646 S 35th St · Louisville, KY 40211

$97,999

4 bd · 1.0 ba · 1,636 sqft · SingleFamily · 29 Days on market

Built 1905 4,480 sqft lot Est $155k · 37% under

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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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.7/10.0
• Rent growth +3.7/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks

Attention investors! Welcome to 646 S 35th Street, a spacious 2 story home looking for its next owner. This large home features 4 spacious bedrooms, 2 bathrooms and an unfinished basement. As you enter the home you will find a cozy living room area, a larger dining room area, kitchen and the convenience of a first floor bedroom and half bath. As you make your way to the second floor, you will find 3 more spacious bedrooms and a huge full bath. The unfinished basement is ready for your finishing or is a perfect area for storage. One hidden gem is the attic area which could also be finished out with the right idea and vision. There is a nice back yard perfect for entertaining. The home does n

Key facts

• 4,480 sq ft lot
• Built 1905
• Listed 28 days

Property features AI

Finance

• HOA & community: No association fee

Exterior

• Utilities: Electricity connected; Natural gas available
• Home design: Traditional single-family residence; 2 stories; Built in 1905
• Construction: Vinyl siding; Shingle roof; Poured concrete foundation
• Exterior features: Wood and chain-link fencing; Lot dimensions approximately 35 x 128

Interior

• Kitchen: Kitchen on the first floor; Separate dining room on the first floor; Living room on the first floor
• Bedrooms: 4 bedrooms total; 1 bedroom on the first floor (first-floor primary bedroom); 3 bedrooms on the second floor
• Bathrooms: 1 full bathroom on the second floor; 1 half bathroom on the first floor
• Interior features: 7 total rooms; 4 closets; Basement (unfinished)
• 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 $98k.

Deal economics

• At list price, monthly cash flow is $512 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $98k).
• Recommended offer: $97k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.6% 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 (+4.9%/yr); 140 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 20d 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 $1,440/mo this rent would consume 54% of the median local household income ($32k/yr) (locally 1483% 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 $677 of loan paydown is wiped out by about $3k 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 + 4.9% rent growth), your $27k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 5y ago; this cycle's ask is 3% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $45k; list at $98k implies a 117% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1905 — 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 $96,529 (1.5% below list)

Questions for the listing agent

1. Built in 1905 — 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: 1.47% ✓
• Cap rate: 12.56%
• Cash-on-cash: 22.40%
• DSCR: 2.00
• GRM: 5.7

CMA / ARV

• ARV (on-the-fly): $155,420
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
714 Dearborn Ave	0.27mi	3/2.0 (-1)	1,631 (-0%)	1mo	$110,000	$67	77
633 S 36th St	0.08mi	4/1.5	1,478 (-10%)	7mo	$150,000	$101	72
816 Dearborn Ave	0.39mi	3/2.0 (-1)	1,628 (-0%)	2mo	$63,500	$39	70
824 S 36th St	0.33mi	4/2.0	1,568 (-4%)	5mo	$120,000	$77	70
624 S 39th St	0.37mi	4/2.5	1,596 (-2%)	5mo	$180,000	$113	69
634 S 38th St	0.29mi	4/2.0	1,500 (-8%)	5mo	$165,000	$110	65
718 S 36th St	0.19mi	4/2.0	1,836 (+12%)	7mo	$175,000	$95	61
309 S 41st St	0.69mi	3/2.0 (-1)	1,675 (+2%)	2mo	$102,000	$61	54
817 S 36th St	0.32mi	3/2.0 (-1)	1,447 (-12%)	7mo	$144,000	$100	51
233 S 41st St	0.74mi	4/2.0	1,765 (+8%)	2mo	$110,000	$62	47
3712 W Kentucky St	0.56mi	4/3.0	1,877 (+15%)	2mo	$215,000	$115	40
114 S 33rd St	0.68mi	3/1.5 (-1)	1,453 (-11%)	4mo	$110,000	$76	40

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 · 4.87% rent growth · sell at horizon

5-year hold

• IRR: 17.2%
• Equity multiple: 1.71×
• Total profit: $19,491
• Equity at exit: $14,612

