6518 Montero Dr Apt 3 · Prospect, KY 40059

$192,400

2 bd · 2.0 ba · 1,088 sqft · Condo · 52 Days on market

Built 1972 $360/mo HOA · 18% of rent

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Why this score? — see what drove the D 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 +13.2/30.0
• ARV discount +7.5/15.0
• 1% rule +5.5/10.0
• DSCR +4.0/10.0
• Livability +3.8/5.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Hunting Creek Condo! This nicely updated two bedroom two bathroom unit is located on the second floor. Designer paint throughout, gorgeous updated kitchen with new cabinetry, granite countertops and a stainless steel appliance package. New flooring throughout, neutral selections were made and this condo is truly move in ready! Laundry is in the lower level near your garage and storage unit which are all attached.

Key facts

• $360 HOA
• Garage
• Built 1972

Property features AI

Finance

• Other: Part of the Hunting Creek subdivision; Building contains four condo units across two building floors
• HOA & community: Association present with storage amenities; Monthly maintenance fee paid (listed as $360)

Exterior

• Parking: Three assigned parking spaces; One covered garage space; Attached entry at the rear on a lower level
• Utilities: Electricity connected; Natural gas available; Public water and sewer (not explicitly listed)
• Home design: Condominium; Traditional style; Located on the 2nd level within the building; Single-story unit within the building footprint
• Construction: Built in 1972; Brick construction; Shingle roof; Above-grade finished living area
• Exterior features: No exterior features listed; Corner lot

Interior

• Kitchen: Kitchen located on the second floor
• Bedrooms: Two bedrooms total; Primary bedroom on the second floor; All bedrooms located on the second floor
• Bathrooms: Two full bathrooms; Primary bathroom on the second floor; All full bathrooms located on the second floor
• Heating & cooling: Natural gas heating; Central air conditioning; One HVAC unit
• Interior features: Five total rooms; Four closets; No basement; No fireplaces
• Laundry & utility: No first-floor laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $192k.

Deal economics

• At list price, monthly cash flow is $-3 ($-41/yr) — negative.
• To cash-flow at today's rent, offer at most $192k (0.3% below list).
• Meets the 1% rule at list price ($2k rent vs $192k).
• Recommended offer: $187k (3.0% below list) — sets the bar for market timing.
• Cap rate 6.3% vs local median 3.4% in Prospect — 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 76/100 on livability (#87 in KY, #3,429 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, commute A+, employment A+; Watch: cost of living D, amenities F, health & safety F.
• 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.
• Zoned schools: Norton Elementary (math 52% / reading 69%, grade B-, #31 of 676 statewide, top 5%, 734 students, 23% FRL); Kammerer Middle (math 21% / reading 42%, grade F, #125 of 217 statewide, top 63%, 720 students, 52% FRL); Ballard High (math 42% / reading 46%, grade F, #27 of 254 statewide, top 10%, 2,014 students, 34% FRL) — zoned schools average 36% FRL vs 56% district-wide (20 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 45% at this address vs 27% district-wide (+18 pts) — the actual schools serving this property are materially stronger than the Jefferson County average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+4.8%/yr); 241 active listings in the ZIP; high-income renter base; 2,836 units permitted in Jefferson County in 2024 (1,558 in 5+ unit buildings).
• This rent is only 16% of the median local income ($153k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($187k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 20y 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

• 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 $186,628 (3.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 52 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
3. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 6.27%
• Cash-on-cash: -0.08%
• DSCR: 1.00
• GRM: 7.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.81% rent growth · sell at horizon

5-year hold

• IRR: -13.9%
• Equity multiple: 0.49×
• Total profit: $-27,436
• Equity at exit: $28,687

10-year hold

• IRR: -1.8%
• Equity multiple: 0.86×
• Total profit: $-7,351
• Equity at exit: $16,635

Cash invested: $53,872 (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 40059

• Rents YoY: 4.8%
• Active inventory: 241
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $2,028 medium
• Mortgage (P&I): −$1,009
• Tax from tax record: −$156 /mo · $1,875/yr
• Insurance: −$80
• HOA: −$360
• Vacancy / Maint / Mgmt: −$426
• Net cashflow: $-3

Break-even live

Break-even rent $2,032

Max offer price $191,795

Occupancy floor 95%

Sensitivity live

Price	-10% $105	-5% $51	+0% $-3	+5% $-58	+10% $-112
Rent	-10% $-164	-5% $-84	+0% $-3	+5% $77	+10% $157
Rate	-1.0pp $93	-0.5pp $46	base $-3	+0.5pp $-53	+1.0pp $-104

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: $48,100
• Closing costs: $5,772
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $360 · $4,320/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 27 events

