916 Shelby Pkwy · Louisville, KY 40204

$390,000

None bd · None ba · 2,694 sqft · MultiFamily · 58 Days on market

Built 1948 Est $393k · at est.

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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 +23.3/30.0
• ARV discount +7.9/15.0
• DSCR +7.5/10.0
• 1% rule +5.8/10.0
• Rent growth +3.9/5.0
• 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: 1 unit. 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

Fantastic investment opportunity within 2 miles of the University of Louisville. These are two duplexes on one lot. One duplex faces Shelby Pkwy and the other faces Dandridge. Two of the units are currently leased and a third could easily be leased but the seller is holding off to make the property easier to show. The unleased unit would also make a great owner occupant unit. The fourth unit is unfinished, but has a functioning bath and roughed in electric. It is set up to be a one bedroom efficiency - estimated rent $350. This property is priced to sell.

Key facts

• Dual-street access
• Two duplexes
• Built 1948

Tags

• TWO DUPLEXES
• FRONTAGE ON SHELBY PKWY
• FRONTAGE ON DANDRIDGE AVE
• IN-UNIT WASHER AND DRYER
• DUAL-STREET ACCESS

Property features AI

Finance

• HOA & community: No association fee

Exterior

• Parking: No covered parking
• Utilities: Electricity connected; Natural gas service; Owner pays water; Tenant pays cable, electric, and gas
• Home design: Other property type; Built in 1948; Shingle roof
• Construction: Wood frame, block, and brick construction; Living area approximately 2694; Building area source: Other
• Exterior features: No notable exterior features listed; Dead-end street; Sidewalks

Interior

• Bedrooms: No bedrooms
• Heating & cooling: Three furnaces; Forced air heating with natural gas; Central air; Wall/window air conditioning units
• Interior features: Separate meters for units; Not located in a flood plain; Other architectural style

What this means for you Summary

Snapshot

• This is a multifamily listed at $390k.

Deal economics

• At list price, monthly cash flow is $717 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $390k).
• Recommended offer: $378k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.5% 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 (+5.8%/yr); 100 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 2,836 units permitted in Jefferson County in 2024 (1,558 in 5+ unit buildings).
• At $4,200/mo this rent would consume 71% of the median local household income ($71k/yr) (locally 761% 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 + 5.8% rent growth), your $109k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 58 days — a 3% lower offer ($378k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 13y 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 1948 — 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 $378,300 (3.0% below list)

Questions for the listing agent

1. It's been on market 58 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.08% ✓
• Cap rate: 8.50%
• Cash-on-cash: 7.87%
• DSCR: 1.35
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $393,324
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1214 Logan St	0.09mi	—/—	2,983 (+11%)	10mo	$310,000	$104	70
601 E Burnett Ave Unit A & B	0.56mi	6/5.0	2,962 (+10%)	16mo	$485,000	$164	44
1266 S Floyd St	0.72mi	4/3.5	2,780 (+3%)	23mo	$300,000	$108	42
605 E Burnett Ave Unit A & B	0.57mi	6/5.0	2,962 (+10%)	22mo	$520,000	$176	39
1318 Highland Ave	0.73mi	3/2.5	2,876 (+7%)	20mo	$420,000	$146	38

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 · 5.76% rent growth · sell at horizon

5-year hold

• IRR: -1.3%
• Equity multiple: 0.95×
• Total profit: $-5,569
• Equity at exit: $58,150

10-year hold

• IRR: 11.0%
• Equity multiple: 1.97×
• Total profit: $105,986
• Equity at exit: $33,720

Cash invested: $109,200 (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 40204

• Rents YoY: 5.8%
• Active inventory: 100
• Price-to-rent: 31.0×

Monthly cashflow live

• Estimated rent: $4,200 high
• Mortgage (P&I): −$2,045
• Tax from tax record: −$394 /mo · $4,725/yr
• Insurance: −$162
• HOA: −$0
• Vacancy / Maint / Mgmt: −$882
• Net cashflow: $717

Break-even live

Break-even rent $3,293

Max offer price $390,000

Occupancy floor 78%

Sensitivity live

Price	-10% $937	-5% $827	+0% $717	+5% $606	+10% $496
Rent	-10% $385	-5% $551	+0% $717	+5% $882	+10% $1,048
Rate	-1.0pp $913	-0.5pp $816	base $717	+0.5pp $615	+1.0pp $513

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$4,200
Total (4 units)			$4,200

