1836 Algonquin Pkwy · Louisville, KY 40210

$230,000

12 bd · 12.0 ba · 3,767 sqft · MultiFamily · 43 Days on market

Built 1940

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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
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +8.4/10.0
• ARV discount +7.5/15.0
• Rent growth +4.5/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 3 units. estimate disagrees with records

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

This is a phe-nomenal addition to your portfolio! This quad features three stabilized units and a basement unit that has been framed out as well. This property fully operational will cashflow extremely well! Should surpass the 1% Rule. Come make it yours today! Unit 1 $625 Unit 2 $650 Unit 3 $648

Key facts

• 6 parking spots
• Built 1940
• Listed 43 days

Property features AI

Finance

• Financial info: Multi-unit setup with separate meters (tenant-paid utilities)
• HOA & community: No association fee

Exterior

• Parking: Six parking spaces (uncovered)
• Utilities: Electricity connected; Tenant pays cable, electric, gas, trash removal, and water
• Home design: Traditional style; Multi-unit property with two units on the first level and one unit on the second level
• Construction: Built in 1940; Wood frame and brick construction; Shingle roof
• Exterior features: Sidewalk

Interior

• Kitchen: Kitchen on the second level; Two kitchens total (one per unit)
• Bedrooms: Four total bedrooms; one bedroom located on the second level and three bedrooms located on the first level
• Bathrooms: One full bathroom on the second level
• Heating & cooling: Three furnaces; Electricity connected
• Interior features: Balcony
• Laundry & utility: Separate meters for units

What this means for you Summary

Snapshot

• This is a 3 × 1-bed/1-bath units multifamily listed at $230k.

Deal economics

• At list price, monthly cash flow is $941 ($11k/yr) — positive. Per door: $314/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $230k).
• Recommended offer: $223k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.2% 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 (+8.1%/yr); 91 active listings in the ZIP; lower-income renter base — watch delinquency; 2,836 units permitted in Jefferson County in 2024 (1,558 in 5+ unit buildings).

Forward outlook

• In year one you build about $25k of equity ($2k loan paydown + $23k appreciation (10.0% local appreciation)).
• Jefferson County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $64k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($223k) is reasonable based on typical stale-listing flexibility.
• 16 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.
• Current owner paid $175k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1940 — 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 $223,100 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% 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 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.34% ✓
• Cap rate: 11.20%
• Cash-on-cash: 17.54%
• DSCR: 1.78
• GRM: 6.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 39.8%
• Equity multiple: 4.13×
• Total profit: $201,424
• Equity at exit: $207,202

10-year hold

• IRR: 36.2%
• Equity multiple: 10.10×
• Total profit: $586,207
• Equity at exit: $446,839

Cash invested: $64,400 (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 40210

• Home prices YoY: 12.1%
• Rents YoY: 8.1%
• Active inventory: 91
• Price-to-rent: 18.7×

Monthly cashflow live

• Estimated rent: $3,072 high
• Mortgage (P&I): −$1,206
• Tax from tax record: −$184 /mo · $2,205/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$645
• Net cashflow: $941

Break-even live

Break-even rent $1,881

Max offer price $230,000

Occupancy floor 64%

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$3,072
Total (3 units)			$3,072

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: $57,500
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-18
   days on market $230,000 Active 43 DOM
2. 2026-06-17
   days on market $230,000 Active 42 DOM
3. 2026-06-16
   days on market $230,000 Active 41 DOM
4. 2026-06-15
   days on market $230,000 Active 40 DOM
5. 2026-06-13
   days on market $230,000 Active 38 DOM
6. 2026-06-10
   days on market $230,000 Active 35 DOM
7. 2026-06-09
   days on market $230,000 Active 34 DOM
8. 2026-06-08
   days on market $230,000 Active 33 DOM
9. 2026-06-07
   days on market $230,000 Active 32 DOM
10. 2026-06-03
    remarks 699-char remark
11. 2026-06-03
    days on market $230,000 Active 28 DOM
12. 2026-06-02
    days on market $230,000 Active 27 DOM
13. 2026-06-01
    days on market $230,000 Active 26 DOM
14. 2026-05-31
    days on market $230,000 Active 25 DOM
15. 2026-05-06
    listed $230,000 Active
16. 2024-09-30
    historical
17. 2024-08-12
    listed $250,000 Active
18. 2024-04-10
    historical $750
19. 2024-03-13
    price $750
20. 2024-02-26
    price $800
21. 2024-02-24
    listed $876
22. 2024-02-24
    historical $800
23. 2024-02-04
    listed $800
24. 2024-01-26
    historical $800
25. 2023-12-08
    listed $800
26. 2022-04-04
    soldstatus $175,000
27. 2022-03-29
    soldstatus $175,000 Closed 297-char remark

    Show marketing remark (297 chars)

    This is a phe-nomenal addition to your portfolio! This quad features three stabilized units and a basement unit that has been framed out as well. This property fully operational will cashflow extremely well! Should surpass the 1% Rule. Come make it yours today! Unit 1 $625 Unit 2 $650 Unit 3 $648

28. 2022-02-16
    historical Active Under Contract 297-char remark

    Show marketing remark (297 chars)

