1347 S Floyd St · Louisville, KY 40208

$369,000

15 bd · 9.0 ba · 2,529 sqft · MultiFamily · 3 Days on market

Built 1910 Good condition

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.0/5.0
• Condition / age +3.8/5.0
• Livability +3.2/5.0
• 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: 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

Smart money buys in Old Louisville before everyone else figures it out. This well-maintained triplex at 1347 S Floyd St cash-flows now and only gets more interesting from here. Separately metered for LG & E — tenants cover their own utilities, you cover water and sewer, expenses stay lean. Privacy-fenced backyard, unbeatable walkability — minutes from Shelby Park, Mag Bar, and Burger Boy. House hackers: live in one unit, let the others pay your mortgage. Portfolio builders: drop it in and collect. The cherry on top — assumable FHA loan at 3.125%. Rates like that don't grow on trees.

Key facts

• Separately metered
• Live in one unit
• 2 garage spots

Tags

• WELL MAINTAINED TRIPLEX
• SEPARATELY METERED
• PRIVACY FENCED BACKYARD
• UNBEATABLE WALKABILITY
• MINUTES FROM SHELBY PARK
• LIVE IN ONE UNIT

Property features AI

Finance

• Other: Located in the Old Louisville subdivision; Directions: I65 to Woodbine to Floyd
• Financial info: Basement rent listed separately; Basement storage available
• HOA & community: No association fee

Exterior

• Parking: 2 parking spaces; 2 garage spaces; No covered parking
• Utilities: Electricity connected; Owner pays water, sewer, and trash removal; Tenants pay cable, electric, and gas
• Home design: Triplex property; Built in 1910; Traditional style
• Construction: Wood frame construction; Rolled/hot mop and shingle roof; Built in 1910
• Exterior features: No notable exterior features listed

Interior

• Kitchen: Each unit includes a kitchen (first, second, and third levels each have a kitchen); Each unit has a range and refrigerator
• Bedrooms: Total of 5 bedrooms; First level: 2 bedrooms; Second level: 1 bedroom; Third level: 2 bedrooms
• Bathrooms: First level: 1 full bathroom; Second level: 1 full bathroom; Third level: 1 full bathroom
• Heating & cooling: Three furnaces; Forced air heating; Mini-split / ductless heating option; Central air conditioning
• Interior features: Traditional architectural style; Three separate meters (multi-unit)
• Laundry & utility: Each unit includes laundry (first, second, and third levels each have laundry); Basement includes storage

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/3.0-bath units multifamily listed at $369k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive. Per door: $661/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $369k).
• Cap rate 12.7% 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; lower-income renter base — watch delinquency; 2,836 units permitted in Jefferson County in 2024 (1,558 in 5+ unit buildings).
• At $5,552/mo this rent would consume 168% 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 $11k 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 $103k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 10 sale attempts since 25y 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 $300k; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1910 — 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 $369,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.50% ✓
• Cap rate: 12.74%
• Cash-on-cash: 23.02%
• DSCR: 2.02
• GRM: 5.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.06% rent growth · sell at horizon

5-year hold

• IRR: 19.3%
• Equity multiple: 1.81×
• Total profit: $84,068
• Equity at exit: $55,019

10-year hold

• IRR: 29.6%
• Equity multiple: 4.03×
• Total profit: $312,732
• Equity at exit: $31,904

Cash invested: $103,320 (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: 16.6×

Monthly cashflow live

• Estimated rent: $5,552 medium
• Mortgage (P&I): −$1,935
• Tax from tax record: −$315 /mo · $3,780/yr
• Insurance: −$154
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,166
• Net cashflow: $1,982

Break-even live

Break-even rent $3,043

Max offer price $369,000

Occupancy floor 59%

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

Units	Beds	Baths	Est. rent
▸ 3× units	5	3	$5,553
Total (3 units)			$5,552

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: $92,250
• Closing costs: $11,070
• Reserves months: —
• Total cash needed: —

