2122 Bonnycastle Ave · Louisville, KY 40205

$574,900

42 bd · 6.0 ba · 3,937 sqft · MultiFamily · 107 Days on market

Built 1913 1,913 sqft lot

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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 +27.9/30.0
• DSCR +9.9/10.0
• ARV discount +7.5/15.0
• 1% rule +7.3/10.0
• Rent growth +3.8/5.0
• 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: 6 units. confirmed

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 MLS

Attention Investors!! Great opportunity to own this wonderful 7 Unit apartment building in the heart of the Highlands! Very spacious one bedroom one bathroom apartments, tall ceilings with tons of natural light, nice kitchens and baths and open living areas. Big front porch and large back yard, off street parking, all rented with leases and a monthly income of over $5,000.00. Come check out this awesome investment Thursday Sept.10th from 5-7 - open to tour! Don't miss out!

Key facts

• Coin laundry
• Vending
• 6 unit multifamily

Tags

• 6 UNIT MULTIFAMILY
• 4 CAR CARPORT
• SHARED AMENITY SPACE
• COIN LAUNDRY
• TENANT STORAGE
• VENDING

Property features AI

Finance

• Other: Subdivision: HIGHLANDS
• Financial info: Property configured as multi-unit apartment: three units on the 1st level (rent listed as 2475), three units on the 2nd level (rent listed as 895 each), and one basement unit (rent listed as 695)
• HOA & community: No association fee

Exterior

• Parking: 4 parking spaces (no covered parking)
• Utilities: Electricity connected; Owner pays electric, gas, water, sewer and trash removal; tenant pays cable
• Home design: Apartment property; Built in 1913; Shingle roof; Vinyl siding, wood frame and aluminum siding construction
• Construction: Built in 1913; Vinyl siding, wood frame and aluminum siding; Shingle roof
• Exterior features: No notable exterior features listed

Interior

• Kitchen: Each floor has kitchens: 3 kitchens on the 1st level, 3 kitchens on the 2nd level, 1 kitchen in the basement; Ranges and refrigerators included on each level (3 on 1st level, 3 on 2nd level, 1 in basement)
• Bedrooms: 7 total bedrooms (3 on the 1st level, 3 on the 2nd level, 1 in the basement)
• Bathrooms: Basement has 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning; One furnace
• Interior features: Basement present
• Laundry & utility: Utilities: electricity connected

What this means for you Summary

Snapshot

• This is a 6 × 1-bed/1.0-bath units multifamily listed at $575k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive. Per door: $295/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $575k).
• Recommended offer: $523k (9.0% below list) — sets the bar for market timing.
• Cap rate 10.0% 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 (+5.4%/yr); 123 active listings in the ZIP; solid renter incomes; 2,836 units permitted in Jefferson County in 2024 (1,558 in 5+ unit buildings).
• At $7,095/mo this rent would consume 85% of the median local household income ($100k/yr) (locally 492% 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 $4k of loan paydown is wiped out by about $17k 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 + 5.4% rent growth), your $161k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 107 days — a 9% lower offer ($523k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 6y 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 $460k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1913 — 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 $523,159 (9.0% below list)

Questions for the listing agent

1. It's been on market 107 days. Have you received any prior offers? Is the seller open to a 9% 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 1913 — 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: 1.23% ✓
• Cap rate: 9.98%
• Cash-on-cash: 13.18%
• DSCR: 1.59
• GRM: 6.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.39% rent growth · sell at horizon

5-year hold

• IRR: 5.8%
• Equity multiple: 1.23×
• Total profit: $36,973
• Equity at exit: $85,719

10-year hold

• IRR: 17.2%
• Equity multiple: 2.57×
• Total profit: $252,610
• Equity at exit: $49,707

Cash invested: $160,972 (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 40205

• Rents YoY: 5.4%
• Active inventory: 123
• Price-to-rent: 40.5×

Monthly cashflow live

• Estimated rent: $7,095 high
• Mortgage (P&I): −$3,015
• Tax from tax record: −$582 /mo · $6,985/yr
• Insurance: −$240
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,490
• Net cashflow: $1,769

Break-even live

Break-even rent $4,856

Max offer price $574,900

Occupancy floor 70%

Sensitivity live

Price	-10% $2,094	-5% $1,931	+0% $1,769	+5% $1,606	+10% $1,443
Rent	-10% $1,208	-5% $1,488	+0% $1,769	+5% $2,049	+10% $2,329
Rate	-1.0pp $2,058	-0.5pp $1,915	base $1,769	+0.5pp $1,620	+1.0pp $1,468

