505 Warnock St · Louisville, KY 40217

$133,500

2 bd · 1.0 ba · 840 sqft · SingleFamily · 51 Days on market

Built 1900 3,598 sqft lot Est $193k · 31% under

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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 +15.5/30.0
• ARV discount +15.0/15.0
• DSCR +4.8/10.0
• 1% rule +4.0/10.0
• Livability +3.2/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks

Charming bungalow located at 505 Warnock right by UofL! This property is zoned C1 perfect for an investor looking to short term rent a property. This 2-bedroom, 1-bath home offers 860 sq ft perfect for an investor or someone attending the University of Louisville looking for an afforbable please to live. Property has a nice front porch, tile in the kitchen, and a fully fenced in yard. It could be a great addition to your rental portfolio.

Key facts

• Manageable yard
• Updated bungalow
• Great natural light

Tags

• UPDATED BUNGALOW
• FUNCTIONAL LAYOUT
• GREAT NATURAL LIGHT
• CUTE CURB APPEAL
• MANAGEABLE YARD

Property features AI

Finance

• Other: Located in the Semple subdivision
• HOA & community: No association fee

Exterior

• Utilities: Electricity connected; Natural gas available
• Home design: Single-family ranch-style home; One story
• Construction: Built in 1900; Vinyl siding and wood frame construction; Shingle roof
• Exterior features: Partial fencing; Cleared lot

Interior

• Kitchen: Eat-in kitchen on the first floor
• Bedrooms: 2 bedrooms, both on the first floor; Primary bedroom is on the first floor
• Bathrooms: 1 full bathroom located on the first floor
• Heating & cooling: Electric heating; Natural gas heating; Central air conditioning
• Interior features: Total of 4 main rooms; Living room on the first floor; Eat-in kitchen on the first floor; Additional first-floor multipurpose room
• Laundry & utility: Laundry room on the first floor; First-floor laundry

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $134k.

Deal economics

• At list price, monthly cash flow is $53 ($640/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 $120k (10.2% below list).
• Recommended offer: $120k (10.2% below list) — sets the bar for 1% rule.
• Cap rate 6.8% 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; 72 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 2,836 units permitted in Jefferson County in 2024 (1,558 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $923 of loan paydown is wiped out by about $4k 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.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($129k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 19y ago; this cycle's ask has dropped $16k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $100k; 34% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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 $119,859 (10.2% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 10% 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. 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. 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?
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: 0.90% ✗
• Cap rate: 6.77%
• Cash-on-cash: 1.71%
• DSCR: 1.08
• GRM: 9.3

CMA / ARV

• ARV (on-the-fly): $193,200
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
524 Warnock St	0.05mi	2/1.0	820 (-2%)	9mo	$143,000	$174	86
535 Warnock St	0.08mi	3/1.0 (+1)	901 (+7%)	1mo	$127,500	$142	78
524 Lilly Ave	0.09mi	2/1.0	769 (-8%)	7mo	$120,000	$156	76
2139 Bradley Ave	0.11mi	2/1.0	941 (+12%)	1mo	$210,000	$223	74
509 E Brandeis Ave	0.42mi	1/1.0 (-1)	856 (+2%)	3mo	$195,000	$228	70
660 Lynn St	0.25mi	2/2.0	900 (+7%)	7mo	$237,500	$264	67
837 Delor Ave	0.61mi	2/1.0	830 (-1%)	5mo	$205,000	$247	66
2064 Emmet Ave	0.16mi	2/2.0	750 (-11%)	12mo	$199,900	$267	60
633 Merwin Ave	0.41mi	3/1.0 (+1)	924 (+10%)	1mo	$107,000	$116	58
612 Ervay Ave	0.36mi	2/1.0	761 (-9%)	11mo	$202,110	$266	58
516 Rawlings St	0.45mi	1/1.0 (-1)	764 (-9%)	3mo	$176,000	$230	56
2026 Alexander Ave	0.53mi	2/1.0	922 (+10%)	12mo	$253,000	$274	49

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 · 0.75% rent growth · sell at horizon

5-year hold

• IRR: -16.1%
• Equity multiple: 0.44×
• Total profit: $-20,891
• Equity at exit: $19,905

10-year hold

• IRR: -12.1%
• Equity multiple: 0.35×
• Total profit: $-24,228
• Equity at exit: $11,543

Cash invested: $37,380 (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 40217

