3610 Del Park Ter · Louisville, KY 40211

$980,000

224 bd · 196.0 ba · 9,824 sqft · MultiFamily · 95 Days on market

Built 1929

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +3.7/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 14 units. confirmed

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

FANTASTIC 14 UNIT INCOME PRODUCING PROPERTY. FULLY RENTED. $5475 MONTHLY RENTAL INCOME. 12 ONE BR UNITS AND 2 TWO BR UNITS. ALL 14 UNITS HAVE INDIVIDUAL STORAGE AREAS IN THE BASEMENT. PROPERTY ADDRESS ALSO CONSISTS OF 3612 & 3614 DEL PARK TER AND 621 & 623 LINDELL WHICH ARE ALL ATTACHED UNITS.

Key facts

• Convenient location
• Built 1929
• Listed 95 days

Tags

• RECENTLY RENOVATED UNITS
• CONVENIENT LOCATION
• QUICK ACCESS TO I-264

Property features AI

Finance

• Other: Located in subdivision: LINDELL
• Financial info: Rent listing: 7 units on 1st level with listed rent about 4,545; Rent listing: 7 units on 2nd level with listed rent about 2,541; Multifamily property with multiple income units (total units listed: 14)
• HOA & community: No association fee

Exterior

• Parking: No covered parking
• Utilities: Electricity connected; Other utility connections; Owner pays gas, sewer, trash removal, and water; Tenants pay cable and electric
• Home design: Other architectural style
• Construction: Built in 1929; Asphalt roof; Appraiser-listed building area (9,824 total)
• Exterior features: No notable exterior features listed

Interior

• Kitchen: 7 kitchens on the 1st level; 7 kitchens on the 2nd level; Ranges provided on both levels; Refrigerators provided on both levels
• Bedrooms: 16 total bedrooms; 8 bedrooms on the 1st level; 8 bedrooms on the 2nd level
• Bathrooms: 7 full baths on the 1st level; 7 full baths on the 2nd level
• Heating & cooling: Radiant heating; Central air; Wall/window unit(s) for cooling
• Interior features: Separate meters for units; Basement
• Laundry & utility: 12 furnaces

What this means for you Summary

Snapshot

• This is a 14 × 16-bed/14.0-bath units multifamily listed at $980k.

Deal economics

• At list price, monthly cash flow is $11k ($137k/yr) — positive. Per door: $818/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($22k rent vs $980k).
• Recommended offer: $892k (9.0% below list) — sets the bar for market timing.
• Cap rate 20.3% 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 (+4.9%/yr); 140 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 $22,218/mo this rent would consume 840% of the median local household income ($32k/yr) (locally 1483% 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 $7k of loan paydown is wiped out by about $29k 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 + 4.9% rent growth), your $274k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 95 days — a 9% lower offer ($892k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 13y 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 $250k; list at $980k implies a 292% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1929 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $891,800 (9.0% below list)

Questions for the listing agent

1. It's been on market 95 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 1929 — 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. 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: 2.27% ✓
• Cap rate: 20.31%
• Cash-on-cash: 50.08%
• DSCR: 3.23
• GRM: 3.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.87% rent growth · sell at horizon

5-year hold

• IRR: 49.8%
• Equity multiple: 3.23×
• Total profit: $612,997
• Equity at exit: $146,121

10-year hold

• IRR: 56.0%
• Equity multiple: 7.03×
• Total profit: $1,654,099
• Equity at exit: $84,732

Cash invested: $274,400 (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 40211

• Home prices YoY: -33.4%
• Rents YoY: 4.9%
• Active inventory: 140
• Price-to-rent: 51.5×

Monthly cashflow live

• Estimated rent: $22,218 medium
• Mortgage (P&I): −$5,139
• Tax from tax record: −$554 /mo · $6,649/yr
• Insurance: −$408
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,666
• Net cashflow: $11,451

Break-even live

Break-even rent $7,724

Max offer price $980,000

Occupancy floor 43%

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

Units	Beds	Baths	Est. rent
▸ 14× units	16	14	$22,218
Total (14 units)			$22,218

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: $245,000
• Closing costs: $29,400
• Reserves months: —
• Total cash needed: —

Listing history 30 events

1. 2026-06-18
   days on market $980,000 Active 95 DOM
2. 2026-06-17
   days on market $980,000 Active 94 DOM
3. 2026-06-16
   days on market $980,000 Active 93 DOM
4. 2026-06-15
   days on market $980,000 Active 92 DOM
5. 2026-06-13
   days on market $980,000 Active 90 DOM
6. 2026-06-10
   days on market $980,000 Active 87 DOM
7. 2026-06-09
   days on market $980,000 Active 86 DOM
8. 2026-06-08
   days on market $980,000 Active 85 DOM
9. 2026-06-07
   days on market $980,000 Active 84 DOM
10. 2026-06-03
    days on market $980,000 Active 80 DOM
11. 2026-06-02
    days on market $980,000 Active 79 DOM
12. 2026-06-01
    days on market $980,000 Active 78 DOM
13. 2026-05-31
    days on market $980,000 Active 77 DOM
14. 2026-03-15
    listed $980,000 Active
15. 2024-03-14
    historical $800
16. 2023-11-10
    listed $800
17. 2023-02-27
    historical
18. 2022-12-01
    status Active
19. 2022-12-01
    price $624,900
20. 2022-12-01
    price $649,000
21. 2022-11-02
    status Pending
22. 2022-09-19
    price $799,900
23. 2022-09-19
    listed $749,000 Active
24. 2022-09-19
    price $749,000
25. 2014-09-02
    historical 303-char remark

