414 M St · Louisville, KY 40208

$119,000

4 bd · 2.0 ba · 1,998 sqft · MultiFamily · 59 Days on market

Built 1900 2,574 sqft lot Est $222k · 46% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.0/5.0
• 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 (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

REAL ESTATE AUCTION - C2 zoned Duplex | Student | STR/Airbnb Play - Near UofL and Churchill Downs. Online bidding at: InvestThroughAuction.com | Opens: April 2 at 9:00 AM | Closes: April 9 at 4:00 PM ET Great Auction Opportunity! Sells to the highest bidder at or above $119,000. Located at 414 M Street, this approximately 1,998-square-foot residential duplex on a 0.05-acre lot offers strong income-producing potential near the fast-growing University of Louisville and Churchill Downs corridor. The property provides two units: the 2nd fl 1-bed, 1-bath unit is currently occupied at $750/month, while the 1st fl 2-bed, 1-bath unit is vacant and was previously rented for $900/mo, with total marke

Key facts

• Manageable lot size
• Multi unit layout
• 2,574 sq ft lot

Tags

• INCOME PRODUCING POTENTIAL
• TWO RESIDENTIAL UNITS
• MULTI UNIT LAYOUT
• MANAGEABLE LOT SIZE

Property features AI

Finance

• Other: Located in South Louisville near Churchill Downs
• HOA & community: No association fee

Exterior

• Utilities: Electricity connected
• Home design: Contemporary style; Residential property (subtype: Auction); 2 stories; Built in 1900; Shingle roof; Vinyl siding
• Construction: Vinyl siding construction; Shingle roof; Year built: 1900; Above-grade finished area listed as 1,998
• Exterior features: Corner lot; Lot approximately 0.06 acres

Interior

• Kitchen: Kitchen on the first floor; Second-floor kitchen (upper unit or separate area)
• Bedrooms: 4 bedrooms total; Two bedrooms on the first floor; Two bedrooms on the second floor
• Bathrooms: 2 full bathrooms; No half bathrooms
• Heating & cooling: Natural gas heating; Central air; Wall/window AC unit(s); One HVAC unit
• Interior features: No basement; 8 main rooms (10 total rooms); First-floor primary bedroom; First-floor laundry; No fireplaces
• Laundry & utility: Laundry on the first floor

🏷️ Possibly a rental listed for sale. The $119,000 price doesn't fit this home's estimated sale value (~$221,778) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $119k.

Deal economics

• At list price, monthly cash flow is $858 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $119k).
• Recommended offer: $115k (3.0% below list) — sets the bar for market timing.
• Cap rate 14.9% 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 (+6.1%/yr); 77 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 16d 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).
• At $2,135/mo this rent would consume 65% of the median local household income ($40k/yr) (locally 1136% 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 $823 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 + 6.1% rent growth), your $33k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 59 days — a 3% lower offer ($115k) is reasonable based on typical stale-listing flexibility.
• 18 sale attempts since 20y 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.

Risks & watch-outs

• Watch-outs: built in 1900 — 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 $115,430 (3.0% below list)

Questions for the listing agent

1. It's been on market 59 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 1900 — 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 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: 1.79% ✓
• Cap rate: 14.95%
• Cash-on-cash: 30.91%
• DSCR: 2.38
• GRM: 4.6

CMA / ARV

• ARV (on-the-fly): $221,778
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3006 S 3rd St	0.22mi	4/2.0	1,797 (-10%)	15mo	$200,000	$111	61

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 6.06% rent growth · sell at horizon

5-year hold

• IRR: 29.1%
• Equity multiple: 2.27×
• Total profit: $42,183
• Equity at exit: $17,743

10-year hold

• IRR: 38.2%
• Equity multiple: 5.11×
• Total profit: $136,860
• Equity at exit: $10,289

Cash invested: $33,320 (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 40208

• Home prices YoY: -23.3%
• Rents YoY: 6.1%
• Active inventory: 77
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $2,135 high
• Mortgage (P&I): −$624
• Tax from tax record: −$155 /mo · $1,859/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$448
• Net cashflow: $858

Break-even live

Break-even rent $1,049

Max offer price $119,000

Occupancy floor 55%

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

Units	Beds	Baths	Est. rent
1× unit	1	1	$1,033
1× unit	2	1	$1,102
Total (2 units)			$2,135

