3816 Garfield Ave · Louisville, KY 40212

$139,000

3 bd · 1.0 ba · 1,086 sqft · SingleFamily · 18 Days on market

Built 1942 5,001 sqft lot Est $97k · 44% over

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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 +16.4/30.0
• Appreciation +10.0/10.0
• DSCR +5.1/10.0
• 1% rule +3.5/10.0
• Livability +3.2/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• ARV discount +0.0/15.0

Listing remarks MLS

Welcome to your new home! Perfect for an owner occupant or an investor looking to build their portfolio. This owner just needs a few finishing touches to make it your own. Featuring two bedrooms and one full bathroom, with a bonus room that could be used as a third bedroom. You will also find a large basement with space for a second living area! Call us today for a private showing.

Key facts

• Driveway
• Unfinished basement
• Investment property

Tags

• UNFINISHED BASEMENT
• DRIVEWAY
• INVESTMENT PROPERTY
• CASH FLOW
• RENTAL INCOME
• TURNKEY INVESTMENT

Property features AI

Finance

• HOA & community: No association fee; Subdivision: OAKS

Exterior

• Utilities: Electricity connected
• Home design: Single-family residence; Cape Cod style; 1 story
• Construction: Built in 1942; Aluminum siding; Shingle roof; Poured concrete foundation
• Exterior features: Partial chain-link fencing

Interior

• Kitchen: Kitchen on the first floor
• Bedrooms: 3 bedrooms, all on the first floor; First-floor primary bedroom
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); Wall/window cooling units; 3 HVAC units
• Interior features: 5 total rooms; 4 closets; Unfinished basement; Basement present
• Laundry & utility: First-floor laundry

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $139k.

Deal economics

• At list price, monthly cash flow is $78 ($936/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $118k (14.8% below list).
• Recommended offer: $118k (14.8% below list) — sets the bar for 1% rule.
• Cap rate 7.0% 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 flat; 140 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $15k of equity ($961 loan paydown + $14k 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 + 0.5% rent growth), your $39k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($137k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 4y 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 $68k; list at $139k implies a 106% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1942 — 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 $118,444 (14.8% below list)

Questions for the listing agent

1. Built in 1942 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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?
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 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: 0.85% ✗
• Cap rate: 6.97%
• Cash-on-cash: 2.40%
• DSCR: 1.11
• GRM: 9.8

CMA / ARV

• ARV (on-the-fly): $96,654
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
369 N 41st St	0.11mi	4/1.5 (+1)	1,100 (+1%)	2mo	$145,000	$132	84
212 N 37th St	0.19mi	3/1.0	1,036 (-5%)	8mo	$121,000	$117	77
210 N 35th St	0.36mi	3/1.0	1,119 (+3%)	7mo	$100,000	$89	72
4109 Bank St	0.27mi	3/1.0	990 (-9%)	3mo	$157,325	$159	70
117 N 34th St	0.50mi	3/1.0	1,130 (+4%)	4mo	$34,000	$30	67
356 N 43rd St	0.28mi	2/1.0 (-1)	1,200 (+10%)	1mo	$95,000	$79	64
125 N 46th St	0.51mi	2/1.0 (-1)	1,107 (+2%)	6mo	$95,000	$86	62
220 N 39th St	0.15mi	3/2.0	1,240 (+14%)	4mo	$145,000	$117	62
127 N 39th St	0.24mi	2/1.0 (-1)	1,197 (+10%)	8mo	$80,000	$67	60
3304 Bank St	0.67mi	2/1.0 (-1)	1,020 (-6%)	2mo	$131,000	$128	52
3007 Duncan St	0.70mi	2/1.0 (-1)	1,220 (+12%)	5mo	$45,000	$37	38
431 Amy Ave	0.69mi	2/1.0 (-1)	1,223 (+13%)	5mo	$80,000	$65	38

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 0.51% rent growth · sell at horizon

5-year hold

• IRR: 25.2%
• Equity multiple: 3.00×
• Total profit: $77,729
• Equity at exit: $125,222

10-year hold

• IRR: 21.6%
• Equity multiple: 6.64×
• Total profit: $219,605
• Equity at exit: $270,046

