3237 Virginia Ave · Louisville, KY 40211

$1

3 bd · 2.0 ba · 1,064 sqft · MultiFamily · 3 Days on market

Built 1920 6,000 sqft lot

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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 (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

ONLINE AUCTION. ABSOLUTE REAL ESTATE AUCTION. ONLINE BIDDING ENDS 2PM EST JUNE 18, 2026. Great investment opportunity. 1,064 square foot home that is zoned as a duplex with a basement. SOLD AS IS.

Key facts

• 6,000 sq ft lot
• Built 1920
• Listed 3 days

Property features AI

Finance

• HOA & community: No HOA fee

Exterior

• Utilities: Electricity connected
• Home design: Cape Cod single-family home; 2 stories; Facing direction not specified; Entry level details not specified
• Construction: Built in 1920; Vinyl siding; Shingle roof; Concrete block foundation
• Exterior features: Chain link fencing; Lot dimensions approximately 30 x 200

Interior

• Kitchen: Kitchen on the first floor
• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heating present; Cooling present
• Interior features: Six total rooms; Unfinished basement
• Laundry & utility: No first-floor laundry listed

🔨 Auction listing. The $1 list price is a nominal opening bid, not a real ask — every metric below is computed on the estimated value $1 (ARV from comps), not the list price.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $1.

Deal economics

• At list price, monthly cash flow is $947 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $1).
• Cap rate 1136678.4% 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; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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).
• At $1,199/mo this rent would consume 45% 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 $0 of loan paydown is wiped out by about $0 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 $0 cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• 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 $1

Questions for the listing agent

1. Built in 1920 — 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. 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?
4. 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?
5. 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?
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 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: 119903.00% ✓
• Cap rate: 1136678.44%
• Cash-on-cash: 4059543.38%
• DSCR: 180627.84
• GRM: 0.0

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: —
• Equity multiple: 223734.10×
• Total profit: $62,645
• Equity at exit: $0

10-year hold

• IRR: —
• Equity multiple: 507518.21×
• Total profit: $142,105
• Equity at exit: $0

Cash invested: $0 (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

Monthly cashflow live

• Estimated rent: $1,199 high
• Mortgage (P&I): −$0
• Tax est. 1.5%: −$0 /mo · $0/yr
• Insurance: −$0
• HOA: −$0
• Vacancy / Maint / Mgmt: −$252
• Net cashflow: $947

