2318 Bolling Ave · Louisville, KY 40210

$164,000

5 bd · 3.0 ba · 1,600 sqft · MultiFamily · 131 Days on market

Built 1900 6,747 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 +24.9/30.0
• Appreciation +10.0/10.0
• DSCR +8.1/10.0
• ARV discount +7.5/15.0
• 1% rule +5.5/10.0
• Rent growth +4.5/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Investor Opportunity | Transferable CUP | Motivated Seller Spacious 5-bedroom, 4-bath property offering 1,600+ sq ft with strong investment potential. Property can be converted to a duplex and is ideal for investors or approved-use operators. Currently tenant occupied with the option for the tenant to remain or vacate at closing. Property has an existing Conditional Use Permit (CUP) for recovery/rehabilitation housing, which may be transferable to the new owner or business with required documentation, avoiding the traditional lengthy approval process. Surrounded by additional investment and renovation opportunities within the immediate area. Seller is highly motivated and seeking a quick

Key facts

• Tenant occupied
• Transferable cup
• Duplex conversion

Tags

• TRANSFERABLE CUP
• CONDITIONAL USE PERMIT
• INVESTMENT POTENTIAL
• DUPLEX CONVERSION
• TENANT OCCUPIED
• REHABILITATION HOUSING

Property features AI

Finance

• HOA & community: No association fee

Exterior

• Utilities: Electricity connected; Natural gas heating; Central air conditioning
• Home design: Single family residence; Two stories; Built in 1900
• Construction: Wood frame construction; Shingle roof; Poured concrete foundation
• Exterior features: Sidewalk along the lot; Chain-link fencing

Interior

• Kitchen: Kitchen on the first floor
• Bedrooms: Five bedrooms total; One bedroom on the first floor; Four bedrooms on the second floor
• Bathrooms: Two full bathrooms (located on the second floor); Two half bathrooms (one on the first floor and one on the second floor)
• Interior features: Seven total rooms; Six closets; No basement
• Laundry & utility: First-floor laundry

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath multifamily listed at $164k.

Deal economics

• At list price, monthly cash flow is $351 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $164k).
• Recommended offer: $144k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.9% 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 (+8.1%/yr); 92 active listings in the ZIP; 8 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).
• At $1,726/mo this rent would consume 59% of the median local household income ($35k/yr) (locally 815% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $18k of equity ($1k loan paydown + $16k 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 + 8.0% rent growth), your $46k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$44k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 131 days — a 12% lower offer ($144k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 13y 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.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $144,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 131 days. Have you received any prior offers? Is the seller open to a 12% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.05% ✓
• Cap rate: 8.86%
• Cash-on-cash: 9.16%
• DSCR: 1.41
• GRM: 7.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 33.0%
• Equity multiple: 3.63×
• Total profit: $120,726
• Equity at exit: $147,744

10-year hold

• IRR: 30.0%
• Equity multiple: 8.85×
• Total profit: $360,448
• Equity at exit: $318,616

Cash invested: $45,920 (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 40210

• Home prices YoY: 12.1%
• Rents YoY: 8.1%
• Active inventory: 92
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $1,726 high
• Mortgage (P&I): −$860
• Tax from tax record: −$84 /mo · $1,009/yr
• Insurance: −$68
• HOA: −$0
• Vacancy / Maint / Mgmt: −$362
• Net cashflow: $351

Break-even live

Break-even rent $1,282

Max offer price $164,000

Occupancy floor 75%

Sensitivity live

Price	-10% $444	-5% $397	+0% $351	+5% $304	+10% $258
Rent	-10% $214	-5% $283	+0% $351	+5% $419	+10% $487
Rate	-1.0pp $433	-0.5pp $392	base $351	+0.5pp $308	+1.0pp $265

