3604 River Park Dr · Louisville, KY 40211

$125,000

9 bd · 9.0 ba · 716 sqft · MultiFamily · 70 Days on market

Built 1920

---

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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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 (5+ Unit). Listing-text estimate: 3 units. 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

Great investment opportunity! This triplex features three 1-bedroom, 1-bath units and offers excellent potential for the right investor or rehab project. This triplex has sustained extreme fire damage and will require significant repairs and renovations. With solid bones and a convenient layout, the property presents a great opportunity to add value and maximize rental income. Sold as-is. Bring your vision and restore this triplex to its full potential! Sellers preferred title is BCHH, Inc. Please allow 2 business days for response to your offer.

Key facts

• Built 1920
• Listed 70 days

Property features AI

Finance

• Other: Subdivision: WEST END
• HOA & community: No association fee

Exterior

• Parking: No covered parking
• Utilities: Utilities described as other
• Home design: Triplex; Other architectural style; Facing direction not provided; Entry level details not provided
• Construction: Built in 1920; Vinyl siding; Shingle roof; Foundation details not provided
• Exterior features: No notable exterior features listed

Interior

• Bedrooms: Three total bedrooms: one on the 1st level, one on the 2nd level, one on the 3rd level
• Bathrooms: Three full bathrooms: one on each level
• Interior features: Separate meters for units

What this means for you Summary

Snapshot

• This is a 3 × 1-bed/1-bath units multifamily listed at $125k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $431/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $125k).
• Recommended offer: $118k (6.0% below list) — sets the bar for market timing.
• Cap rate 18.7% 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; lower-income renter base — watch delinquency; 2,836 units permitted in Jefferson County in 2024 (1,558 in 5+ unit buildings).
• At $2,778/mo this rent would consume 105% 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 $864 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.
• At projected returns (-3.0% appreciation + 4.9% rent growth), your $35k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 70 days — a 6% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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 $29k; list at $125k implies a 331% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — 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 $117,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 70 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 2.22% ✓
• Cap rate: 18.70%
• Cash-on-cash: 44.31%
• DSCR: 2.97
• GRM: 3.7

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: 43.5%
• Equity multiple: 2.93×
• Total profit: $67,452
• Equity at exit: $18,638

10-year hold

• IRR: 50.4%
• Equity multiple: 6.36×
• Total profit: $187,699
• Equity at exit: $10,808

Cash invested: $35,000 (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 40211

• Home prices YoY: -33.4%
• Rents YoY: 4.9%
• Active inventory: 140
• Price-to-rent: 11.2×

Monthly cashflow live

• Estimated rent: $2,778 high
• Mortgage (P&I): −$656
• Tax from tax record: −$195 /mo · $2,335/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$583
• Net cashflow: $1,292

Break-even live

Break-even rent $1,142

Max offer price $125,000

Occupancy floor 48%

Sensitivity live

Price	-10% $1,363	-5% $1,328	+0% $1,292	+5% $1,257	+10% $1,222
Rent	-10% $1,073	-5% $1,183	+0% $1,292	+5% $1,402	+10% $1,512
Rate	-1.0pp $1,355	-0.5pp $1,324	base $1,292	+0.5pp $1,260	+1.0pp $1,227

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$2,778
Total (3 units)			$2,778

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $125,000 Active 70 DOM
2. 2026-06-17
   days on market $125,000 Active 69 DOM
3. 2026-06-16
   days on market $125,000 Active 68 DOM
4. 2026-06-15
   days on market $125,000 Active 67 DOM
5. 2026-06-13
   days on market $125,000 Active 65 DOM
6. 2026-06-10
   days on market $125,000 Active 62 DOM
7. 2026-06-09
   days on market $125,000 Active 61 DOM
8. 2026-06-08
   days on market $125,000 Active 60 DOM
9. 2026-06-07
   days on market $125,000 Active 59 DOM
10. 2026-06-03
    days on market $125,000 Active 55 DOM
11. 2026-06-02
    days on market $125,000 Active 54 DOM
12. 2026-06-01
    days on market $125,000 Active 53 DOM
13. 2026-05-31
    days on market $125,000 Active 52 DOM
14. 2026-04-09
    listed $129,900 Active
15. 2026-02-23
    price $129,900
16. 2025-12-02
    status Active
17. 2025-11-20
    status Pending
18. 2025-11-20
    historical
19. 2025-10-17
    price $135,000
20. 2025-10-02
    listed $140,000 Active
21. 2020-11-23
    soldstatus $29,000

ⓘ 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: $2,335 · $195/mo
• Projected year-2 tax: $2,335 · $195/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 (shaded) · 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: $33,336
• − Mortgage interest: −$7,002
• − Property taxes: −$2,335
• − Insurance: −$625
• − Repairs & maintenance: −$2,667
• − Management: −$2,667
• − Depreciation: −$3,636
• Taxable income: $14,404
• Est. tax owed @ 24.0%: −$3,457
• After-tax cash flow: $12,053/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

Price history

+347.9% since first listed

8 events — show timeline

• 2026-04-09 Listed $129,900 Metro Search MLS
• 2026-02-23 Price Changed $129,900 Metro Search MLS
• 2025-12-02 Relisted — Metro Search MLS
• 2025-11-20 Pending — Metro Search MLS
• 2025-11-20 Listing Removed — Metro Search MLS
• 2025-10-17 Price Changed $135,000 Metro Search MLS
• 2025-10-02 Listed $140,000 Metro Search MLS
• 2020-11-23 Sold (Public Records) $29,000 Public Records

Property tax history

+18.2%/yr

Latest (2025): $2,335 · -1.9% YoY. Source: county tax records.