3312 Colonial Manor Cir Unit 6A · Louisville, KY 40218

$120,000

2 bd · 2.0 ba · 1,774 sqft · Condo · 168 Days on market

Built 1984 $250/mo HOA · 16% of rent

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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 +23.3/30.0
• 1% rule +8.2/10.0
• DSCR +7.5/10.0
• ARV discount +7.5/15.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Rent growth +1.6/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome home! This is an updated third floor condo with 2 beds 2 full baths. Living room with gas fireplace, dining area Plenty of space for small family with walk-in closet, living room, gas fireplace, dining area. Come check it out for yourself. Not FHA approved. No Rentals.

Key facts

• Walk-in closet
• In-unit laundry
• Elevated view

Tags

• ELEVATED VIEW
• WALK-IN CLOSET
• IN-UNIT LAUNDRY
• CONVENIENT LOCATION

Property features AI

Finance

• Other: Part of a 6-unit building with 3 building floors; Subdivision: COLONIAL HILL MANOR
• HOA & community: Association fee (HOA) applicable

Exterior

• Parking: Surface parking
• Security: Secured building
• Utilities: Electricity connected; 1 HVAC unit
• Home design: Condominium; Top-left location in the building; 1 story; Built in 1984
• Construction: Brick construction; Shingle roof; Building 3312; Above-grade finished area: 887; Building area total reported as 887
• Exterior features: Surface parking; Entry at front

Interior

• Kitchen: Kitchen located on the first floor
• Bedrooms: 2 bedrooms, both on the first floor; Primary bedroom on the first floor
• Bathrooms: 2 full bathrooms, primary bathroom on the first floor; First-floor full bathroom
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: No basement; Total of 6 rooms
• Laundry & utility: First-floor laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $120k.

Deal economics

• At list price, monthly cash flow is $220 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $106k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.5% 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 falling (-3.5%/yr); 100 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 2,836 units permitted in Jefferson County in 2024 (1,558 in 5+ unit buildings).
• This rent runs 32% of the median local income ($59k/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 $830 of loan paydown is wiped out by about $4k 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.

Negotiation context

• It's been on market 168 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 12y 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.
• Current owner paid $100k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major 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 $105,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 168 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: 1.32% ✓
• Cap rate: 8.49%
• Cash-on-cash: 7.85%
• DSCR: 1.35
• GRM: 6.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -8.3%
• Equity multiple: 0.70×
• Total profit: $-9,943
• Equity at exit: $17,892

10-year hold

• IRR: -4.3%
• Equity multiple: 0.76×
• Total profit: $-7,995
• Equity at exit: $10,375

Cash invested: $33,600 (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 40218

• Rents YoY: -3.5%
• Active inventory: 100
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,588 high
• Mortgage (P&I): −$629
• Tax from tax record: −$105 /mo · $1,260/yr
• Insurance: −$50
• HOA: −$250
• Vacancy / Maint / Mgmt: −$333
• Net cashflow: $220

Break-even live

Break-even rent $1,309

Max offer price $120,000

Occupancy floor 81%

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3101 Sunny Ln Unit 4 Louisville, KY	2.0	2.0	1300	$1,450	$1.12	15d	1	0.39mi
2153 Goldsmith Ln Louisville, KY	1.0–3.0	1.0–2.0	950	$1,062	$1.12	3d	10	0.62mi
3013 Wellbrooke Rd Louisville, KY	3.0	2.0	1936	$2,250	$1.16	3d	1	0.82mi
3013 Wellbrooke Rd Louisville, KY	3.0	2.0	1936	$2,250	$1.16	11d	1	0.82mi
3552 Lisbon Ln Louisville, KY	3.0	1.0	1964	$1,895	$0.96	23d	1	1.19mi
2526 Gardiner Ln Louisville, KY	3.0	1.0	1400	$1,700	$1.21	15d	1	1.26mi

HOA detail condo

• Monthly dues: $250 · $3,000/yr
• Likely covers: gas
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 21 events

1. 2026-05-03
   status Pending
2. 2026-05-01
   status Active
3. 2026-04-30
   status Pending
4. 2025-11-15
   listed $120,000 Active
5. 2025-11-01
   historical $1,500
6. 2025-07-31
   listed $1,500
7. 2023-05-19
   soldstatus $100,000 Closed 279-char remark

   Show marketing remark (279 chars)

   Welcome home! This is an updated third floor condo with 2 beds 2 full baths. Living room with gas fireplace, dining area Plenty of space for small family with walk-in closet, living room, gas fireplace, dining area. Come check it out for yourself. Not FHA approved. No Rentals.

