123 S 46th St · Louisville, KY 40212

$135,000

2 bd · 1.0 ba · 2,054 sqft · SingleFamily · 49 Days on market

Built 1923 3,737 sqft lot Est $127k · 6% over

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Why this score? — see what drove the C- 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 +17.2/30.0
• Appreciation +10.0/10.0
• DSCR +5.3/10.0
• ARV discount +4.8/15.0
• 1% rule +3.8/10.0
• Livability +3.2/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0

Listing remarks MLS

Welcome home to 123 S 46th Street. This 2 bedroom, 1 full bath home is looking for its next owner.You will fall in love with this place the moment you arrive where you will be welcomed by the manicured landscaping. As you enter the home you will find it to be very spacious as the home is almost 1200 square feet.The home opens up to a fully carpeted cozy living room and a spacious dining room area. You will also find two spacious bedrooms that feature nice hardwood flooring and ceiling fans. The cute kitchen comes with a refrigerator and stove. You will also find an unfinished basement that is just waiting on your expertise to finish it out. There is a large back yard area that is completely fenced in. This home has been well cared for by the owner for many years. There is some minor TLC needed but similar homes on the street are selling for 120K and up. This home would be perfect for an owner occupant or an investor looking to add to your portfolio. Property sold AS IS with absolutely no warranties expressed written or implied. Buyer to verify any and all information or lack of information including but not limited to square footage, lot size, utilities, zoning, comparables, # of beds, # of bath, etc.

Key facts

• Updated bath
• Open living area
• 3,737 sq ft lot

Tags

• LUXURY VINYL PLANK FLOORING
• OPEN LIVING AREA
• UPDATED BATH

Property features AI

Finance

• Other: Subdivision: STUBERS
• HOA & community: No association fee

Exterior

• Parking: Driveway
• Utilities: Electric service connected; Natural gas available
• Home design: Single-family bungalow; 2 stories; Built in 1923
• Construction: Vinyl siding; Shingle roof; Reported living area above grade and below grade finished space
• Exterior features: Sidewalk; Privacy and chain-link fencing

Interior

• Kitchen: Kitchen on the first floor
• Bedrooms: 2 bedrooms on the first floor; No upper-floor or basement bedrooms
• Bathrooms: 1 full bathroom; No half bathrooms
• Heating & cooling: Forced air heating; Central air conditioning; 1 HVAC unit
• Interior features: Unfinished basement; 5 total rooms; 7 total rooms reported (includes basement); 2 closets; Basement laundry area
• Laundry & utility: Laundry located in the basement; No first-floor laundry

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $95 ($1k/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 $119k (12.0% below list).
• Recommended offer: $119k (12.0% below list) — sets the bar for 1% rule.
• Cap rate 7.1% 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; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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).

Forward outlook

• In year one you build about $14k of equity ($933 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 $38k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $75k; list at $135k implies a 80% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1923 — 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 $118,789 (12.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1923 — 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. 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.
7. 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.
8. 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: 0.88% ✗
• Cap rate: 7.14%
• Cash-on-cash: 3.02%
• DSCR: 1.13
• GRM: 9.5

CMA / ARV

• ARV (on-the-fly): $127,348
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4557 Southwestern Pkwy	0.34mi	3/1.0 (+1)	2,051 (-0%)	4mo	$145,000	$71	76
315 Shawnee Dr	0.25mi	3/1.0 (+1)	1,821 (-11%)	5mo	$105,000	$58	60
107 S 43rd St	0.22mi	3/1.0 (+1)	1,807 (-12%)	13mo	$100,000	$55	54
226 N 39th St	0.53mi	3/1.0 (+1)	2,002 (-2%)	23mo	$78,500	$39	47
408 S 41st St	0.50mi	3/2.0 (+1)	2,075 (+1%)	23mo	$190,000	$92	47
4002 Northwestern Pkwy	0.74mi	3/1.0 (+1)	2,048 (-0%)	18mo	$168,000	$82	45
3615 Herman St	0.75mi	2/2.5	1,897 (-8%)	3mo	$102,000	$54	44
118 S 42nd St	0.25mi	3/1.5 (+1)	2,323 (+13%)	21mo	$144,900	$62	42
307 S 38th St	0.70mi	3/3.0 (+1)	1,822 (-11%)	13mo	$190,000	$104	24
632 S 43rd St	0.74mi	3/3.0 (+1)	2,242 (+9%)	17mo	$80,000	$36	23
3940 Northwestern Pkwy	0.75mi	3/3.0 (+1)	2,256 (+10%)	17mo	$195,000	$86	22

