1224 Cherokee Rd · Louisville, KY 40204

$1,000,000

None bd · None ba · 8,550 sqft · MultiFamily · 22 Days on market

Built 1960 8,100 sqft lot

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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 +21.5/30.0
• ARV discount +7.5/15.0
• DSCR +6.9/10.0
• 1% rule +5.2/10.0
• Rent growth +3.9/5.0
• 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: 1 unit. 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

Located in highly desirable Cherokee Triangle, on Cherokee Rd., Appleton Apartments contains six very large units in a built-as apartment property. There are both 2 and 3 BR units with hardwood floors, large rooms, and unique features. Some of the apartments have washer/dryer hookups, and are separately metered for LG&E. Each space has an additional rear egress with access to a back patio and common area yard. Four currently vacant garages are located on site that could be rented for further upside. Apartment properties in this sub-market do not come available often, and this generational opportunity is ideal for an experienced owner looking to add units to a portfolio, or a newer investor seeking to build long-term wealth in one of the city's most appreciating neighborhoods. > Very large 3BR/1BA & 2 BR/1BA units > In-unit washer/dryer hookups > Separate LG&E > Four garages located on-site

Key facts

• 8,100 sq ft lot
• 4 garage spots
• Built 1960

Tags

• VACANT ON-SITE GARAGES
• IN-UNIT LAUNDRY HOOKUPS

Property features AI

Finance

• Other: Building total area approximately 8550; Lot dimensions approximately 45 x 180; Located in Cherokee Triangle neighborhood, Louisville
• HOA & community: No association fee

Exterior

• Parking: Covered parking; Four parking spaces (4-car capacity)
• Utilities: Electricity connected; Natural gas available; Owner pays water
• Home design: Apartment building; Traditional design; Not located in a flood plain
• Construction: Built in 1960; Wood frame construction; Shingle roof
• Exterior features: Sidewalk along the lot; No additional exterior features listed

Interior

• Bedrooms: No bedrooms listed (property is classified as apartment/multi-unit)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Traditional architectural style; Basement present; Six units on the first level (multi-unit property); Separate meters for units

What this means for you Summary

Snapshot

• This is a multifamily listed at $1.00M.

Deal economics

• At list price, monthly cash flow is $2k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $1.00M).
• Recommended offer: $985k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.1% 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 rising fast (+5.8%/yr); 99 active listings in the ZIP; 2,836 units permitted in Jefferson County in 2024 (1,558 in 5+ unit buildings).
• At $10,168/mo this rent would consume 172% of the median local household income ($71k/yr) (locally 761% 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 $30k 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 + 5.8% rent growth), your $280k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($985k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y 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.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $985,000 (1.5% below list)

Questions for the listing agent

1. Built in 1960 — 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. 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.
6. 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.
7. 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: 1.02% ✓
• Cap rate: 8.10%
• Cash-on-cash: 6.45%
• DSCR: 1.29
• GRM: 8.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.76% rent growth · sell at horizon

5-year hold

• IRR: -3.5%
• Equity multiple: 0.87×
• Total profit: $-37,323
• Equity at exit: $149,103

10-year hold

• IRR: 9.0%
• Equity multiple: 1.77×
• Total profit: $216,512
• Equity at exit: $86,462

Cash invested: $280,000 (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 40204

• Rents YoY: 5.8%
• Active inventory: 99
• Price-to-rent: 50.8×

Monthly cashflow live

• Estimated rent: $10,168 high
• Mortgage (P&I): −$5,244
• Tax from tax record: −$868 /mo · $10,416/yr
• Insurance: −$417
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,135
• Net cashflow: $1,504

Break-even live

Break-even rent $8,264

Max offer price $1,000,000

Occupancy floor 80%

Sensitivity live

Price	-10% $2,070	-5% $1,787	+0% $1,504	+5% $1,221	+10% $938
Rent	-10% $701	-5% $1,102	+0% $1,504	+5% $1,906	+10% $2,307
Rate	-1.0pp $2,008	-0.5pp $1,758	base $1,504	+0.5pp $1,245	+1.0pp $981

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,923
▸ 3× units	3	1	$5,247
Total (6 units)			$10,168

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: $250,000
• Closing costs: $30,000
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-18
   days on market $1,000,000 Active 22 DOM
2. 2026-06-17
   days on market $1,000,000 Active 21 DOM
3. 2026-06-16
   days on market $1,000,000 Active 20 DOM
4. 2026-06-15
   days on market $1,000,000 Active 19 DOM
5. 2026-06-13
   days on market $1,000,000 Active 17 DOM
6. 2026-06-10
   days on market $1,000,000 Active 14 DOM
7. 2026-06-09
   days on market $1,000,000 Active 13 DOM
8. 2026-06-08
   days on market $1,000,000 Active 12 DOM
9. 2026-06-07
   days on market $1,000,000 Active 11 DOM
10. 2026-06-03
    days on market $1,000,000 Active 7 DOM
11. 2026-06-02
    days on market $1,000,000 Active 6 DOM
12. 2026-06-01
    days on market $1,000,000 Active 5 DOM
13. 2026-05-31
    days on market $1,000,000 Active 4 DOM
14. 2026-05-27
    listed $1,000,000 Active
15. 2024-12-16
    soldstatus $875,000
16. 2024-12-13
    soldstatus $875,000 Closed 933-char remark

