115 N 45th St · Louisville, KY 40212

$74,995

2 bd · 1.0 ba · 1,224 sqft · SingleFamily · 38 Days on market

Built 1947 5,662 sqft lot Est $99k · 24% under

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Why this score? — see what drove the A 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 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

This 2Bed/1Bath is rented for $525 per month. The tenants are on a month to month lease. New Furnace and Water Heater 2011. Interior photos were taken before tenants moved in. Listing agent has an ownership stake in the property. Allow 48 hours for showings. See Documents tab for other houses for sale in this investor portfolio.

Key facts

• 5,662 sq ft lot
• Built 1947
• Listed 38 days

Property features AI

Finance

• HOA & community: No association fee

Exterior

• Utilities: Electricity connected; Natural gas available
• Home design: Single-family residence; Traditional style; 1 story
• Construction: Built in 1947; Aluminum siding; Shingle roof; Above-grade finished area and additional below-grade finished space
• Exterior features: Lot approximately 0.13 acres

Interior

• Kitchen: Kitchen on the first floor
• Bedrooms: 2 bedrooms
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Natural gas heat
• Interior features: Partially finished basement; Basement present; One total room listed
• Laundry & utility: No first-floor laundry

🏷️ Possibly a rental listed for sale. The $74,995 price doesn't fit this home's estimated sale value (~$99,144) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $404 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Recommended offer: $73k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.8% 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; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 19d 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 38% of the median local income ($36k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $8k of equity ($518 loan paydown + $7k 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 $21k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, 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 38 days — a 3% lower offer ($73k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 17y ago; this cycle's ask is 7% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: built in 1947 — 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 $72,745 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1947 — 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: 1.50% ✓
• Cap rate: 12.75%
• Cash-on-cash: 23.07%
• DSCR: 2.03
• GRM: 5.5

CMA / ARV

• ARV (on-the-fly): $99,144
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
356 N 43rd St	0.23mi	2/1.0	1,200 (-2%)	1mo	$95,000	$79	85
429 N 44th St	0.21mi	2/1.5	1,268 (+4%)	1mo	$112,000	$88	81
125 N 46th St	0.10mi	2/1.0	1,107 (-10%)	6mo	$95,000	$86	74
127 N 39th St	0.41mi	2/1.0	1,197 (-2%)	8mo	$80,000	$67	70
431 N 44th St	0.22mi	2/1.0	1,350 (+10%)	5mo	$109,994	$81	69
220 N 39th St	0.38mi	3/2.0 (+1)	1,240 (+1%)	4mo	$145,000	$117	68
431 Amy Ave	0.69mi	2/1.0	1,223 (-0%)	5mo	$80,000	$65	64
100 Boston Ct	0.22mi	3/1.0 (+1)	1,080 (-12%)	9mo	$35,000	$32	58
4149 W Muhammad Ali Blvd	0.56mi	3/1.0 (+1)	1,327 (+8%)	3mo	$88,000	$66	52
3931 Northwestern Pkwy	0.66mi	2/1.0	1,373 (+12%)	5mo	$100,000	$73	45
210 N 35th St	0.67mi	3/1.0 (+1)	1,119 (-9%)	7mo	$100,000	$89	43
3801 Miami Ave	0.72mi	3/1.0 (+1)	1,120 (-8%)	10mo	$134,900	$120	39

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: 40.3%
• Equity multiple: 4.04×
• Total profit: $63,801
• Equity at exit: $67,561

10-year hold

• IRR: 33.8%
• Equity multiple: 8.74×
• Total profit: $162,610
• Equity at exit: $145,699

Cash invested: $20,999 (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: 5.5×

Monthly cashflow live

• Estimated rent: $1,128 high
• Mortgage (P&I): −$393
• Tax from tax record: −$63 /mo · $756/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$237
• Net cashflow: $404

