1500 Milburn Ct · La Grange, KY 40031

$219,900

3 bd · 1.0 ba · 1,084 sqft · SingleFamily · 55 Days on market

Built 1978 $203/sqft · at area comps Est $229k · at est.

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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 +14.5/30.0
• ARV discount +9.3/15.0
• Schools +4.7/10.0
• DSCR +4.4/10.0
• Livability +3.8/5.0
• 1% rule +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

REDUCED !!! GREAT OPPORTUNITY FOR THAT HARD TO FIND HOUSE IN LA GRANGE UNDER $250,000 !! Interior completely freshly painted ! New door knobs and window blinds throughout ! Pergo flooring through LR , Hall and Bedrooms. Updated kitchen cabinets and kitchen wood-look floor vinyl. Updated bathroom with cabinet with bowl sink, ceramic floor and shower/tub stall. Home had replacement windows installed approx. 20 years ago. Great covered rear porch that overlooks back yard that walks down to a small stream. Extra tall crawl space - perfect for more storage. Wonderful location in town at the end of a Cul-De-Sac !!

Key facts

• Built 1978
• Listed 55 days

Property features AI

Finance

• HOA & community: No association fee listed

Exterior

• Parking: No designated parking listed
• Utilities: Electricity connected
• Home design: Single-family ranch-style home; One story; Located in the Greenwood Common subdivision
• Construction: Built in 1978; Wood frame construction; Shingle roof; Crawl space and poured concrete foundation
• Exterior features: Covenants/restrictions on the lot; Property located on a cul-de-sac; Waterfront property

Interior

• Kitchen: Kitchen located on the first floor
• Bedrooms: Three bedrooms total, all on the first floor; Primary bedroom on the first floor
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating; Heat pump; Central air conditioning
• Interior features: Five total rooms; Five closets; No basement; First-floor laundry; Living room on the first floor
• Laundry & utility: Laundry on the first floor

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $220k.

Deal economics

• At list price, monthly cash flow is $-20 ($-238/yr) — negative.
• To cash-flow at today's rent, offer at most $216k (1.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $183k (16.6% below list).
• Recommended offer: $183k (16.6% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 3.0% in La Grange — 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 76/100 on livability (#90 in KY, #3,531 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Oldham County (suburban): math 48% / reading 55% proficiency, ranked #6 of 165 in KY (top 4%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: Lagrange Elementary School (math 42% / reading 36%, grade F, #229 of 676 statewide, top 34%, 460 students, 54% FRL); Oldham County Middle School (math 35% / reading 51%, grade D-, #43 of 217 statewide, top 21%, 715 students, 38% FRL); Oldham County High School (math 39% / reading 42%, grade F, #37 of 254 statewide, top 15%, 1,656 students, 28% FRL) — zoned schools average 40% FRL vs 16% district-wide (24 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 187 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 402 units permitted in Oldham County in 2024 (56 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Oldham County population projected at +32% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 55 days — a 3% lower offer ($213k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $183,469 (16.6% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 55 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
3. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.83% ✗
• Cap rate: 6.55%
• Cash-on-cash: 0.91%
• DSCR: 1.04
• GRM: 10.0

CMA / ARV

• ARV (median comp): $229,305
• List price: $219,900
• Delta: 1.57%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1514 Daverman Dr	0.21mi	3/1.0	1,050 (-3%)	1mo	$230,000	$219	84
1208 Keane Ave	0.17mi	3/1.0	1,143 (+5%)	2mo	$237,000	$207	82
1116 Keane Ave	0.12mi	3/1.0	1,007 (-7%)	4mo	$225,000	$223	80
1300 Keane Ave	0.32mi	3/1.5	1,100 (+2%)	2mo	$245,000	$223	79
1610 Rhode Ct	0.23mi	3/1.0	1,011 (-7%)	1mo	$233,000	$230	78
1114 Cedar Springs Pkwy	0.21mi	3/2.0	1,131 (+4%)	3mo	$255,000	$225	77
1604 Hopkins Ct	0.32mi	3/2.0	1,061 (-2%)	2mo	$201,400	$190	76
311 Woodland Lakes Dr	0.48mi	3/1.0	1,085 (+0%)	3mo	$255,000	$235	75
1205 Cedar Springs Pkwy	0.24mi	3/2.0	1,144 (+6%)	4mo	$250,000	$219	72
308 Woodland Lakes Dr	0.49mi	3/2.0	1,108 (+2%)	2mo	$302,000	$273	68
1606 Betances Ct	0.18mi	3/2.0	1,196 (+10%)	4mo	$298,500	$250	67
1602 Acosta Ct	0.22mi	3/2.0	1,200 (+11%)	3mo	$254,900	$212	65

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -16.9%
• Equity multiple: 0.40×
• Total profit: $-36,899
• Equity at exit: $32,788

10-year hold

• IRR: -8.8%
• Equity multiple: 0.45×
• Total profit: $-33,770
• Equity at exit: $19,013

Cash invested: $61,572 (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 40031