Listing history 37 events

1. 2026-06-18
   days on market $369,000 Active 3 DOM
2. 2026-06-17
   days on market $369,000 Active 2 DOM
3. 2026-06-16
   pricedays on marketlisting id $369,000 Active 1 DOM
4. 2026-06-13
   days on market $379,000 Active 22 DOM
5. 2026-06-10
   days on market $379,000 Active 19 DOM
6. 2026-06-09
   days on market $379,000 Active 18 DOM
7. 2026-06-08
   days on market $379,000 Active 17 DOM
8. 2026-06-07
   days on market $379,000 Active 16 DOM
9. 2026-06-03
   days on market $379,000 Active 12 DOM
10. 2026-06-02
    days on market $379,000 Active 11 DOM
11. 2026-06-01
    days on market $379,000 Active 10 DOM
12. 2026-05-31
    days on market $379,000 Active 9 DOM
13. 2026-05-22
    listed $379,000 Active
14. 2026-01-02
    historical
15. 2025-11-19
    listed $379,999 Active
16. 2025-11-01
    historical
17. 2025-09-17
    listed $379,999 Active
18. 2025-06-30
    historical
19. 2025-04-18
    listed $394,999 Active
20. 2021-09-02
    soldstatus $300,000 Closed
21. 2021-07-30
    status Pending
22. 2021-07-07
    price $310,000
23. 2021-07-07
    listed $315,000 Active
24. 2016-12-21
    soldstatus $190,000 Closed
25. 2016-11-07
    status Pending
26. 2016-09-30
    status Active
27. 2016-09-29
    price $195,000
28. 2016-07-26
    status Pending
29. 2016-07-18
    listed $185,000 Active
30. 2015-11-04
    historical
31. 2015-07-13
    listed $198,000 Active
32. 2015-07-13
    price $188,000
33. 2015-07-13
    price $178,000
34. 2006-06-30
    historical
35. 2005-11-02
    listed $137,900
36. 2002-07-30
    historical
37. 2001-07-30
    listed $104,900

ⓘ 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: $3,780 · $315/mo
• Projected year-2 tax: $3,780 · $315/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 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $66,624
• − Mortgage interest: −$20,670
• − Property taxes: −$3,780
• − Insurance: −$1,845
• − Repairs & maintenance: −$5,330
• − Management: −$5,330
• − Depreciation: −$10,735
• Taxable income: $18,935
• Est. tax owed @ 24.0%: −$4,544
• After-tax cash flow: $19,243/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.

Condition & rehab AI · 13 photos

Good 75/100 Cosmetic rehab

This well-maintained triplex at 1347 S Floyd St is in good condition with no major repairs needed. The property has a good curb appeal and is in a prime location. The property is currently cash-flowing and has the potential to increase in value with some cosmetic updates.

Value-add opportunities

• Both Paint the exterior siding — Painting the exterior siding will improve the curb appeal and increase the resale and rental value of the property.
• Both Install new flooring in the bathrooms — Replacing the old flooring in the bathrooms with new flooring will improve the appearance and increase the resale and rental value of the property.
• Both Install new kitchen appliances — Upgrading the kitchen appliances with new ones will improve the appearance and increase the resale and rental value of the property.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint the exterior siding — Painting the exterior siding will improve the curb appeal and increase the resale and rental value of the property. ↑
• Both Install new flooring in the bathrooms — Replacing the old flooring in the bathrooms with new flooring will improve the appearance and increase the resale and rental value of the property. ↑
• Both Install new kitchen appliances — Upgrading the kitchen appliances with new ones will improve the appearance and increase the resale and rental value of the property. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

+261.3% since first listed

25 events — show timeline

• 2026-05-22 Listed $379,000 Metro Search MLS
• 2026-01-02 Listing Removed — Metro Search MLS
• 2025-11-19 Listed $379,999 Metro Search MLS
• 2025-11-01 Listing Removed — Metro Search MLS
• 2025-09-17 Listed $379,999 Metro Search MLS
• 2025-06-30 Listing Removed — Metro Search MLS
• 2025-04-18 Listed $394,999 Metro Search MLS
• 2021-09-02 Sold (MLS) $300,000 Metro Search MLS
• 2021-07-30 Pending — Metro Search MLS
• 2021-07-07 Listed $315,000 Metro Search MLS
• 2021-07-07 Price Changed $310,000 Metro Search MLS
• 2016-12-21 Sold (MLS) $190,000 Metro Search MLS
• 2016-11-07 Pending — Metro Search MLS
• 2016-09-30 Relisted — Metro Search MLS
• 2016-09-29 Price Changed $195,000 Metro Search MLS
• 2016-07-26 Pending — Metro Search MLS
• 2016-07-18 Listed $185,000 Metro Search MLS
• 2015-11-04 Listing Removed — Metro Search MLS
• 2015-07-13 Listed $198,000 Metro Search MLS
• 2015-07-13 Price Changed $178,000 Metro Search MLS
• 2015-07-13 Price Changed $188,000 Metro Search MLS
• 2006-06-30 Listing Removed — Metro Search MLS
• 2005-11-02 Listed $137,900 Metro Search MLS
• 2002-07-30 Listing Removed — Metro Search MLS
• 2001-07-30 Listed $104,900 Metro Search MLS

Property tax history

-3.1%/yr

Latest (2025): $3,780 · -1.9% YoY. Source: county tax records.