    Show marketing remark (933 chars)

    Located in highly desirable Cherokee Triangle, on Cherokee Rd., Appleton Apartments contains six very large units in a built-as apartment property. There are both 2 and 3 BR units with hardwood floors, large rooms, and unique features. Some of the apartments have washer/dryer hookups, and are separately metered for LG&E. Each space has an additional rear egress with access to a back patio and common area yard. Four currently vacant garages are located on site that could be rented for further upside. Apartment properties in this sub-market do not come available often, and this generational opportunity is ideal for an experienced owner looking to add units to a portfolio, or a newer investor seeking to build long-term wealth in one of the city's most appreciating neighborhoods. > Very large 3BR/1BA & 2 BR/1BA units > In-unit washer/dryer hookups > Separate LG&E > Four garages located on-site

17. 2024-11-10
    status Pending 933-char remark

    Show marketing remark (933 chars)

    Located in highly desirable Cherokee Triangle, on Cherokee Rd., Appleton Apartments contains six very large units in a built-as apartment property. There are both 2 and 3 BR units with hardwood floors, large rooms, and unique features. Some of the apartments have washer/dryer hookups, and are separately metered for LG&E. Each space has an additional rear egress with access to a back patio and common area yard. Four currently vacant garages are located on site that could be rented for further upside. Apartment properties in this sub-market do not come available often, and this generational opportunity is ideal for an experienced owner looking to add units to a portfolio, or a newer investor seeking to build long-term wealth in one of the city's most appreciating neighborhoods. > Very large 3BR/1BA & 2 BR/1BA units > In-unit washer/dryer hookups > Separate LG&E > Four garages located on-site

18. 2024-10-06
    listed $900,000 Active 933-char remark

    Show marketing remark (933 chars)

    Located in highly desirable Cherokee Triangle, on Cherokee Rd., Appleton Apartments contains six very large units in a built-as apartment property. There are both 2 and 3 BR units with hardwood floors, large rooms, and unique features. Some of the apartments have washer/dryer hookups, and are separately metered for LG&E. Each space has an additional rear egress with access to a back patio and common area yard. Four currently vacant garages are located on site that could be rented for further upside. Apartment properties in this sub-market do not come available often, and this generational opportunity is ideal for an experienced owner looking to add units to a portfolio, or a newer investor seeking to build long-term wealth in one of the city's most appreciating neighborhoods. > Very large 3BR/1BA & 2 BR/1BA units > In-unit washer/dryer hookups > Separate LG&E > Four garages located on-site

19. 2024-06-06
    historical $1,350
20. 2024-06-04
    listed $1,350
21. 2024-03-25
    historical $1,150
22. 2024-03-09
    listed $1,150
23. 2022-06-05
    price $995
24. 2022-01-26
    soldstatus $275,000

ⓘ 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: $10,416 · $868/mo
• Projected year-2 tax: $10,416 · $868/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 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥105°F today · 21 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $122,016
• − Mortgage interest: −$56,016
• − Property taxes: −$10,416
• − Insurance: −$5,000
• − Repairs & maintenance: −$9,761
• − Management: −$9,761
• − Depreciation: −$29,091
• Taxable income: $1,971
• Est. tax owed @ 24.0%: −$473
• After-tax cash flow: $17,574/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): 14,034
• Household income: $71,116
• Rent vs Own: 50.6% rent · 49.4% own
• Severe rent burden: 761.0

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 (84%)
• Race & ethnicity: White 84% Black 6% Two or more races 5% Hispanic / Latino 4% Asian 2%
• Common ancestry: Slovak 3% Serbian 3% Romanian 3%
• Foreign-born: 4% · Canada, South Korea, China
• Languages at home: 95% English-only · Spanish 2% Korean 1% Chinese 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: ▼ -475.25%
• Current HPI: 246.3191
• Rent YoY: ▲ 5.76%
• 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

+263.6% since first listed

11 events — show timeline

• 2026-05-27 Listed $1,000,000 Metro Search MLS
• 2024-12-16 Sold (Public Records) $875,000 Public Records
• 2024-12-13 Sold (MLS) $875,000 Metro Search MLS
• 2024-11-10 Pending — Metro Search MLS
• 2024-10-06 Listed $900,000 Metro Search MLS
• 2024-06-06 Rental Removed $1,350 MSMLS
• 2024-06-04 Listed for Rent $1,350 MSMLS
• 2024-03-25 Rental Removed $1,150 MSMLS
• 2024-03-09 Listed for Rent $1,150 MSMLS
• 2022-06-05 Price Changed $995 RENT.
• 2022-01-26 Sold (Public Records) $275,000 Public Records

Property tax history

+3.7%/yr

Latest (2025): $10,416 · +29.8% YoY. Source: county tax records.