5709 Larkgrove Dr · Louisville/Jefferson County metro government (balance), KY 40229

$226,000

4 bd · 1.5 ba · 1,215 sqft · SingleFamily · 9 Days on market

Built 1974 9,148 sqft lot Est $247k · 8% under

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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 +14.3/30.0
• ARV discount +11.3/15.0
• DSCR +4.3/10.0
• Rent growth +3.9/5.0
• 1% rule +3.5/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this beautifully updated all-brick home in the desirable Larkgrove subdivision! Offering 4 bedrooms, 1.5 full bathrooms, and 1,215 square feet of well-designed living space, this home combines classic charm with modern updates throughout. Step inside to find fresh paint throughout the entire home, creating a clean and inviting atmosphere. The kitchen has been refreshed with a brand-new floor, while both bathrooms feature new vanities and updated faucets for a modern touch. You'll also love the new lighting installed throughout the home, adding warmth and style to every room. Major improvements have already been taken care of for you, including a roof that's only 9 months old and

Key facts

• New deck
• Updated faucets
• New vanities

Tags

• UPDATED ALL BRICK HOME
• NEW LIGHTING INSTALLED
• NEW DECK
• REFRESHED KITCHEN FLOOR
• NEW VANITIES
• UPDATED FAUCETS

Property features AI

Finance

• Other: Located in the LARKGROVE subdivision
• HOA & community: No association fee

Exterior

• Parking: Driveway
• Utilities: Electricity connected; Natural gas available
• Home design: Single-family ranch-style home; Single-story; Entry level and main living on the first floor
• Construction: Built in 1974; Brick construction; Shingle roof; Slab foundation
• Exterior features: Cleared lot; Chain link fencing

Interior

• Kitchen: Kitchen with eat-in area on the first floor
• Bedrooms: Four bedrooms, all on the first floor
• Bathrooms: One full bathroom on the first floor; One half bathroom on the first floor
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Six total rooms; Six closets; No basement; First-floor primary bedroom
• Laundry & utility: First-floor laundry

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $226k.

Deal economics

• At list price, monthly cash flow is $40 ($483/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 $192k (14.9% below list).
• Recommended offer: $192k (14.9% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 4.0% in Louisville/Jefferson County metro government (balance) — 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: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• 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 (+5.5%/yr); 243 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 2,836 units permitted in Jefferson County in 2024 (1,558 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 23y 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.
• Current owner paid $65k; list at $226k implies a 248% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $192,317 (14.9% below list)

Questions for the listing agent

1. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 0.85% ✗
• Cap rate: 6.51%
• Cash-on-cash: 0.76%
• DSCR: 1.03
• GRM: 9.8

CMA / ARV

• ARV (on-the-fly): $246,645
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10812 Waycross Ave	0.13mi	3/1.5 (-1)	1,153 (-5%)	2mo	$217,600	$189	79
6115 Kirkwood Ct	0.27mi	4/2.0	1,272 (+5%)	8mo	$272,000	$214	70
11003 Lanette Ct	0.05mi	3/1.5 (-1)	1,107 (-9%)	10mo	$215,000	$194	70
11007 Marbado Ct	0.12mi	3/1.0 (-1)	1,115 (-8%)	6mo	$225,000	$202	68
10913 Altsheler Pl	0.09mi	4/2.0	1,055 (-13%)	6mo	$234,000	$222	67
11015 Oreland Mill Rd	0.31mi	3/1.0 (-1)	1,130 (-7%)	0mo	$229,900	$203	67
6902 Charles Lindsey Ct	0.42mi	3/2.0 (-1)	1,228 (+1%)	7mo	$282,700	$230	66
5616 Locust Way	0.31mi	3/1.0 (-1)	1,123 (-8%)	2mo	$218,500	$195	64
5606 Walnut Way	0.41mi	3/1.0 (-1)	1,188 (-2%)	10mo	$225,000	$189	62
5705 Bartview Ct	0.35mi	3/2.0 (-1)	1,305 (+7%)	8mo	$270,000	$207	57
6401 Meadow Creek Cir	0.58mi	3/2.0 (-1)	1,272 (+5%)	8mo	$309,110	$243	52
162 Ledgewood Ct	0.70mi	3/1.0 (-1)	1,080 (-11%)	8mo	$177,000	$164	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 · 5.46% rent growth · sell at horizon