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: $97,500
• Closing costs: $11,700
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
717 Lynn St Louisville, KY	2.0	2.0	1796	$2,400	$1.34	25d	1	1.02mi
1300 S 3rd St Unit LOFT Louisville, KY	2.0	1.5	2150	$1,580	$0.73	25d	1	1.12mi
1100 S 3rd St Louisville, KY	3.0	2.0	2832	$2,500	$0.88	25d	1	1.13mi
1115 S 4th St Unit 300 Louisville, KY	3.0	1.0	3200	$1,975	$0.62	25d	1	1.17mi
1479 S 4th St Unit 2A Louisville, KY	2.0	1.0	2400	$2,200	$0.92	17d	1	1.28mi
1604 Edgeland Ave Louisville, KY	3.0	2.0	2263	$3,000	$1.33	4d	1	1.34mi
638 S 2nd St #1 Louisville, KY	2.0	2.5	1815	$2,900	$1.60	17d	1	1.38mi

Listing history 19 events

1. 2026-06-21
   days on market $390,000 Active 58 DOM
2. 2026-06-18
   days on market $390,000 Active 55 DOM
3. 2026-06-17
   days on market $390,000 Active 54 DOM
4. 2026-06-16
   days on market $390,000 Active 53 DOM
5. 2026-06-15
   days on market $390,000 Active 52 DOM
6. 2026-06-13
   days on market $390,000 Active 50 DOM
7. 2026-06-10
   days on market $390,000 Active 47 DOM
8. 2026-06-09
   days on market $390,000 Active 46 DOM
9. 2026-06-08
   days on market $390,000 Active 45 DOM
10. 2026-06-07
    days on market $390,000 Active 44 DOM
11. 2026-06-03
    days on market $390,000 Active 40 DOM
12. 2026-06-02
    days on market $390,000 Active 39 DOM
13. 2026-06-01
    days on market $390,000 Active 38 DOM
14. 2026-05-31
    days on market $390,000 Active 37 DOM
15. 2026-04-24
    listed $390,000 Active
16. 2021-11-30
    soldstatus $375,000
17. 2014-02-03
    soldstatus $96,000
18. 2014-01-31
    soldstatus $96,000 561-char remark

    Show marketing remark (561 chars)

    Fantastic investment opportunity within 2 miles of the University of Louisville. These are two duplexes on one lot. One duplex faces Shelby Pkwy and the other faces Dandridge. Two of the units are currently leased and a third could easily be leased but the seller is holding off to make the property easier to show. The unleased unit would also make a great owner occupant unit. The fourth unit is unfinished, but has a functioning bath and roughed in electric. It is set up to be a one bedroom efficiency - estimated rent $350. This property is priced to sell.

19. 2013-09-13
    listed $109,900 561-char remark

    Show marketing remark (561 chars)

    Fantastic investment opportunity within 2 miles of the University of Louisville. These are two duplexes on one lot. One duplex faces Shelby Pkwy and the other faces Dandridge. Two of the units are currently leased and a third could easily be leased but the seller is holding off to make the property easier to show. The unleased unit would also make a great owner occupant unit. The fourth unit is unfinished, but has a functioning bath and roughed in electric. It is set up to be a one bedroom efficiency - estimated rent $350. This property is priced to sell.

ⓘ 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: $4,725 · $394/mo
• Projected year-2 tax: $4,725 · $394/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 ≥105°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% 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: $50,400
• − Mortgage interest: −$21,846
• − Property taxes: −$4,725
• − Insurance: −$1,950
• − Repairs & maintenance: −$4,032
• − Management: −$4,032
• − Depreciation: −$11,345
• Taxable income: $2,469
• Est. tax owed @ 24.0%: −$593
• After-tax cash flow: $8,006/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): 14,034
• Household income: $71,116
• Rent vs Own: 50.6% rent · 49.4% own
• Severe rent burden: 761.0

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 (84%)
• Race & ethnicity: White 84% Black 6% Two or more races 5% Hispanic / Latino 4% Asian 2%
• Common ancestry: Slovak 3% Serbian 3% Romanian 3%
• Foreign-born: 4% · Canada, South Korea, China
• Languages at home: 95% English-only · Spanish 2% Korean 1% Chinese 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: ▼ -475.25%
• Current HPI: 246.3191
• Rent YoY: ▲ 5.76%
• 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

+254.9% since first listed

5 events — show timeline

• 2026-04-24 Listed $390,000 Metro Search MLS
• 2021-11-30 Sold (Public Records) $375,000 Public Records
• 2014-02-03 Sold (Public Records) $96,000 Public Records
• 2014-01-31 Sold (MLS) $96,000 Metro Search MLS
• 2013-09-13 Listed $109,900 Metro Search MLS

Property tax history

+11.4%/yr

Latest (2025): $4,725 · -1.9% YoY. Source: county tax records.