321 S 39th St · Louisville, KY 40212

$149,900

4 bd · 2.0 ba · 1,200 sqft · SingleFamily · 41 Days on market

Built 1924 6,769 sqft lot Est $140k · 7% over

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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 +19.1/30.0
• Appreciation +10.0/10.0
• DSCR +6.0/10.0
• ARV discount +4.5/15.0
• 1% rule +4.0/10.0
• Livability +3.2/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0

Listing remarks

You will appreciate the wonderful covered front porch for your morning or evening coffee. Inside, you will find a charming 4-bedroom, 2-full-bathroom home. This flexible floor plan could also be a 3-bedroom with a family room and living room on the first floor! Lots of unique built-ins throughout the home to store your books or collections on. Hardwood floors throughout. Eat-in kitchen with new flooring. granite countertop, new sink, and lots of great cabinets. Corner cabinet built-in too. Back door leads out to the fenced backyard. Upstairs, there are 2 more spacious bedrooms; one of them has a cute closet with a window that could be an office, too! A full bathroom with a linen closet comp

Key facts

• Covered front porch
• New sink
• Eat-in kitchen

Tags

• COVERED FRONT PORCH
• UNIQUE BUILT-INS
• FENCED BACKYARD
• EAT-IN KITCHEN
• GRANITE COUNTERTOP
• NEW SINK

Property features AI

Finance

• HOA & community: No association fee

Exterior

• Parking: Driveway parking
• Utilities: Electricity connected; Natural gas available
• Home design: Single-family residence, Cape Cod style; 2 stories; Built in 1924
• Construction: Vinyl siding; Metal and shingle roof; Foundation: crawl space, concrete block and poured concrete
• Exterior features: Sidewalk on the lot; Full chain-link fencing

Interior

• Kitchen: Eat-in kitchen with granite countertops and abundant cabinets; Kitchen located on the first floor
• Bedrooms: 4 bedrooms total; Two bedrooms on the first floor; Two bedrooms on the second floor; One second-floor bedroom has three closets
• Flooring: Wood floors in living room and several bedrooms; Built-ins in living room and one bedroom
• Bathrooms: 2 full bathrooms; Full bathrooms located on the second floor; New tub surround in one full bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: 6 total rooms; 7 closets; Basement (unfinished, walkout); Storage area in basement; Other room in basement
• Laundry & utility: Laundry in the basement (no first-floor laundry)

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $159 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $135k (9.8% below list).
• Recommended offer: $135k (9.8% below list) — sets the bar for 1% rule.
• Cap rate 7.6% 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 flat; 141 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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).

Forward outlook

• In year one you build about $16k of equity ($1k loan paydown + $15k 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 $42k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 26y 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 $36k; list at $150k implies a 316% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1924 — 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 $135,243 (9.8% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
2. Built in 1924 — 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: 0.90% ✗
• Cap rate: 7.57%
• Cash-on-cash: 4.55%
• DSCR: 1.20
• GRM: 9.2

CMA / ARV

• ARV (on-the-fly): $140,400
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
220 N 39th St	0.51mi	3/2.0 (-1)	1,240 (+3%)	4mo	$145,000	$117	62
117 N 34th St	0.53mi	3/1.0 (-1)	1,130 (-6%)	4mo	$34,000	$30	54
4149 W Muhammad Ali Blvd	0.37mi	3/1.0 (-1)	1,327 (+11%)	3mo	$88,000	$66	53
610 S 35th St	0.45mi	3/1.0 (-1)	1,152 (-4%)	13mo	$155,000	$135	53
369 N 41st St	0.68mi	4/1.5	1,100 (-8%)	2mo	$145,000	$132	50
210 N 35th St	0.51mi	3/1.0 (-1)	1,119 (-7%)	7mo	$100,000	$89	50
100 Boston Ct	0.42mi	3/1.0 (-1)	1,080 (-10%)	9mo	$35,000	$32	47
4611 W Market St	0.66mi	3/1.0 (-1)	1,134 (-6%)	11mo	$155,000	$137	42
212 N 37th St	0.54mi	3/1.0 (-1)	1,036 (-14%)	8mo	$121,000	$117	37
3119 Del Park Ter	0.73mi	3/2.0 (-1)	1,332 (+11%)	12mo	$141,000	$106	33
405 N 41st St	0.74mi	3/1.0 (-1)	1,082 (-10%)	12mo	$168,000	$155	30
739 S 38th St	0.74mi	3/2.0 (-1)	1,373 (+14%)	9mo	$125,000	$91	29

