137 N 39th St · Louisville, KY 40212

$130,000

3 bd · 1.0 ba · 1,482 sqft · SingleFamily · 15 Days on market

Built 1956 3,398 sqft lot Est $123k · 6% 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 +23.3/30.0
• Appreciation +10.0/10.0
• DSCR +7.5/10.0
• 1% rule +5.0/10.0
• ARV discount +4.9/15.0
• Livability +3.2/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0

Listing remarks

Welcome to 137 N 39th Street, a charming and move-in-ready 3-bedroom, 1-bath home with great curb appeal. The covered front porch offers a warm and inviting entry, perfect for relaxing mornings or evenings. Inside, you'll find a functional layout with comfortable living space and well-sized bedrooms, ideal for a variety of buyers. Designed for easy, low-maintenance living with no basement, this home keeps things simple and efficient. The property also features a 1-car garage and a 2-car carport, providing plenty of parking and storage. The yard offers space to personalize and make your own. Schedule your showing today!

Key facts

• 3,398 sq ft lot
• Garage
• Built 1956

Property features AI

Finance

• HOA & community: No association fee; No monthly maintenance

Exterior

• Parking: Attached garage with entry on the side; Driveway parking; One garage space
• Utilities: Natural gas fuel
• Home design: Single-family ranch-style home; One story
• Construction: Built in 1956; Wood frame construction with stone veneer; Shingle roof; Crawl space foundation
• Exterior features: Corner lot; Partial chain-link fencing

Interior

• Kitchen: Kitchen on the first floor; Dining area adjacent to the kitchen on the first floor
• Bedrooms: Three bedrooms on the first floor; Primary bedroom on the first floor
• Bathrooms: One full bathroom on the first floor
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Eight total rooms; Four closets; No basement
• Laundry & utility: Laundry room on the first floor; First-floor laundry

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $172 ($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 $130k (0.1% below list).
• Recommended offer: $128k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.5% 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; 140 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 17d 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 $14k of equity ($899 loan paydown + $13k 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 + 0.5% rent growth), your $36k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y 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 $50k; list at $130k implies a 160% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $128,050 (1.5% below list)

Questions for the listing agent

1. Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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.
7. 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.
8. 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: 1.00% ✗
• Cap rate: 8.49%
• Cash-on-cash: 7.85%
• DSCR: 1.35
• GRM: 8.3

CMA / ARV

• ARV (on-the-fly): $123,006
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
114 S 33rd St	0.48mi	3/1.5	1,453 (-2%)	4mo	$110,000	$76	69
107 N 38th St	0.14mi	3/1.0	1,649 (+11%)	8mo	$145,000	$88	68
238 S 41st St	0.39mi	3/2.0	1,450 (-2%)	8mo	$119,900	$83	67
237 Glendora Ave	0.51mi	3/2.0	1,436 (-3%)	2mo	$186,250	$130	66
121 N Shawnee Ter	0.46mi	4/1.0 (+1)	1,458 (-2%)	9mo	$80,000	$55	63
431 N 44th St	0.38mi	2/1.0 (-1)	1,350 (-9%)	5mo	$109,994	$81	58
405 N 38th St	0.32mi	4/2.0 (+1)	1,616 (+9%)	7mo	$190,000	$118	55
309 S 41st St	0.46mi	3/2.0	1,675 (+13%)	2mo	$102,000	$61	51
429 N 44th St	0.38mi	2/1.5 (-1)	1,268 (-14%)	1mo	$112,000	$88	50
3931 Northwestern Pkwy	0.62mi	2/1.0 (-1)	1,373 (-7%)	5mo	$100,000	$73	50
4149 W Muhammad Ali Blvd	0.66mi	3/1.0	1,327 (-10%)	3mo	$88,000	$66	49
4109 River Park Dr	0.74mi	4/1.5 (+1)	1,540 (+4%)	9mo	$130,000	$84	44

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 · 0.51% rent growth · sell at horizon

5-year hold

• IRR: 27.4%
• Equity multiple: 3.16×
• Total profit: $78,543
• Equity at exit: $117,114

10-year hold

• IRR: 23.3%
• Equity multiple: 6.96×
• Total profit: $216,880
• Equity at exit: $252,561

Cash invested: $36,400 (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 40212