Cash invested: $38,920 (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 40212

• Home prices YoY: 11.0%
• Rents YoY: 0.5%
• Active inventory: 140
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $1,184 high
• Mortgage (P&I): −$729
• Tax from tax record: −$71 /mo · $851/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$249
• Net cashflow: $78

Break-even live

Break-even rent $1,086

Max offer price $139,000

Occupancy floor 88%

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: $34,750
• Closing costs: $4,170
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3901 Jewell Ave Louisville, KY	3.0	1.0	1069	$1,140	$1.07	20d	1	0.06mi
3910 Garfield Ave Louisville, KY	2.0	1.0	872	$1,035	$1.19	3d	1	0.10mi
219 N 37th St Louisville, KY	2.0	1.0	700	$1,150	$1.64	23d	1	0.16mi
320 N 36th St Louisville, KY	3.0	1.0	830	$1,225	$1.48	16d	1	0.18mi
127 N 40th St Louisville, KY	3.0	2.0	1500	$1,570	$1.05	3d	1	0.23mi
313 N 42nd St Louisville, KY	3.0	1.0	900	$1,250	$1.39	3d	1	0.25mi
106 N 40th St Louisville, KY	3.0	1.0	1325	$1,220	$0.92	3d	1	0.28mi
110 Hansbrough Pl Unit 101 Louisville, KY	2.0	1.0	924	$1,080	$1.17	23d	1	0.39mi
127 Boston Ct Louisville, KY	2.0	1.0	725	$1,100	$1.52	23d	1	0.41mi
4143 W Market St Unit 2 Louisville, KY	2.0	1.0	700	$850	$1.21	23d	1	0.44mi
4141 W Market St Unit 1 Louisville, KY	2.0	1.0	771	$925	$1.20	2d	1	0.45mi
247 Cecil Ave Louisville, KY	3.0	2.0	1083	$1,305	$1.20	19d	1	0.58mi
112 S 46th St Louisville, KY	3.0	1.0	902	$1,200	$1.33	23d	1	0.62mi
302 Cecil Ave Louisville, KY	2.0	1.0	984	$1,025	$1.04	16d	1	0.63mi
2925 Slevin St Louisville, KY	2.0	1.0	896	$775	$0.86	3d	1	0.72mi
3120 Bank St Unit B Louisville, KY	2.0	1.0	750	$795	$1.06	23d	1	0.72mi
2927 Rowan St Louisville, KY	3.0	1.0	1008	$1,205	$1.20	11d	1	0.73mi
509 N 31st St Louisville, KY	2.0	1.0	800	$795	$0.99	23d	1	0.79mi
509 N 31st St Louisville, KY	2.0	1.0	800	$725	$0.91	16d	1	0.79mi
4129 W Muhammad Ali Blvd Louisville, KY	4.0	2.0	1224	$1,500	$1.23	1d	1	0.80mi
4018 Vermont Ave Unit 1 Louisville, KY	2.0	1.0	700	$699	$1.00	3d	1	0.85mi
3819 River Park Dr Louisville, KY	3.0	1.0	1108	$1,090	$0.98	20d	1	0.88mi
3421 River Park Dr Louisville, KY	3.0	1.0	994	$1,250	$1.26	23d	1	0.93mi
522 N 29th St Louisville, KY	3.0	1.0	1031	$1,300	$1.26	3d	1	0.96mi
627 S 38th St Louisville, KY	4.0	1.0	1300	$1,349	$1.04	16d	1	0.98mi
628 S 39th St Louisville, KY	3.0	1.0	1448	$1,220	$0.84	16d	1	1.00mi
353 N 27th St Louisville, KY	2.0	1.0	1100	$1,100	$1.00	23d	1	1.01mi
2906 Montgomery St Unit B Louisville, KY	3.0	1.0	1152	$1,060	$0.92	23d	1	1.03mi
652 N 29th St Louisville, KY	3.0	1.0	1127	$1,350	$1.20	17d	1	1.09mi
644 S 40th St Louisville, KY	2.0	1.0	1200	$1,500	$1.25	2d	1	1.10mi
648 S 37th St #3 Louisville, KY	2.0	1.0	807	$850	$1.05	23d	1	1.10mi
652 S 37th St #9 Louisville, KY	3.0	1.0	1070	$1,095	$1.02	23d	1	1.11mi
2529 W Main St #2 Louisville, KY	3.0	1.0	1404	$1,200	$0.85	23d	1	1.16mi
2614 W Jefferson St Unit 2614-4 Louisville, KY	2.0	1.0	740	$795	$1.07	23d	1	1.17mi
4309 Elliott Ave Unit 1 Louisville, KY	2.0	1.0	750	$695	$0.93	23d	1	1.18mi
4309 Elliott Ave Unit 1 Louisville, KY	2.0	1.0	750	$650	$0.87	3d	1	1.18mi
2623 Cedar St Louisville, KY	3.0	1.0	1000	$1,000	$1.00	23d	1	1.20mi
212 N 25th St Louisville, KY	3.0	1.0	1104	$895	$0.81	23d	1	1.20mi
2433 Slevin St Unit 2433-2 Louisville, KY	3.0	1.0	800	$875	$1.09	3d	1	1.22mi
2508 W Main St Louisville, KY	3.0	1.0	1327	$1,500	$1.13	23d	1	1.22mi