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: 26.7%
• Equity multiple: 3.11×
• Total profit: $88,422
• Equity at exit: $135,042

10-year hold

• IRR: 22.8%
• Equity multiple: 6.87×
• Total profit: $246,246
• Equity at exit: $291,223

Cash invested: $41,972 (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: 141
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $1,352 high
• Mortgage (P&I): −$786
• Tax from tax record: −$61 /mo · $727/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$284
• Net cashflow: $159

Break-even live

Break-even rent $1,151

Max offer price $149,900

Occupancy floor 83%

Sensitivity live

Price	-10% $244	-5% $202	+0% $159	+5% $117	+10% $74
Rent	-10% $52	-5% $106	+0% $159	+5% $213	+10% $266
Rate	-1.0pp $235	-0.5pp $197	base $159	+0.5pp $120	+1.0pp $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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
247 Cecil Ave Louisville, KY	3.0	2.0	1083	$1,305	$1.20	20d	1	0.23mi
3819 River Park Dr Louisville, KY	3.0	1.0	1108	$1,090	$0.98	21d	1	0.24mi
4129 W Muhammad Ali Blvd Louisville, KY	4.0	2.0	1224	$1,500	$1.23	2d	1	0.29mi
627 S 38th St Louisville, KY	4.0	1.0	1300	$1,349	$1.04	17d	1	0.35mi
628 S 39th St Louisville, KY	3.0	1.0	1448	$1,220	$0.84	17d	1	0.36mi
106 N 40th St Louisville, KY	3.0	1.0	1325	$1,220	$0.92	4d	1	0.39mi
127 N 40th St Louisville, KY	3.0	2.0	1500	$1,570	$1.05	4d	1	0.43mi
3421 River Park Dr Louisville, KY	3.0	1.0	994	$1,250	$1.26	24d	1	0.46mi
652 S 37th St #9 Louisville, KY	3.0	1.0	1070	$1,095	$1.02	24d	1	0.49mi
313 N 42nd St Louisville, KY	3.0	1.0	900	$1,250	$1.39	4d	1	0.57mi
320 N 36th St Louisville, KY	3.0	1.0	830	$1,225	$1.48	17d	1	0.60mi
3901 Jewell Ave Louisville, KY	3.0	1.0	1069	$1,140	$1.07	21d	1	0.62mi
112 S 46th St Louisville, KY	3.0	1.0	902	$1,200	$1.33	24d	1	0.64mi
714 S 40th St #2 Louisville, KY	3.0	1.0	1000	$1,250	$1.25	24d	1	0.68mi
715 S 41st St Unit 1 Louisville, KY	4.0	1.0	1000	$1,295	$1.29	11d	1	0.69mi
714 S 42nd St Louisville, KY	3.0	1.0	1078	$1,150	$1.07	17d	1	0.77mi
803 Cecil Ave Louisville, KY	4.0	1.0	1165	$1,449	$1.24	11d	1	0.81mi
823 S 38th St Louisville, KY	3.0	1.0	1100	$1,195	$1.09	4d	1	0.82mi
803 S 35th St Louisville, KY	3.0	1.0	1486	$1,350	$0.91	24d	1	0.82mi
737 S 33rd St Louisville, KY	4.0	1.0	1356	$1,595	$1.18	24d	1	0.84mi
833 S 41st St Louisville, KY	3.0	2.0	786	$1,250	$1.59	24d	1	0.85mi
2927 Rowan St Louisville, KY	3.0	1.0	1008	$1,205	$1.20	12d	1	0.86mi
836 S 41st St Louisville, KY	3.0	1.0	1300	$1,300	$1.00	20d	1	0.86mi
814 S 33rd St Louisville, KY	3.0	1.0	1104	$1,350	$1.22	4d	1	0.90mi
2631 W Madison St Unit 1 Louisville, KY	3.0	1.0	928	$950	$1.02	24d	1	1.09mi
2623 Cedar St Louisville, KY	3.0	1.0	1000	$1,000	$1.00	24d	1	1.10mi
3122 W Kentucky St Louisville, KY	3.0	1.0	1030	$1,150	$1.12	24d	1	1.17mi
3514 Grand Ave Louisville, KY	3.0	1.5	1450	$1,295	$0.89	22d	1	1.21mi
2529 W Main St #2 Louisville, KY	3.0	1.0	1404	$1,200	$0.85	24d	1	1.22mi
4221 Sunset Ave Louisville, KY	3.0	1.0	1075	$1,199	$1.12	24d	1	1.23mi
4220 Sunset Ave Louisville, KY	5.0	1.5	1464	$1,950	$1.33	2d	1	1.25mi
2508 W Main St Louisville, KY	3.0	1.0	1327	$1,500	$1.13	24d	1	1.26mi
430 S 24th St Louisville, KY	3.0	1.5	1288	$1,400	$1.09	24d	1	1.29mi
212 N 25th St Louisville, KY	3.0	1.0	1104	$895	$0.81	24d	1	1.32mi
1115 S 32nd St Louisville, KY	3.0	1.0	1393	$1,275	$0.92	22d	1	1.34mi
1115 S 32nd St Louisville, KY	3.0	1.0	1393	$1,275	$0.92	24d	1	1.34mi
2912 Greenwood Ave Louisville, KY	3.0	2.0	1362	$1,150	$0.84	17d	1	1.36mi
2825 Greenwood Ave #4 Louisville, KY	3.0	1.0	1440	$1,250	$0.87	24d	1	1.37mi
2821 Greenwood Ave #1 Louisville, KY	3.0	1.0	1113	$1,300	$1.17	24d	1	1.38mi
2634 Garland Ave Unit B Louisville, KY	3.0	1.0	1152	$895	$0.78	21d	1	1.40mi