Break-even live

Break-even rent $617

Max offer price $74,995

Occupancy floor 59%

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: $18,749
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
112 S 46th St Louisville, KY	3.0	1.0	902	$1,200	$1.33	23d	1	0.19mi
313 N 42nd St Louisville, KY	3.0	1.0	900	$1,250	$1.39	3d	1	0.19mi
4143 W Market St Unit 2 Louisville, KY	2.0	1.0	700	$850	$1.21	23d	1	0.27mi
127 Boston Ct Louisville, KY	2.0	1.0	725	$1,100	$1.52	23d	1	0.28mi
4141 W Market St Unit 1 Louisville, KY	2.0	1.0	771	$925	$1.20	3d	1	0.28mi
106 N 40th St Louisville, KY	3.0	1.0	1325	$1,220	$0.92	3d	1	0.33mi
127 N 40th St Louisville, KY	3.0	2.0	1500	$1,570	$1.05	3d	1	0.33mi
3910 Garfield Ave Louisville, KY	2.0	1.0	872	$1,035	$1.19	3d	1	0.35mi
3901 Jewell Ave Louisville, KY	3.0	1.0	1069	$1,140	$1.07	20d	1	0.38mi
247 Cecil Ave Louisville, KY	3.0	2.0	1083	$1,305	$1.20	19d	1	0.42mi
302 Cecil Ave Louisville, KY	2.0	1.0	984	$1,025	$1.04	16d	1	0.44mi
110 Hansbrough Pl Unit 101 Louisville, KY	2.0	1.0	924	$1,080	$1.17	23d	1	0.50mi
219 N 37th St Louisville, KY	2.0	1.0	700	$1,150	$1.64	23d	1	0.55mi
320 N 36th St Louisville, KY	3.0	1.0	830	$1,225	$1.48	16d	1	0.58mi
4020 Larkwood Ave Louisville, KY	1.0	1.0	1446	$785	$0.54	23d	1	0.59mi
4018 Vermont Ave Unit 1 Louisville, KY	2.0	1.0	700	$699	$1.00	3d	1	0.73mi
3819 River Park Dr Louisville, KY	3.0	1.0	1108	$1,090	$0.98	20d	1	0.84mi
4309 Elliott Ave Unit 1 Louisville, KY	2.0	1.0	750	$695	$0.93	23d	1	0.93mi
4309 Elliott Ave Unit 1 Louisville, KY	2.0	1.0	750	$650	$0.87	3d	1	0.93mi
628 S 39th St Louisville, KY	3.0	1.0	1448	$1,220	$0.84	16d	1	0.93mi
644 S 40th St Louisville, KY	2.0	1.0	1200	$1,500	$1.25	2d	1	0.97mi
3421 River Park Dr Louisville, KY	3.0	1.0	994	$1,250	$1.26	23d	1	1.05mi
648 S 37th St #3 Louisville, KY	2.0	1.0	807	$850	$1.05	23d	1	1.08mi
652 S 37th St #9 Louisville, KY	3.0	1.0	1070	$1,095	$1.02	23d	1	1.10mi
2927 Rowan St Louisville, KY	3.0	1.0	1008	$1,205	$1.20	11d	1	1.11mi
2925 Slevin St Louisville, KY	2.0	1.0	896	$775	$0.86	3d	1	1.15mi
3120 Bank St Unit B Louisville, KY	2.0	1.0	750	$795	$1.06	23d	1	1.15mi
714 S 40th St #2 Louisville, KY	3.0	1.0	1000	$1,250	$1.25	23d	1	1.21mi
714 S 42nd St Louisville, KY	3.0	1.0	1078	$1,150	$1.07	16d	1	1.22mi
509 N 31st St Louisville, KY	2.0	1.0	800	$795	$0.99	23d	1	1.22mi
509 N 31st St Louisville, KY	2.0	1.0	800	$725	$0.91	16d	1	1.22mi
729 S 39th St Unit 1 Louisville, KY	2.0	1.0	800	$800	$1.00	23d	1	1.26mi
666 Eastlawn Ave Louisville, KY	2.0	1.0	936	$895	$0.96	16d	1	1.35mi
807 E Main St New Albany, IN	3.0	2.0	1500	$1,650	$1.10	19d	1	1.36mi
833 S 41st St Louisville, KY	3.0	2.0	786	$1,250	$1.59	23d	1	1.38mi
836 S 41st St Louisville, KY	3.0	1.0	1300	$1,300	$1.00	19d	1	1.38mi
309 E Spring St Unit 310-106 New Albany, IN	2.0	2.0	1005	$1,250	$1.24	17d	1	1.39mi
309 E Spring St Unit 310-203 New Albany, IN	2.0	2.5	1005	$1,250	$1.24	3d	1	1.39mi
522 N 29th St Louisville, KY	3.0	1.0	1031	$1,300	$1.26	3d	1	1.40mi
823 S 38th St Louisville, KY	3.0	1.0	1100	$1,195	$1.09	3d	1	1.40mi