Break-even live

Break-even rent —

Max offer price $1

Occupancy floor 16%

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: $0
• Closing costs: $0
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3215 Virginia Ave Louisville, KY	3.0	1.0	975	$924	$0.95	23d	1	0.06mi
1145 Louis Coleman Jr Dr Louisville, KY	2.0	1.0	913	$875	$0.96	23d	1	0.07mi
1115 S 32nd St Louisville, KY	3.0	1.0	1393	$1,275	$0.92	21d	1	0.19mi
1115 S 32nd St Louisville, KY	3.0	1.0	1393	$1,275	$0.92	23d	1	0.19mi
3514 Grand Ave Louisville, KY	3.0	1.5	1450	$1,295	$0.89	21d	1	0.25mi
3611 Regatta Way Louisville, KY	3.0	1.0	1035	$1,450	$1.40	15d	1	0.36mi
2913 Dumesnil St Apt 3 Louisville, KY	3.0	1.0	1112	$740	$0.67	10d	1	0.38mi
3122 W Kentucky St Louisville, KY	3.0	1.0	1030	$1,150	$1.12	23d	1	0.40mi
1418 Beech St Unit 2 Louisville, KY	2.0	1.0	1000	$980	$0.98	21d	1	0.42mi
2912 Greenwood Ave Louisville, KY	3.0	2.0	1362	$1,150	$0.84	15d	1	0.45mi
1439 Beech St Apt 1 Louisville, KY	3.0	1.5	1000	$820	$0.82	23d	1	0.47mi
1155 S 28th St Unit 4 Louisville, KY	4.0	2.0	1010	$1,350	$1.34	23d	1	0.49mi
2825 Greenwood Ave #4 Louisville, KY	3.0	1.0	1440	$1,250	$0.87	23d	1	0.51mi
2825 Greenwood Ave #2 Louisville, KY	2.0	1.0	1300	$995	$0.77	23d	1	0.51mi
2821 Greenwood Ave #1 Louisville, KY	3.0	1.0	1113	$1,300	$1.17	23d	1	0.52mi
832 Hazel St Louisville, KY	2.0	1.0	720	$1,095	$1.52	3d	1	0.53mi
1339 S 28th St Unit 3 Louisville, KY	3.0	1.0	1125	$1,175	$1.04	20d	1	0.54mi
814 S 33rd St Louisville, KY	3.0	1.0	1104	$1,350	$1.22	3d	1	0.58mi
2706 Hale Ave Unit 1 Louisville, KY	3.0	1.0	1100	$1,400	$1.27	23d	1	0.58mi
2706 Hale Ave Unit 2 Louisville, KY	2.0	1.0	900	$1,250	$1.39	23d	1	0.58mi
803 S 35th St Louisville, KY	3.0	1.0	1486	$1,350	$0.91	23d	1	0.61mi
2708 Greenwood Ave Apt 1 Louisville, KY	3.0	1.0	1100	$1,300	$1.18	23d	1	0.62mi
823 S 38th St Louisville, KY	3.0	1.0	1100	$1,195	$1.09	3d	1	0.64mi
2614 Virginia Ave Louisville, KY	2.0	1.0	975	$925	$0.95	23d	1	0.66mi
737 S 33rd St Louisville, KY	4.0	1.0	1356	$1,595	$1.18	23d	1	0.66mi
2710 W Kentucky St Apt 2 Louisville, KY	3.0	1.0	1015	$1,300	$1.28	23d	1	0.66mi
2711 W Kentucky St Louisville, KY	3.0	1.0	1155	$1,100	$0.95	23d	1	0.68mi
2724 Garland Ave Unit 202 Louisville, KY	2.0	1.0	950	$745	$0.78	3d	1	0.70mi
1622 Beech St Louisville, KY	4.0	1.0	1108	$1,445	$1.30	15d	1	0.70mi
2634 Garland Ave Unit B Louisville, KY	3.0	1.0	1152	$895	$0.78	20d	1	0.76mi
2634 Garland Ave Unit A Louisville, KY	3.0	1.0	1152	$940	$0.82	23d	1	0.76mi
701 Hazel St Unit 3 Louisville, KY	2.0	1.0	832	$800	$0.96	10d	1	0.77mi
833 S 41st St Louisville, KY	3.0	2.0	786	$1,250	$1.59	23d	1	0.79mi
729 S 39th St Unit 1 Louisville, KY	2.0	1.0	800	$800	$1.00	23d	1	0.79mi
836 S 41st St Louisville, KY	3.0	1.0	1300	$1,300	$1.00	19d	1	0.81mi
666 Eastlawn Ave Louisville, KY	2.0	1.0	936	$895	$0.96	15d	1	0.85mi
1804 Russell Lee Dr Louisville, KY	1.0–3.0	1.0–1.5	810	$1,304	$1.61	1d	1	0.86mi
4221 Sunset Ave Louisville, KY	3.0	1.0	1075	$1,199	$1.12	23d	1	0.88mi
714 S 40th St #2 Louisville, KY	3.0	1.0	1000	$1,250	$1.25	23d	1	0.88mi
1410 Standard Village Cir Louisville, KY	3.0	2.0	1200	$900	$0.75	23d	1	0.89mi

Listing history 4 events

1. 2026-06-18
   days on market $1 Active 3 DOM
2. 2026-06-17
   days on market $1 Active 2 DOM
3. 2026-06-16
   remarks 196-char remark
4. 2026-06-16
   listed $1 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 · 19 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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,388
• − Mortgage interest: −$0
• − Property taxes: −$0
• − Insurance: −$0
• − Repairs & maintenance: −$1,151
• − Management: −$1,151
• − Depreciation: −$0
• Taxable income: $12,086
• Est. tax owed @ 24.0%: −$2,901
• After-tax cash flow: $8,466/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

Property tax history

+6.8%/yr

Latest (2025): $938 · -1.9% YoY. Source: county tax records.