• Home prices YoY: 11.0%
• Rents YoY: 0.5%
• Active inventory: 140
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,299 high
• Mortgage (P&I): −$682
• Tax from tax record: −$52 /mo · $630/yr
• Insurance: −$54
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$273
• Net cashflow: $172

Break-even live

Break-even rent $1,082

Max offer price $130,000

Occupancy floor 82%

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
127 N 40th St Louisville, KY	3.0	2.0	1500	$1,570	$1.05	3d	1	0.07mi
106 N 40th St Louisville, KY	3.0	1.0	1325	$1,220	$0.92	3d	1	0.10mi
110 Hansbrough Pl Unit 101 Louisville, KY	2.0	1.0	924	$1,080	$1.17	23d	1	0.18mi
3901 Jewell Ave Louisville, KY	3.0	1.0	1069	$1,140	$1.07	20d	1	0.20mi
313 N 42nd St Louisville, KY	3.0	1.0	900	$1,250	$1.39	3d	1	0.24mi
247 Cecil Ave Louisville, KY	3.0	2.0	1083	$1,305	$1.20	19d	1	0.39mi
302 Cecil Ave Louisville, KY	2.0	1.0	984	$1,025	$1.04	16d	1	0.44mi
112 S 46th St Louisville, KY	3.0	1.0	902	$1,200	$1.33	23d	1	0.55mi
4129 W Muhammad Ali Blvd Louisville, KY	4.0	2.0	1224	$1,500	$1.23	1d	1	0.61mi
3819 River Park Dr Louisville, KY	3.0	1.0	1108	$1,090	$0.98	20d	1	0.66mi
3922 River Park Dr Louisville, KY	2.0	2.0	1800	$1,195	$0.66	11d	1	0.71mi
2927 Rowan St Louisville, KY	3.0	1.0	1008	$1,205	$1.20	11d	1	0.71mi
3421 River Park Dr Louisville, KY	3.0	1.0	994	$1,250	$1.26	23d	1	0.75mi
627 S 38th St Louisville, KY	4.0	1.0	1300	$1,349	$1.04	16d	1	0.77mi
2925 Slevin St Louisville, KY	2.0	1.0	896	$775	$0.86	3d	1	0.78mi
628 S 39th St Louisville, KY	3.0	1.0	1448	$1,220	$0.84	16d	1	0.79mi
644 S 40th St Louisville, KY	2.0	1.0	1200	$1,500	$1.25	2d	1	0.88mi
652 S 37th St #9 Louisville, KY	3.0	1.0	1070	$1,095	$1.02	23d	1	0.90mi
663 S 43rd St Louisville, KY	2.0	2.0	1736	$1,250	$0.72	23d	1	1.03mi
666 Eastlawn Ave Louisville, KY	2.0	1.0	936	$895	$0.96	16d	1	1.05mi
353 N 27th St Louisville, KY	2.0	1.0	1100	$1,100	$1.00	23d	1	1.09mi
522 N 29th St Louisville, KY	3.0	1.0	1031	$1,300	$1.26	3d	1	1.09mi
714 S 40th St #2 Louisville, KY	3.0	1.0	1000	$1,250	$1.25	23d	1	1.11mi
715 S 41st St Unit 1 Louisville, KY	4.0	1.0	1000	$1,295	$1.29	10d	1	1.12mi
722 S 40th St Unit NA Louisville, KY	4.0	2.5	1556	$1,700	$1.09	3d	1	1.12mi
2623 Cedar St Louisville, KY	3.0	1.0	1000	$1,000	$1.00	23d	1	1.13mi
2529 W Main St #2 Louisville, KY	3.0	1.0	1404	$1,200	$0.85	23d	1	1.14mi
2906 Montgomery St Unit B Louisville, KY	3.0	1.0	1152	$1,060	$0.92	23d	1	1.17mi
2631 W Madison St Unit 2 Louisville, KY	2.0	1.0	928	$850	$0.92	23d	1	1.18mi
2631 W Madison St Unit 2 Louisville, KY	2.0	1.0	928	$850	$0.92	17d	1	1.18mi
2631 W Madison St Unit 1 Louisville, KY	3.0	1.0	928	$950	$1.02	23d	1	1.18mi
737 S 33rd St Louisville, KY	4.0	1.0	1356	$1,595	$1.18	23d	1	1.18mi
714 S 42nd St Louisville, KY	3.0	1.0	1078	$1,150	$1.07	16d	1	1.19mi
2508 W Main St Louisville, KY	3.0	1.0	1327	$1,500	$1.13	23d	1	1.20mi
803 S 35th St Louisville, KY	3.0	1.0	1486	$1,350	$0.91	23d	1	1.20mi
212 N 25th St Louisville, KY	3.0	1.0	1104	$895	$0.81	23d	1	1.21mi
803 Cecil Ave Louisville, KY	4.0	1.0	1165	$1,449	$1.24	10d	1	1.23mi
652 N 29th St Louisville, KY	3.0	1.0	1127	$1,350	$1.20	17d	1	1.24mi
823 S 38th St Louisville, KY	3.0	1.0	1100	$1,195	$1.09	3d	1	1.24mi
814 S 33rd St Louisville, KY	3.0	1.0	1104	$1,350	$1.22	3d	1	1.25mi

