15,131

Cash invested: $49,000 (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 40208

• Home prices YoY: -23.3%
• Rents YoY: 6.1%
• Active inventory: 77
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,719 high
• Mortgage (P&I): −$918
• Tax from tax record: −$74 /mo · $885/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$361
• Net cashflow: $294

Break-even live

Break-even rent $1,347

Max offer price $175,000

Occupancy floor 78%

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
516 Colorado Ave Louisville, KY	3.0	2.0	2000	$1,800	$0.90	16d	1	0.08mi
510 Colorado Ave Louisville, KY	3.0	2.0	1500	$1,750	$1.17	23d	1	0.10mi
2501 S 4th St Louisville, KY	1.0–3.0	1.0–3.0	897	$6,345	$7.07	3d	1	0.24mi
1147 Lincoln Ave Louisville, KY	4.0	1.0	1323	$1,295	$0.98	3d	1	0.40mi
1161 Lincoln Ave Louisville, KY	2.0	1.5	1358	$1,150	$0.85	16d	1	0.42mi
2718 S 3rd St Unit 2 Louisville, KY	4.0	2.0	2000	$2,800	$1.40	12d	1	0.45mi
2711 S 3rd St Unit 1 Louisville, KY	4.0	2.0	1800	$2,400	$1.33	12d	1	0.46mi
2 Eutropia Ct Louisville, KY	3.0	2.0	1367	$1,950	$1.43	17d	1	0.58mi
1501 Bellamy Pl Louisville, KY	2.0–4.0	2.0–4.0	1074	$2,217	$2.06	3d	1	0.66mi
1479 S 4th St Unit 2A Louisville, KY	2.0	1.0	2400	$2,200	$0.92	16d	1	0.86mi
3102 Grant Ave Louisville, KY	4.0	2.0	1603	$1,595	$1.00	23d	1	0.92mi
2125 Crittenden Dr Louisville, KY	3.0	2.0	1450	$1,800	$1.24	17d	1	0.97mi
1445 S 2nd St Unit 3 Louisville, KY	3.0	1.0	1290	$1,500	$1.16	14d	1	0.99mi
1461 S 1st St Unit 2 Louisville, KY	2.0	1.0	1300	$1,300	$1.00	20d	1	1.00mi
1390 S 1st St Unit 1390-1 Louisville, KY	2.0	1.0	1450	$1,350	$0.93	14d	1	1.15mi
1382 S 1st St Unit 1382-10 Carriage House Louisville, KY	3.0	2.0	1500	$1,900	$1.27	3d	1	1.17mi
1375 S 1st St Louisville, KY	4.0	3.0	2470	$2,400	$0.97	23d	1	1.17mi
523 Rawlings St Louisville, KY	3.0	1.0	1296	$1,495	$1.15	12d	1	1.17mi
310 W Kenton St Louisville, KY	3.0	2.0	1295	$1,350	$1.04	23d	1	1.18mi
717 Lynn St Louisville, KY	2.0	2.0	1796	$2,400	$1.34	23d	1	1.27mi
1300 S 3rd St Unit LOFT Louisville, KY	2.0	1.5	2150	$1,580	$0.73	23d	1	1.30mi
1300 S 3rd St #3 Louisville, KY	2.0	1.0	1580	$1,325	$0.84	23d	1	1.30mi
4007 Southern Pkwy Unit 1 Louisville, KY	4.0	1.0	1500	$1,395	$0.93	3d	1	1.30mi
925 W Evelyn Ave Louisville, KY	3.0	1.5	1520	$1,650	$1.09	23d	1	1.33mi
214 E Ormsby Ave Unit 4 Louisville, KY	3.0	1.0	1600	$1,100	$0.69	23d	1	1.38mi
1329 S Preston St Louisville, KY	4.0	1.0	1413	$1,650	$1.17	16d	1	1.41mi
1774 Bolling Ave Louisville, KY	3.0	2.0	1611	$1,300	$0.81	10d	1	1.47mi

Listing history 7 events

1. 2026-06-02
   statusdays on market $175,000 Pending 25 DOM
2. 2026-06-01
   days on market $175,000 Active Under Contract 24 DOM
3. 2026-05-31
   days on market $175,000 Active Under Contract 23 DOM
4. 2026-05-08
   listed $175,000 Active
5. 2005-07-27
   soldstatus $52,000
6. 2004-03-17
   soldstatus $50,000 224-char remark

   Show marketing remark (224 chars)

   **BACK ON MARKET & PRICED TO SELL!!SOLD AS IS. ENCLOSED FRONT PORCH, UNFINISHED BASEMENT WITH FULL BATH. STOVE & REFRIGERATOR TO REMAIN. GOOD SIZE LOT WITH COVERED BACK PATIO. 24 HOURS NOTICE TO SHOW. BETTER HURRY!!!

7. 2003-12-08
   listed $59,000 224-char remark

   Show marketing remark (224 chars)

   **BACK ON MARKET & PRICED TO SELL!!SOLD AS IS. ENCLOSED FRONT PORCH, UNFINISHED BASEMENT WITH FULL BATH. STOVE & REFRIGERATOR TO REMAIN. GOOD SIZE LOT WITH COVERED BACK PATIO. 24 HOURS NOTICE TO SHOW. BETTER HURRY!!!

ⓘ 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: $885 · $74/mo
• Projected year-2 tax: $1,505 · $125/mo
• Expected delta: +$620/yr (+$52/mo · 70.0%)

ⓘ 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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,634
• − Mortgage interest: −$9,803
• − Property taxes: −$885
• − Insurance: −$875
• − Repairs & maintenance: −$1,651
• − Management: −$1,651
• − Depreciation: −$5,091
• Taxable income: $678
• Est. tax owed @ 24.0%: −$163
• After-tax cash flow: $3,365/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): 15,605
• Household income: $39,560
• Rent vs Own: 73.8% rent · 26.2% own
• Severe rent burden: 1136.0

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: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 62% Black 22% Two or more races 9% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 3% Lithuanian 2% Slovak 2%
• Foreign-born: 5% · Canada, China, South Korea
• Languages at home: 90% English-only · Spanish 3% French/Haitian/Cajun 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: ▼ -72.97%
• Current HPI: 240.6261
• Rent YoY: ▲ 6.06%
• 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

+196.6% since first listed

4 events — show timeline

• 2026-05-08 Listed $175,000 Metro Search MLS
• 2005-07-27 Sold (Public Records) $52,000 Public Records
• 2004-03-17 Sold (MLS) $50,000 Metro Search MLS
• 2003-12-08 Listed $59,000 Metro Search MLS

Property tax history

+1.4%/yr

Latest (2025): $885 · -1.9% YoY. Source: county tax records.