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: $29,750
• Closing costs: $3,570
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2718 S 5th St Louisville, KY	5.0	2.0	2196	$1,600	$0.73	11d	1	0.07mi
2718 S 3rd St Unit 2 Louisville, KY	4.0	2.0	2000	$2,800	$1.40	11d	1	0.14mi
2711 S 3rd St Unit 1 Louisville, KY	4.0	2.0	1800	$2,400	$1.33	11d	1	0.18mi
2501 S 4th St Louisville, KY	1.0–3.0	1.0–3.0	897	$6,345	$7.07	3d	1	0.35mi
510 Colorado Ave Louisville, KY	3.0	2.0	1500	$1,750	$1.17	23d	1	0.37mi
516 Colorado Ave Louisville, KY	3.0	2.0	2000	$1,800	$0.90	16d	1	0.37mi
3102 Grant Ave Louisville, KY	4.0	2.0	1603	$1,595	$1.00	23d	1	0.50mi
1147 Lincoln Ave Louisville, KY	4.0	1.0	1323	$1,295	$0.98	2d	1	0.59mi
310 W Kenton St Louisville, KY	3.0	2.0	1295	$1,350	$1.04	23d	1	0.76mi
4007 Southern Pkwy Unit 1 Louisville, KY	4.0	1.0	1500	$1,395	$0.93	3d	1	0.88mi
2 Eutropia Ct Louisville, KY	3.0	2.0	1367	$1,950	$1.43	17d	1	0.93mi
1505 Homeview Dr Louisville, KY	5.0	2.0	1949	$1,850	$0.95	16d	1	0.97mi
2125 Crittenden Dr Louisville, KY	3.0	2.0	1450	$1,800	$1.24	17d	1	1.00mi
925 W Evelyn Ave Louisville, KY	3.0	1.5	1520	$1,650	$1.09	23d	1	1.01mi
1501 Bellamy Pl Louisville, KY	2.0–4.0	2.0–4.0	1074	$2,676	$2.49	3d	1	1.08mi
523 Rawlings St Louisville, KY	3.0	1.0	1296	$1,495	$1.15	11d	1	1.29mi
1445 S 2nd St Unit 3 Louisville, KY	3.0	1.0	1290	$1,500	$1.16	14d	1	1.32mi
825 Parkway Dr Louisville, KY	3.0	2.0	1526	$1,600	$1.05	16d	1	1.45mi
4513 S 6th St Louisville, KY	3.0	2.0	1581	$2,650	$1.68	23d	1	1.48mi
1375 S 1st St Louisville, KY	4.0	3.0	2470	$2,400	$0.97	23d	1	1.49mi
1382 S 1st St Unit 1382-10 Carriage House Louisville, KY	3.0	2.0	1500	$1,900	$1.27	3d	1	1.50mi

Listing history 50 events

1. 2026-05-08
   status Pending
2. 2026-04-12
   historical Active Under Contract
3. 2026-03-10
   listed $119,000 Active
4. 2024-06-20
   historical Active Under Contract
5. 2024-05-22
   price $150,000
6. 2024-04-04
   price $155,000
7. 2024-04-03
   status Active
8. 2024-03-31
   historical Active Under Contract
9. 2024-03-26
   price $165,000
10. 2024-03-01
    status Active
11. 2024-02-25
    historical Active Under Contract
12. 2024-02-22
    price $169,000
13. 2024-02-01
    status Active
14. 2024-01-26
    status Pending
15. 2024-01-26
    historical
16. 2024-01-14
    listed $175,000 Active
17. 2023-09-21
    historical
18. 2023-08-28
    listed $173,000 Active
19. 2023-08-28
    price $173,000
20. 2023-08-28
    historical
21. 2023-08-24
    listed $175,000 Active
22. 2022-06-13
    soldstatus $147,500
23. 2022-06-09
    soldstatus $147,500 Closed
24. 2022-05-11
    status Pending
25. 2022-05-11
    historical Active Under Contract
26. 2022-05-04
    listed $155,000 Active
27. 2022-05-03
    historical
28. 2022-04-27
    historical Active Under Contract
29. 2022-04-22
    status Active
30. 2022-04-18
    historical Active Under Contract
31. 2022-04-15
    listed $155,000 Active
32. 2021-05-20
    soldstatus $85,000
33. 2020-12-31
    historical
34. 2020-08-27
    status Active
35. 2020-08-27
    price $95,000
36. 2020-08-11
    status Pending
37. 2020-08-04
    listed $100,000 Active
38. 2020-04-04
    historical
39. 2020-01-28
    listed $115,000 Active
40. 2017-12-26
    historical
41. 2017-10-09
    listed $61,500 Active
42. 2015-09-25
    soldstatus $33,333 Closed
43. 2015-08-04
    status Pending
44. 2015-05-28
    status Active
45. 2015-05-28
    price $72,500
46. 2015-05-19
    status Pending
47. 2015-04-13
    listed $79,000 Active
48. 2015-04-13
    price $74,000
49. 2007-05-14
    historical
50. 2006-10-17
    listed $74,900