Listing history 20 events

1. 2026-05-19
   status Pending
2. 2026-05-11
   price $130,000
3. 2026-05-04
   listed $135,000 Active
4. 2026-04-16
   price $142,900
5. 2024-07-26
   historical
6. 2024-07-23
   price $129,750
7. 2024-07-19
   price $129,850
8. 2024-07-12
   price $129,900
9. 2024-07-09
   price $139,500
10. 2024-07-06
    price $139,900
11. 2024-06-30
    price $145,500
12. 2024-06-30
    price $145,900
13. 2024-06-20
    listed $149,900 Active
14. 2024-06-20
    historical
15. 2024-06-14
    price $165,000
16. 2024-04-26
    listed $170,000 Active
17. 2024-03-18
    soldstatus $50,000
18. 2024-03-15
    soldstatus $50,000 Closed
19. 2024-03-01
    status Pending
20. 2024-02-27
    listed $50,000 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: $630 · $52/mo
• Projected year-2 tax: $1,118 · $93/mo
• Expected delta: +$488/yr (+$41/mo · 77.5%)

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X · 99% 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: $15,591
• − Mortgage interest: −$7,282
• − Property taxes: −$630
• − Insurance: −$1,448
• − Repairs & maintenance: −$1,247
• − Management: −$1,247
• − Depreciation: −$3,782
• Taxable loss: −$45
• Est. tax savings @ 24.0%: +$11
• After-tax cash flow: $2,069/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): 14,661
• Household income: $35,753
• Rent vs Own: 51.3% rent · 48.7% own
• Severe rent burden: 1148.0

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: Majority Black (60%)
• Race & ethnicity: Black 60% White 37% Two or more races 2% Hispanic / Latino 1%
• Common ancestry: Slovak 1% Lithuanian 1% Iranian 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: ▲ 29.02%
• Current HPI: 293.2624
• Rent YoY: ▲ 0.51%
• 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

+160.0% since first listed

20 events — show timeline

• 2026-05-19 Pending — Metro Search MLS
• 2026-05-11 Price Changed $130,000 Metro Search MLS
• 2026-05-04 Listed $135,000 Metro Search MLS
• 2026-04-16 Price Changed $142,900 Metro Search MLS
• 2024-07-26 Listing Removed — Metro Search MLS
• 2024-07-23 Price Changed $129,750 Metro Search MLS
• 2024-07-19 Price Changed $129,850 Metro Search MLS
• 2024-07-12 Price Changed $129,900 Metro Search MLS
• 2024-07-09 Price Changed $139,500 Metro Search MLS
• 2024-07-06 Price Changed $139,900 Metro Search MLS
• 2024-06-30 Price Changed $145,500 Metro Search MLS
• 2024-06-30 Price Changed $145,900 Metro Search MLS
• 2024-06-20 Listing Removed — Metro Search MLS
• 2024-06-20 Listed $149,900 Metro Search MLS
• 2024-06-14 Price Changed $165,000 Metro Search MLS
• 2024-04-26 Listed $170,000 Metro Search MLS
• 2024-03-18 Sold (Public Records) $50,000 Public Records
• 2024-03-15 Sold (MLS) $50,000 Metro Search MLS
• 2024-03-01 Pending — Metro Search MLS
• 2024-02-27 Listed $50,000 Metro Search MLS

Property tax history

+4.1%/yr

Latest (2025): $630 · -50.7% YoY. Source: county tax records.