2044 Midland Ave · Louisville, KY 40204

$450,000

4 bd · 4.0 ba · 3,000 sqft · MultiFamily · 10 Days on market

Built 1910 4,800 sqft lot Est $477k · 6% under

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Why this score? — see what drove the F 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).

• ARV discount +10.0/15.0
• Cash flow +7.5/30.0
• Rent growth +3.9/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• 1% rule +1.7/10.0
• DSCR +1.7/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. 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

Location is just one block off of Cherokee Parkway, 4 nice units in good condition. Approximately 3000 Square feet. (Square footage not verified) Monthly rental income $3820(month. Separate utilities. Open Sunday from 2-4. Seller owns Single family with garage apartment next door, 2042 Midland. This is also on the market for sale. Square footage not verified.

Key facts

• 4,800 sq ft lot
• 4 parking spots
• Built 1910

Property features AI

Finance

• Financial info: Property configured as 4 total units; Reported monthly rent for the first level/each unit: $3,820 (listing data)
• HOA & community: No association fee

Exterior

• Parking: 4 parking spaces (uncovered)
• Utilities: Electricity connected; Natural gas available; Owner pays water; tenants pay cable, electric, and gas
• Home design: Bungalow-style building; Approximately 3,000 total building area; Built in 1910
• Construction: Wood frame and block construction; Shingle roof; Foundation details not provided
• Exterior features: No notable exterior features listed; Lot dimensions approximately 30 x 160

Interior

• Kitchen: 4 kitchens (each unit includes a range and refrigerator)
• Bedrooms: 4 bedrooms (all on the 1st level)
• Bathrooms: 4 full bathrooms (on the 1st level)
• Heating & cooling: Natural gas heating; 4 furnaces; Central air and wall/window units; 4 HVAC units
• Interior features: Basement present; Separate meters
• Laundry & utility: 4 in-unit laundry areas

What this means for you Summary

Snapshot

• This is a 4-bed/4.0-bath multifamily listed at $450k.

Deal economics

• At list price, monthly cash flow is $-550 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $353k (21.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $303k (32.7% below list).
• Recommended offer: $303k (32.7% below list) — sets the bar for 1% rule.

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 (+5.8%/yr); 99 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 2,836 units permitted in Jefferson County in 2024 (1,558 in 5+ unit buildings).
• At $3,027/mo this rent would consume 51% of the median local household income ($71k/yr) (locally 761% 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 $3k of loan paydown is wiped out by about $14k 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

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.

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 $302,680 (32.7% 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. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
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 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: 0.67% ✗
• Cap rate: 4.83%
• Cash-on-cash: -5.24%
• DSCR: 0.77
• GRM: 12.4

CMA / ARV

• ARV (on-the-fly): $477,000
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1836 Eastern Pkwy	0.25mi	3/3.0 (-1)	2,870 (-4%)	15mo	$422,000	$147	60
1638 Tyler Pkwy	0.30mi	4/2.0	2,655 (-12%)	14mo	$421,500	$159	47
2074 Sherwood Ave	0.36mi	4/2.5	2,717 (-9%)	20mo	$535,000	$197	45
1333 Castlewood Ave	0.66mi	4/4.0	3,216 (+7%)	23mo	$575,000	$179	38
2119 Grinstead Dr	0.54mi	4/3.0	2,592 (-14%)	16mo	$391,000	$151	35

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 · 5.76% rent growth · sell at horizon

5-year hold

• IRR: -22.4%
• Equity multiple: 0.21×
• Total profit: $-99,365
• Equity at exit: $67,096

10-year hold

• IRR: -11.2%
• Equity multiple: 0.25×
• Total profit: $-94,353
• Equity at exit: $38,908

Cash invested: $126,000 (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 40204

• Rents YoY: 5.8%
• Active inventory: 99
• Price-to-rent: 12.4×

Monthly cashflow live

• Estimated rent: $3,027 medium
• Mortgage (P&I): −$2,360
• Tax from tax record: −$394 /mo · $4,725/yr
• Insurance: −$188
• HOA: −$0
• Vacancy / Maint / Mgmt: −$636
• Net cashflow: $-550

Break-even live

Break-even rent $3,723

Max offer price $352,853

Occupancy floor —

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: $112,500
• Closing costs: $13,500
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2424 Longest Ave Louisville, KY	4.0	2.5	2845	$3,800	$1.34	3d	1	0.29mi
1604 Edgeland Ave Louisville, KY	3.0	2.0	2263	$3,000	$1.33	3d	1	0.31mi
1576 Cherokee Rd #6 Louisville, KY	3.0	3.5	2639	$8,000	$3.03	16d	1	0.74mi
1915 Overlook Ter Louisville, KY	3.0	2.5	2855	$3,180	$1.11	23d	1	1.34mi

Listing history 2 events

1. 2026-05-21
   status Pending
2. 2026-05-11
   listed $450,000 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: $4,725 · $394/mo
• Projected year-2 tax: $4,725 · $394/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 ≥105°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 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $36,322
• − Mortgage interest: −$25,207
• − Property taxes: −$4,725
• − Insurance: −$2,250
• − Repairs & maintenance: −$2,906
• − Management: −$2,906
• − Depreciation: −$13,091
• Taxable loss: −$14,763
• Est. tax savings @ 24.0%: +$3,543
• After-tax cash flow: $-3,056/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): 14,034
• Household income: $71,116
• Rent vs Own: 50.6% rent · 49.4% own
• Severe rent burden: 761.0

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 (84%)
• Race & ethnicity: White 84% Black 6% Two or more races 5% Hispanic / Latino 4% Asian 2%
• Common ancestry: Slovak 3% Serbian 3% Romanian 3%
• Foreign-born: 4% · Canada, South Korea, China
• Languages at home: 95% English-only · Spanish 2% Korean 1% Chinese 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: ▼ -475.25%
• Current HPI: 246.3191
• Rent YoY: ▲ 5.76%
• 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

2 events — show timeline

• 2026-05-21 Pending — Metro Search MLS
• 2026-05-11 Listed $450,000 Metro Search MLS

Property tax history

+5.1%/yr

Latest (2025): $4,725 · -1.9% YoY. Source: county tax records.