6510 Six Mile Ln #3 · Louisville/Jefferson County metro government (balance), KY 40218

$1

1 bd · 1.0 ba · 1,000 sqft · Condo · 14 Days on market

Built 1982 ↓ 42% since listing

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Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Rent growth +1.6/5.0
• Appreciation +0.0/10.0

Listing remarks

PROPERTY IS GOING TO AUCTION ONLINE ONLY APRIL 26TH-30TH WWW. AUCTIONGROUPS. COM THIS IS PART OF 13 PROPERTIES GOING TO AUCTION. PLEASE VISIT OUR WEBSITE FOR COMPLET DETAILS

Key facts

• Built 1982
• Listed 14 days

Property features AI

Finance

• HOA & community: Association present with $0 association fee; Pets allowed per restrictions; Subdivision: ARBOR PLACE

Exterior

• Parking: No parking
• Utilities: Utilities: Other
• Home design: Residential property (subtype: Auction); Other architectural style; Single-story; Entry level: first floor
• Construction: Built in 1982; Brick construction; Shingle roof; Slab foundation
• Exterior features: Lot features: see remarks; No fencing indicated

Interior

• Kitchen: Kitchen on the first floor
• Bedrooms: 1 bedroom on the first floor; Primary bedroom on the first floor
• Bathrooms: 1 full bathroom on the first floor
• Heating & cooling: Radiant heating; Central air conditioning
• Interior features: 4 total rooms; Family room on the first floor; No basement
• Laundry & utility: No first-floor laundry

🔨 Auction listing. The $1 list price is a nominal opening bid, not a real ask — every metric below is computed on the estimated value $1 (ARV from comps), not the list price.

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $1.

Deal economics

• At list price, monthly cash flow is $670 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $1).
• Cap rate 803721.3% vs local median 4.0% in Louisville/Jefferson County metro government (balance) — 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: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• 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; 28 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 2,836 units permitted in Jefferson County in 2024 (1,558 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $0 of loan paydown is wiped out by about $0 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 + 0.0% rent growth), your $0 cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 22y 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

• 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 $1

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
5. 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.
6. 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.
7. 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: 107186.00% ✓
• Cap rate: 803721.28%
• Cash-on-cash: 2870410.67%
• DSCR: 127718.12
• GRM: 0.0

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: —
• Equity multiple: 141576.43×
• Total profit: $39,641
• Equity at exit: $0

10-year hold

• IRR: —
• Equity multiple: 277912.62×
• Total profit: $77,815
• Equity at exit: $0

Cash invested: $0 (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

Monthly cashflow live

• Estimated rent: $1,072 high
• Mortgage (P&I): −$0
• Tax est. 1.5%: −$0 /mo · $0/yr
• Insurance: −$0
• HOA est. from 1 same-building comp: −$177
• Vacancy / Maint / Mgmt: −$225
• Net cashflow: $670