5-year hold

• IRR: -12.5%
• Equity multiple: 0.54×
• Total profit: $-29,202
• Equity at exit: $33,697

10-year hold

• IRR: -0.2%
• Equity multiple: 0.98×
• Total profit: $-1,167
• Equity at exit: $19,540

Cash invested: $63,280 (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 40229

• Rents YoY: 5.5%
• Active inventory: 243
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $1,923 high
• Mortgage (P&I): −$1,185
• Tax from tax record: −$200 /mo · $2,396/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$404
• Net cashflow: $40

Break-even live

Break-even rent $1,872

Max offer price $226,000

Occupancy floor 93%

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: $56,500
• Closing costs: $6,780
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
11706 Maple Way Louisville, KY	4.0	1.0	1400	$1,799	$1.28	11d	1	0.58mi
11616 Maple Way Louisville, KY	3.0	2.0	1135	$1,895	$1.67	3d	1	0.63mi
11602 Apex View Dr Louisville, KY	1.0–3.0	1.0–2.0	1050	$2,049	$1.95	1d	35	0.97mi
6507 Rod N Reel Ct Louisville, KY	3.0	2.0	1150	$1,550	$1.35	23d	1	1.18mi
6115 Red Spruce Dr Louisville, KY	3.0	1.0	975	$1,395	$1.43	3d	1	1.37mi
6128 Cooper Chapel Rd Louisville, KY	3.0	1.0	964	$1,400	$1.45	3d	1	1.48mi

Listing history 13 events

1. 2026-05-13
   status Pending
2. 2026-05-06
   listed $226,000 Active
3. 2011-03-06
   historical
4. 2011-01-06
   listed $104,900
5. 2011-01-01
   historical
6. 2010-07-01
   listed $99,900
7. 2010-02-25
   soldstatus $65,000
8. 2009-09-11
   listed $72,000
9. 2006-07-10
   soldstatus $106,000
10. 2006-06-30
    soldstatus $106,000
11. 2006-04-03
    listed $104,900
12. 2003-10-09
    historical
13. 2003-06-27
    listed $96,000

ⓘ 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: $2,396 · $200/mo
• Projected year-2 tax: $2,396 · $200/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 2/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥104°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,078
• − Mortgage interest: −$12,660
• − Property taxes: −$2,396
• − Insurance: −$1,130
• − Repairs & maintenance: −$1,846
• − Management: −$1,846
• − Depreciation: −$6,575
• Taxable loss: −$3,375
• Est. tax savings @ 24.0%: +$810
• After-tax cash flow: $1,293/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/Jefferson County metro government (balance)

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Louisville/Jefferson County metro government (balance), KY
• County: Jefferson County · 790,184 people
• City population: 419,741
• Metro: Louisville/Jefferson County, KY-IN
• Population (ZIP): 41,299
• Household income: $79,936
• Rent vs Own: 28.2% rent · 71.8% own
• Severe rent burden: 628.0

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 (71%)
• Race & ethnicity: White 71% Black 12% Hispanic / Latino 12% Two or more races 9% Asian 1%
• Hispanic origin (detail): Mexican 3% Cuban 6%
• Common ancestry: Lithuanian 2% Slovak 2% Italian 1%
• Foreign-born: 9% · Canada
• Languages at home: 87% English-only · Spanish 10% Other Indo-European 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: ▼ -148.38%
• Current HPI: 244.2747
• Rent YoY: ▲ 5.46%
• 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

+135.4% since first listed

13 events — show timeline

• 2026-05-13 Pending — Metro Search MLS
• 2026-05-06 Listed $226,000 Metro Search MLS
• 2011-03-06 Listing Removed — Metro Search MLS
• 2011-01-06 Listed $104,900 Metro Search MLS
• 2011-01-01 Listing Removed — Metro Search MLS
• 2010-07-01 Listed $99,900 Metro Search MLS
• 2010-02-25 Sold (MLS) $65,000 Metro Search MLS
• 2009-09-11 Listed $72,000 Metro Search MLS
• 2006-07-10 Sold (Public Records) $106,000 Public Records
• 2006-06-30 Sold (MLS) $106,000 Metro Search MLS
• 2006-04-03 Listed $104,900 Metro Search MLS
• 2003-10-09 Listing Removed — Metro Search MLS
• 2003-06-27 Listed $96,000 Metro Search MLS

Property tax history

+7.5%/yr

Latest (2025): $2,396 · +45.5% YoY. Source: county tax records.