12 College Ct · Louisville, KY 40203

$80,000

2 bd · 1.5 ba · 891 sqft · Condo · 234 Days on market

Built 1988 $21/mo HOA · 2% of rent

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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 +8.8/10.0
• ARV discount +7.5/15.0
• Rent growth +3.4/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks

Investor special in Louisville, KY! This 2 bedroom, 1 bathroom condo is now vacant and ready for your next move—whether that's placing your own tenant, house hacking, or moving in yourself. Previously rented at $1,200/month, this property offers strong cash flow potential and easily meets the 1% rule at just $85,000, making it an ideal entry point for new investors or a high-yield addition to an existing portfolio. The condo features a functional layout with two spacious bedrooms, a bright living area, and convenient access to major employers—supporting consistent rental demand in a strong Louisville market. With the tenant just moved out, you have the flexibility to: set new ma

Key facts

• $21 HOA
• Built 1988
• Listed 234 days

Property features AI

Finance

• HOA & community: Association present with monthly maintenance fee (about 246)

Exterior

• Utilities: Electricity connected; Natural gas service
• Home design: Residential property; Two stories; Built in 1988; Shingle roof; Crawl space foundation
• Construction: Built in 1988; Shingle roof; Crawl space foundation
• Exterior features: No fencing; Lot described in acres

Interior

• Kitchen: Kitchen located on the first floor
• Bedrooms: Two bedrooms located on the second floor
• Bathrooms: One full bathroom on the second floor; One half bathroom on the first floor
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Four total rooms; Five closets; No basement; Living room on the first floor
• Laundry & utility: First-floor laundry

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $80k.

Deal economics

• At list price, monthly cash flow is $351 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.6% 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 (+3.7%/yr); 114 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).
• This rent runs 43% of the median local income ($31k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $553 of loan paydown is wiped out by about $2k 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 + 3.7% rent growth), your $22k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 234 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 7y ago; this cycle's ask is 6078% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $68k; 19% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• 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 $70,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 234 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.38% ✓
• Cap rate: 11.57%
• Cash-on-cash: 18.83%
• DSCR: 1.84
• GRM: 6.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.73% rent growth · sell at horizon

5-year hold

• IRR: 11.4%
• Equity multiple: 1.46×
• Total profit: $10,240
• Equity at exit: $11,928

10-year hold

• IRR: 21.0%
• Equity multiple: 2.84×
• Total profit: $41,142
• Equity at exit: $6,917

Cash invested: $22,400 (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 40203

• Home prices YoY: -13.8%
• Rents YoY: 3.7%
• Active inventory: 114
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $1,106 high
• Mortgage (P&I): −$420
• Tax from tax record: −$48 /mo · $580/yr
• Insurance: −$33
• HOA: −$21
• Vacancy / Maint / Mgmt: −$232
• Net cashflow: $351

