111 S 43rd St · Louisville, KY 40212

$140,000

3 bd · 2.0 ba · 1,023 sqft · SingleFamily · 63 Days on market

Built 1925 3,810 sqft lot Est $122k · 15% over ↓ 17% since listing

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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 +15.8/30.0
• Appreciation +10.0/10.0
• DSCR +4.9/10.0
• 1% rule +3.4/10.0
• Livability +3.2/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• ARV discount +0.7/15.0

Listing remarks

2 FULL BATHROOMS! All the soul. None of the "fixer-upper. " We've done the heavy lifting and this house is ready to go so you can do the living. Main floor? A master-stroke of convenience with a bedroom and full bath for those who hate stairs. Upstairs? Two more retreats and a second bath for the rest of the crew. Inside, it's all-new-everything. Outside, there's a fresh covered deck waiting for a grill and a cold one. Even the basement is redone —painted, laundry hook ups, and ready to swallow your holiday decor and hobby gear whole.

Key facts

• Renovated home
• New covered deck
• Laundry hookups

Tags

• RENOVATED HOME
• NEW COVERED DECK
• FRESHLY PAINTED BASEMENT
• LAUNDRY HOOKUPS

Property features AI

Finance

• Other: Located in the Frazee Place subdivision; Directions: Take Broadway to S 43rd St
• HOA & community: No association fee

Exterior

• Parking: No designated parking
• Utilities: Electricity connected; Natural gas heating
• Home design: Single-family residence in Bungalow/Cape Cod style; 2 stories; Built in 1925
• Construction: Vinyl siding; Shingle roof; Poured concrete foundation
• Exterior features: Chain link fencing; Lot dimensions approximately 30 x 127

Interior

• Kitchen: Kitchen on the first floor
• Bedrooms: 3 bedrooms total — 1 on the first floor, 2 on the second floor
• Bathrooms: 2 full bathrooms (one located on the second floor)
• Interior features: 5 total rooms; Basement with outside entry (unfinished)
• Laundry & utility: Laundry in the basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $63 ($760/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 $117k (16.1% below list).
• Recommended offer: $117k (16.1% below list) — sets the bar for 1% rule.
• Cap rate 6.8% 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; 140 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 16d 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 39% 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 $15k of equity ($968 loan paydown + $14k 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 $39k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($132k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1925 — 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 $117,483 (16.1% below list)

Questions for the listing agent

1. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
2. Built in 1925 — 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. 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?
8. 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.
9. 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.
10. 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: 0.84% ✗
• Cap rate: 6.84%
• Cash-on-cash: 1.94%
• DSCR: 1.09
• GRM: 9.9

CMA / ARV

• ARV (on-the-fly): $121,737
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
100 Boston Ct	0.10mi	3/1.0	1,080 (+6%)	9mo	$35,000	$32	75
212 N 37th St	0.46mi	3/1.0	1,036 (+1%)	8mo	$121,000	$117	66
4109 Bank St	0.56mi	3/1.0	990 (-3%)	3mo	$157,325	$159	62
369 N 41st St	0.38mi	4/1.5 (+1)	1,100 (+8%)	2mo	$145,000	$132	61
125 N 46th St	0.25mi	2/1.0 (-1)	1,107 (+8%)	6mo	$95,000	$86	60
4215 W Muhammad Ali Blvd	0.45mi	2/1.0 (-1)	1,006 (-2%)	10mo	$120,000	$119	59
3924 Garfield Ave	0.36mi	2/1.0 (-1)	972 (-5%)	8mo	$57,500	$59	59
405 N 41st St	0.44mi	3/1.0	1,082 (+6%)	12mo	$168,000	$155	56
4611 W Market St	0.29mi	3/1.0	1,134 (+11%)	11mo	$155,000	$137	55
210 N 35th St	0.57mi	3/1.0	1,119 (+9%)	7mo	$100,000	$89	48
117 N 34th St	0.69mi	3/1.0	1,130 (+10%)	4mo	$34,000	$30	44
3801 Miami Ave	0.75mi	3/1.0	1,120 (+10%)	10mo	$134,900	$120	37

