430 Joy Ave · Mount Washington, KY 40047

$1,400,000

None bd · None ba · 1,584 sqft · MultiFamily public records · 20 Days on market

Built 1997 0.67 ac lot

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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 +18.9/30.0
• ARV discount +7.5/15.0
• DSCR +5.9/10.0
• 1% rule +4.1/10.0
• Livability +3.5/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Check out this cash-flowing 12-plex featuring onsite coin laundry and strong investment potential. The property consists of eight 2-bedroom, 1-bathroom units and two 1-bedroom, 1-bathroom units. One vacant unit is available for showings, while all occupied units may be viewed during the due diligence period following an accepted offer. Buyers are welcome to include a walk-through contingency with any submitted offer. The property is professionally managed, and rent rolls along with financials are available upon request. This is a great addition to any investment portfolio. Seller prefers to sell this property together with 3414 Burkland Blvd.

Key facts

• Onsite coin laundry
• Cash-flowing 12-plex
• 0.67 acre lot

Tags

• CASH-FLOWING 12-PLEX
• ONSITE COIN LAUNDRY
• STRONG INVESTMENT POTENTIAL
• PROFESSIONALLY MANAGED

Property features AI

Finance

• Financial info: Tenants pay electric; Tenants pay water
• HOA & community: No association fee

Exterior

• Parking: 10 total parking spaces; No covered parking
• Utilities: Electricity connected; 12 furnaces
• Home design: Apartment property; Shingle roof
• Construction: Built in 1997; Brick construction
• Exterior features: No exterior amenities listed

Interior

• Bedrooms: No individual bedrooms listed
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Property is an apartment building; Separate meters for units

What this means for you Summary

Snapshot

• This is a multifamily listed at $1.40M.

Deal economics

• At list price, monthly cash flow is $1k ($17k/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 $1.27M (9.0% below list).
• Recommended offer: $1.27M (9.0% below list) — sets the bar for 1% rule.
• Cap rate 7.5% vs local median 3.1% in Mount Washington — 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 70/100 on livability (#158 in KY) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Bullitt County (suburban): math 29% / reading 41% proficiency, ranked #55 of 165 in KY (top 33%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 295 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 380 units permitted in Bullitt County in 2024 (8 in 5+ unit buildings).
• At $12,743/mo this rent would consume 154% of the median local household income ($99k/yr) (locally 90% 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 $10k of loan paydown is wiped out by about $42k of value loss. Plan a longer hold.
• Bullitt County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($1.38M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $650k; list at $1.40M implies a 115% gain — meaningful room to come down on a strong offer.

Recommended offer $1,274,300 (9.0% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 0.91% ✗
• Cap rate: 7.51%
• Cash-on-cash: 4.36%
• DSCR: 1.19
• GRM: 9.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -9.5%
• Equity multiple: 0.65×
• Total profit: $-136,596
• Equity at exit: $208,745

10-year hold

• IRR: -0.1%
• Equity multiple: 0.99×
• Total profit: $-3,942
• Equity at exit: $121,046

Cash invested: $392,000 (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 40047

• Home prices YoY: -18.8%
• Active inventory: 295
• Price-to-rent: 106.3×

Monthly cashflow live

• Estimated rent: $12,743 medium
• Mortgage (P&I): −$7,342
• Tax from tax record: −$718 /mo · $8,612/yr
• Insurance: −$583
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,676
• Net cashflow: $1,424

Break-even live

Break-even rent $10,940

Max offer price $1,400,000

Occupancy floor 84%

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

Units	Beds	Baths	Est. rent
▸ 8× units	2	1	$8,784
▸ 4× units	1	1	$3,960
Total (12 units)			$12,743

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: $350,000
• Closing costs: $42,000
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
113 Taylor Ct Mount Washington, KY	3.0	2.0	1448	$2,320	$1.60	2d	1	1.19mi

Listing history 13 events

1. 2026-06-18
   days on market $1,400,000 Active 20 DOM
2. 2026-06-17
   days on market $1,400,000 Active 19 DOM
3. 2026-06-16
   days on market $1,400,000 Active 18 DOM
4. 2026-06-15
   days on market $1,400,000 Active 17 DOM
5. 2026-06-13
   days on market $1,400,000 Active 15 DOM
6. 2026-06-10
   days on market $1,400,000 Active 12 DOM
7. 2026-06-09
   days on market $1,400,000 Active 11 DOM
8. 2026-06-08
   days on market $1,400,000 Active 10 DOM
9. 2026-06-07
   days on market $1,400,000 Active 9 DOM
10. 2026-06-03
    days on market $1,400,000 Active 5 DOM
11. 2026-06-02
    days on market $1,400,000 Active 4 DOM
12. 2026-06-01
    days on market $1,400,000 Active 3 DOM
13. 2026-05-31
    days on market $1,400,000 Active 2 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: $8,612 · $718/mo
• Projected year-2 tax: $12,040 · $1,003/mo
• Expected delta: +$3,428/yr (+$286/mo · 39.8%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥105°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% 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: $152,916
• − Mortgage interest: −$78,422
• − Property taxes: −$8,612
• − Insurance: −$7,000
• − Repairs & maintenance: −$12,233
• − Management: −$12,233
• − Depreciation: −$40,727
• Taxable loss: −$6,312
• Est. tax savings @ 24.0%: +$1,515
• After-tax cash flow: $18,605/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: Bullitt County
• NCES district ID: 2100750
• Math proficiency: 29% ▼ -15.00%
• Reading proficiency: 41% ▼ -14.00%
• Median HH income: $55,009
• Composite: 30.78/100
• National rank: #6151
• State rank: #55 of 165 in KY

Livability — Mount Washington

• Score: 70/100
• State rank: #158
• US rank: #7984

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mount Washington, KY
• County: Bullitt County · 62,065 people
• City population: 23,662
• Metro: Louisville/Jefferson County, KY-IN
• Population (ZIP): 23,662
• Household income: $99,124
• Rent vs Own: 11.2% rent · 88.8% own
• Severe rent burden: 90.0

Population outlook (Bullitt County) Hauer SSP2

• Today (2025): 89,555 people
• By 2030: 94,389 · +5.4%
• By 2040: 102,759 · +14.7%
• By 2050: 108,955 · +21.7%
• By 2075: 121,898 · +36.1%
• By 2100: 126,383 · +41.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Lithuanian 3% Slovak 2% Iranian 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Bullitt

• 2024 margin: Solid R (+51.0) · D 23.8% · R 74.8% · Other 1.4%
• 2008→2024 swing: -18.7pp toward R · 2008: -32.3pp · 2024: -51.0pp
• All cycles: 2024: R+51.0 2020: R+48.0 2016: R+49.8 2012: R+35.7 2008: R+32.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -61.20%
• Current HPI: 264.3563
• 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

+245.7% since first listed

3 events — show timeline

• 2026-05-29 Listed $1,400,000 Metro Search MLS
• 2021-07-14 Sold (Public Records) $650,000 Public Records
• 2003-12-01 Sold (Public Records) $405,000 Public Records

Property tax history

+3.4%/yr

Latest (2025): $8,612 · -0.8% YoY. Source: county tax records.