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: 25.6%
• Equity multiple: 3.03×
• Total profit: $76,644
• Equity at exit: $121,619

10-year hold

• IRR: 22.0%
• Equity multiple: 6.70×
• Total profit: $215,551
• Equity at exit: $262,275

Cash invested: $37,800 (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: 9.5×

Monthly cashflow live

• Estimated rent: $1,188 high
• Mortgage (P&I): −$708
• Tax from tax record: −$79 /mo · $949/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$249
• Net cashflow: $95

Break-even live

Break-even rent $1,067

Max offer price $135,000

Occupancy floor 87%

Sensitivity live

Price	-10% $172	-5% $133	+0% $95	+5% $57	+10% $19
Rent	-10% $1	-5% $48	+0% $95	+5% $142	+10% $189
Rate	-1.0pp $163	-0.5pp $129	base $95	+0.5pp $60	+1.0pp $25

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
127 N 40th St Louisville, KY	3.0	2.0	1500	$1,570	$1.05	4d	1	0.48mi
4020 Larkwood Ave Louisville, KY	1.0	1.0	1446	$785	$0.54	24d	1	0.52mi
3922 River Park Dr Louisville, KY	2.0	2.0	1800	$1,195	$0.66	12d	1	0.74mi
628 S 39th St Louisville, KY	3.0	1.0	1448	$1,220	$0.84	16d	1	0.85mi
663 S 43rd St Louisville, KY	2.0	2.0	1736	$1,250	$0.72	24d	1	0.86mi
803 S 35th St Louisville, KY	3.0	1.0	1486	$1,350	$0.91	24d	1	1.39mi

Listing history 9 events

1. 2026-06-02
   days on market $135,000 Active 49 DOM
2. 2026-06-01
   days on market $135,000 Active 48 DOM
3. 2026-05-31
   days on market $135,000 Active 47 DOM
4. 2026-04-11
   listed $135,000 Active
5. 2026-02-09
   price $135,000
6. 2025-09-02
   soldstatus $75,000 Closed 1225-char remark

   Show marketing remark (1225 chars)

   Welcome home to 123 S 46th Street. This 2 bedroom, 1 full bath home is looking for its next owner.You will fall in love with this place the moment you arrive where you will be welcomed by the manicured landscaping. As you enter the home you will find it to be very spacious as the home is almost 1200 square feet.The home opens up to a fully carpeted cozy living room and a spacious dining room area. You will also find two spacious bedrooms that feature nice hardwood flooring and ceiling fans. The cute kitchen comes with a refrigerator and stove. You will also find an unfinished basement that is just waiting on your expertise to finish it out. There is a large back yard area that is completely fenced in. This home has been well cared for by the owner for many years. There is some minor TLC needed but similar homes on the street are selling for 120K and up. This home would be perfect for an owner occupant or an investor looking to add to your portfolio. Property sold AS IS with absolutely no warranties expressed written or implied. Buyer to verify any and all information or lack of information including but not limited to square footage, lot size, utilities, zoning, comparables, # of beds, # of bath, etc.

