1443 S 32nd St · Louisville, KY 40211

$154,900

4 bd · 4.0 ba · 1,143 sqft · MultiFamily · 135 Days on market

Built 1936

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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 +27.2/30.0
• DSCR +9.5/10.0
• ARV discount +7.5/15.0
• 1% rule +6.4/10.0
• 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 (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Attention investors! This fully occupied duplex has had some major renovations in the past year and a half. Replaced roof, windows, bathrooms, kitchen, crawl space encapsulated, and more. Leases are 12 months, one unit rented for $875 and one for $800, so $1675 total. Owner only pays water and lawn. Pictures are recent. Buyer will be able to go in each unit after an offer is accepted and this can be a contingency in contract. Property sold AS IS with absolutely no warranties expressed written or implied. Buyer to verify any and all information or lack of information including but not limited to square footage, lot size, utilities, foundations, environmental concerns, zoning and intended uses, etc.

Key facts

• Newer flooring
• Fresh paint
• Onsite parking

Tags

• UPDATED BATHROOMS
• NEWER FLOORING
• FRESH PAINT
• NEWER ROOF
• ONSITE PARKING
• CORNER LOT

Property features AI

Finance

• HOA & community: No association fee

Exterior

• Parking: Three parking spaces; No covered parking
• Utilities: Electricity connected; Natural gas available; Owner pays water and sewer; tenants pay cable, electric, gas, and trash removal
• Home design: Ranch-style duplex; Built in 1936
• Construction: Wood frame construction; Shingle roof; Living area approximately 1,143 total
• Exterior features: No notable exterior features listed; Located in the Churchill subdivision

Interior

• Kitchen: Two kitchens (one in each unit)
• Bedrooms: Two bedrooms total (both on the first level)
• Bathrooms: Two full bathrooms (both on the first level)
• Heating & cooling: Natural gas heating (one furnace); Wall/window air conditioning units
• Interior features: Duplex with two separate units; Both units located on the first level; No basement
• Laundry & utility: Separate meters for units

What this means for you Summary

Snapshot

• This is a 2 × 1-bed/1.0-bath units multifamily listed at $155k.

Deal economics

• At list price, monthly cash flow is $444 ($5k/yr) — positive. Per door: $222/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $155k).
• Recommended offer: $136k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.7% 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); 144 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $1,760/mo this rent would consume 67% 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 $1k of loan paydown is wiped out by about $5k 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 $43k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 135 days — a 12% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 19y 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 1936 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $136,312 (12.0% below list)

Questions for the listing agent

1. It's been on market 135 days. Have you received any prior offers? Is the seller open to a 12% 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 1936 — 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: 1.14% ✓
• Cap rate: 9.73%
• Cash-on-cash: 12.29%
• DSCR: 1.55
• GRM: 7.3

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: 3.8%
• Equity multiple: 1.15×
• Total profit: $6,517
• Equity at exit: $23,096

10-year hold

• IRR: 14.9%
• Equity multiple: 2.30×
• Total profit: $56,287
• Equity at exit: $13,393

Cash invested: $43,372 (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: 144
• Price-to-rent: 14.7×

Monthly cashflow live

• Estimated rent: $1,760 high
• Mortgage (P&I): −$812
• Tax from tax record: −$69 /mo · $832/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$370
• Net cashflow: $444

Break-even live

Break-even rent $1,198

Max offer price $154,900

Occupancy floor 70%

Sensitivity live

Price	-10% $532	-5% $488	+0% $444	+5% $400	+10% $357
Rent	-10% $305	-5% $375	+0% $444	+5% $514	+10% $583
Rate	-1.0pp $522	-0.5pp $484	base $444	+0.5pp $404	+1.0pp $363

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$1,760
Total (2 units)			$1,760