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: 24.9%
• Equity multiple: 2.97×
• Total profit: $77,365
• Equity at exit: $126,123

10-year hold

• IRR: 21.4%
• Equity multiple: 6.59×
• Total profit: $219,309
• Equity at exit: $271,989

Cash invested: $39,200 (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: 9.9×

Monthly cashflow live

• Estimated rent: $1,175 high
• Mortgage (P&I): −$734
• Tax from tax record: −$72 /mo · $867/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$247
• Net cashflow: $63

Break-even live

Break-even rent $1,095

Max offer price $140,000

Occupancy floor 90%

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4143 W Market St Unit 2 Louisville, KY	2.0	1.0	700	$850	$1.21	23d	1	0.13mi
4141 W Market St Unit 1 Louisville, KY	2.0	1.0	771	$925	$1.20	2d	1	0.14mi
127 Boston Ct Louisville, KY	2.0	1.0	725	$1,100	$1.52	23d	1	0.14mi
313 N 42nd St Louisville, KY	3.0	1.0	900	$1,250	$1.39	3d	1	0.21mi
112 S 46th St Louisville, KY	3.0	1.0	902	$1,200	$1.33	23d	1	0.22mi
106 N 40th St Louisville, KY	3.0	1.0	1325	$1,220	$0.92	3d	1	0.23mi
127 N 40th St Louisville, KY	3.0	2.0	1500	$1,570	$1.05	3d	1	0.26mi
247 Cecil Ave Louisville, KY	3.0	2.0	1083	$1,305	$1.20	19d	1	0.27mi
302 Cecil Ave Louisville, KY	2.0	1.0	984	$1,025	$1.04	15d	1	0.30mi
3910 Garfield Ave Louisville, KY	2.0	1.0	872	$1,035	$1.19	3d	1	0.37mi
110 Hansbrough Pl Unit 101 Louisville, KY	2.0	1.0	924	$1,080	$1.17	23d	1	0.37mi
3901 Jewell Ave Louisville, KY	3.0	1.0	1069	$1,140	$1.07	20d	1	0.38mi
4129 W Muhammad Ali Blvd Louisville, KY	4.0	2.0	1224	$1,500	$1.23	1d	1	0.47mi
219 N 37th St Louisville, KY	2.0	1.0	700	$1,150	$1.64	23d	1	0.50mi
320 N 36th St Louisville, KY	3.0	1.0	830	$1,225	$1.48	15d	1	0.54mi
4018 Vermont Ave Unit 1 Louisville, KY	2.0	1.0	700	$699	$1.00	3d	1	0.59mi
3819 River Park Dr Louisville, KY	3.0	1.0	1108	$1,090	$0.98	20d	1	0.69mi
628 S 39th St Louisville, KY	3.0	1.0	1448	$1,220	$0.84	15d	1	0.78mi
627 S 38th St Louisville, KY	4.0	1.0	1300	$1,349	$1.04	15d	1	0.80mi
4309 Elliott Ave Unit 1 Louisville, KY	2.0	1.0	750	$650	$0.87	3d	1	0.81mi
4309 Elliott Ave Unit 1 Louisville, KY	2.0	1.0	750	$695	$0.93	23d	1	0.81mi
644 S 40th St Louisville, KY	2.0	1.0	1200	$1,500	$1.25	2d	1	0.83mi
3421 River Park Dr Louisville, KY	3.0	1.0	994	$1,250	$1.26	23d	1	0.91mi
648 S 37th St #3 Louisville, KY	2.0	1.0	807	$850	$1.05	23d	1	0.93mi
652 S 37th St #9 Louisville, KY	3.0	1.0	1070	$1,095	$1.02	23d	1	0.95mi
2927 Rowan St Louisville, KY	3.0	1.0	1008	$1,205	$1.20	11d	1	1.04mi
715 S 41st St Unit 1 Louisville, KY	4.0	1.0	1000	$1,295	$1.29	10d	1	1.07mi
714 S 40th St #2 Louisville, KY	3.0	1.0	1000	$1,250	$1.25	23d	1	1.07mi
714 S 42nd St Louisville, KY	3.0	1.0	1078	$1,150	$1.07	15d	1	1.09mi
2925 Slevin St Louisville, KY	2.0	1.0	896	$775	$0.86	3d	1	1.10mi
729 S 39th St Unit 1 Louisville, KY	2.0	1.0	800	$800	$1.00	23d	1	1.12mi
3120 Bank St Unit B Louisville, KY	2.0	1.0	750	$795	$1.06	23d	1	1.15mi
803 Cecil Ave Louisville, KY	4.0	1.0	1165	$1,449	$1.24	10d	1	1.17mi
666 Eastlawn Ave Louisville, KY	2.0	1.0	936	$895	$0.96	15d	1	1.21mi
509 N 31st St Louisville, KY	2.0	1.0	800	$795	$0.99	23d	1	1.22mi
509 N 31st St Louisville, KY	2.0	1.0	800	$725	$0.91	15d	1	1.22mi
833 S 41st St Louisville, KY	3.0	2.0	786	$1,250	$1.59	23d	1	1.24mi
836 S 41st St Louisville, KY	3.0	1.0	1300	$1,300	$1.00	19d	1	1.24mi
823 S 38th St Louisville, KY	3.0	1.0	1100	$1,195	$1.09	3d	1	1.26mi
803 S 35th St Louisville, KY	3.0	1.0	1486	$1,350	$0.91	23d	1	1.29mi

