1326 Phyllis Ave · Louisville, KY 40215

$245,000

4 bd · 1.0 ba · 2,160 sqft · SingleFamily · 117 Days on market

Built 1949 10,454 sqft lot Est $210k · 17% 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 +15.6/30.0
• DSCR +4.8/10.0
• Rent growth +3.8/5.0
• Livability +3.2/5.0
• 1% rule +3.0/10.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

'' Back on market due to buyers financing '' This 1.5 story home gives you plenty of space! 4 bedrooms, 1 full bath, partially finished basement, extra area on second floor could be used as an office or an additional family room. You'll love the 2-car detached garage, large backyard and the convenience of driveway and street parking. Conveniently located next to shopping, restaurants, and interstates. This home has a lot to offer - come take a look!

Key facts

• Two lots
• Large new bay window
• Hardwood

Tags

• TWO LOTS
• HARDWOOD
• HUGE LIVING SPACE
• FIREPLACE
• LARGE NEW BAY WINDOW
• UNIQUELY REMODELED KITCHEN

Property features AI

Finance

• Other: Located in the Industrial Park subdivision; Directions: Taylor Boulevard to Phyllis
• HOA & community: No association fee; No monthly maintenance

Exterior

• Parking: Detached garage with space for 2 cars; Driveway; Front entry
• Utilities: Electricity connected; Natural gas available
• Home design: Single-family residence, Cape Cod style; Two stories; Built in 1949
• Construction: Aluminum siding exterior; Shingle roof; Concrete block foundation; About 1,512 above-grade finished area; approximately 1,080 below-grade unfinished area
• Exterior features: Cleared, level lot; Lot dimensions approximately 30 x 140 and 41.5 x 142.5; Full chain-link fencing; See remarks for additional lot details

Interior

• Kitchen: Kitchen on the first floor
• Bedrooms: Four bedrooms total — two on the first floor and two on the second floor
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Unfinished basement; One fireplace on the first level; Seven total rooms (eight reported rooms total elsewhere); Eight closets
• Laundry & utility: Laundry room in the basement; No first-floor laundry

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $245k.

Deal economics

• At list price, monthly cash flow is $102 ($1k/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 $196k (19.9% below list).
• Recommended offer: $196k (19.9% below list) — sets the bar for 1% rule.
• Cap rate 6.8% 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+, crime F.
• 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.
• Zoned schools: Jacob Elementary (math 8% / reading 17%, grade F, #630 of 676 statewide, top 95%, 486 students, 82% FRL); Lassiter Middle (math 11% / reading 25%, grade F, #208 of 217 statewide, top 96%, 1,004 students, 70% FRL); Iroquois High (math 12% / reading 8%, grade F, #245 of 254 statewide, top 97%, 1,090 students, 74% FRL) — zoned schools average 76% FRL vs 56% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 13% at this address vs 27% district-wide (-14 pts) — the specific schools serving this property underperform the Jefferson County average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+5.2%/yr); 118 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 18d 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

• 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.
• Jefferson County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 117 days — a 9% lower offer ($223k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y 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 $120k; list at $245k implies a 104% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1949 — 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 $196,320 (19.9% below list)

Questions for the listing agent

1. It's been on market 117 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
2. Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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: 0.80% ✗
• Cap rate: 6.79%
• Cash-on-cash: 1.78%
• DSCR: 1.08
• GRM: 10.4

CMA / ARV

• ARV (on-the-fly): $209,520
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3208 Bohannon Ave	0.19mi	4/2.0	2,205 (+2%)	20mo	$100,000	$45	67
1036 Tennessee Ave	0.53mi	3/2.0 (-1)	2,150 (-0%)	3mo	$199,900	$93	63
1302 Weyler Ave	0.20mi	3/1.0 (-1)	1,843 (-15%)	7mo	$170,000	$92	56
3420 Vetter Ave	0.36mi	4/2.5	1,883 (-13%)	4mo	$219,900	$117	53
1533 Southgate Ave	0.47mi	3/1.5 (-1)	2,242 (+4%)	15mo	$205,000	$91	52
802 Longfield Ave	0.61mi	4/2.0	2,050 (-5%)	9mo	$260,000	$127	52
564 Longfield Ave	0.67mi	3/1.5 (-1)	2,128 (-2%)	10mo	$199,000	$94	51
3119 Faywood Way	0.38mi	3/2.5 (-1)	1,978 (-8%)	12mo	$221,500	$112	47
1204 Larchmont Ave	0.21mi	3/2.0 (-1)	1,862 (-14%)	14mo	$215,000	$115	46
1505 Homeview Dr	0.54mi	3/2.0 (-1)	1,949 (-10%)	6mo	$189,000	$97	45

