1709 Valley Forge Way · Louisville, KY 40215

$300,000

5 bd · 3.0 ba · 3,430 sqft · MultiFamily · 111 Days on market

Built 1966 6,300 sqft lot Est $206k · 46% over

---

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 +24.0/30.0
• DSCR +7.7/10.0
• 1% rule +6.0/10.0
• Rent growth +3.8/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 2 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

BACK UP OFFERS WELCOME. Turnkey, well maintained 4 plex brick apartment building, all 2 bedroom, 1 bath units with washer/dryer hook-ups in each unit. FULLY RENTED, current monthly income is $ 2,569.00 but could easily rise to $ 3,000 due to current market rental conditions. Off street unassigned parking. Family owned since mid 1980's. ****All NEW windows-2021, Selling As-Is.

Key facts

• 6,300 sq ft lot
• 4 parking spots
• Built 1966

Property features AI

Finance

• Financial info: Property configured as multiple rental units (total units: four — two units on first level, two units on second level). Reported rents: approximately $1,612 for each first-level unit and $1,564 for each second-level unit.
• HOA & community: No association fee

Exterior

• Parking: 4 parking spaces (not covered)
• Utilities: Electricity connected; Natural gas service
• Home design: Other architectural style; Not located in a flood plain
• Construction: Built in 1966; Wood frame construction; Shingle roof
• Exterior features: No notable exterior features listed

Interior

• Kitchen: Kitchens on both levels (2 on first level, 2 on second level); Ranges and refrigerators provided on both levels
• Bedrooms: 6 total bedrooms (4 on first level, 2 on second level)
• Bathrooms: 4 full bathrooms (2 on first level, 2 on second level)
• Heating & cooling: Natural gas heating with 4 furnaces; Central air conditioning
• Interior features: Multi-unit property with separate meters
• Laundry & utility: Laundry areas on both levels (2 on first level, 2 on second level)

What this means for you Summary

Snapshot

• This is a 1×2.0bd/1.0ba + 1×3.0bd/2.0ba units multifamily listed at $300k.

Deal economics

• At list price, monthly cash flow is $585 ($7k/yr) — positive. Per door: $293/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $300k).
• Recommended offer: $273k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.6% 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 (+5.2%/yr); 121 active listings in the ZIP; lower-income renter base — watch delinquency; 2,836 units permitted in Jefferson County in 2024 (1,558 in 5+ unit buildings).
• At $3,296/mo this rent would consume 90% of the median local household income ($44k/yr) (locally 997% 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 $2k of loan paydown is wiped out by about $9k 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 + 5.2% rent growth), your $84k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 111 days — a 9% lower offer ($273k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 11y 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 $273,000 (9.0% below list)

Questions for the listing agent

1. It's been on market 111 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.10% ✓
• Cap rate: 8.63%
• Cash-on-cash: 8.36%
• DSCR: 1.37
• GRM: 7.6

CMA / ARV

• ARV (on-the-fly): $205,800
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1833 Farnsley Rd	0.74mi	4/4.0 (-1)	3,834 (+12%)	10mo	$230,000	$60	28

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 · 5.16% rent growth · sell at horizon

5-year hold

• IRR: -1.2%
• Equity multiple: 0.95×
• Total profit: $-3,998
• Equity at exit: $44,731

10-year hold

• IRR: 10.6%
• Equity multiple: 1.90×
• Total profit: $75,975
• Equity at exit: $25,939

Cash invested: $84,000 (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 40215

• Home prices YoY: -34.4%
• Rents YoY: 5.2%
• Active inventory: 121
• Price-to-rent: 16.1×

Monthly cashflow live

• Estimated rent: $3,296 high
• Mortgage (P&I): −$1,573
• Tax from tax record: −$320 /mo · $3,843/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$692
• Net cashflow: $585

Break-even live

Break-even rent $2,555

Max offer price $300,000

Occupancy floor 77%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
1× unit	2.0	1	$1,557
1× unit	3.0	2	$1,738
Total (2 units)			$3,296

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: $75,000
• Closing costs: $9,000
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-18
   days on market $300,000 Active 111 DOM
2. 2026-06-17
   days on market $300,000 Active 110 DOM
3. 2026-06-16
   statusdays on market $300,000 Active 109 DOM
4. 2026-06-15
   days on market $300,000 Active Under Contract 108 DOM
5. 2026-06-13
   days on market $300,000 Active Under Contract 106 DOM
6. 2026-06-10
   days on market $300,000 Active Under Contract 103 DOM
7. 2026-06-09
   days on market $300,000 Active Under Contract 102 DOM
8. 2026-06-08
   days on market $300,000 Active Under Contract 101 DOM
9. 2026-06-07
   statusdays on market $300,000 Active Under Contract 100 DOM
10. 2026-06-03
    days on market $300,000 Active 96 DOM
11. 2026-06-02
    days on market $300,000 Active 95 DOM
12. 2026-06-01
    days on market $300,000 Active 94 DOM
13. 2026-05-31
    days on market $300,000 Active 93 DOM
14. 2026-05-13
    status Active
15. 2026-03-06
    historical Active Under Contract
16. 2026-02-26
    listed $300,000 Active
17. 2025-01-02
    historical $795
18. 2024-10-18
    price $795
19. 2024-10-05
    listed $875
20. 2022-04-14
    soldstatus $305,000
21. 2022-04-12
    status Pending 379-char remark

    Show marketing remark (379 chars)

    BACK UP OFFERS WELCOME. Turnkey, well maintained 4 plex brick apartment building, all 2 bedroom, 1 bath units with washer/dryer hook-ups in each unit. FULLY RENTED, current monthly income is $ 2,569.00 but could easily rise to $ 3,000 due to current market rental conditions. Off street unassigned parking. Family owned since mid 1980's. ****All NEW windows-2021, Selling As-Is.

