4501 S 6th St Unit 70-3 · Louisville, KY 40214

$49,500

1 bd · 1.0 ba · 538 sqft · Condo · 51 Days on market

Built 1981 Average condition $231/mo HOA · 26% of rent ↓ 7% since listing

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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 +25.9/30.0
• 1% rule +10.0/10.0
• DSCR +8.7/10.0
• ARV discount +7.5/15.0
• Livability +3.2/5.0
• Rent growth +3.0/5.0
• Condition / age +2.8/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks

Awesome second floor condo located near Southern Pkwy and I-264. Park-like courtyard with plenty of off street parking. Unit is able to be leased. Schedule your showing today!

Key facts

• Second floor condo
• Off street parking
• Park-like courtyard

Tags

• SECOND FLOOR CONDO
• PARK-LIKE COURTYARD
• OFF STREET PARKING

Property features AI

Finance

• HOA & community: Association fee applies

Exterior

• Utilities: Electricity connected
• Home design: Traditional-style condominium; Single-story unit; Located in building 1, unit/location 70
• Construction: Built in 1981; Block construction; Shingle roof
• Exterior features: Condominium in the Innwood subdivision; Lot listed in acres

Interior

• Bedrooms: One bedroom (primary bedroom on first floor)
• Bathrooms: One full bathroom
• Heating & cooling: Radiant heating
• Interior features: No basement; One room total
• Laundry & utility: No first-floor laundry

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $50k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $121 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($879 rent vs $50k).
• Recommended offer: $48k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.2% 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 (+1.9%/yr); 243 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 17d 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 $342 of loan paydown is wiped out by about $1k 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 ($48k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 26% of rent.
• 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 $48,015 (3.0% 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 3% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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 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: 1.77% ✓
• Cap rate: 9.23%
• Cash-on-cash: 10.47%
• DSCR: 1.47
• GRM: 4.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.89% rent growth · sell at horizon

5-year hold

• IRR: -2.2%
• Equity multiple: 0.92×
• Total profit: $-1,131
• Equity at exit: $7,381

10-year hold

• IRR: 5.9%
• Equity multiple: 1.41×
• Total profit: $5,673
• Equity at exit: $4,280

Cash invested: $13,860 (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 40214

• Rents YoY: 1.9%
• Active inventory: 243
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $879 high
• Mortgage (P&I): −$260
• Tax est. 1.5%: −$62 /mo · $742/yr
• Insurance: −$21
• HOA: −$231
• Vacancy / Maint / Mgmt: −$184
• Net cashflow: $121

Break-even live

Break-even rent $725

Max offer price $49,500

Occupancy floor 81%

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: $12,375
• Closing costs: $1,485
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4501 S 6th St #82 Louisville, KY	1.0	1.0	538	$775	$1.44	17d	1	0.02mi
554 Camden Ave Louisville, KY	1.0	1.0	661	$875	$1.32	24d	1	0.28mi
309 W Whitney Ave Louisville, KY	1.0	1.0	700	$875	$1.25	24d	1	0.40mi
4626 Southern Pkwy Louisville, KY	1.0–2.0	1.0	809	$825	$1.02	14d	3	0.42mi
4619 Southern Pkwy Unit 3 Louisville, KY	1.0	1.0	700	$975	$1.39	2d	1	0.44mi
4012 Southern Pkwy Unit 5 Louisville, KY	1.0	1.0	600	$795	$1.32	24d	1	0.49mi
4012 Southern Pkwy Unit 8 Louisville, KY	1.0	1.0	600	$795	$1.32	14d	1	0.50mi
4704 Southern Pkwy Unit A1 Louisville, KY	1.0	1.0	750	$775	$1.03	17d	1	0.54mi
1022 Stanley Ave Louisville, KY	2.0	1.0	700	$1,200	$1.71	21d	1	0.58mi
4228 Allmond Ave Unit 2 Louisville, KY	1.0	1.0	650	$700	$1.08	3d	1	0.60mi
623 Dresden Ave Louisville, KY	2.0	1.0	750	$975	$1.30	16d	1	0.62mi
1105 Beecher St Louisville, KY	2.0	1.0	708	$1,150	$1.62	16d	1	0.63mi
1111 Dresden Ave Louisville, KY	2.0	1.0	680	$1,100	$1.62	16d	1	0.83mi
5011 Southside Dr Louisville, KY	1.0–2.0	1.0	800	$899	$1.12	2d	9	1.10mi
5011 Southside Dr Louisville, KY	1.0–2.0	1.0	800	$899	$1.12	24d	1	1.10mi
4122 Craig Ave Louisville, KY	2.0	1.0	705	$1,051	$1.49	12d	1	1.24mi
1122 Larchmont Ave Unit B Louisville, KY	1.0	1.0	700	$750	$1.07	17d	1	1.31mi
2805 S 4th St #1 Louisville, KY	1.0	1.0	750	$725	$0.97	21d	1	1.38mi
1709 Valley Forge Way Unit 2 Louisville, KY	2.0	1.0	750	$895	$1.19	21d	1	1.46mi