Listing history 13 events

1. 2026-06-18
   days on market $139,000 Active 18 DOM
2. 2026-06-17
   days on market $139,000 Active 17 DOM
3. 2026-06-16
   days on market $139,000 Active 16 DOM
4. 2026-06-15
   days on market $139,000 Active 15 DOM
5. 2026-06-13
   days on market $139,000 Active 13 DOM
6. 2026-06-10
   days on market $139,000 Active 10 DOM
7. 2026-06-09
   days on market $139,000 Active 9 DOM
8. 2026-06-08
   days on market $139,000 Active 8 DOM
9. 2026-06-07
   days on market $139,000 Active 7 DOM
10. 2026-06-03
    days on market $139,000 Active 3 DOM
11. 2026-06-02
    days on market $139,000 Active 2 DOM
12. 2026-06-01
    remarks 699-char remark
13. 2026-06-01
    listed $139,000 Active 1 DOM

ⓘ 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: $851 · $71/mo
• Projected year-2 tax: $1,195 · $100/mo
• Expected delta: +$345/yr (+$29/mo · 40.6%)

ⓘ 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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 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: $14,213
• − Mortgage interest: −$7,786
• − Property taxes: −$851
• − Insurance: −$695
• − Repairs & maintenance: −$1,137
• − Management: −$1,137
• − Depreciation: −$4,044
• Taxable loss: −$1,436
• Est. tax savings @ 24.0%: +$345
• After-tax cash flow: $1,280/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): 14,661
• Household income: $35,753
• Rent vs Own: 51.3% rent · 48.7% own
• Severe rent burden: 1148.0

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: Majority Black (60%)
• Race & ethnicity: Black 60% White 37% Two or more races 2% Hispanic / Latino 1%
• Common ancestry: Slovak 1% Lithuanian 1% Iranian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 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: ▲ 29.02%
• Current HPI: 293.2624
• Rent YoY: ▲ 0.51%
• 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

+98.6% since first listed

11 events — show timeline

• 2026-05-31 Listed $139,000 Metro Search MLS
• 2024-09-26 Rental Removed $1,350 BUILDIUM
• 2024-06-19 Listed for Rent $1,350 BUILDIUM
• 2023-12-22 Rental Removed $1,350 BUILDIUM
• 2023-12-15 Price Changed $1,350 BUILDIUM
• 2023-12-15 Listed for Rent $1,250 BUILDIUM
• 2022-04-04 Sold (Public Records) $67,500 Public Records
• 2022-04-01 Sold (MLS) $67,500 Metro Search MLS
• 2022-02-10 Pending — Metro Search MLS
• 2022-01-31 Contingent — Metro Search MLS
• 2022-01-29 Listed $70,000 Metro Search MLS

Property tax history

+9.8%/yr

Latest (2025): $851 · -1.9% YoY. Source: county tax records.