401 Marret Ave · Louisville, KY 40208

$600,000

9 bd · 8.1 ba · 11,276 sqft · MultiFamily · 32 Days on market

Built 1923

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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
• DSCR +10.0/10.0
• 1% rule +9.1/10.0
• ARV discount +7.5/15.0
• Rent growth +4.0/5.0
• 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: 3 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

Just listed to settle an estate is this Shelby Park 8-plex and two 4-plex buildings at the corner of Preston St and Marret Ave. 401 Marret Ave appears to be a converted store with two units facing Preston St and then three units in middle of building and three units in rear of building. These units have furnaces and a/c units and 5/8 are currently rented. 409 Marret Ave is 4-plex that is fully occupied. 402 Marret Ave is 4-plex that has one vacant currently. All buildings have had some furnace replacements. Window ac units in most units. Property is being managed under a receivership for past 45 days. Email listing broker for more information.

Key facts

• Built 1923
• Listed 31 days

Property features AI

Finance

• Financial info: Building area approximately 11,276 total; Lot listed with very small recorded area (2 square feet shown)
• HOA & community: No association fee listed

Exterior

• Parking: No covered parking
• Utilities: Electricity connected; Natural gas service; Owner pays water; Owner pays sewer
• Home design: Apartment property type; Built in 1923
• Construction: Wood frame and stucco construction; Asphalt/other roof
• Exterior features: Traditional-style apartment building; Balcony

Interior

• Kitchen: Ranges present (8 on 1st level, 8 on 2nd level); Refrigerators present (8 on 1st level, 8 on 2nd level)
• Bedrooms: Total of 24 bedrooms (16 on the 1st level, 8 on the 2nd level)
• Bathrooms: 16 full bathrooms (8 on the 1st level, 8 on the 2nd level)
• Heating & cooling: Forced air heating (natural gas); 8 furnaces; Wall/window unit cooling
• Interior features: Balcony
• Laundry & utility: Separate meters for units

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/?-bath units multifamily listed at $600k.

Deal economics

• At list price, monthly cash flow is $3k ($34k/yr) — positive. Per door: $948/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $600k).
• Recommended offer: $582k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.0% 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 (+6.1%/yr); 76 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 $8,476/mo this rent would consume 257% of the median local household income ($40k/yr) (locally 1136% 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 $4k of loan paydown is wiped out by about $18k 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 + 6.1% rent growth), your $168k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($582k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 7y 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 $415k; 45% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $582,000 (3.0% below list)

Questions for the listing agent

1. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 3% 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 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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 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: 1.41% ✓
• Cap rate: 11.98%
• Cash-on-cash: 20.31%
• DSCR: 1.90
• GRM: 5.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.06% rent growth · sell at horizon

5-year hold

• IRR: 15.8%
• Equity multiple: 1.66×
• Total profit: $110,698
• Equity at exit: $89,462

10-year hold

• IRR: 26.5%
• Equity multiple: 3.66×
• Total profit: $446,879
• Equity at exit: $51,877

Cash invested: $168,000 (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 40208

• Home prices YoY: -23.3%
• Rents YoY: 6.1%
• Active inventory: 76
• Price-to-rent: 17.7×

Monthly cashflow live

• Estimated rent: $8,476 high
• Mortgage (P&I): −$3,146
• Tax from tax record: −$456 /mo · $5,477/yr
• Insurance: −$250
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,780
• Net cashflow: $2,843

Break-even live

Break-even rent $4,877

Max offer price $600,000

Occupancy floor 61%

Sensitivity live

Price	-10% $3,183	-5% $3,013	+0% $2,843	+5% $2,673	+10% $2,503
Rent	-10% $2,174	-5% $2,508	+0% $2,843	+5% $3,178	+10% $3,513
Rate	-1.0pp $3,145	-0.5pp $2,996	base $2,843	+0.5pp $2,688	+1.0pp $2,529

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	—	$8,475
Total (3 units)			$8,476