Listing history 27 events

1. 2026-06-18
   days on market $74,995 Active 38 DOM
2. 2026-06-17
   days on market $74,995 Active 37 DOM
3. 2026-06-16
   days on market $74,995 Active 36 DOM
4. 2026-06-15
   days on market $74,995 Active 35 DOM
5. 2026-06-13
   days on market $74,995 Active 33 DOM
6. 2026-06-10
   days on market $74,995 Active 30 DOM
7. 2026-06-09
   days on market $74,995 Active 29 DOM
8. 2026-06-08
   days on market $74,995 Active 28 DOM
9. 2026-06-07
   days on market $74,995 Active 27 DOM
10. 2026-06-03
    days on market $74,995 Active 23 DOM
11. 2026-06-02
    days on market $74,995 Active 22 DOM
12. 2026-06-01
    days on market $74,995 Active 21 DOM
13. 2026-05-31
    days on market $74,995 Active 20 DOM
14. 2026-05-11
    price $74,995
15. 2026-05-11
    listed $69,995 Active
16. 2022-04-01
    soldstatus $451,000
17. 2018-08-01
    soldstatus $106,250
18. 2015-10-21
    historical 336-char remark

    Show marketing remark (336 chars)

    This 2Bed/1Bath is rented for $525 per month. The tenants are on a month to month lease. New Furnace and Water Heater 2011. Interior photos were taken before tenants moved in. Listing agent has an ownership stake in the property. Allow 48 hours for showings. See Documents tab for other houses for sale in this investor portfolio.

19. 2015-10-16
    soldstatus $23,000 Closed 336-char remark

    Show marketing remark (336 chars)

    This 2Bed/1Bath is rented for $525 per month. The tenants are on a month to month lease. New Furnace and Water Heater 2011. Interior photos were taken before tenants moved in. Listing agent has an ownership stake in the property. Allow 48 hours for showings. See Documents tab for other houses for sale in this investor portfolio.

20. 2015-09-30
    status Pending 336-char remark

    Show marketing remark (336 chars)

    This 2Bed/1Bath is rented for $525 per month. The tenants are on a month to month lease. New Furnace and Water Heater 2011. Interior photos were taken before tenants moved in. Listing agent has an ownership stake in the property. Allow 48 hours for showings. See Documents tab for other houses for sale in this investor portfolio.

21. 2015-09-25
    listed $25,000 Active 336-char remark

    Show marketing remark (336 chars)

    This 2Bed/1Bath is rented for $525 per month. The tenants are on a month to month lease. New Furnace and Water Heater 2011. Interior photos were taken before tenants moved in. Listing agent has an ownership stake in the property. Allow 48 hours for showings. See Documents tab for other houses for sale in this investor portfolio.

22. 2011-10-14
    soldstatus $8,500 53-char remark

    Show marketing remark (53 chars)

    Property sold as-is. Subject to third-party approval.

23. 2011-07-19
    listed $10,950 53-char remark

    Show marketing remark (53 chars)

    Property sold as-is. Subject to third-party approval.

24. 2011-07-18
    historical
25. 2011-04-10
    listed $19,900
26. 2010-05-19
    historical
27. 2009-12-19
    listed $21,300

ⓘ 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: $756 · $63/mo
• Projected year-2 tax: $756 · $63/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 ≥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: $13,539
• − Mortgage interest: −$4,201
• − Property taxes: −$756
• − Insurance: −$375
• − Repairs & maintenance: −$1,083
• − Management: −$1,083
• − Depreciation: −$2,182
• Taxable income: $3,859
• Est. tax owed @ 24.0%: −$926
• After-tax cash flow: $3,919/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

+252.1% since first listed

14 events — show timeline

• 2026-05-11 Price Changed $74,995 Metro Search MLS
• 2026-05-11 Listed $69,995 Metro Search MLS
• 2022-04-01 Sold (Public Records) $451,000 Public Records
• 2018-08-01 Sold (Public Records) $106,250 Public Records
• 2015-10-21 Listing Removed — Metro Search MLS
• 2015-10-16 Sold (MLS) $23,000 Metro Search MLS
• 2015-09-30 Pending — Metro Search MLS
• 2015-09-25 Listed $25,000 Metro Search MLS
• 2011-10-14 Sold (MLS) $8,500 Metro Search MLS
• 2011-07-19 Listed $10,950 Metro Search MLS
• 2011-07-18 Listing Removed — Metro Search MLS
• 2011-04-10 Listed $19,900 Metro Search MLS
• 2010-05-19 Listing Removed — Metro Search MLS
• 2009-12-19 Listed $21,300 Metro Search MLS

Property tax history

+11.4%/yr

Latest (2025): $756 · -1.9% YoY. Source: county tax records.