2121 W Lee St · Louisville, KY 40210

$139,000

4 bd · 1.0 ba · 1,250 sqft · SingleFamily · 18 Days on market

Built 1915 4,722 sqft lot Est $104k · 34% 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 +21.1/30.0
• Appreciation +10.0/10.0
• DSCR +6.7/10.0
• 1% rule +4.6/10.0
• Rent growth +4.5/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• ARV discount +0.0/15.0

Listing remarks MLS

Investor Alert! This property is a great opportunity to owner occupant or investor. Property is currently rented at $800 per month with 10.49% Cap Rate, This property is sold at present condition. Buyer is advised that representations by listing agents relating to total living area are approximate and not warranted. Buyer is advised to make independent determination of total living area prior to entering into a purchase offer. Please call today to schedule a personal tour! This property can be sold as bundle with MLS #s 1579913 & 1579915

Key facts

• 4,722 sq ft lot
• Garage
• Built 1915

Property features AI

Finance

• Other: Subdivision: WASHINGTON HEIGHTS
• HOA & community: No association fee

Exterior

• Parking: Detached garage, 1 car
• Utilities: Electricity connected; Natural gas available
• Home design: Single-family residence, Cape Cod style; 2 stories; Built in 1915
• Construction: Wood frame construction; Shingle roof; Poured concrete foundation
• Exterior features: Partial chain link fencing; Lot about 0.11 acres (4,722 sq ft)

Interior

• Kitchen: Kitchen on the first floor
• Bedrooms: 4 bedrooms total; Two bedrooms on the first floor; Two bedrooms on the second floor
• Bathrooms: 1 full bathroom; No half bathrooms
• Heating & cooling: Natural gas heating; Central air conditioning; 1 HVAC unit
• Interior features: 6 total rooms; 6 closets; Unfinished basement
• Laundry & utility: No first-floor laundry

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $139k.

Deal economics

• At list price, monthly cash flow is $199 ($2k/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 $134k (3.8% below list).
• Recommended offer: $134k (3.8% below list) — sets the bar for 1% rule.
• Cap rate 8.0% 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); 91 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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).

Forward outlook

• In year one you build about $15k of equity ($961 loan paydown + $14k 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 $39k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, 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 18 days — a 2% lower offer ($137k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 18y 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 $67k; list at $139k implies a 107% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1915 — 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 $133,736 (3.8% below list)

Questions for the listing agent

1. Built in 1915 — 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: 0.96% ✗
• Cap rate: 8.01%
• Cash-on-cash: 6.15%
• DSCR: 1.27
• GRM: 8.7

CMA / ARV

• ARV (on-the-fly): $103,750
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2136 W Gaulbert Ave	0.05mi	4/1.5	1,210 (-3%)	6mo	$92,000	$76	85
2104 W Burnett Ave	0.24mi	3/1.0 (-1)	1,282 (+3%)	6mo	$67,000	$52	75
1812 Wilson Ave	0.58mi	3/1.5 (-1)	1,248 (-0%)	1mo	$135,000	$108	65
1736 W Gaulbert Ave	0.42mi	3/1.0 (-1)	1,326 (+6%)	4mo	$53,600	$40	62
1419 S 28th St	0.51mi	4/2.0	1,203 (-4%)	6mo	$100,000	$83	61
2008 W Burnett Ave	0.25mi	3/1.5 (-1)	1,396 (+12%)	7mo	$115,900	$83	56
2629 Olive St	0.57mi	4/1.0	1,120 (-10%)	2mo	$98,000	$88	54
1624 Hemlock Ct	0.52mi	3/1.0 (-1)	1,376 (+10%)	2mo	$32,500	$24	52
1415 S 28th St	0.52mi	3/2.0 (-1)	1,384 (+11%)	2mo	$190,000	$137	47
1331 S 28th St	0.64mi	3/1.5 (-1)	1,152 (-8%)	6mo	$60,000	$52	46
1422 S 28th St	0.53mi	3/1.0 (-1)	1,081 (-14%)	8mo	$50,000	$46	42
1714 Bolling Ave	0.50mi	3/2.0 (-1)	1,068 (-15%)	4mo	$110,000	$103	40

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 30.6%
• Equity multiple: 3.45×
• Total profit: $95,422
• Equity at exit: $125,222

10-year hold

• IRR: 28.0%
• Equity multiple: 8.41×
• Total profit: $288,442
• Equity at exit: $270,046

