2730 S 4th St · Louisville, KY 40208

$410,000

None bd · 10.0 ba · 3,440 sqft · MultiFamily · 213 Days on market

Built 1925 2,275 sqft lot Est $347k · 18% 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 +24.8/30.0
• DSCR +8.1/10.0
• 1% rule +5.2/10.0
• Rent growth +4.0/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 5 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

Great investment property with lots of potential. Needs a lot of interior work. There are five one bedroom units, three on the first floor and two on the second.

Key facts

• Long-term tenants
• Turnkey property
• Solid rental history

Tags

• 5-PLEX INVESTMENT
• FULLY RENTED MULTI-FAMILY
• LONG-TERM TENANTS
• SOLID RENTAL HISTORY
• RECENT RENOVATIONS
• TURNKEY PROPERTY

Property features AI

Finance

• Other: Lot dimensions approximately 35 x 65
• Financial info: Multi-unit property with separate meters; First level contains 3 total units
• HOA & community: No association fee

Exterior

• Parking: Covered parking: No
• Utilities: Electricity connected; Owner pays electric, gas, sewer, trash removal, and water for tenants; Tenants pay cable
• Home design: Apartment; Built in 1925; Shingle roof; Brick construction; Building area approximately 3,440 total
• Construction: Brick exterior; Shingle roof; Built in 1925
• Exterior features: No notable exterior features listed

Interior

• Bedrooms: Total bedrooms: 0
• Bathrooms: One full bath on the first level; One full bath on the second level
• Heating & cooling: Ductless minisplit heating; Wall/window cooling units; Five furnaces
• Interior features: Apartment property type; Traditional architectural style; No basement

What this means for you Summary

Snapshot

• This is a 5 × ?-bed/2.0-bath units multifamily listed at $410k.

Deal economics

• At list price, monthly cash flow is $873 ($10k/yr) — positive. Per door: $175/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $410k).
• Recommended offer: $361k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.8% 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; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 2,836 units permitted in Jefferson County in 2024 (1,558 in 5+ unit buildings).
• At $4,195/mo this rent would consume 127% 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 $3k of loan paydown is wiped out by about $12k 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 $115k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 213 days — a 12% lower offer ($361k) is reasonable based on typical stale-listing flexibility.
• 11 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.
• Current owner paid $41k; list at $410k implies a 900% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — 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 $360,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 213 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 1925 — 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: 1.02% ✓
• Cap rate: 8.85%
• Cash-on-cash: 9.12%
• DSCR: 1.41
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $347,440
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2728 Taylor Blvd	0.38mi	5/3.0	3,290 (-4%)	3mo	$225,000	$68	52
2718 S 3rd St	0.09mi	5/3.0	3,073 (-11%)	23mo	$310,000	$101	39

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: 0.5%
• Equity multiple: 1.02×
• Total profit: $2,275
• Equity at exit: $61,132

10-year hold

• IRR: 12.8%
• Equity multiple: 2.14×
• Total profit: $130,994
• Equity at exit: $35,449

Cash invested: $114,800 (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: 40.7×

Monthly cashflow live

• Estimated rent: $4,195 high
• Mortgage (P&I): −$2,150
• Tax from tax record: −$120 /mo · $1,446/yr
• Insurance: −$171
• HOA: −$0
• Vacancy / Maint / Mgmt: −$881
• Net cashflow: $873

Break-even live

Break-even rent $3,090

Max offer price $410,000

Occupancy floor 74%

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

Units	Beds	Baths	Est. rent
▸ 5× units	0	2	$4,195
Total (5 units)			$4,195

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: $102,500
• Closing costs: $12,300
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1479 S 4th St Unit 2A Louisville, KY	2.0	1.0	2400	$2,200	$0.92	16d	1	1.22mi