8. 2023-05-19
   soldstatus $100,000

   Show marketing remark (279 chars)

   Welcome home! This is an updated third floor condo with 2 beds 2 full baths. Living room with gas fireplace, dining area Plenty of space for small family with walk-in closet, living room, gas fireplace, dining area. Come check it out for yourself. Not FHA approved. No Rentals.

9. 2023-04-06
   status Pending 279-char remark

   Show marketing remark (279 chars)

   Welcome home! This is an updated third floor condo with 2 beds 2 full baths. Living room with gas fireplace, dining area Plenty of space for small family with walk-in closet, living room, gas fireplace, dining area. Come check it out for yourself. Not FHA approved. No Rentals.

10. 2023-03-30
    listed $115,000 Active 279-char remark

    Show marketing remark (279 chars)

    Welcome home! This is an updated third floor condo with 2 beds 2 full baths. Living room with gas fireplace, dining area Plenty of space for small family with walk-in closet, living room, gas fireplace, dining area. Come check it out for yourself. Not FHA approved. No Rentals.

11. 2022-09-27
    historical
12. 2022-09-21
    listed $115,000 Active
13. 2021-02-19
    soldstatus $84,500 Closed
14. 2021-02-19
    soldstatus $84,500
15. 2021-01-19
    historical Active Under Contract
16. 2021-01-02
    listed $84,900 Active
17. 2021-01-02
    price $84,900
18. 2014-12-08
    soldstatus $45,000
19. 2014-11-20
    historical
20. 2014-11-17
    soldstatus $45,000
21. 2014-05-22
    listed $49,000

ⓘ 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: $1,260 · $105/mo
• Projected year-2 tax: $1,260 · $105/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 6/10 Major FEMA zone X (unshaded) · 75% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥105°F today · 20 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: $19,051
• − Mortgage interest: −$6,722
• − Property taxes: −$1,260
• − Insurance: −$600
• − Repairs & maintenance: −$1,524
• − Management: −$1,524
• − HOA: −$3,000
• − Depreciation: −$3,491
• Taxable income: $930
• Est. tax owed @ 24.0%: −$223
• After-tax cash flow: $2,416/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): 33,736
• Household income: $58,811
• Rent vs Own: 50.5% rent · 49.5% own
• Severe rent burden: 1590.0

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 0.69)
• Race & ethnicity: White 42% Black 32% Hispanic / Latino 17% Two or more races 16% Asian 4%
• Hispanic origin (detail): Mexican 5% Puerto Rican 1% Cuban 7%
• Common ancestry: Lithuanian 1% Portuguese 1% Swiss 1%
• Foreign-born: 20% · Canada, India, Jamaica
• Languages at home: 77% English-only · Spanish 12% Other Indo-European 3% Arabic 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: ▼ -208.23%
• Current HPI: 257.9528
• Rent YoY: ▼ -3.47%
• 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

+144.9% since first listed

21 events — show timeline

• 2026-05-03 Pending — Metro Search MLS
• 2026-05-01 Relisted — Metro Search MLS
• 2026-04-30 Pending — Metro Search MLS
• 2025-11-15 Listed $120,000 Metro Search MLS
• 2025-11-01 Rental Removed $1,500 MSMLS
• 2025-07-31 Listed for Rent $1,500 MSMLS
• 2023-05-19 Sold (Public Records) $100,000 Public Records
• 2023-05-19 Sold (MLS) $100,000 Metro Search MLS
• 2023-04-06 Pending — Metro Search MLS
• 2023-03-30 Listed $115,000 Metro Search MLS
• 2022-09-27 Listing Removed — Metro Search MLS
• 2022-09-21 Listed $115,000 Metro Search MLS
• 2021-02-19 Sold (Public Records) $84,500 Public Records
• 2021-02-19 Sold (MLS) $84,500 Metro Search MLS
• 2021-01-19 Contingent — Metro Search MLS
• 2021-01-02 Price Changed $84,900 Metro Search MLS
• 2021-01-02 Listed $84,900 Metro Search MLS
• 2014-12-08 Sold (Public Records) $45,000 Public Records
• 2014-11-20 Listing Removed — Metro Search MLS
• 2014-11-17 Sold (MLS) $45,000 Metro Search MLS
• 2014-05-22 Listed $49,000 Metro Search MLS

Property tax history

+16.1%/yr

Latest (2025): $1,260 · -1.9% YoY. Source: county tax records.