Break-even live

Break-even rent $224

Max offer price $1

Occupancy floor 33%

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: $0
• Closing costs: $0
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6512 Six Mile Ln #6 Louisville, KY	2.0	2.0	900	$1,099	$1.22	3d	1	0.05mi
6512 Six Mile Ln #6 Louisville, KY	2.0	2.0	900	$1,099	$1.22	16d	1	0.05mi
6710 Six Mile Ln Louisville, KY	2.0	1.0	1005	$1,275	$1.27	23d	1	0.23mi
6710 Six Mile Ln Louisville, KY	2.0	1.0	1005	$1,275	$1.27	14d	1	0.23mi
3424 Breckenridge Ln Louisville, KY	2.0	1.0–2.0	875	$1,229	$1.40	3d	6	0.37mi
4401 Landside Dr Unit 3 Louisville, KY	2.0	1.0	850	$850	$1.00	10d	1	0.56mi
4405 Landside Dr Unit 3 Louisville, KY	2.0	1.0	800	$800	$1.00	23d	1	0.58mi
4508 Landside Dr Unit 12 Louisville, KY	2.0	1.0	950	$1,000	$1.05	3d	1	0.63mi
3712 Klondike Ln Louisville, KY	2.0	1.0	875	$950	$1.09	17d	1	0.85mi
7025 Bronner Cir Louisville, KY	1.0–2.0	1.0–2.5	1050	$1,063	$1.01	11d	9	0.88mi
3710 Noblitt Dr Apt 3 Louisville, KY	2.0	1.0	950	$1,100	$1.16	17d	1	0.94mi
5935 6 Mile Ln Unit Second Floor Louisville, KY	2.0	1.0	980	$1,500	$1.53	23d	1	0.96mi
3705 Briarbridge Ln Unit 4 Louisville, KY	2.0	1.0	750	$750	$1.00	23d	1	0.97mi
3705 Briarbridge Ln Unit 4 Louisville, KY	2.0	1.0	750	$750	$1.00	21d	1	0.97mi
8010 Summerfield Cir Louisville, KY	1.0–3.0	1.0–2.5	1100	$1,020	$0.93	14d	1	1.04mi
2906 Noe Ct Unit 2 Louisville, KY	2.0	1.0	878	$895	$1.02	23d	1	1.08mi
2106 Buechel Bank Rd Louisville, KY	1.0–3.0	1.0	1000	$1,069	$1.07	3d	7	1.08mi
4313 Norbrook Dr Unit 4 Louisville, KY	2.0	1.0	725	$950	$1.31	23d	1	1.09mi
3245 Orchard Manor Cir Louisville, KY	1.0–2.0	1.0–2.0	950	$950	$1.00	3d	3	1.11mi
3316 Noe Way Louisville, KY	2.0	1.0	950	$950	$1.00	3d	2	1.13mi
3206 Orchard Manor Cir Apt 7 Louisville, KY	2.0	1.0	850	$900	$1.06	3d	1	1.13mi
3204 Orchard Manor Cir Unit 3 Louisville, KY	2.0	1.0	750	$900	$1.20	3d	1	1.14mi
3416 Clingstone Way Louisville, KY	2.0	1.5	900	$1,150	$1.28	17d	1	1.16mi
7204 Churchill Park Dr Louisville, KY	1.0–3.0	1.0–2.0	1020	$1,025	$1.00	20d	35	1.17mi
3216 Hikes Ln Louisville, KY	2.0	1.5	900	$1,150	$1.28	23d	1	1.17mi
3206 Abshire Ln Louisville, KY	1.0–2.0	1.0–2.0	720	$955	$1.33	2d	10	1.20mi
2041 Shady Grove Way Louisville, KY	3.0	1.0–2.0	754	$1,042	$1.38	23d	4	1.23mi
203 El Conquistador Pl Louisville, KY	2.0	2.0	1006	$1,400	$1.39	23d	1	1.32mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 11 events

1. 2026-05-06
   status Pending
2. 2026-04-01
   listed $1 Active
3. 2012-06-22
   soldstatus $46,000
4. 2012-05-22
   historical
5. 2012-05-21
   listed $54,900
6. 2012-04-17
   listed $61,900
7. 2006-05-30
   soldstatus $81,500
8. 2006-05-25
   soldstatus $81,500
9. 2006-03-29
   listed $81,500
10. 2004-10-17
    historical
11. 2004-04-16
    listed $79,500

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥103°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 2 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,862
• − Mortgage interest: −$0
• − Property taxes: −$0
• − Insurance: −$0
• − Repairs & maintenance: −$1,029
• − Management: −$1,029
• − HOA: −$2,124
• − Depreciation: −$0
• Taxable income: $8,680
• Est. tax owed @ 24.0%: −$2,083
• After-tax cash flow: $5,954/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/Jefferson County metro government (balance)

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Louisville/Jefferson County metro government (balance), KY
• County: Jefferson County · 790,184 people
• City population: 419,741
• 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

-42.1% since first listed

11 events — show timeline

• 2026-05-06 Pending — Metro Search MLS
• 2026-04-01 Listed $1 Metro Search MLS
• 2012-06-22 Sold (MLS) $46,000 Metro Search MLS
• 2012-05-22 Listing Removed — Metro Search MLS
• 2012-05-21 Listed $54,900 Metro Search MLS
• 2012-04-17 Listed $61,900 Metro Search MLS
• 2006-05-30 Sold (Public Records) $81,500 Public Records
• 2006-05-25 Sold (MLS) $81,500 Metro Search MLS
• 2006-03-29 Listed $81,500 Metro Search MLS
• 2004-10-17 Listing Removed — Metro Search MLS
• 2004-04-16 Listed $79,500 Metro Search MLS

Property tax history

+2.2%/yr

Latest (2025): $1,093 · -2.1% YoY. Source: county tax records.