Break-even live

Break-even rent $661

Max offer price $80,000

Occupancy floor 63%

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: $20,000
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
21 College Ct Louisville, KY	1.0	1.0	900	$880	$0.98	10d	1	0.04mi
607 Saint Catherine St Unit 2 Louisville, KY	1.0	1.0	1100	$1,025	$0.93	23d	1	0.23mi
510 Saint Catherine St Apt B Louisville, KY	1.0	1.0	552	$895	$1.62	3d	1	0.33mi
1146 S 6th St Unit 2B Louisville, KY	1.0	1.0	700	$1,300	$1.86	23d	1	0.36mi
747 S 5th St Unit 12 Louisville, KY	1.0	2.0	1005	$1,300	$1.29	23d	1	0.36mi
1121 Garvin Pl Unit 1121 Garvin Place-1 Louisville, KY	1.0	1.0	660	$900	$1.36	14d	1	0.37mi
800 S 4th St Louisville, KY	2.0	1.0–2.0	837	$1,467	$1.75	1d	18	0.38mi
1200 S 6th St Apt 4 Louisville, KY	3.0	1.0	900	$1,125	$1.25	23d	1	0.40mi
508 W Oak St Unit 2 Louisville, KY	2.0	1.0	1000	$1,195	$1.20	23d	1	0.43mi
1009 S 3rd St #302 Louisville, KY	1.0	1.0	700	$750	$1.07	23d	1	0.44mi
205 W Breckinridge St Apt 8 Louisville, KY	2.0	1.0	650	$1,600	$2.46	1d	1	0.49mi
205 W Breckinridge St Apt 1 Louisville, KY	1.0	1.0	600	$950	$1.58	1d	1	0.49mi
848 S 2nd St Apt 2 Louisville, KY	1.0	1.0	600	$950	$1.58	1d	1	0.50mi
848 S 2nd St Apt 3 Louisville, KY	2.0	1.0	1100	$1,500	$1.36	1d	1	0.50mi
1231 S 4th St Unit 1 Louisville, KY	1.0	1.0	650	$925	$1.42	21d	1	0.56mi
1231 S 4th St Unit 1 Louisville, KY	1.0	1.0	650	$925	$1.42	23d	1	0.56mi
1310 S 6th St Unit 1310 S 6th-3 Louisville, KY	1.0	1.0	679	$825	$1.22	3d	1	0.58mi
1312 S 6th St Unit 609 FT-1B Louisville, KY	1.0	1.0	525	$825	$1.57	23d	1	0.58mi
1245 S 4th St Louisville, KY	1.0–2.0	1.0	900	$1,100	$1.22	3d	5	0.58mi
512 W Ormsby Ave Louisville, KY	2.0	1.0	573	$1,795	$3.13	1d	1	0.59mi
1001 S 1st St Unit 3 Louisville, KY	1.0	1.0	550	$725	$1.32	23d	1	0.61mi
233 W Broadway Unit 705 Louisville, KY	2.0	2.0	865	$1,260	$1.46	1d	1	0.61mi
108 E Kentucky St Unit 1 Louisville, KY	2.0	1.0	900	$1,195	$1.33	23d	1	0.62mi
657 S 3rd St Louisville, KY	1.0–2.0	1.0–2.0	933	$1,275	$1.37	1d	42	0.63mi
1105 S 1st St Unit 4 Louisville, KY	2.0	2.0	1076	$1,400	$1.30	1d	1	0.64mi
1105 S 1st St Unit 4 Louisville, KY	2.0	2.0	1076	$1,400	$1.30	14d	1	0.64mi
427 Park Ave Unit 6 Louisville, KY	1.0	1.0	700	$1,195	$1.71	23d	1	0.65mi
1135 S 1st St #7 Louisville, KY	2.0	1.0	837	$1,500	$1.79	23d	1	0.67mi
1233 S 2nd St Apt 1 Louisville, KY	1.0	1.0	950	$875	$0.92	2d	1	0.68mi
604 S 3rd St #810 Louisville, KY	2.0	2.0	1036	$3,200	$3.09	23d	1	0.69mi
208 W Ormsby Ave Unit 4 Louisville, KY	1.0	1.0	700	$850	$1.21	23d	1	0.71mi
555 S 4th St Louisville, KY	3.0	1.0–2.0	1037	$2,297	$2.21	1d	22	0.72mi
122 E Oak St #2 Louisville, KY	2.0	1.0	864	$1,250	$1.45	23d	1	0.75mi
124 E Oak St #4 Louisville, KY	2.0	1.0	904	$1,550	$1.71	23d	1	0.76mi
1319 S 2nd St Unit 3 Louisville, KY	1.0	1.0	600	$895	$1.49	23d	1	0.77mi
1245 S 1st St Unit 4 Louisville, KY	1.0	1.0	650	$925	$1.42	3d	1	0.77mi
1228 S Brook St Unit 2 Louisville, KY	1.0	1.0	700	$825	$1.18	23d	1	0.80mi
224 E Oak St Unit 5 Louisville, KY	1.0	1.0	650	$900	$1.38	23d	1	0.83mi
980 W Liberty St Louisville, KY	1.0–3.0	1.0–1.5	1026	$1,198	$1.17	23d	133	0.86mi
318 E Saint Catherine St Louisville, KY	1.0–2.0	1.0	750	$1,150	$1.53	23d	2	0.88mi

HOA detail condo

• Monthly dues: $21 · $252/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 38 events