HOA detail condo

• Monthly dues: $231 · $2,772/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 14 events

1. 2026-06-17
   days on market $49,500 Active 51 DOM
2. 2026-06-16
   days on market $49,500 Active 50 DOM
3. 2026-06-15
   days on market $49,500 Active 49 DOM
4. 2026-06-13
   days on market $49,500 Active 47 DOM
5. 2026-06-10
   days on market $49,500 Active 44 DOM
6. 2026-06-09
   days on market $49,500 Active 43 DOM
7. 2026-06-08
   days on market $49,500 Active 42 DOM
8. 2026-06-07
   days on market $49,500 Active 41 DOM
9. 2026-06-03
   days on market $49,500 Active 37 DOM
10. 2026-06-02
    days on market $49,500 Active 36 DOM
11. 2026-06-01
    days on market $49,500 Active 35 DOM
12. 2026-05-31
    days on market $49,500 Active 34 DOM
13. 2026-05-11
    price $53,000
14. 2026-04-27
    listed $57,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,543
• − Mortgage interest: −$2,773
• − Property taxes: −$742
• − Insurance: −$248
• − Repairs & maintenance: −$843
• − Management: −$843
• − HOA: −$2,772
• − Depreciation: −$1,440
• Taxable income: $881
• Est. tax owed @ 24.0%: −$211
• After-tax cash flow: $1,240/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.

Condition & rehab AI · 6 photos

Average 55/100 Cosmetic rehab

This second-floor condo is in good condition with a good exterior and interior. It has potential for a moderate renovation to increase its value, particularly with flooring and paint updates.

Repairs flagged

• Minor Paint touch-ups — Paint appears fresh but may need touch-ups.
• Moderate Flooring replacement — Carpeted floors may need replacement for a more modern look.

Value-add opportunities

• Both Paint touch-ups — Fresh paint enhances curb appeal and interior aesthetics.
• Both Replace carpet with hardwood or tile — Hardwood or tile flooring would significantly increase the home's resale and rental value.
• Rental Replace HVAC filters — Fresh air improves tenant satisfaction and reduces HVAC maintenance costs.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Paint touch-ups · Paint appears fresh but may need touch-ups.	Minor	$500–3,000
Flooring replacement · Carpeted floors may need replacement for a more modern look.	Moderate	$3,000–15,000
Total estimated repair cost · 2 items		$3,500–18,000

Value-add ROI direction

• Both Paint touch-ups — Fresh paint enhances curb appeal and interior aesthetics. ↑
• Both Replace carpet with hardwood or tile — Hardwood or tile flooring would significantly increase the home's resale and rental value. ↑
• Rental Replace HVAC filters — Fresh air improves tenant satisfaction and reduces HVAC maintenance costs. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 45,405
• Household income: $54,931
• Rent vs Own: 45.6% rent · 54.4% own
• Severe rent burden: 2054.0

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 0.67)
• Race & ethnicity: White 51% Black 22% Hispanic / Latino 14% Two or more races 12% Asian 7%
• Hispanic origin (detail): Mexican 3% Cuban 6%
• Common ancestry: Slovak 1% Lithuanian 1% Serbian 1%
• Foreign-born: 21% · Canada, Vietnam, Philippines
• Languages at home: 74% English-only · Spanish 12% Vietnamese 3% Other Asian/Pacific 2%

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: ▼ -235.43%
• Current HPI: 237.4062
• Rent YoY: ▲ 1.89%
• 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

-7.0% since first listed

2 events — show timeline

• 2026-05-11 Price Changed $53,000 Metro Search MLS
• 2026-04-27 Listed $57,000 Metro Search MLS