Cash invested: $38,920 (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: 91
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,337 high
• Mortgage (P&I): −$729
• Tax from tax record: −$70 /mo · $844/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$281
• Net cashflow: $199

Break-even live

Break-even rent $1,085

Max offer price $139,000

Occupancy floor 80%

Sensitivity live

Price	-10% $278	-5% $239	+0% $199	+5% $160	+10% $121
Rent	-10% $94	-5% $146	+0% $199	+5% $252	+10% $305
Rate	-1.0pp $269	-0.5pp $235	base $199	+0.5pp $163	+1.0pp $127

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: $34,750
• Closing costs: $4,170
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1410 Standard Village Cir Louisville, KY	3.0	2.0	1200	$900	$0.75	24d	1	0.33mi
1774 Bolling Ave Louisville, KY	3.0	2.0	1611	$1,300	$0.81	11d	1	0.37mi
1545 Catalpa St Louisville, KY	4.0	1.5	1760	$1,545	$0.88	4d	1	0.42mi
2223 Saint Louis Ave Louisville, KY	3.0	1.5	1152	$1,175	$1.02	24d	1	0.46mi
1714 W Hill St Louisville, KY	3.0	1.0	1050	$1,045	$1.00	24d	1	0.51mi
1708 W Gaulbert Ave Louisville, KY	3.0	1.0	936	$975	$1.04	24d	1	0.52mi
2629 Olive St Louisville, KY	4.0	1.0	1120	$1,500	$1.34	24d	1	0.57mi
1339 S 28th St Unit 3 Louisville, KY	3.0	1.0	1125	$1,175	$1.04	20d	1	0.58mi
1622 Beech St Louisville, KY	4.0	1.0	1108	$1,445	$1.30	16d	1	0.59mi
1439 Beech St Apt 1 Louisville, KY	3.0	1.5	1000	$820	$0.82	24d	1	0.63mi
2913 Dumesnil St Apt 3 Louisville, KY	3.0	1.0	1112	$740	$0.67	11d	1	0.75mi
1155 S 28th St Unit 4 Louisville, KY	4.0	2.0	1010	$1,350	$1.34	24d	1	0.78mi
2706 Hale Ave Unit 1 Louisville, KY	3.0	1.0	1100	$1,400	$1.27	24d	1	0.78mi
2311 Plantation Dr Louisville, KY	3.0	1.0	988	$1,200	$1.21	16d	1	0.89mi
1705 1/2 Hale Ave Louisville, KY	3.0	2.0	1257	$1,400	$1.11	11d	1	0.92mi
3313 Penway Ave Louisville, KY	4.0	2.0	1142	$1,645	$1.44	24d	1	0.93mi
1148 S 17th St Unit 2 Louisville, KY	3.0	1.0	1000	$895	$0.90	24d	1	0.94mi
2708 Greenwood Ave Apt 1 Louisville, KY	3.0	1.0	1100	$1,300	$1.18	24d	1	0.97mi
1731 Sonne Ave Louisville, KY	3.0	1.0	1010	$1,300	$1.29	16d	1	1.01mi
1616 Gallagher St Louisville, KY	3.0	1.5	1056	$1,400	$1.33	24d	1	1.03mi
3215 Virginia Ave Louisville, KY	3.0	1.0	975	$924	$0.95	24d	1	1.04mi
2912 Greenwood Ave Louisville, KY	3.0	2.0	1362	$1,150	$0.84	16d	1	1.05mi
2821 Greenwood Ave #1 Louisville, KY	3.0	1.0	1113	$1,300	$1.17	24d	1	1.05mi
2825 Greenwood Ave #4 Louisville, KY	3.0	1.0	1440	$1,250	$0.87	24d	1	1.05mi
2710 W Kentucky St Apt 2 Louisville, KY	3.0	1.0	1015	$1,300	$1.28	24d	1	1.06mi
1115 S 32nd St Louisville, KY	3.0	1.0	1393	$1,275	$0.92	24d	1	1.07mi
1115 S 32nd St Louisville, KY	3.0	1.0	1393	$1,275	$0.92	22d	1	1.07mi
2711 W Kentucky St Louisville, KY	3.0	1.0	1155	$1,100	$0.95	24d	1	1.10mi
2416 Garland Ave Louisville, KY	3.0	2.0	1172	$1,600	$1.37	24d	1	1.12mi
1244 Algonquin Pkwy Louisville, KY	3.0	1.5	1136	$1,400	$1.23	24d	1	1.14mi
2634 Garland Ave Unit B Louisville, KY	3.0	1.0	1152	$895	$0.78	20d	1	1.15mi
2634 Garland Ave Unit A Louisville, KY	3.0	1.0	1152	$940	$0.82	24d	1	1.15mi
1644 W Kentucky St Unit 3 Louisville, KY	3.0	1.0	900	$950	$1.06	24d	1	1.16mi
1723 W Kentucky St Unit 3 Louisville, KY	3.0	1.0	1200	$1,300	$1.08	24d	1	1.17mi
848 S 23rd St Louisville, KY	3.0	1.5	1050	$1,450	$1.38	24d	1	1.21mi
3122 W Kentucky St Louisville, KY	3.0	1.0	1030	$1,150	$1.12	24d	1	1.23mi
1804 Russell Lee Dr Louisville, KY	1.0–3.0	1.0–1.5	810	$1,304	$1.61	2d	1	1.24mi
3611 Regatta Way Louisville, KY	3.0	1.0	1035	$1,450	$1.40	16d	1	1.29mi
3514 Grand Ave Louisville, KY	3.0	1.5	1450	$1,295	$0.89	22d	1	1.33mi
820 Hazel St Louisville, KY	4.0	2.0	1872	$1,395	$0.75	3d	1	1.39mi