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 · 5.16% rent growth · sell at horizon

5-year hold

• IRR: -11.4%
• Equity multiple: 0.58×
• Total profit: $-28,994
• Equity at exit: $36,530

10-year hold

• IRR: 0.2%
• Equity multiple: 1.02×
• Total profit: $1,286
• Equity at exit: $21,183

Cash invested: $68,600 (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 40215

• Home prices YoY: -34.4%
• Rents YoY: 5.2%
• Active inventory: 118
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $1,963 high
• Mortgage (P&I): −$1,285
• Tax from tax record: −$62 /mo · $750/yr
• Insurance: −$102
• HOA: −$0
• Vacancy / Maint / Mgmt: −$412
• Net cashflow: $102

Break-even live

Break-even rent $1,835

Max offer price $245,000

Occupancy floor 90%

Sensitivity live

Price	-10% $240	-5% $171	+0% $102	+5% $32	+10% $-37
Rent	-10% $-54	-5% $24	+0% $102	+5% $179	+10% $257
Rate	-1.0pp $225	-0.5pp $164	base $102	+0.5pp $38	+1.0pp $-27

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: $61,250
• Closing costs: $7,350
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1505 Homeview Dr Louisville, KY	5.0	2.0	1949	$1,850	$0.95	18d	1	0.52mi
925 W Evelyn Ave Louisville, KY	3.0	1.5	1520	$1,650	$1.09	25d	1	0.62mi
2718 S 5th St Louisville, KY	5.0	2.0	2196	$1,600	$0.73	13d	1	0.84mi
3102 Grant Ave Louisville, KY	4.0	2.0	1603	$1,595	$1.00	25d	1	1.00mi
4007 Southern Pkwy Unit 1 Louisville, KY	4.0	1.0	1500	$1,395	$0.93	5d	1	1.00mi
2718 S 3rd St Unit 2 Louisville, KY	4.0	2.0	2000	$2,800	$1.40	13d	1	1.00mi
516 Colorado Ave Louisville, KY	3.0	2.0	2000	$1,800	$0.90	18d	1	1.01mi
510 Colorado Ave Louisville, KY	3.0	2.0	1500	$1,750	$1.17	25d	1	1.03mi
2711 S 3rd St Unit 1 Louisville, KY	4.0	2.0	1800	$2,400	$1.33	13d	1	1.04mi
4010 Taylor Blvd Louisville, KY	4.0	2.0	1612	$3,000	$1.86	18d	1	1.34mi
4513 S 6th St Louisville, KY	3.0	2.0	1581	$2,650	$1.68	25d	1	1.34mi

Listing history 25 events

1. 2026-06-21
   days on market $245,000 Active 117 DOM
2. 2026-06-18
   days on market $245,000 Active 114 DOM
3. 2026-06-17
   days on market $245,000 Active 113 DOM
4. 2026-06-16
   days on market $245,000 Active 112 DOM
5. 2026-06-15
   days on market $245,000 Active 111 DOM
6. 2026-06-13
   days on market $245,000 Active 109 DOM
7. 2026-06-10
   days on market $245,000 Active 106 DOM
8. 2026-06-09
   days on market $245,000 Active 105 DOM
9. 2026-06-08
   days on market $245,000 Active 104 DOM
10. 2026-06-07
    days on market $245,000 Active 103 DOM
11. 2026-06-03
    days on market $245,000 Active 99 DOM
12. 2026-06-02
    days on market $245,000 Active 98 DOM
13. 2026-06-01
    days on market $245,000 Active 97 DOM
14. 2026-05-31
    days on market $245,000 Active 96 DOM
15. 2026-02-24
    listed $245,000 Active
16. 2025-10-03
    soldstatus $120,000 Closed 458-char remark

    Show marketing remark (458 chars)

    '' Back on market due to buyers financing '' This 1.5 story home gives you plenty of space! 4 bedrooms, 1 full bath, partially finished basement, extra area on second floor could be used as an office or an additional family room. You'll love the 2-car detached garage, large backyard and the convenience of driveway and street parking. Conveniently located next to shopping, restaurants, and interstates. This home has a lot to offer - come take a look!