• Rents YoY: 0.8%
• Active inventory: 72
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $1,199 high
• Mortgage (P&I): −$700
• Tax from tax record: −$138 /mo · $1,654/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$252
• Net cashflow: $53

Break-even live

Break-even rent $1,131

Max offer price $133,500

Occupancy floor 91%

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: $33,375
• Closing costs: $4,005
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
415 Atwood St Louisville, KY	1.0	1.0	770	$995	$1.29	21d	1	0.07mi
2138 Crittenden Dr Louisville, KY	1.0	1.0	550	$950	$1.73	21d	1	0.08mi
570 Lilly Ave Louisville, KY	2.0	1.0	800	$1,275	$1.59	23d	1	0.18mi
520 Wainwright Ave Louisville, KY	2.0	1.0	1000	$1,495	$1.50	15d	1	0.18mi
533 Eastern Pkwy Louisville, KY	1.0	1.0	784	$1,200	$1.53	15d	1	0.22mi
2057 May Ave Louisville, KY	1.0	1.0	734	$850	$1.16	3d	1	0.23mi
2057 May Ave Louisville, KY	1.0	1.0	743	$850	$1.14	23d	1	0.23mi
428 E Brandeis Ave Louisville, KY	1.0	1.0	760	$1,200	$1.58	23d	1	0.25mi
423 E Brandeis Ave Louisville, KY	1.0	1.0	768	$1,850	$2.41	3d	1	0.26mi
2207 James Pirtle Ct Louisville, KY	1.0–3.0	1.0–2.0	883	$1,170	$1.33	3d	17	0.28mi
620 Eastern Pkwy Unit 2 Louisville, KY	1.0	1.0	820	$1,200	$1.46	23d	1	0.34mi
620 Eastern Pkwy #3 Louisville, KY	1.0	1.0	820	$1,100	$1.34	23d	1	0.34mi
2235 S Shelby St Unit 3 Louisville, KY	1.0	1.0	600	$995	$1.66	14d	1	0.43mi
639 Rawlings St Louisville, KY	2.0	1.0	1000	$1,495	$1.50	23d	1	0.58mi
1800 S 2nd St Louisville, KY	1.0	1.0	575	$950	$1.65	15d	7	0.66mi
2501 S 3rd St Louisville, KY	1.0–2.0	1.0–2.0	1011	$1,550	$1.53	3d	2	0.66mi
2501 S 4th St Louisville, KY	1.0–3.0	1.0–3.0	897	$3,732	$4.16	3d	1	0.71mi
1702 S 2nd St Apt 3 Louisville, KY	1.0	1.0	625	$875	$1.40	23d	1	0.71mi
1702 S 2nd St Apt 1 Louisville, KY	2.0	1.0	875	$1,100	$1.26	23d	1	0.71mi
1492 S Shelby St Unit 2 Louisville, KY	1.0	1.0	750	$995	$1.33	11d	1	0.84mi
2913 S 3rd St Louisville, KY	2.0	1.0	1026	$1,200	$1.17	23d	1	0.86mi
2805 S 4th St #1 Louisville, KY	1.0	1.0	750	$725	$0.97	21d	1	0.86mi
1521 S 4th St Unit 6 Louisville, KY	2.0	1.0	750	$1,025	$1.37	23d	1	0.91mi
1521 S 4th St Unit 7 Louisville, KY	2.0	1.0	750	$1,125	$1.50	23d	1	0.91mi
1521 S 4th St Unit 12 Louisville, KY	1.0	1.0	700	$795	$1.14	21d	1	0.91mi
1521 S 4th St Apt 8 Louisville, KY	1.0	1.0	700	$900	$1.29	23d	1	0.91mi
216 W Burnett Ave Unit 216A Louisville, KY	3.0	1.0	900	$1,150	$1.28	16d	1	0.94mi
216 W Burnett Ave Unit 226B Louisville, KY	2.0	1.0	775	$1,050	$1.35	16d	1	0.94mi
409 W Gaulbert Ave Unit 201 Louisville, KY	2.0	1.0	772	$1,100	$1.42	23d	1	0.94mi
1436 S 2nd St Unit 1436-1 Louisville, KY	2.0	1.0	1000	$1,095	$1.09	11d	1	0.96mi
508 M St Louisville, KY	2.0	1.5	1035	$1,100	$1.06	23d	1	0.97mi
307 Woodbine St Unit 3 Louisville, KY	1.0	1.0	700	$775	$1.11	23d	1	0.99mi
307 Woodbine St Unit 4 Louisville, KY	1.0	1.0	700	$750	$1.07	14d	1	0.99mi
2716 S 6th St Louisville, KY	1.0	1.0	881	$950	$1.08	15d	1	1.01mi
415 Belgravia Ct Unit 3 Louisville, KY	2.0	1.0	700	$800	$1.14	23d	1	1.02mi
1318 S Brook St Unit 3 Louisville, KY	2.0	1.0	800	$1,295	$1.62	23d	1	1.11mi
1279 S Preston St Unit 1A Louisville, KY	1.0	1.0	600	$1,200	$2.00	23d	1	1.12mi
1304 S Brook St #2 Louisville, KY	2.0	1.0	850	$1,100	$1.29	3d	1	1.15mi
1501 Bellamy Pl Louisville, KY	2.0–4.0	2.0–4.0	1074	$1,758	$1.64	3d	1	1.15mi
518 Camp St Louisville, KY	1.0	1.0	950	$1,395	$1.47	14d	1	1.15mi