Listing history 16 events

1. 2026-06-13
   statusdays on market $140,000 Pending 63 DOM
2. 2026-06-10
   days on market $140,000 Active Under Contract 62 DOM
3. 2026-06-09
   days on market $140,000 Active Under Contract 61 DOM
4. 2026-06-08
   days on market $140,000 Active Under Contract 60 DOM
5. 2026-06-07
   days on market $140,000 Active Under Contract 59 DOM
6. 2026-06-03
   days on market $140,000 Active Under Contract 55 DOM
7. 2026-06-02
   days on market $140,000 Active Under Contract 54 DOM
8. 2026-06-01
   days on market $140,000 Active Under Contract 53 DOM
9. 2026-05-31
   days on market $140,000 Active Under Contract 52 DOM
10. 2026-05-20
    historical Active Under Contract
11. 2026-05-13
    price $140,000
12. 2026-04-28
    price $145,000
13. 2026-04-09
    listed $150,000 Active
14. 2026-03-05
    price $160,000
15. 2026-01-21
    price $165,000
16. 2025-11-04
    price $168,000

ⓘ 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: $867 · $72/mo
• Projected year-2 tax: $1,204 · $100/mo
• Expected delta: +$337/yr (+$28/mo · 38.8%)

ⓘ 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 (shaded) · 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,098
• − Mortgage interest: −$7,842
• − Property taxes: −$867
• − Insurance: −$700
• − Repairs & maintenance: −$1,128
• − Management: −$1,128
• − Depreciation: −$4,073
• Taxable loss: −$1,640
• Est. tax savings @ 24.0%: +$394
• After-tax cash flow: $1,154/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

-16.7% since first listed

7 events — show timeline

• 2026-05-20 Contingent — Metro Search MLS
• 2026-05-13 Price Changed $140,000 Metro Search MLS
• 2026-04-28 Price Changed $145,000 Metro Search MLS
• 2026-04-09 Listed $150,000 Metro Search MLS
• 2026-03-05 Price Changed $160,000 Metro Search MLS
• 2026-01-21 Price Changed $165,000 Metro Search MLS
• 2025-11-04 Price Changed $168,000 Metro Search MLS

Property tax history

+5.4%/yr

Latest (2025): $867 · +200.6% YoY. Source: county tax records.