    Show marketing remark (303 chars)

    FANTASTIC 14 UNIT INCOME PRODUCING PROPERTY. FULLY RENTED. $5475 MONTHLY RENTAL INCOME. 12 ONE BR UNITS AND 2 TWO BR UNITS. ALL 14 UNITS HAVE INDIVIDUAL STORAGE AREAS IN THE BASEMENT. PROPERTY ADDRESS ALSO CONSISTS OF 3612 & 3614 DEL PARK TER AND 621 & 623 LINDELL WHICH ARE ALL ATTACHED UNITS.

26. 2014-09-02
    soldstatus $250,000

    Show marketing remark (303 chars)

    FANTASTIC 14 UNIT INCOME PRODUCING PROPERTY. FULLY RENTED. $5475 MONTHLY RENTAL INCOME. 12 ONE BR UNITS AND 2 TWO BR UNITS. ALL 14 UNITS HAVE INDIVIDUAL STORAGE AREAS IN THE BASEMENT. PROPERTY ADDRESS ALSO CONSISTS OF 3612 & 3614 DEL PARK TER AND 621 & 623 LINDELL WHICH ARE ALL ATTACHED UNITS.

27. 2014-08-28
    soldstatus $250,000 303-char remark

    Show marketing remark (303 chars)

    FANTASTIC 14 UNIT INCOME PRODUCING PROPERTY. FULLY RENTED. $5475 MONTHLY RENTAL INCOME. 12 ONE BR UNITS AND 2 TWO BR UNITS. ALL 14 UNITS HAVE INDIVIDUAL STORAGE AREAS IN THE BASEMENT. PROPERTY ADDRESS ALSO CONSISTS OF 3612 & 3614 DEL PARK TER AND 621 & 623 LINDELL WHICH ARE ALL ATTACHED UNITS.

28. 2014-03-12
    listed $250,000 303-char remark

    Show marketing remark (303 chars)

    FANTASTIC 14 UNIT INCOME PRODUCING PROPERTY. FULLY RENTED. $5475 MONTHLY RENTAL INCOME. 12 ONE BR UNITS AND 2 TWO BR UNITS. ALL 14 UNITS HAVE INDIVIDUAL STORAGE AREAS IN THE BASEMENT. PROPERTY ADDRESS ALSO CONSISTS OF 3612 & 3614 DEL PARK TER AND 621 & 623 LINDELL WHICH ARE ALL ATTACHED UNITS.

29. 2013-11-05
    historical
30. 2013-07-31
    listed $180,000

ⓘ 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: $6,649 · $554/mo
• Projected year-2 tax: $8,428 · $702/mo
• Expected delta: +$1,779/yr (+$148/mo · 26.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (shaded) · 68% 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: $266,616
• − Mortgage interest: −$54,895
• − Property taxes: −$6,649
• − Insurance: −$4,900
• − Repairs & maintenance: −$21,329
• − Management: −$21,329
• − Depreciation: −$28,509
• Taxable income: $129,004
• Est. tax owed @ 24.0%: −$30,961
• After-tax cash flow: $106,446/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): 20,407
• Household income: $31,749
• Rent vs Own: 58.6% rent · 41.4% own
• Severe rent burden: 1483.0

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 Black (90%)
• Race & ethnicity: Black 90% White 5% Two or more races 4% Hispanic / Latino 1%
• Common ancestry: Italian 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: ▼ -88.22%
• Current HPI: 176.337
• Rent YoY: ▲ 4.87%
• 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

+444.4% since first listed

17 events — show timeline

• 2026-03-15 Listed $980,000 Metro Search MLS
• 2024-03-14 Rental Removed $800 APPFOLIO
• 2023-11-10 Listed for Rent $800 APPFOLIO
• 2023-02-27 Listing Removed — Metro Search MLS
• 2022-12-01 Relisted — Metro Search MLS
• 2022-12-01 Price Changed $649,000 Metro Search MLS
• 2022-12-01 Price Changed $624,900 Metro Search MLS
• 2022-11-02 Pending — Metro Search MLS
• 2022-09-19 Price Changed $749,000 Metro Search MLS
• 2022-09-19 Listed $749,000 Metro Search MLS
• 2022-09-19 Price Changed $799,900 Metro Search MLS
• 2014-09-02 Sold (Public Records) $250,000 Public Records
• 2014-09-02 Listing Removed — Metro Search MLS
• 2014-08-28 Sold (MLS) $250,000 Metro Search MLS
• 2014-03-12 Listed $250,000 Metro Search MLS
• 2013-11-05 Listing Removed — Metro Search MLS
• 2013-07-31 Listed $180,000 Metro Search MLS

Property tax history

+9.9%/yr

Latest (2025): $6,649 · -1.9% YoY. Source: county tax records.