ⓘ 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: $1,859 · $155/mo
• Projected year-2 tax: $1,859 · $155/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 ≥105°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: $25,620
• − Mortgage interest: −$6,666
• − Property taxes: −$1,859
• − Insurance: −$595
• − Repairs & maintenance: −$2,050
• − Management: −$2,050
• − Depreciation: −$3,462
• Taxable income: $8,940
• Est. tax owed @ 24.0%: −$2,146
• After-tax cash flow: $8,152/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): 15,605
• Household income: $39,560
• Rent vs Own: 73.8% rent · 26.2% own
• Severe rent burden: 1136.0

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: White 62% Black 22% Two or more races 9% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 3% Lithuanian 2% Slovak 2%
• Foreign-born: 5% · Canada, China, South Korea
• Languages at home: 90% English-only · Spanish 3% French/Haitian/Cajun 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: ▼ -72.97%
• Current HPI: 240.6261
• Rent YoY: ▲ 6.06%
• 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

+48.9% since first listed

52 events — show timeline

• 2026-05-08 Pending — Metro Search MLS
• 2026-04-12 Contingent — Metro Search MLS
• 2026-03-10 Listed $119,000 Metro Search MLS
• 2024-06-20 Contingent — Metro Search MLS
• 2024-05-22 Price Changed $150,000 Metro Search MLS
• 2024-04-04 Price Changed $155,000 Metro Search MLS
• 2024-04-03 Relisted — Metro Search MLS
• 2024-03-31 Contingent — Metro Search MLS
• 2024-03-26 Price Changed $165,000 Metro Search MLS
• 2024-03-01 Relisted — Metro Search MLS
• 2024-02-25 Contingent — Metro Search MLS
• 2024-02-22 Price Changed $169,000 Metro Search MLS
• 2024-02-01 Relisted — Metro Search MLS
• 2024-01-26 Pending — Metro Search MLS
• 2024-01-26 Listing Removed — Metro Search MLS
• 2024-01-14 Listed $175,000 Metro Search MLS
• 2023-09-21 Listing Removed — Metro Search MLS
• 2023-08-28 Listing Removed — Metro Search MLS
• 2023-08-28 Price Changed $173,000 Metro Search MLS
• 2023-08-28 Listed $173,000 Metro Search MLS
• 2023-08-24 Listed $175,000 Metro Search MLS
• 2022-06-13 Sold (Public Records) $147,500 Public Records
• 2022-06-09 Sold (MLS) $147,500 Metro Search MLS
• 2022-05-11 Pending — Metro Search MLS
• 2022-05-11 Contingent — Metro Search MLS
• 2022-05-04 Listed $155,000 Metro Search MLS
• 2022-05-03 Listing Removed — Metro Search MLS
• 2022-04-27 Contingent — Metro Search MLS
• 2022-04-22 Relisted — Metro Search MLS
• 2022-04-18 Contingent — Metro Search MLS
• 2022-04-15 Listed $155,000 Metro Search MLS
• 2021-05-20 Sold (Public Records) $85,000 Public Records
• 2020-12-31 Listing Removed — Metro Search MLS
• 2020-08-27 Relisted — Metro Search MLS
• 2020-08-27 Price Changed $95,000 Metro Search MLS
• 2020-08-11 Pending — Metro Search MLS
• 2020-08-04 Listed $100,000 Metro Search MLS
• 2020-04-04 Listing Removed — Metro Search MLS
• 2020-01-28 Listed $115,000 Metro Search MLS
• 2017-12-26 Listing Removed — Metro Search MLS
• 2017-10-09 Listed $61,500 Metro Search MLS
• 2015-09-25 Sold (MLS) $33,333 Metro Search MLS
• 2015-08-04 Pending — Metro Search MLS
• 2015-05-28 Relisted — Metro Search MLS
• 2015-05-28 Price Changed $72,500 Metro Search MLS
• 2015-05-19 Pending — Metro Search MLS
• 2015-04-13 Listed $79,000 Metro Search MLS
• 2015-04-13 Price Changed $74,000 Metro Search MLS
• 2007-05-14 Listing Removed — Metro Search MLS
• 2006-10-17 Listed $74,900 Metro Search MLS
• 2006-08-30 Listing Removed — Metro Search MLS
• 2006-01-31 Listed $79,900 Metro Search MLS

Property tax history

+9.4%/yr

Latest (2025): $1,859 · -1.9% YoY. Source: county tax records.