17. 2025-08-22
    status Pending 458-char remark

    Show marketing remark (458 chars)

    '' Back on market due to buyers financing '' This 1.5 story home gives you plenty of space! 4 bedrooms, 1 full bath, partially finished basement, extra area on second floor could be used as an office or an additional family room. You'll love the 2-car detached garage, large backyard and the convenience of driveway and street parking. Conveniently located next to shopping, restaurants, and interstates. This home has a lot to offer - come take a look!

18. 2025-07-14
    price $159,000 458-char remark

    Show marketing remark (458 chars)

    '' Back on market due to buyers financing '' This 1.5 story home gives you plenty of space! 4 bedrooms, 1 full bath, partially finished basement, extra area on second floor could be used as an office or an additional family room. You'll love the 2-car detached garage, large backyard and the convenience of driveway and street parking. Conveniently located next to shopping, restaurants, and interstates. This home has a lot to offer - come take a look!

19. 2025-06-18
    listed $167,500 Active 458-char remark

    Show marketing remark (458 chars)

    '' Back on market due to buyers financing '' This 1.5 story home gives you plenty of space! 4 bedrooms, 1 full bath, partially finished basement, extra area on second floor could be used as an office or an additional family room. You'll love the 2-car detached garage, large backyard and the convenience of driveway and street parking. Conveniently located next to shopping, restaurants, and interstates. This home has a lot to offer - come take a look!

20. 2025-04-16
    status Pending
21. 2025-04-12
    historical
22. 2025-04-09
    status Active
23. 2025-02-18
    status Pending
24. 2025-01-24
    price $167,500
25. 2024-11-20
    listed $172,500 Active

ⓘ 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: $750 · $62/mo
• Projected year-2 tax: $2,107 · $176/mo
• Expected delta: +$1,357/yr (+$113/mo · 181.0%)

ⓘ 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) · 10% 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 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: $23,558
• − Mortgage interest: −$13,724
• − Property taxes: −$750
• − Insurance: −$1,225
• − Repairs & maintenance: −$1,885
• − Management: −$1,885
• − Depreciation: −$7,127
• Taxable loss: −$3,037
• Est. tax savings @ 24.0%: +$729
• After-tax cash flow: $1,947/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): 20,532
• Household income: $43,725
• Rent vs Own: 56.4% rent · 43.6% own
• Severe rent burden: 997.0

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 0.63)
• Race & ethnicity: White 51% Black 33% Two or more races 11% Hispanic / Latino 6% Asian 2%
• Hispanic origin (detail): Mexican 2% Cuban 3%
• Common ancestry: Slovak 1% Romanian 1% Serbian 1%
• Foreign-born: 9% · Canada, Vietnam
• Languages at home: 88% English-only · Spanish 5% Other Indo-European 2% Arabic 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: ▼ -119.35%
• Current HPI: 227.8248
• Rent YoY: ▲ 5.16%
• 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

+42.0% since first listed

11 events — show timeline

• 2026-02-24 Listed $245,000 Metro Search MLS
• 2025-10-03 Sold (MLS) $120,000 Metro Search MLS
• 2025-08-22 Pending — Metro Search MLS
• 2025-07-14 Price Changed $159,000 Metro Search MLS
• 2025-06-18 Listed $167,500 Metro Search MLS
• 2025-04-16 Pending — Metro Search MLS
• 2025-04-12 Listing Removed — Metro Search MLS
• 2025-04-09 Relisted — Metro Search MLS
• 2025-02-18 Pending — Metro Search MLS
• 2025-01-24 Price Changed $167,500 Metro Search MLS
• 2024-11-20 Listed $172,500 Metro Search MLS

Property tax history

+9.3%/yr

Latest (2025): $750 · -6.2% YoY. Source: county tax records.