2815 Garfield Ave · Louisville, KY 40212

$61,000

3 bd · 1.0 ba · 1,052 sqft · SingleFamily · 139 Days on market

Built 1910 3,119 sqft lot Est $88k · 31% under

---

Why this score? — see what drove the A 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Livability +3.2/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0

Listing remarks

2815 Garfield Ave is a solid investment property in West Louisville featuring a comfortable 3‑bed, 1‑bath layout with long‑term tenants in place delivering consistent monthly income. Spacious living areas and a durable rental history make this home ideal for buy‑and‑hold investors seeking stabilized cash flow with minimal turnover. This property is being offered as part of a five‑home rental package including 1809 Owen St, 2426 Rowan St, 2815 Garfield Ave, and the duplex at 2210 & 2212 Griffith Ave. All units are tenant‑occupied and income producing, creating a bundled opportunity with strong gross monthly rent. Package pricing is designed for investors looking for scale and immediate

Key facts

• 3,119 sq ft lot
• Built 1910
• Listed 139 days

Property features AI

Finance

• HOA & community: No association fee

Exterior

• Utilities: Electricity connected
• Home design: Single-family residence; Shotgun-style architecture; One-story
• Construction: Built in 1910; Vinyl siding and wood-frame construction; Shingle roof; Crawl space foundation
• Exterior features: Wood fencing; Lot dimensions approximately 26.9 x 120

Interior

• Kitchen: Kitchen on the first floor
• Bedrooms: Three first-floor bedrooms; One bedroom total listed (summary differs from room-level details) — first-floor bedrooms present
• Bathrooms: One full bathroom
• Heating & cooling: Mini-split / ductless heating (natural gas listed as heating source); Wall/window cooling units
• Interior features: Six total rooms; Four closets; Cellar basement; Dining area on the first floor; Living room on the first floor
• Laundry & utility: First-floor laundry

🏷️ Possibly a rental listed for sale. The $61,000 price doesn't fit this home's estimated sale value (~$88,368) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $61k.

Deal economics

• At list price, monthly cash flow is $483 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $61k).
• Recommended offer: $54k (12.0% below list) — sets the bar for market timing.
• Cap rate 15.8% 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; 141 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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).
• This rent runs 38% of the median local income ($36k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $7k of equity ($422 loan paydown + $6k 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 $17k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 139 days — a 12% lower offer ($54k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1910 — 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 $53,680 (12.0% below list)

Questions for the listing agent

1. It's been on market 139 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 1910 — 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 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: 1.84% ✓
• Cap rate: 15.79%
• Cash-on-cash: 33.92%
• DSCR: 2.51
• GRM: 4.5

CMA / ARV

• ARV (on-the-fly): $88,368
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
365 N 27th St	0.17mi	2/1.0 (-1)	1,093 (+4%)	6mo	$95,000	$87	76
2647 Alford Ave	0.17mi	3/1.0	1,117 (+6%)	8mo	$119,900	$107	75
2722 Slevin St	0.11mi	2/1.0 (-1)	984 (-6%)	5mo	$65,000	$66	75
427 N 28th St	0.09mi	2/1.0 (-1)	1,166 (+11%)	3mo	$70,000	$60	70
363 N 27th St	0.16mi	2/1.0 (-1)	972 (-8%)	6mo	$36,500	$38	70
3304 Bank St	0.43mi	2/1.0 (-1)	1,020 (-3%)	2mo	$131,000	$128	68
2419 Montgomery St	0.56mi	3/1.0	1,092 (+4%)	4mo	$92,000	$84	64
2618 Cornwall St	0.51mi	2/1.0 (-1)	1,024 (-3%)	7mo	$85,000	$83	61
2511 Bank St	0.41mi	2/1.0 (-1)	960 (-9%)	6mo	$10,000	$10	56
117 N 34th St	0.64mi	3/1.0	1,130 (+7%)	4mo	$34,000	$30	55
2321 W Market St	0.69mi	3/1.0	1,138 (+8%)	1mo	$110,000	$97	53
210 N 35th St	0.70mi	3/1.0	1,119 (+6%)	7mo	$100,000	$89	51