Listing history 23 events

1. 2026-06-18
   days on market $133,500 Active 51 DOM
2. 2026-06-17
   days on market $133,500 Active 50 DOM
3. 2026-06-16
   days on market $133,500 Active 49 DOM
4. 2026-06-15
   days on market $133,500 Active 48 DOM
5. 2026-06-13
   pricedays on market $133,500 Active 46 DOM
6. 2026-06-10
   days on market $144,500 Active 43 DOM
7. 2026-06-09
   days on market $144,500 Active 42 DOM
8. 2026-06-08
   days on market $144,500 Active 41 DOM
9. 2026-06-07
   days on market $144,500 Active 40 DOM
10. 2026-06-03
    days on market $144,500 Active 36 DOM
11. 2026-06-02
    days on market $144,500 Active 35 DOM
12. 2026-06-01
    days on market $144,500 Active 34 DOM
13. 2026-05-31
    days on market $144,500 Active 33 DOM
14. 2026-05-19
    price $144,500
15. 2026-04-28
    listed $150,000 Active
16. 2019-12-02
    soldstatus $100,000
17. 2012-09-03
    historical
18. 2011-08-03
    listed $89,900
19. 2009-03-23
    soldstatus $53,310
20. 2008-05-10
    historical
21. 2008-05-07
    listed $89,900
22. 2007-09-27
    historical
23. 2007-04-11
    listed $71,000

ⓘ 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: $1,654 · $138/mo
• Projected year-2 tax: $1,654 · $138/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 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,383
• − Mortgage interest: −$7,478
• − Property taxes: −$1,654
• − Insurance: −$668
• − Repairs & maintenance: −$1,151
• − Management: −$1,151
• − Depreciation: −$3,884
• Taxable loss: −$1,602
• Est. tax savings @ 24.0%: +$384
• After-tax cash flow: $1,024/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): 11,663
• Household income: $69,114
• Rent vs Own: 41.3% rent · 58.7% own
• Severe rent burden: 569.0

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 (82%)
• Race & ethnicity: White 82% Black 7% Two or more races 4% Hispanic / Latino 3% Asian 2%
• Common ancestry: Italian 3% Slovak 2% Serbian 2%
• Foreign-born: 5% · Canada
• Languages at home: 95% English-only · Spanish 3% Other Indo-European 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: ▼ -183.03%
• Current HPI: 301.9034
• Rent YoY: ▲ 0.75%
• 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

+103.5% since first listed

10 events — show timeline

• 2026-05-19 Price Changed $144,500 Metro Search MLS
• 2026-04-28 Listed $150,000 Metro Search MLS
• 2019-12-02 Sold (Public Records) $100,000 Public Records
• 2012-09-03 Listing Removed — Metro Search MLS
• 2011-08-03 Listed $89,900 Metro Search MLS
• 2009-03-23 Sold (Public Records) $53,310 Public Records
• 2008-05-10 Listing Removed — Metro Search MLS
• 2008-05-07 Listed $89,900 Metro Search MLS
• 2007-09-27 Listing Removed — Metro Search MLS
• 2007-04-11 Listed $71,000 Metro Search MLS

Property tax history

+7.4%/yr

Latest (2025): $1,654 · -1.9% YoY. Source: county tax records.