Listing history 13 events

1. 2026-06-18
   days on market $139,000 Active 18 DOM
2. 2026-06-17
   days on market $139,000 Active 17 DOM
3. 2026-06-16
   days on market $139,000 Active 16 DOM
4. 2026-06-15
   days on market $139,000 Active 15 DOM
5. 2026-06-13
   days on market $139,000 Active 13 DOM
6. 2026-06-10
   days on market $139,000 Active 10 DOM
7. 2026-06-09
   days on market $139,000 Active 9 DOM
8. 2026-06-08
   days on market $139,000 Active 8 DOM
9. 2026-06-07
   days on market $139,000 Active 7 DOM
10. 2026-06-03
    days on market $139,000 Active 3 DOM
11. 2026-06-02
    days on market $139,000 Active 2 DOM
12. 2026-06-01
    remarks 699-char remark
13. 2026-06-01
    listed $139,000 Active 1 DOM

ⓘ 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: $844 · $70/mo
• Projected year-2 tax: $1,195 · $100/mo
• Expected delta: +$351/yr (+$29/mo · 41.6%)

ⓘ 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 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: $16,048
• − Mortgage interest: −$7,786
• − Property taxes: −$844
• − Insurance: −$695
• − Repairs & maintenance: −$1,284
• − Management: −$1,284
• − Depreciation: −$4,044
• Taxable income: $112
• Est. tax owed @ 24.0%: −$27
• After-tax cash flow: $2,365/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): 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

+90.4% since first listed

20 events — show timeline

• 2026-05-31 Listed $139,000 Metro Search MLS
• 2026-04-11 Rental Removed $1,350 BUILDIUM
• 2026-03-24 Listed for Rent $1,350 BUILDIUM
• 2022-11-22 Rental Removed — RENT.
• 2022-04-06 Sold (Public Records) $67,000 Public Records
• 2022-04-06 Sold (MLS) $67,000 Metro Search MLS
• 2022-01-13 Pending — Metro Search MLS
• 2022-01-11 Contingent — Metro Search MLS
• 2021-10-01 Listed $75,000 Metro Search MLS
• 2021-09-30 Listing Removed — Metro Search MLS
• 2021-03-01 Listed $75,000 Metro Search MLS
• 2021-02-27 Listing Removed — Metro Search MLS
• 2020-08-21 Listed $75,000 Metro Search MLS
• 2019-06-30 Listing Removed — Metro Search MLS
• 2019-01-14 Listed $65,000 Metro Search MLS
• 2008-12-30 Sold (MLS) $23,000 Metro Search MLS
• 2008-09-19 Listed $24,900 Metro Search MLS
• 2008-05-07 Listing Removed — Metro Search MLS
• 2008-03-14 Listed $65,000 Metro Search MLS
• 2006-07-12 Sold (Public Records) $73,000 Public Records

Property tax history

+7.1%/yr

Latest (2025): $844 · -1.9% YoY. Source: county tax records.