10-year hold

• IRR: 27.0%
• Equity multiple: 3.58×
• Total profit: $70,702
• Equity at exit: $8,473

Cash invested: $27,440 (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 40211

• Home prices YoY: -33.4%
• Rents YoY: 4.9%
• Active inventory: 140
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $1,440 high
• Mortgage (P&I): −$514
• Tax from tax record: −$71 /mo · $847/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$302
• Net cashflow: $512

Break-even live

Break-even rent $792

Max offer price $97,999

Occupancy floor 59%

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: $24,500
• Closing costs: $2,940
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
652 S 37th St #9 Louisville, KY	3.0	1.0	1070	$1,095	$1.02	23d	1	0.19mi
627 S 38th St Louisville, KY	4.0	1.0	1300	$1,349	$1.04	15d	1	0.28mi
803 S 35th St Louisville, KY	3.0	1.0	1486	$1,350	$0.91	23d	1	0.29mi
737 S 33rd St Louisville, KY	4.0	1.0	1356	$1,595	$1.18	23d	1	0.29mi
814 S 33rd St Louisville, KY	3.0	1.0	1104	$1,350	$1.22	3d	1	0.35mi
3819 River Park Dr Louisville, KY	3.0	1.0	1108	$1,090	$0.98	20d	1	0.37mi
628 S 39th St Louisville, KY	3.0	1.0	1448	$1,220	$0.84	15d	1	0.37mi
3909 W Broadway Louisville, KY	5.0	2.0	2000	$1,745	$0.87	15d	1	0.41mi
823 S 38th St Louisville, KY	3.0	1.0	1100	$1,195	$1.09	3d	1	0.43mi
820 Hazel St Louisville, KY	4.0	2.0	1872	$1,395	$0.75	2d	1	0.47mi
722 S 40th St Unit NA Louisville, KY	4.0	2.5	1556	$1,700	$1.09	3d	1	0.48mi
836 S 41st St Louisville, KY	3.0	1.0	1300	$1,300	$1.00	19d	1	0.63mi
803 Cecil Ave Louisville, KY	4.0	1.0	1165	$1,449	$1.24	10d	1	0.63mi
714 S 42nd St Louisville, KY	3.0	1.0	1078	$1,150	$1.07	15d	1	0.70mi
4129 W Muhammad Ali Blvd Louisville, KY	4.0	2.0	1224	$1,500	$1.23	1d	1	0.71mi
3514 Grand Ave Louisville, KY	3.0	1.5	1450	$1,295	$0.89	21d	1	0.72mi
247 Cecil Ave Louisville, KY	3.0	2.0	1083	$1,305	$1.20	19d	1	0.77mi
1115 S 32nd St Louisville, KY	3.0	1.0	1393	$1,275	$0.92	23d	1	0.80mi
1115 S 32nd St Louisville, KY	3.0	1.0	1393	$1,275	$0.92	21d	1	0.80mi
2912 Greenwood Ave Louisville, KY	3.0	2.0	1362	$1,150	$0.84	15d	1	0.81mi
2825 Greenwood Ave #4 Louisville, KY	3.0	1.0	1440	$1,250	$0.87	23d	1	0.82mi
2821 Greenwood Ave #1 Louisville, KY	3.0	1.0	1113	$1,300	$1.17	23d	1	0.83mi
2711 W Kentucky St Louisville, KY	3.0	1.0	1155	$1,100	$0.95	23d	1	0.87mi
2634 Garland Ave Unit A Louisville, KY	3.0	1.0	1152	$940	$0.82	23d	1	0.87mi
2634 Garland Ave Unit B Louisville, KY	3.0	1.0	1152	$895	$0.78	20d	1	0.87mi
106 N 40th St Louisville, KY	3.0	1.0	1325	$1,220	$0.92	3d	1	0.91mi
127 N 40th St Louisville, KY	3.0	2.0	1500	$1,570	$1.05	3d	1	0.94mi
2708 Greenwood Ave Apt 1 Louisville, KY	3.0	1.0	1100	$1,300	$1.18	23d	1	0.95mi
4221 Sunset Ave Louisville, KY	3.0	1.0	1075	$1,199	$1.12	23d	1	1.01mi
4220 Sunset Ave Louisville, KY	5.0	1.5	1464	$1,950	$1.33	1d	1	1.02mi
430 S 24th St Louisville, KY	3.0	1.5	1288	$1,400	$1.09	23d	1	1.03mi
2416 Garland Ave Louisville, KY	3.0	2.0	1172	$1,600	$1.37	23d	1	1.05mi
2706 Hale Ave Unit 1 Louisville, KY	3.0	1.0	1100	$1,400	$1.27	23d	1	1.10mi
2913 Dumesnil St Apt 3 Louisville, KY	3.0	1.0	1112	$740	$0.67	10d	1	1.10mi
2319 W Muhammad Ali Blvd Louisville, KY	4.0	1.0	1644	$1,300	$0.79	15d	1	1.11mi
3901 Jewell Ave Louisville, KY	3.0	1.0	1069	$1,140	$1.07	20d	1	1.11mi
2529 W Main St #2 Louisville, KY	3.0	1.0	1404	$1,200	$0.85	23d	1	1.13mi
2508 W Main St Louisville, KY	3.0	1.0	1327	$1,500	$1.13	23d	1	1.14mi
848 S 23rd St Louisville, KY	3.0	1.5	1050	$1,450	$1.38	23d	1	1.15mi
205 N 26th St Louisville, KY	5.0	2.0	1538	$1,700	$1.11	23d	1	1.16mi