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: $38,725
• Closing costs: $4,647
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1439 Beech St Apt 1 Louisville, KY	3.0	1.5	1000	$820	$0.82	24d	1	0.19mi
1622 Beech St Louisville, KY	4.0	1.0	1108	$1,445	$1.30	17d	1	0.23mi
2913 Dumesnil St Apt 3 Louisville, KY	3.0	1.0	1112	$740	$0.67	11d	1	0.47mi
1339 S 28th St Unit 3 Louisville, KY	3.0	1.0	1125	$1,175	$1.04	21d	1	0.48mi
3215 Virginia Ave Louisville, KY	3.0	1.0	975	$924	$0.95	24d	1	0.49mi
3611 Regatta Way Louisville, KY	3.0	1.0	1035	$1,450	$1.40	17d	1	0.55mi
1804 Russell Lee Dr Louisville, KY	1.0–3.0	1.0–1.5	810	$1,304	$1.61	2d	1	0.58mi
3313 Penway Ave Louisville, KY	4.0	2.0	1142	$1,645	$1.44	24d	1	0.60mi
1115 S 32nd St Louisville, KY	3.0	1.0	1393	$1,275	$0.92	22d	1	0.61mi
1115 S 32nd St Louisville, KY	3.0	1.0	1393	$1,275	$0.92	24d	1	0.61mi
1155 S 28th St Unit 4 Louisville, KY	4.0	2.0	1010	$1,350	$1.34	24d	1	0.63mi
3514 Grand Ave Louisville, KY	3.0	1.5	1450	$1,295	$0.89	22d	1	0.70mi
2706 Hale Ave Unit 1 Louisville, KY	3.0	1.0	1100	$1,400	$1.27	24d	1	0.72mi
1410 Standard Village Cir Louisville, KY	3.0	2.0	1200	$900	$0.75	24d	1	0.73mi
2629 Olive St Louisville, KY	4.0	1.0	1120	$1,500	$1.34	24d	1	0.74mi
2912 Greenwood Ave Louisville, KY	3.0	2.0	1362	$1,150	$0.84	17d	1	0.78mi
2223 Saint Louis Ave Louisville, KY	3.0	1.5	1152	$1,175	$1.02	24d	1	0.83mi
2825 Greenwood Ave #4 Louisville, KY	3.0	1.0	1440	$1,250	$0.87	24d	1	0.83mi
3122 W Kentucky St Louisville, KY	3.0	1.0	1030	$1,150	$1.12	24d	1	0.83mi
2821 Greenwood Ave #1 Louisville, KY	3.0	1.0	1113	$1,300	$1.17	24d	1	0.83mi
2708 Greenwood Ave Apt 1 Louisville, KY	3.0	1.0	1100	$1,300	$1.18	24d	1	0.87mi
2710 W Kentucky St Apt 2 Louisville, KY	3.0	1.0	1015	$1,300	$1.28	24d	1	0.94mi
2711 W Kentucky St Louisville, KY	3.0	1.0	1155	$1,100	$0.95	24d	1	0.98mi
2634 Garland Ave Unit B Louisville, KY	3.0	1.0	1152	$895	$0.78	21d	1	1.05mi
2634 Garland Ave Unit A Louisville, KY	3.0	1.0	1152	$940	$0.82	24d	1	1.05mi
814 S 33rd St Louisville, KY	3.0	1.0	1104	$1,350	$1.22	4d	1	1.06mi
803 S 35th St Louisville, KY	3.0	1.0	1486	$1,350	$0.91	24d	1	1.09mi
823 S 38th St Louisville, KY	3.0	1.0	1100	$1,195	$1.09	4d	1	1.11mi
737 S 33rd St Louisville, KY	4.0	1.0	1356	$1,595	$1.18	24d	1	1.14mi
4220 Sunset Ave Louisville, KY	5.0	1.5	1464	$1,950	$1.33	2d	1	1.14mi
2416 Garland Ave Louisville, KY	3.0	2.0	1172	$1,600	$1.37	24d	1	1.16mi
4221 Sunset Ave Louisville, KY	3.0	1.0	1075	$1,199	$1.12	24d	1	1.16mi
2311 Plantation Dr Louisville, KY	3.0	1.0	988	$1,200	$1.21	17d	1	1.19mi
833 S 41st St Louisville, KY	3.0	2.0	786	$1,250	$1.59	24d	1	1.21mi
836 S 41st St Louisville, KY	3.0	1.0	1300	$1,300	$1.00	20d	1	1.22mi
4514 Winnrose Way Louisville, KY	3.0	1.5	1064	$1,500	$1.41	2d	1	1.25mi
1714 W Hill St Louisville, KY	3.0	1.0	1050	$1,045	$1.00	24d	1	1.25mi
1708 W Gaulbert Ave Louisville, KY	3.0	1.0	936	$975	$1.04	24d	1	1.27mi
803 Cecil Ave Louisville, KY	4.0	1.0	1165	$1,449	$1.24	11d	1	1.30mi
848 S 23rd St Louisville, KY	3.0	1.5	1050	$1,450	$1.38	24d	1	1.31mi