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: 48.7%
• Equity multiple: 4.59×
• Total profit: $61,236
• Equity at exit: $54,954

10-year hold

• IRR: 41.5%
• Equity multiple: 9.85×
• Total profit: $151,144
• Equity at exit: $118,510

Cash invested: $17,080 (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: 141
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $1,121 high
• Mortgage (P&I): −$320
• Tax from tax record: −$58 /mo · $693/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$235
• Net cashflow: $483

Break-even live

Break-even rent $510

Max offer price $61,000

Occupancy floor 52%

Sensitivity live

Price	-10% $517	-5% $500	+0% $483	+5% $466	+10% $448
Rent	-10% $394	-5% $439	+0% $483	+5% $527	+10% $571
Rate	-1.0pp $514	-0.5pp $498	base $483	+0.5pp $467	+1.0pp $451

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: $15,250
• Closing costs: $1,830
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
353 N 27th St Louisville, KY	2.0	1.0	1100	$1,100	$1.00	25d	1	0.14mi
2925 Slevin St Louisville, KY	2.0	1.0	896	$775	$0.86	4d	1	0.18mi
522 N 29th St Louisville, KY	3.0	1.0	1031	$1,300	$1.26	4d	1	0.27mi
509 N 31st St Louisville, KY	2.0	1.0	800	$795	$0.99	25d	1	0.34mi
509 N 31st St Louisville, KY	2.0	1.0	800	$725	$0.91	17d	1	0.34mi
3120 Bank St Unit B Louisville, KY	2.0	1.0	750	$795	$1.06	25d	1	0.37mi
2433 Slevin St Unit 2433-2 Louisville, KY	3.0	1.0	800	$875	$1.09	4d	1	0.39mi
451 N 25th St Unit Mk Louisville, KY	2.0	1.0	988	$875	$0.89	4d	1	0.40mi
2927 Rowan St Louisville, KY	3.0	1.0	1008	$1,205	$1.20	13d	1	0.40mi
2906 Montgomery St Unit B Louisville, KY	3.0	1.0	1152	$1,060	$0.92	25d	1	0.43mi
2506 Montgomery St Louisville, KY	3.0	2.0	1081	$1,295	$1.20	4d	4	0.45mi
322 N 24th St Louisville, KY	2.0	1.0	950	$1,100	$1.16	17d	1	0.47mi
212 N 25th St Louisville, KY	3.0	1.0	1104	$895	$0.81	25d	1	0.47mi
652 N 29th St Louisville, KY	3.0	1.0	1127	$1,350	$1.20	18d	1	0.49mi
2529 W Main St #2 Louisville, KY	3.0	1.0	1404	$1,200	$0.85	25d	1	0.52mi
214 N 24th St Louisville, KY	3.0	1.5	1012	$915	$0.90	25d	1	0.53mi
331 N 23rd St Louisville, KY	2.0	1.0	855	$1,150	$1.35	18d	1	0.57mi
2508 W Main St Louisville, KY	3.0	1.0	1327	$1,500	$1.13	25d	1	0.58mi
2614 W Jefferson St Unit 2614-4 Louisville, KY	2.0	1.0	740	$795	$1.07	25d	1	0.71mi
320 N 36th St Louisville, KY	3.0	1.0	830	$1,225	$1.48	17d	1	0.73mi
2132 Rowan St Louisville, KY	1.0–2.0	1.0–2.0	875	$928	$1.06	4d	4	0.73mi
2623 Cedar St Louisville, KY	3.0	1.0	1000	$1,000	$1.00	25d	1	0.77mi
219 N 37th St Louisville, KY	2.0	1.0	700	$1,150	$1.64	25d	1	0.77mi
409 N 20th St Louisville, KY	3.0	1.0	1200	$1,050	$0.88	4d	1	0.81mi
1919 Baird St Louisville, KY	3.0	1.0	1500	$1,100	$0.73	17d	1	0.87mi
120 N 20th St Louisville, KY	3.0	1.5	1300	$1,400	$1.08	25d	1	0.87mi
430 S 24th St Louisville, KY	3.0	1.5	1288	$1,400	$1.09	25d	1	0.88mi
3901 Jewell Ave Louisville, KY	3.0	1.0	1069	$1,140	$1.07	21d	1	0.93mi
2631 W Madison St Unit 1 Louisville, KY	3.0	1.0	928	$950	$1.02	25d	1	0.93mi
2631 W Madison St Unit 2 Louisville, KY	2.0	1.0	928	$850	$0.92	18d	1	0.93mi
2631 W Madison St Unit 2 Louisville, KY	2.0	1.0	928	$850	$0.92	25d	1	0.93mi
3910 Garfield Ave Louisville, KY	2.0	1.0	872	$1,035	$1.19	4d	1	0.97mi
110 Hansbrough Pl Unit 101 Louisville, KY	2.0	1.0	924	$1,080	$1.17	25d	1	1.00mi
127 N 40th St Louisville, KY	3.0	2.0	1500	$1,570	$1.05	4d	1	1.01mi
200 N 18th St Unit 200-4 Louisville, KY	2.0	1.0	740	$775	$1.05	21d	1	1.02mi
112 N 18th St Louisville, KY	2.0	1.0	944	$1,050	$1.11	25d	1	1.05mi
106 N 40th St Louisville, KY	3.0	1.0	1325	$1,220	$0.92	4d	1	1.05mi
500 N 17th St Apt 309 Louisville, KY	2.0	1.0	775	$1,200	$1.55	25d	1	1.07mi
500 N 17th St Unit 301 Louisville, KY	2.0	1.0	775	$1,200	$1.55	17d	1	1.07mi
2300 W Madison St Louisville, KY	2.0	1.0	900	$850	$0.94	25d	1	1.07mi