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: $41,000
• Closing costs: $4,920
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1545 Catalpa St Louisville, KY	4.0	1.5	1760	$1,545	$0.88	4d	1	0.35mi
1622 Beech St Louisville, KY	4.0	1.0	1108	$1,445	$1.30	17d	1	0.53mi
2629 Olive St Louisville, KY	4.0	1.0	1120	$1,500	$1.34	24d	1	0.64mi
3313 Penway Ave Louisville, KY	4.0	2.0	1142	$1,645	$1.44	24d	1	0.94mi
858 S 23rd St Louisville, KY	5.0	1.0	2228	$2,100	$0.94	18d	1	1.07mi
820 Hazel St Louisville, KY	4.0	2.0	1872	$1,395	$0.75	4d	1	1.24mi
1505 Homeview Dr Louisville, KY	5.0	2.0	1949	$1,850	$0.95	17d	1	1.41mi
737 S 33rd St Louisville, KY	4.0	1.0	1356	$1,595	$1.18	24d	1	1.41mi

Listing history 20 events

1. 2026-05-31
   days on market $164,000 Active 131 DOM
2. 2026-05-06
   price $164,000
3. 2026-03-28
   price $165,000
4. 2026-01-18
   listed $167,000 Active
5. 2025-12-31
   historical
6. 2025-10-13
   price $182,000
7. 2025-08-05
   listed $187,000 Active
8. 2020-04-17
   historical
9. 2020-01-27
   status Active
10. 2020-01-16
    status Pending
11. 2019-06-18
    price $58,000
12. 2019-06-11
    listed $65,000 Active
13. 2019-04-12
    historical
14. 2018-07-27
    listed $70,000 Active
15. 2016-08-11
    historical
16. 2016-04-25
    status Active
17. 2016-04-19
    historical
18. 2015-12-03
    listed $60,000 Active
19. 2013-12-10
    historical
20. 2013-09-03
    listed $55,000

ⓘ 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: $1,009 · $84/mo
• Projected year-2 tax: $1,410 · $118/mo
• Expected delta: +$401/yr (+$33/mo · 39.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 65% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥104°F today · 19 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: $20,706
• − Mortgage interest: −$9,187
• − Property taxes: −$1,009
• − Insurance: −$820
• − Repairs & maintenance: −$1,657
• − Management: −$1,657
• − Depreciation: −$4,771
• Taxable income: $1,607
• Est. tax owed @ 24.0%: −$386
• After-tax cash flow: $3,823/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): 13,518
• Household income: $35,347
• Rent vs Own: 56.0% rent · 44.0% own
• Severe rent burden: 815.0

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 Black (84%)
• Race & ethnicity: Black 84% White 8% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Iranian 1%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 3%

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: ▲ 28.45%
• Current HPI: 264.0146
• Rent YoY: ▲ 8.05%
• 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

+198.2% since first listed

19 events — show timeline

• 2026-05-06 Price Changed $164,000 Metro Search MLS
• 2026-03-28 Price Changed $165,000 Metro Search MLS
• 2026-01-18 Listed $167,000 Metro Search MLS
• 2025-12-31 Listing Removed — Metro Search MLS
• 2025-10-13 Price Changed $182,000 Metro Search MLS
• 2025-08-05 Listed $187,000 Metro Search MLS
• 2020-04-17 Listing Removed — Metro Search MLS
• 2020-01-27 Relisted — Metro Search MLS
• 2020-01-16 Pending — Metro Search MLS
• 2019-06-18 Price Changed $58,000 Metro Search MLS
• 2019-06-11 Listed $65,000 Metro Search MLS
• 2019-04-12 Listing Removed — Metro Search MLS
• 2018-07-27 Listed $70,000 Metro Search MLS
• 2016-08-11 Listing Removed — Metro Search MLS
• 2016-04-25 Relisted — Metro Search MLS
• 2016-04-19 Listing Removed — Metro Search MLS
• 2015-12-03 Listed $60,000 Metro Search MLS
• 2013-12-10 Listing Removed — Metro Search MLS
• 2013-09-03 Listed $55,000 Metro Search MLS

Property tax history

+6.1%/yr

Latest (2025): $1,009 · -1.9% YoY. Source: county tax records.