Listing history 23 events

1. 2026-06-21
   days on market $154,900 Active 135 DOM
2. 2026-06-18
   days on market $154,900 Active 132 DOM
3. 2026-06-17
   days on market $154,900 Active 131 DOM
4. 2026-06-16
   days on market $154,900 Active 130 DOM
5. 2026-06-15
   days on market $154,900 Active 129 DOM
6. 2026-06-13
   days on market $154,900 Active 127 DOM
7. 2026-06-10
   days on market $154,900 Active 124 DOM
8. 2026-06-09
   days on market $154,900 Active 123 DOM
9. 2026-06-08
   days on market $154,900 Active 122 DOM
10. 2026-06-07
    days on market $154,900 Active 121 DOM
11. 2026-06-03
    days on market $154,900 Active 117 DOM
12. 2026-06-02
    days on market $154,900 Active 116 DOM
13. 2026-06-01
    days on market $154,900 Active 115 DOM
14. 2026-05-31
    days on market $154,900 Active 114 DOM
15. 2026-02-06
    listed $154,900 Active
16. 2025-04-15
    soldstatus $145,000
17. 2025-04-09
    soldstatus $145,000 Closed 707-char remark

    Show marketing remark (707 chars)

    Attention investors! This fully occupied duplex has had some major renovations in the past year and a half. Replaced roof, windows, bathrooms, kitchen, crawl space encapsulated, and more. Leases are 12 months, one unit rented for $875 and one for $800, so $1675 total. Owner only pays water and lawn. Pictures are recent. Buyer will be able to go in each unit after an offer is accepted and this can be a contingency in contract. Property sold AS IS with absolutely no warranties expressed written or implied. Buyer to verify any and all information or lack of information including but not limited to square footage, lot size, utilities, foundations, environmental concerns, zoning and intended uses, etc.

18. 2025-02-24
    status Pending 707-char remark

    Show marketing remark (707 chars)

    Attention investors! This fully occupied duplex has had some major renovations in the past year and a half. Replaced roof, windows, bathrooms, kitchen, crawl space encapsulated, and more. Leases are 12 months, one unit rented for $875 and one for $800, so $1675 total. Owner only pays water and lawn. Pictures are recent. Buyer will be able to go in each unit after an offer is accepted and this can be a contingency in contract. Property sold AS IS with absolutely no warranties expressed written or implied. Buyer to verify any and all information or lack of information including but not limited to square footage, lot size, utilities, foundations, environmental concerns, zoning and intended uses, etc.

19. 2025-02-21
    listed $149,900 Active 707-char remark

    Show marketing remark (707 chars)

    Attention investors! This fully occupied duplex has had some major renovations in the past year and a half. Replaced roof, windows, bathrooms, kitchen, crawl space encapsulated, and more. Leases are 12 months, one unit rented for $875 and one for $800, so $1675 total. Owner only pays water and lawn. Pictures are recent. Buyer will be able to go in each unit after an offer is accepted and this can be a contingency in contract. Property sold AS IS with absolutely no warranties expressed written or implied. Buyer to verify any and all information or lack of information including but not limited to square footage, lot size, utilities, foundations, environmental concerns, zoning and intended uses, etc.

20. 2020-12-21
    historical
21. 2020-11-13
    listed $70,000 Active
22. 2008-05-15
    historical
23. 2007-11-15
    listed $56,000

ⓘ 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: $832 · $69/mo
• Projected year-2 tax: $1,332 · $111/mo
• Expected delta: +$501/yr (+$42/mo · 60.2%)

ⓘ 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 · 19 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: $21,120
• − Mortgage interest: −$8,677
• − Property taxes: −$832
• − Insurance: −$774
• − Repairs & maintenance: −$1,690
• − Management: −$1,690
• − Depreciation: −$4,506
• Taxable income: $2,952
• Est. tax owed @ 24.0%: −$708
• After-tax cash flow: $4,623/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

+176.6% since first listed

9 events — show timeline

• 2026-02-06 Listed $154,900 Metro Search MLS
• 2025-04-15 Sold (Public Records) $145,000 Public Records
• 2025-04-09 Sold (MLS) $145,000 Metro Search MLS
• 2025-02-24 Pending — Metro Search MLS
• 2025-02-21 Listed $149,900 Metro Search MLS
• 2020-12-21 Listing Removed — Metro Search MLS
• 2020-11-13 Listed $70,000 Metro Search MLS
• 2008-05-15 Listing Removed — Metro Search MLS
• 2007-11-15 Listed $56,000 Metro Search MLS

Property tax history

+10.0%/yr

Latest (2025): $832 · -1.9% YoY. Source: county tax records.