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

Units	Beds	Baths	Est. rent
▸ 6× units	1	1	$7,098
Total (6 units)			$7,095

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: $143,725
• Closing costs: $17,247
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $574,900 Active 107 DOM
2. 2026-06-17
   days on market $574,900 Active 106 DOM
3. 2026-06-16
   days on market $574,900 Active 105 DOM
4. 2026-06-15
   days on market $574,900 Active 104 DOM
5. 2026-06-13
   days on market $574,900 Active 102 DOM
6. 2026-06-10
   days on market $574,900 Active 99 DOM
7. 2026-06-09
   days on market $574,900 Active 98 DOM
8. 2026-06-08
   days on market $574,900 Active 97 DOM
9. 2026-06-07
   days on market $574,900 Active 96 DOM
10. 2026-06-03
    days on market $574,900 Active 92 DOM
11. 2026-06-02
    days on market $574,900 Active 91 DOM
12. 2026-06-01
    days on market $574,900 Active 90 DOM
13. 2026-05-31
    days on market $574,900 Active 89 DOM
14. 2026-03-05
    status Active
15. 2026-02-11
    historical
16. 2026-02-09
    listed $574,900 Active
17. 2020-11-24
    soldstatus $460,000
18. 2020-11-12
    soldstatus $460,000 Closed 482-char remark

    Show marketing remark (482 chars)

    Attention Investors!! Great opportunity to own this wonderful 7 Unit apartment building in the heart of the Highlands! Very spacious one bedroom one bathroom apartments, tall ceilings with tons of natural light, nice kitchens and baths and open living areas. Big front porch and large back yard, off street parking, all rented with leases and a monthly income of over $5,000.00. Come check out this awesome investment Thursday Sept.10th from 5-7 - open to tour! Don't miss out!

19. 2020-09-12
    historical Active Under Contract 482-char remark

    Show marketing remark (482 chars)

    Attention Investors!! Great opportunity to own this wonderful 7 Unit apartment building in the heart of the Highlands! Very spacious one bedroom one bathroom apartments, tall ceilings with tons of natural light, nice kitchens and baths and open living areas. Big front porch and large back yard, off street parking, all rented with leases and a monthly income of over $5,000.00. Come check out this awesome investment Thursday Sept.10th from 5-7 - open to tour! Don't miss out!

20. 2020-09-09
    listed $425,000 Active 482-char remark

    Show marketing remark (482 chars)

    Attention Investors!! Great opportunity to own this wonderful 7 Unit apartment building in the heart of the Highlands! Very spacious one bedroom one bathroom apartments, tall ceilings with tons of natural light, nice kitchens and baths and open living areas. Big front porch and large back yard, off street parking, all rented with leases and a monthly income of over $5,000.00. Come check out this awesome investment Thursday Sept.10th from 5-7 - open to tour! Don't miss out!

ⓘ 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: $6,985 · $582/mo
• Projected year-2 tax: $6,985 · $582/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 ≥104°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 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $85,140
• − Mortgage interest: −$32,203
• − Property taxes: −$6,985
• − Insurance: −$2,874
• − Repairs & maintenance: −$6,811
• − Management: −$6,811
• − Depreciation: −$16,724
• Taxable income: $12,730
• Est. tax owed @ 24.0%: −$3,055
• After-tax cash flow: $18,167/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): 24,664
• Household income: $99,966
• Rent vs Own: 25.6% rent · 74.4% own
• Severe rent burden: 492.0

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 White (92%)
• Race & ethnicity: White 92% Two or more races 4% Black 3% Hispanic / Latino 2%
• Common ancestry: Slovak 4% Italian 3% Lithuanian 2%
• Foreign-born: 4% · Canada
• Languages at home: 96% English-only · Russian/Polish/Slavic 1% Spanish 1% Other Asian/Pacific 0%

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: ▼ -384.33%
• Current HPI: 253.5022
• Rent YoY: ▲ 5.39%
• 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

+35.3% since first listed

7 events — show timeline

• 2026-03-05 Relisted — Metro Search MLS
• 2026-02-11 Listing Removed — Metro Search MLS
• 2026-02-09 Listed $574,900 Metro Search MLS
• 2020-11-24 Sold (Public Records) $460,000 Public Records
• 2020-11-12 Sold (MLS) $460,000 Metro Search MLS
• 2020-09-12 Contingent — Metro Search MLS
• 2020-09-09 Listed $425,000 Metro Search MLS

Property tax history

+9.0%/yr

Latest (2025): $6,985 · -1.9% YoY. Source: county tax records.