7. 2025-08-18
   status Pending 1225-char remark

   Show marketing remark (1225 chars)

   Welcome home to 123 S 46th Street. This 2 bedroom, 1 full bath home is looking for its next owner.You will fall in love with this place the moment you arrive where you will be welcomed by the manicured landscaping. As you enter the home you will find it to be very spacious as the home is almost 1200 square feet.The home opens up to a fully carpeted cozy living room and a spacious dining room area. You will also find two spacious bedrooms that feature nice hardwood flooring and ceiling fans. The cute kitchen comes with a refrigerator and stove. You will also find an unfinished basement that is just waiting on your expertise to finish it out. There is a large back yard area that is completely fenced in. This home has been well cared for by the owner for many years. There is some minor TLC needed but similar homes on the street are selling for 120K and up. This home would be perfect for an owner occupant or an investor looking to add to your portfolio. Property sold AS IS with absolutely no warranties expressed written or implied. Buyer to verify any and all information or lack of information including but not limited to square footage, lot size, utilities, zoning, comparables, # of beds, # of bath, etc.

8. 2025-08-01
   price $89,994 1225-char remark

   Show marketing remark (1225 chars)

   Welcome home to 123 S 46th Street. This 2 bedroom, 1 full bath home is looking for its next owner.You will fall in love with this place the moment you arrive where you will be welcomed by the manicured landscaping. As you enter the home you will find it to be very spacious as the home is almost 1200 square feet.The home opens up to a fully carpeted cozy living room and a spacious dining room area. You will also find two spacious bedrooms that feature nice hardwood flooring and ceiling fans. The cute kitchen comes with a refrigerator and stove. You will also find an unfinished basement that is just waiting on your expertise to finish it out. There is a large back yard area that is completely fenced in. This home has been well cared for by the owner for many years. There is some minor TLC needed but similar homes on the street are selling for 120K and up. This home would be perfect for an owner occupant or an investor looking to add to your portfolio. Property sold AS IS with absolutely no warranties expressed written or implied. Buyer to verify any and all information or lack of information including but not limited to square footage, lot size, utilities, zoning, comparables, # of beds, # of bath, etc.

9. 2025-07-24
   listed $89,999 Active 1225-char remark

   Show marketing remark (1225 chars)

   Welcome home to 123 S 46th Street. This 2 bedroom, 1 full bath home is looking for its next owner.You will fall in love with this place the moment you arrive where you will be welcomed by the manicured landscaping. As you enter the home you will find it to be very spacious as the home is almost 1200 square feet.The home opens up to a fully carpeted cozy living room and a spacious dining room area. You will also find two spacious bedrooms that feature nice hardwood flooring and ceiling fans. The cute kitchen comes with a refrigerator and stove. You will also find an unfinished basement that is just waiting on your expertise to finish it out. There is a large back yard area that is completely fenced in. This home has been well cared for by the owner for many years. There is some minor TLC needed but similar homes on the street are selling for 120K and up. This home would be perfect for an owner occupant or an investor looking to add to your portfolio. Property sold AS IS with absolutely no warranties expressed written or implied. Buyer to verify any and all information or lack of information including but not limited to square footage, lot size, utilities, zoning, comparables, # of beds, # of bath, etc.

ⓘ 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: $949 · $79/mo
• Projected year-2 tax: $1,161 · $97/mo
• Expected delta: +$212/yr (+$18/mo · 22.4%)

ⓘ 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 ≥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: $14,255
• − Mortgage interest: −$7,562
• − Property taxes: −$949
• − Insurance: −$675
• − Repairs & maintenance: −$1,140
• − Management: −$1,140
• − Depreciation: −$3,927
• Taxable loss: −$1,139
• Est. tax savings @ 24.0%: +$273
• After-tax cash flow: $1,415/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

+50.0% since first listed

6 events — show timeline

• 2026-04-11 Listed $135,000 Metro Search MLS
• 2026-02-09 Price Changed $135,000 Metro Search MLS
• 2025-09-02 Sold (MLS) $75,000 Metro Search MLS
• 2025-08-18 Pending — Metro Search MLS
• 2025-08-01 Price Changed $89,994 Metro Search MLS
• 2025-07-24 Listed $89,999 Metro Search MLS

Property tax history

+3.2%/yr

Latest (2025): $949 · -1.9% YoY. Source: county tax records.