Listing history 16 events

1. 2026-06-21
   days on market $61,000 Active 139 DOM
2. 2026-06-18
   days on market $61,000 Active 136 DOM
3. 2026-06-17
   days on market $61,000 Active 135 DOM
4. 2026-06-16
   days on market $61,000 Active 134 DOM
5. 2026-06-15
   days on market $61,000 Active 133 DOM
6. 2026-06-13
   days on market $61,000 Active 131 DOM
7. 2026-06-10
   days on market $61,000 Active 128 DOM
8. 2026-06-09
   days on market $61,000 Active 127 DOM
9. 2026-06-08
   days on market $61,000 Active 126 DOM
10. 2026-06-07
    days on market $61,000 Active 125 DOM
11. 2026-06-03
    days on market $61,000 Active 121 DOM
12. 2026-06-02
    days on market $61,000 Active 120 DOM
13. 2026-06-01
    days on market $61,000 Active 119 DOM
14. 2026-05-31
    days on market $61,000 Active 118 DOM
15. 2026-02-02
    listed $61,000 Active
16. 2024-02-16
    soldstatus $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: $693 · $58/mo
• Projected year-2 tax: $693 · $58/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 3/10 Moderate FEMA zone X (unshaded) · 20% 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 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: $13,456
• − Mortgage interest: −$3,417
• − Property taxes: −$693
• − Insurance: −$305
• − Repairs & maintenance: −$1,076
• − Management: −$1,076
• − Depreciation: −$1,775
• Taxable income: $5,114
• Est. tax owed @ 24.0%: −$1,227
• After-tax cash flow: $4,566/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

+10.9% since first listed

2 events — show timeline

• 2026-02-02 Listed $61,000 Metro Search MLS
• 2024-02-16 Sold (Public Records) $55,000 Public Records

Property tax history

+8.7%/yr

Latest (2025): $693 · +45.3% YoY. Source: county tax records.