1. 2026-06-18
   days on market $80,000 Active 234 DOM
2. 2026-06-17
   days on market $80,000 Active 233 DOM
3. 2026-06-16
   days on market $80,000 Active 232 DOM
4. 2026-06-15
   days on market $80,000 Active 231 DOM
5. 2026-06-13
   days on market $80,000 Active 229 DOM
6. 2026-06-10
   days on market $80,000 Active 226 DOM
7. 2026-06-09
   days on market $80,000 Active 225 DOM
8. 2026-06-08
   days on market $80,000 Active 224 DOM
9. 2026-06-07
   days on market $80,000 Active 223 DOM
10. 2026-06-03
    days on market $80,000 Active 219 DOM
11. 2026-06-02
    days on market $80,000 Active 218 DOM
12. 2026-06-01
    days on market $80,000 Active 217 DOM
13. 2026-05-31
    pricedays on market $80,000 Active 216 DOM
14. 2026-03-31
    status Active
15. 2026-03-31
    price $85,000
16. 2026-03-16
    historical $1,295
17. 2026-03-10
    listed $1,295
18. 2026-03-06
    historical
19. 2025-12-05
    price $75,000
20. 2025-10-27
    price $80,000
21. 2025-10-02
    listed $85,000 Active
22. 2025-07-10
    soldstatus $67,500
23. 2024-01-06
    status Active
24. 2023-11-13
    status Pending
25. 2023-11-12
    status Pending
26. 2023-11-12
    historical
27. 2023-10-09
    historical
28. 2023-10-09
    listed $80,000 Active
29. 2023-09-25
    listed $90,000 Active
30. 2021-11-24
    status Pending
31. 2021-11-03
    soldstatus $46,000
32. 2021-11-02
    soldstatus $46,000 Closed
33. 2021-10-11
    historical Active Under Contract
34. 2021-10-04
    listed $55,000 Active
35. 2019-11-05
    soldstatus $32,250
36. 2019-10-30
    soldstatus $32,250 Closed
37. 2019-09-26
    status Pending
38. 2019-09-16
    listed $40,000 Active

ⓘ 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: $580 · $48/mo
• Projected year-2 tax: $688 · $57/mo
• Expected delta: +$108/yr (+$9/mo · 18.7%)

ⓘ 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 (unshaded) · 51% 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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,271
• − Mortgage interest: −$4,481
• − Property taxes: −$580
• − Insurance: −$400
• − Repairs & maintenance: −$1,062
• − Management: −$1,062
• − HOA: −$252
• − Depreciation: −$2,327
• Taxable income: $3,107
• Est. tax owed @ 24.0%: −$746
• After-tax cash flow: $3,472/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): 17,742
• Household income: $30,794
• Rent vs Own: 75.1% rent · 24.9% own
• Severe rent burden: 1603.0

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: Black 49% White 44% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Slovak 2% Lithuanian 2% Romanian 1%
• Foreign-born: 3% · Canada
• Languages at home: 97% English-only · Spanish 2%

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: ▼ -64.74%
• Current HPI: 405.1872
• Rent YoY: ▲ 3.73%
• 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

+112.5% since first listed

25 events — show timeline

• 2026-03-31 Relisted — Metro Search MLS
• 2026-03-31 Price Changed $85,000 Metro Search MLS
• 2026-03-16 Rental Removed $1,295 MSMLS
• 2026-03-10 Listed for Rent $1,295 MSMLS
• 2026-03-06 Listing Removed — Metro Search MLS
• 2025-12-05 Price Changed $75,000 Metro Search MLS
• 2025-10-27 Price Changed $80,000 Metro Search MLS
• 2025-10-02 Listed $85,000 Metro Search MLS
• 2025-07-10 Sold (Public Records) $67,500 Public Records
• 2024-01-06 Relisted — Metro Search MLS
• 2023-11-13 Pending — Metro Search MLS
• 2023-11-12 Pending — Metro Search MLS
• 2023-11-12 Listing Removed — Metro Search MLS
• 2023-10-09 Listed $80,000 Metro Search MLS
• 2023-10-09 Listing Removed — Metro Search MLS
• 2023-09-25 Listed $90,000 Metro Search MLS
• 2021-11-24 Pending — Metro Search MLS
• 2021-11-03 Sold (Public Records) $46,000 Public Records
• 2021-11-02 Sold (MLS) $46,000 Metro Search MLS
• 2021-10-11 Contingent — Metro Search MLS
• 2021-10-04 Listed $55,000 Metro Search MLS
• 2019-11-05 Sold (Public Records) $32,250 Public Records
• 2019-10-30 Sold (MLS) $32,250 Metro Search MLS
• 2019-09-26 Pending — Metro Search MLS
• 2019-09-16 Listed $40,000 Metro Search MLS

Property tax history

+11.8%/yr

Latest (2025): $580 · -1.9% YoY. Source: county tax records.