Listing history 37 events

1. 2026-06-18
   days on market $410,000 Active 213 DOM
2. 2026-06-17
   days on market $410,000 Active 212 DOM
3. 2026-06-16
   days on market $410,000 Active 211 DOM
4. 2026-06-15
   days on market $410,000 Active 210 DOM
5. 2026-06-13
   days on market $410,000 Active 208 DOM
6. 2026-06-10
   days on market $410,000 Active 205 DOM
7. 2026-06-09
   days on market $410,000 Active 204 DOM
8. 2026-06-08
   days on market $410,000 Active 203 DOM
9. 2026-06-07
   days on market $410,000 Active 202 DOM
10. 2026-06-03
    days on market $410,000 Active 198 DOM
11. 2026-06-02
    days on market $410,000 Active 197 DOM
12. 2026-06-01
    days on market $410,000 Active 196 DOM
13. 2026-05-31
    days on market $410,000 Active 195 DOM
14. 2026-04-13
    price $410,000
15. 2025-11-09
    price $420,000
16. 2025-06-23
    listed $420,000 Active
17. 2011-02-24
    soldstatus $41,000
18. 2011-02-21
    soldstatus $41,000 161-char remark

    Show marketing remark (161 chars)

    Great investment property with lots of potential. Needs a lot of interior work. There are five one bedroom units, three on the first floor and two on the second.

19. 2010-11-01
    listed $70,000 161-char remark

    Show marketing remark (161 chars)

    Great investment property with lots of potential. Needs a lot of interior work. There are five one bedroom units, three on the first floor and two on the second.

20. 2010-10-31
    historical
21. 2010-07-01
    listed $70,000
22. 2010-06-30
    historical
23. 2010-02-01
    listed $70,000
24. 2010-01-31
    historical
25. 2009-11-02
    listed $70,000
26. 2009-10-31
    historical
27. 2009-05-15
    listed $85,000
28. 2008-12-21
    historical
29. 2008-10-06
    listed $105,000
30. 2007-07-26
    soldstatus $93,000
31. 2007-05-02
    listed $99,900
32. 2007-04-20
    historical
33. 2006-09-20
    listed $99,900
34. 2005-06-06
    historical
35. 2005-04-07
    historical
36. 2005-04-06
    listed $99,900
37. 2004-12-10
    listed $99,900

ⓘ 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: $1,446 · $120/mo
• Projected year-2 tax: $3,526 · $294/mo
• Expected delta: +$2,080/yr (+$173/mo · 143.9%)

ⓘ 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: $50,340
• − Mortgage interest: −$22,966
• − Property taxes: −$1,446
• − Insurance: −$2,050
• − Repairs & maintenance: −$4,027
• − Management: −$4,027
• − Depreciation: −$11,927
• Taxable income: $3,896
• Est. tax owed @ 24.0%: −$935
• After-tax cash flow: $9,537/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

+310.4% since first listed

24 events — show timeline

• 2026-04-13 Price Changed $410,000 Metro Search MLS
• 2025-11-09 Price Changed $420,000 Metro Search MLS
• 2025-06-23 Listed $420,000 Metro Search MLS
• 2011-02-24 Sold (Public Records) $41,000 Public Records
• 2011-02-21 Sold (MLS) $41,000 Metro Search MLS
• 2010-11-01 Listed $70,000 Metro Search MLS
• 2010-10-31 Listing Removed — Metro Search MLS
• 2010-07-01 Listed $70,000 Metro Search MLS
• 2010-06-30 Listing Removed — Metro Search MLS
• 2010-02-01 Listed $70,000 Metro Search MLS
• 2010-01-31 Listing Removed — Metro Search MLS
• 2009-11-02 Listed $70,000 Metro Search MLS
• 2009-10-31 Listing Removed — Metro Search MLS
• 2009-05-15 Listed $85,000 Metro Search MLS
• 2008-12-21 Listing Removed — Metro Search MLS
• 2008-10-06 Listed $105,000 Metro Search MLS
• 2007-07-26 Sold (MLS) $93,000 Metro Search MLS
• 2007-05-02 Listed $99,900 Metro Search MLS
• 2007-04-20 Listing Removed — Metro Search MLS
• 2006-09-20 Listed $99,900 Metro Search MLS
• 2005-06-06 Listing Removed — Metro Search MLS
• 2005-04-07 Listing Removed — Metro Search MLS
• 2005-04-06 Listed $99,900 Metro Search MLS
• 2004-12-10 Listed $99,900 Metro Search MLS

Property tax history

+9.3%/yr

Latest (2025): $1,446 · -1.9% YoY. Source: county tax records.