Listing history 13 events

1. 2026-04-28
   price $97,999
2. 2026-04-28
   listed $95,000 Active
3. 2026-03-31
   historical
4. 2026-02-27
   listed $114,995 Active
5. 2026-02-26
   historical
6. 2026-02-06
   price $113,990
7. 2026-01-26
   price $113,995
8. 2025-12-26
   listed $119,995 Active
9. 2021-07-27
   soldstatus $45,260
10. 2021-07-23
    soldstatus $45,260 Closed
11. 2021-04-22
    status Pending
12. 2021-03-24
    historical Active Under Contract
13. 2021-03-01
    listed $45,260 Active

ⓘ 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: $847 · $71/mo
• Projected year-2 tax: $847 · $71/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 (shaded) · 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,279
• − Mortgage interest: −$5,489
• − Property taxes: −$847
• − Insurance: −$490
• − Repairs & maintenance: −$1,382
• − Management: −$1,382
• − Depreciation: −$2,851
• Taxable income: $4,837
• Est. tax owed @ 24.0%: −$1,161
• After-tax cash flow: $4,985/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): 20,407
• Household income: $31,749
• Rent vs Own: 58.6% rent · 41.4% own
• Severe rent burden: 1483.0

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 (90%)
• Race & ethnicity: Black 90% White 5% Two or more races 4% Hispanic / Latino 1%
• Common ancestry: Italian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 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: ▼ -88.22%
• Current HPI: 176.337
• Rent YoY: ▲ 4.87%
• 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

+116.5% since first listed

13 events — show timeline

• 2026-04-28 Price Changed $97,999 Metro Search MLS
• 2026-04-28 Listed $95,000 Metro Search MLS
• 2026-03-31 Listing Removed — Metro Search MLS
• 2026-02-27 Listed $114,995 Metro Search MLS
• 2026-02-26 Listing Removed — Metro Search MLS
• 2026-02-06 Price Changed $113,990 Metro Search MLS
• 2026-01-26 Price Changed $113,995 Metro Search MLS
• 2025-12-26 Listed $119,995 Metro Search MLS
• 2021-07-27 Sold (Public Records) $45,260 Public Records
• 2021-07-23 Sold (MLS) $45,260 Metro Search MLS
• 2021-04-22 Pending — Metro Search MLS
• 2021-03-24 Contingent — Metro Search MLS
• 2021-03-01 Listed $45,260 Metro Search MLS

Property tax history

+3.3%/yr

Latest (2025): $847 · -1.9% YoY. Source: county tax records.