• Active inventory: 187
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $1,835 high
• Mortgage (P&I): −$1,153
• Tax from tax record: −$158 /mo · $1,896/yr
• Insurance: −$92
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$385
• Net cashflow: $-20

Break-even live

Break-even rent $1,860

Max offer price $216,398

Occupancy floor 96%

Sensitivity live

Price	-10% $105	-5% $42	+0% $-20	+5% $-82	+10% $-144
Rent	-10% $-165	-5% $-92	+0% $-20	+5% $53	+10% $125
Rate	-1.0pp $91	-0.5pp $36	base $-20	+0.5pp $-77	+1.0pp $-135

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: $54,975
• Closing costs: $6,597
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
150 W Lee St La Grange, KY	2.0	1.0	840	$1,075	$1.28	3d	1	0.41mi
313 Stamper Ave La Grange, KY	3.0	2.0	1300	$2,050	$1.58	25d	1	0.51mi
705 Lakeview Ave La Grange, KY	3.0	1.0	1012	$1,890	$1.87	45d	1	1.00mi
1908 Jericho Rd Unit F6 La Grange, KY	3.0	1.5	1050	$1,350	$1.29	45d	1	1.12mi
1908 Jericho Rd Unit D6 La Grange, KY	2.0	1.0	950	$1,000	$1.05	45d	1	1.12mi
1908 Jericho Rd La Grange, KY	2.0–3.0	1.0–1.5	1000	$1,340	$1.34	3d	3	1.12mi

Listing history 17 events

1. 2026-06-21
   remarks 619-char remark
2. 2026-06-21
   pricedays on market $219,900 Active 55 DOM
3. 2026-06-18
   days on market $232,900 Active 52 DOM
4. 2026-06-17
   days on market $232,900 Active 51 DOM
5. 2026-06-16
   days on market $232,900 Active 50 DOM
6. 2026-06-15
   days on market $232,900 Active 49 DOM
7. 2026-06-13
   days on market $232,900 Active 47 DOM
8. 2026-06-10
   days on market $232,900 Active 44 DOM
9. 2026-06-09
   days on market $232,900 Active 43 DOM
10. 2026-06-08
    days on market $232,900 Active 42 DOM
11. 2026-06-07
    days on market $232,900 Active 41 DOM
12. 2026-06-05
    days on market $232,900 Active 38 DOM
13. 2026-06-03
    days on market $232,900 Active 37 DOM
14. 2026-06-02
    days on market $232,900 Active 36 DOM
15. 2026-06-01
    days on market $232,900 Active 35 DOM
16. 2026-05-31
    days on market $232,900 Active 34 DOM
17. 2026-04-23
    listed $232,900 Active 608-char remark

ⓘ 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: $1,896 · $158/mo
• Projected year-2 tax: $1,896 · $158/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 8/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 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 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,016
• − Mortgage interest: −$12,318
• − Property taxes: −$1,896
• − Insurance: −$1,897
• − Repairs & maintenance: −$1,761
• − Management: −$1,761
• − Depreciation: −$6,397
• Taxable loss: −$4,014
• Est. tax savings @ 24.0%: +$963
• After-tax cash flow: $725/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: Oldham County
• NCES district ID: 2104530
• Math proficiency: 48% ▼ -15.00%
• Reading proficiency: 55% ▼ -14.00%
• Median HH income: $84,329
• Composite: 47.29/100
• National rank: #2303
• State rank: #6 of 165 in KY

Livability — La Grange

• Score: 76/100
• State rank: #90
• US rank: #3531

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment A- Housing A+ Health & safety A+ User ratings A-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: La Grange, KY
• County: Oldham County · 49,360 people
• City population: 26,259
• Metro: Louisville/Jefferson County, KY-IN
• Population (ZIP): 26,259
• Household income: $98,513
• Rent vs Own: 18.0% rent · 82.0% own
• Severe rent burden: 214.0

Population outlook (Oldham County) Hauer SSP2

• Today (2025): 75,661 people
• By 2030: 80,948 · +7.0%
• By 2040: 90,894 · +20.1%
• By 2050: 100,168 · +32.4%
• By 2075: 123,605 · +63.4%
• By 2100: 133,523 · +76.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 6% Black 6% Hispanic / Latino 5%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Lithuanian 2% Romanian 2% Italian 2%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 4%

Political lean MEDSL · Oldham

• 2024 margin: Strong R (+22.6) · D 37.7% · R 60.3% · Other 2.0%
• 2008→2024 swing: +8.1pp toward D · 2008: -30.7pp · 2024: -22.6pp
• All cycles: 2024: R+22.6 2020: R+21.4 2016: R+31.1 2012: R+36.6 2008: R+30.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -169.32%
• Current HPI: 227.4645
• Rent YoY: —
• 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

1 event — show timeline

• 2026-04-23 Listed $232,900 Metro Search MLS

Property tax history

+4.9%/yr

Latest (2025): $1,896 · +2.4% YoY. Source: county tax records.