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: $150,000
• Closing costs: $18,000
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-21
   days on market $600,000 Active 32 DOM
2. 2026-06-18
   days on market $600,000 Active 29 DOM
3. 2026-06-17
   days on market $600,000 Active 28 DOM
4. 2026-06-16
   days on market $600,000 Active 27 DOM
5. 2026-06-15
   days on market $600,000 Active 26 DOM
6. 2026-06-13
   days on market $600,000 Active 24 DOM
7. 2026-06-10
   days on market $600,000 Active 21 DOM
8. 2026-06-09
   days on market $600,000 Active 20 DOM
9. 2026-06-08
   days on market $600,000 Active 19 DOM
10. 2026-06-07
    days on market $600,000 Active 18 DOM
11. 2026-06-03
    days on market $600,000 Active 14 DOM
12. 2026-06-02
    days on market $600,000 Active 13 DOM
13. 2026-06-01
    days on market $600,000 Active 12 DOM
14. 2026-05-31
    days on market $600,000 Active 11 DOM
15. 2026-05-20
    listed $600,000 Active
16. 2019-04-03
    soldstatus $415,000
17. 2019-03-27
    soldstatus $415,000 Closed 659-char remark

    Show marketing remark (659 chars)

    Just listed to settle an estate is this Shelby Park 8-plex and two 4-plex buildings at the corner of Preston St and Marret Ave. 401 Marret Ave appears to be a converted store with two units facing Preston St and then three units in middle of building and three units in rear of building. These units have furnaces and a/c units and 5/8 are currently rented. 409 Marret Ave is 4-plex that is fully occupied. 402 Marret Ave is 4-plex that has one vacant currently. All buildings have had some furnace replacements. Window ac units in most units. Property is being managed under a receivership for past 45 days. Email listing broker for more information.

18. 2019-02-04
    status Pending 659-char remark

    Show marketing remark (659 chars)

    Just listed to settle an estate is this Shelby Park 8-plex and two 4-plex buildings at the corner of Preston St and Marret Ave. 401 Marret Ave appears to be a converted store with two units facing Preston St and then three units in middle of building and three units in rear of building. These units have furnaces and a/c units and 5/8 are currently rented. 409 Marret Ave is 4-plex that is fully occupied. 402 Marret Ave is 4-plex that has one vacant currently. All buildings have had some furnace replacements. Window ac units in most units. Property is being managed under a receivership for past 45 days. Email listing broker for more information.

19. 2019-02-03
    listed $425,000 Active 659-char remark

    Show marketing remark (659 chars)

    Just listed to settle an estate is this Shelby Park 8-plex and two 4-plex buildings at the corner of Preston St and Marret Ave. 401 Marret Ave appears to be a converted store with two units facing Preston St and then three units in middle of building and three units in rear of building. These units have furnaces and a/c units and 5/8 are currently rented. 409 Marret Ave is 4-plex that is fully occupied. 402 Marret Ave is 4-plex that has one vacant currently. All buildings have had some furnace replacements. Window ac units in most units. Property is being managed under a receivership for past 45 days. Email listing broker for more information.

20. 2012-09-28
    soldstatus $237,250
21. 2006-02-27
    soldstatus $218,000

ⓘ 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: $5,477 · $456/mo
• Projected year-2 tax: $5,477 · $456/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $101,712
• − Mortgage interest: −$33,609
• − Property taxes: −$5,477
• − Insurance: −$3,000
• − Repairs & maintenance: −$8,137
• − Management: −$8,137
• − Depreciation: −$17,455
• Taxable income: $25,897
• Est. tax owed @ 24.0%: −$6,215
• After-tax cash flow: $27,902/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): 15,605
• Household income: $39,560
• Rent vs Own: 73.8% rent · 26.2% own
• Severe rent burden: 1136.0

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 0.56)
• Race & ethnicity: White 62% Black 22% Two or more races 9% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 3% Lithuanian 2% Slovak 2%
• Foreign-born: 5% · Canada, China, South Korea
• Languages at home: 90% English-only · Spanish 3% French/Haitian/Cajun 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: ▼ -72.97%
• Current HPI: 240.6261
• Rent YoY: ▲ 6.06%
• 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

+175.2% since first listed

7 events — show timeline

• 2026-05-20 Listed $600,000 Metro Search MLS
• 2019-04-03 Sold (Public Records) $415,000 Public Records
• 2019-03-27 Sold (MLS) $415,000 Metro Search MLS
• 2019-02-04 Pending — Metro Search MLS
• 2019-02-03 Listed $425,000 Metro Search MLS
• 2012-09-28 Sold (Public Records) $237,250 Public Records
• 2006-02-27 Sold (Public Records) $218,000 Public Records

Property tax history

+8.9%/yr

Latest (2025): $5,477 · -1.9% YoY. Source: county tax records.