1. 2026-06-21
   days on market $192,400 Active 52 DOM
2. 2026-06-18
   days on market $192,400 Active 49 DOM
3. 2026-06-17
   days on market $192,400 Active 48 DOM
4. 2026-06-16
   days on market $192,400 Active 47 DOM
5. 2026-06-15
   days on market $192,400 Active 46 DOM
6. 2026-06-13
   pricedays on market $192,400 Active 44 DOM
7. 2026-06-10
   days on market $199,900 Active 41 DOM
8. 2026-06-09
   days on market $199,900 Active 40 DOM
9. 2026-06-08
   days on market $199,900 Active 39 DOM
10. 2026-06-07
    days on market $199,900 Active 38 DOM
11. 2026-06-03
    days on market $199,900 Active 34 DOM
12. 2026-06-02
    days on market $199,900 Active 33 DOM
13. 2026-06-01
    days on market $199,900 Active 32 DOM
14. 2026-05-31
    days on market $199,900 Active 31 DOM
15. 2026-04-30
    listed $199,900 Active
16. 2025-03-27
    historical
17. 2025-03-14
    listed $185,000 Active
18. 2024-07-01
    soldstatus $168,000
19. 2022-08-01
    price $1,300
20. 2018-09-24
    soldstatus $120,000
21. 2018-09-21
    soldstatus $120,000 Closed 416-char remark

    Show marketing remark (416 chars)

    Hunting Creek Condo! This nicely updated two bedroom two bathroom unit is located on the second floor. Designer paint throughout, gorgeous updated kitchen with new cabinetry, granite countertops and a stainless steel appliance package. New flooring throughout, neutral selections were made and this condo is truly move in ready! Laundry is in the lower level near your garage and storage unit which are all attached.

22. 2018-08-30
    status Pending 416-char remark

    Show marketing remark (416 chars)

    Hunting Creek Condo! This nicely updated two bedroom two bathroom unit is located on the second floor. Designer paint throughout, gorgeous updated kitchen with new cabinetry, granite countertops and a stainless steel appliance package. New flooring throughout, neutral selections were made and this condo is truly move in ready! Laundry is in the lower level near your garage and storage unit which are all attached.

23. 2018-07-27
    listed $125,000 Active 416-char remark

    Show marketing remark (416 chars)

    Hunting Creek Condo! This nicely updated two bedroom two bathroom unit is located on the second floor. Designer paint throughout, gorgeous updated kitchen with new cabinetry, granite countertops and a stainless steel appliance package. New flooring throughout, neutral selections were made and this condo is truly move in ready! Laundry is in the lower level near your garage and storage unit which are all attached.

24. 2016-09-30
    soldstatus $103,000
25. 2006-07-07
    soldstatus $116,500
26. 2006-06-30
    soldstatus $116,500
27. 2006-05-10
    listed $116,500

ⓘ 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: $1,875 · $156/mo
• Projected year-2 tax: $1,875 · $156/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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥104°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,333
• − Mortgage interest: −$10,777
• − Property taxes: −$1,875
• − Insurance: −$962
• − Repairs & maintenance: −$1,947
• − Management: −$1,947
• − HOA: −$4,320
• − Depreciation: −$5,597
• Taxable loss: −$3,091
• Est. tax savings @ 24.0%: +$742
• After-tax cash flow: $701/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 — Prospect

• Score: 76/100
• State rank: #87
• US rank: #3429

Category grades

Amenities F Commute A+ Cost of living D Crime A+ Employment A+ Housing A+ Health & safety F User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Prospect, KY
• County: Jefferson County · 790,184 people
• City population: 20,892
• Metro: Louisville/Jefferson County, KY-IN
• Population (ZIP): 20,892
• Household income: $152,727
• Rent vs Own: 12.6% rent · 87.4% own
• Severe rent burden: 255.0

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 White (86%)
• Race & ethnicity: White 86% Asian 4% Two or more races 4% Black 4% Hispanic / Latino 2%
• Common ancestry: Slovak 4% Italian 3% Romanian 2%
• Foreign-born: 8% · Canada, China
• Languages at home: 93% English-only · Other Indo-European 3% Chinese 1% 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: ▼ -159.22%
• Current HPI: 229.5964
• Rent YoY: ▲ 4.81%
• 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

+71.6% since first listed

13 events — show timeline

• 2026-04-30 Listed $199,900 Metro Search MLS
• 2025-03-27 Listing Removed — Metro Search MLS
• 2025-03-14 Listed $185,000 Metro Search MLS
• 2024-07-01 Sold (Public Records) $168,000 Public Records
• 2022-08-01 Price Changed $1,300 RENT.
• 2018-09-24 Sold (Public Records) $120,000 Public Records
• 2018-09-21 Sold (MLS) $120,000 Metro Search MLS
• 2018-08-30 Pending — Metro Search MLS
• 2018-07-27 Listed $125,000 Metro Search MLS
• 2016-09-30 Sold (Public Records) $103,000 Public Records
• 2006-07-07 Sold (Public Records) $116,500 Public Records
• 2006-06-30 Sold (MLS) $116,500 Metro Search MLS
• 2006-05-10 Listed $116,500 Metro Search MLS

Property tax history

+3.9%/yr

Latest (2025): $1,875 · +17.9% YoY. Source: county tax records.