22. 2022-04-11
    soldstatus $305,000 Closed 379-char remark

    Show marketing remark (379 chars)

    BACK UP OFFERS WELCOME. Turnkey, well maintained 4 plex brick apartment building, all 2 bedroom, 1 bath units with washer/dryer hook-ups in each unit. FULLY RENTED, current monthly income is $ 2,569.00 but could easily rise to $ 3,000 due to current market rental conditions. Off street unassigned parking. Family owned since mid 1980's. ****All NEW windows-2021, Selling As-Is.

23. 2022-02-28
    historical Active Under Contract 379-char remark

    Show marketing remark (379 chars)

    BACK UP OFFERS WELCOME. Turnkey, well maintained 4 plex brick apartment building, all 2 bedroom, 1 bath units with washer/dryer hook-ups in each unit. FULLY RENTED, current monthly income is $ 2,569.00 but could easily rise to $ 3,000 due to current market rental conditions. Off street unassigned parking. Family owned since mid 1980's. ****All NEW windows-2021, Selling As-Is.

24. 2022-02-28
    status Active 379-char remark

    Show marketing remark (379 chars)

    BACK UP OFFERS WELCOME. Turnkey, well maintained 4 plex brick apartment building, all 2 bedroom, 1 bath units with washer/dryer hook-ups in each unit. FULLY RENTED, current monthly income is $ 2,569.00 but could easily rise to $ 3,000 due to current market rental conditions. Off street unassigned parking. Family owned since mid 1980's. ****All NEW windows-2021, Selling As-Is.

25. 2022-02-21
    status Pending 379-char remark

    Show marketing remark (379 chars)

    BACK UP OFFERS WELCOME. Turnkey, well maintained 4 plex brick apartment building, all 2 bedroom, 1 bath units with washer/dryer hook-ups in each unit. FULLY RENTED, current monthly income is $ 2,569.00 but could easily rise to $ 3,000 due to current market rental conditions. Off street unassigned parking. Family owned since mid 1980's. ****All NEW windows-2021, Selling As-Is.

26. 2022-02-19
    listed $300,000 Active 379-char remark

    Show marketing remark (379 chars)

    BACK UP OFFERS WELCOME. Turnkey, well maintained 4 plex brick apartment building, all 2 bedroom, 1 bath units with washer/dryer hook-ups in each unit. FULLY RENTED, current monthly income is $ 2,569.00 but could easily rise to $ 3,000 due to current market rental conditions. Off street unassigned parking. Family owned since mid 1980's. ****All NEW windows-2021, Selling As-Is.

27. 2015-04-22
    historical
28. 2015-04-02
    listed $160,000 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: $3,843 · $320/mo
• Projected year-2 tax: $3,843 · $320/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 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: $39,552
• − Mortgage interest: −$16,805
• − Property taxes: −$3,843
• − Insurance: −$1,500
• − Repairs & maintenance: −$3,164
• − Management: −$3,164
• − Depreciation: −$8,727
• Taxable income: $2,349
• Est. tax owed @ 24.0%: −$564
• After-tax cash flow: $6,461/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): 20,532
• Household income: $43,725
• Rent vs Own: 56.4% rent · 43.6% own
• Severe rent burden: 997.0

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: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 51% Black 33% Two or more races 11% Hispanic / Latino 6% Asian 2%
• Hispanic origin (detail): Mexican 2% Cuban 3%
• Common ancestry: Slovak 1% Romanian 1% Serbian 1%
• Foreign-born: 9% · Canada, Vietnam
• Languages at home: 88% English-only · Spanish 5% Other Indo-European 2% Arabic 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: ▼ -119.35%
• Current HPI: 227.8248
• Rent YoY: ▲ 5.16%
• 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

+87.5% since first listed

15 events — show timeline

• 2026-05-13 Relisted — Metro Search MLS
• 2026-03-06 Contingent — Metro Search MLS
• 2026-02-26 Listed $300,000 Metro Search MLS
• 2025-01-02 Rental Removed $795 MSMLS
• 2024-10-18 Price Changed $795 MSMLS
• 2024-10-05 Listed for Rent $875 MSMLS
• 2022-04-14 Sold (Public Records) $305,000 Public Records
• 2022-04-12 Pending — Metro Search MLS
• 2022-04-11 Sold (MLS) $305,000 Metro Search MLS
• 2022-02-28 Contingent — Metro Search MLS
• 2022-02-28 Relisted — Metro Search MLS
• 2022-02-21 Pending — Metro Search MLS
• 2022-02-19 Listed $300,000 Metro Search MLS
• 2015-04-22 Listing Removed — Metro Search MLS
• 2015-04-02 Listed $160,000 Metro Search MLS

Property tax history

+6.6%/yr

Latest (2025): $3,843 · -1.9% YoY. Source: county tax records.