    This is a phe-nomenal addition to your portfolio! This quad features three stabilized units and a basement unit that has been framed out as well. This property fully operational will cashflow extremely well! Should surpass the 1% Rule. Come make it yours today! Unit 1 $625 Unit 2 $650 Unit 3 $648

29. 2022-02-10
    listed $190,000 Active 297-char remark

    Show marketing remark (297 chars)

    This is a phe-nomenal addition to your portfolio! This quad features three stabilized units and a basement unit that has been framed out as well. This property fully operational will cashflow extremely well! Should surpass the 1% Rule. Come make it yours today! Unit 1 $625 Unit 2 $650 Unit 3 $648

30. 2022-02-09
    historical
31. 2022-02-07
    historical Active Under Contract
32. 2022-02-07
    status Active
33. 2021-12-06
    historical Active Under Contract
34. 2021-12-03
    listed $190,000 Active
35. 2020-10-16
    soldstatus $135,000
36. 2020-02-05
    historical
37. 2019-08-06
    listed $120,000 Active
38. 2019-08-06
    price $120,000
39. 2019-02-01
    historical
40. 2019-01-26
    status Active
41. 2019-01-16
    status Pending
42. 2019-01-13
    listed $129,000 Active
43. 2016-01-04
    historical
44. 2015-11-17
    listed $149,900 Active
45. 2015-05-01
    historical
46. 2015-04-02
    listed $149,900 Active
47. 2009-06-19
    soldstatus $140,000
48. 2009-06-17
    soldstatus $140,000
49. 2008-02-26
    historical
50. 2008-02-26
    listed $159,900

ⓘ 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: $2,205 · $184/mo
• Projected year-2 tax: $2,205 · $184/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 3/10 Moderate FEMA zone X (unshaded) · 20% 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: $36,864
• − Mortgage interest: −$12,884
• − Property taxes: −$2,205
• − Insurance: −$1,150
• − Repairs & maintenance: −$2,949
• − Management: −$2,949
• − Depreciation: −$6,691
• Taxable income: $8,036
• Est. tax owed @ 24.0%: −$1,929
• After-tax cash flow: $9,365/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): 13,518
• Household income: $35,347
• Rent vs Own: 56.0% rent · 44.0% own
• Severe rent burden: 815.0

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 (84%)
• Race & ethnicity: Black 84% White 8% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Iranian 1%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 3%

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: ▲ 28.45%
• Current HPI: 264.0146
• Rent YoY: ▲ 8.05%
• 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

+28.5% since first listed

39 events — show timeline

• 2026-05-06 Listed $230,000 Metro Search MLS
• 2024-09-30 Listing Removed — Metro Search MLS
• 2024-08-12 Listed $250,000 Metro Search MLS
• 2024-04-10 Rental Removed $750 MSMLS
• 2024-03-13 Price Changed $750 MSMLS
• 2024-02-26 Price Changed $800 MSMLS
• 2024-02-24 Listed for Rent $876 MSMLS
• 2024-02-24 Rental Removed $800 APPFOLIO
• 2024-02-04 Listed for Rent $800 APPFOLIO
• 2024-01-26 Rental Removed $800 MSMLS
• 2023-12-08 Listed for Rent $800 MSMLS
• 2022-04-04 Sold (Public Records) $175,000 Public Records
• 2022-03-29 Sold (MLS) $175,000 Metro Search MLS
• 2022-02-16 Contingent — Metro Search MLS
• 2022-02-10 Listed $190,000 Metro Search MLS
• 2022-02-09 Listing Removed — Metro Search MLS
• 2022-02-07 Contingent — Metro Search MLS
• 2022-02-07 Relisted — Metro Search MLS
• 2021-12-06 Contingent — Metro Search MLS
• 2021-12-03 Listed $190,000 Metro Search MLS
• 2020-10-16 Sold (Public Records) $135,000 Public Records
• 2020-02-05 Listing Removed — Metro Search MLS
• 2019-08-06 Price Changed $120,000 Metro Search MLS
• 2019-08-06 Listed $120,000 Metro Search MLS
• 2019-02-01 Listing Removed — Metro Search MLS
• 2019-01-26 Relisted — Metro Search MLS
• 2019-01-16 Pending — Metro Search MLS
• 2019-01-13 Listed $129,000 Metro Search MLS
• 2016-01-04 Listing Removed — Metro Search MLS
• 2015-11-17 Listed $149,900 Metro Search MLS
• 2015-05-01 Listing Removed — Metro Search MLS
• 2015-04-02 Listed $149,900 Metro Search MLS
• 2009-06-19 Sold (Public Records) $140,000 Public Records
• 2009-06-17 Sold (MLS) $140,000 Metro Search MLS
• 2008-02-26 Listed $159,900 Metro Search MLS
• 2008-02-26 Listing Removed — Metro Search MLS
• 2007-10-17 Listing Removed — Metro Search MLS
• 2007-10-09 Listed $179,000 Metro Search MLS
• 2006-02-24 Listed $179,000 Metro Search MLS

Property tax history

+3.0%/yr

Latest (2025): $2,205 · -1.9% YoY. Source: county tax records.