Listing history 17 events

1. 2026-06-21
   days on market $149,900 Active 41 DOM
2. 2026-06-18
   days on market $149,900 Active 38 DOM
3. 2026-06-17
   days on market $149,900 Active 37 DOM
4. 2026-06-16
   days on market $149,900 Active 36 DOM
5. 2026-06-15
   days on market $149,900 Active 35 DOM
6. 2026-06-13
   days on market $149,900 Active 33 DOM
7. 2026-06-10
   days on market $149,900 Active 30 DOM
8. 2026-06-09
   days on market $149,900 Active 29 DOM
9. 2026-06-08
   days on market $149,900 Active 28 DOM
10. 2026-06-07
    days on market $149,900 Active 27 DOM
11. 2026-06-03
    days on market $149,900 Active 23 DOM
12. 2026-06-02
    days on market $149,900 Active 22 DOM
13. 2026-06-01
    days on market $149,900 Active 21 DOM
14. 2026-05-31
    days on market $149,900 Active 20 DOM
15. 2026-05-11
    listed $157,000 Active
16. 2000-05-05
    soldstatus $36,000
17. 2000-03-03
    listed $46,000

ⓘ 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: $727 · $61/mo
• Projected year-2 tax: $1,289 · $107/mo
• Expected delta: +$562/yr (+$47/mo · 77.4%)

ⓘ 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: $16,229
• − Mortgage interest: −$8,397
• − Property taxes: −$727
• − Insurance: −$750
• − Repairs & maintenance: −$1,298
• − Management: −$1,298
• − Depreciation: −$4,361
• Taxable loss: −$601
• Est. tax savings @ 24.0%: +$144
• After-tax cash flow: $2,056/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

+241.3% since first listed

3 events — show timeline

• 2026-05-11 Listed $157,000 Metro Search MLS
• 2000-05-05 Sold (MLS) $36,000 Metro Search MLS
• 2000-03-03 Listed $46,000 Metro Search MLS

Property tax history

+6.8%/yr

Latest (2025): $727 · -1.9% YoY. Source: county tax records.