303 Chanel Ct Ct Apt 7 · Louisville, KY 40218

$87,500

2 bd · 2.0 ba · 953 sqft · Condo · 126 Days on market

Built 1976 $222/mo HOA · 20% of rent

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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 +19.1/30.0
• 1% rule +7.6/10.0
• ARV discount +7.5/15.0
• DSCR +6.0/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Rent growth +1.6/5.0
• Appreciation +0.0/10.0

Listing remarks

2 bedroom, 2 bath condo ready for you to make this your home. The convenient location and amenities make this an easy place to live in comfort. Call anytime for more info and a showing.

Key facts

• $222 HOA
• Community pool
• Built 1976

Property features AI

Finance

• HOA & community: HOA with monthly maintenance fee (reported); Association amenities include clubhouse and pool; Maintenance covers exterior maintenance, groundskeeping, sewer, snow removal, trash, and water; Monthly maintenance indicated

Exterior

• Parking: One surface parking space (see remarks for details)
• Utilities: Electricity connected; Natural gas available
• Home design: Condominium; Located on the 3rd floor of the building; Three-story building; Other architectural style
• Construction: Built in 1976; Brick construction; Shingle roof; Poured concrete foundation
• Exterior features: Balcony; Covenants/restrictions apply

Interior

• Kitchen: Kitchen located on the third floor; Dining area on the third floor
• Bedrooms: Two bedrooms total; Primary bedroom located on the third floor; All bedrooms located on the third floor
• Bathrooms: Two full bathrooms, both on the third floor
• Interior features: Five total rooms; Four closets; No basement
• Laundry & utility: Laundry room on the third floor

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $88k.

Deal economics

• At list price, monthly cash flow is $93 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $88k).
• Recommended offer: $77k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.6% 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 falling (-3.5%/yr); 102 active listings in the ZIP; 36 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $605 of loan paydown is wiped out by about $3k 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 126 days — a 12% lower offer ($77k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 26y ago; this cycle's ask has dropped $12k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 20% of rent.
• Climate carrying-cost: major flood risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $77,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 126 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.26% ✓
• Cap rate: 7.57%
• Cash-on-cash: 4.57%
• DSCR: 1.20
• GRM: 6.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -13.3%
• Equity multiple: 0.54×
• Total profit: $-11,344
• Equity at exit: $13,047

10-year hold

• IRR: -11.7%
• Equity multiple: 0.42×
• Total profit: $-14,198
• Equity at exit: $7,565

Cash invested: $24,500 (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 40218

• Rents YoY: -3.5%
• Active inventory: 102
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $1,100 high
• Mortgage (P&I): −$459
• Tax from tax record: −$59 /mo · $703/yr
• Insurance: −$36
• HOA: −$222
• Vacancy / Maint / Mgmt: −$231
• Net cashflow: $93

Break-even live

Break-even rent $982

Max offer price $87,500

Occupancy floor 87%

Sensitivity live

Price	-10% $143	-5% $118	+0% $93	+5% $68	+10% $44
Rent	-10% $6	-5% $50	+0% $93	+5% $137	+10% $180
Rate	-1.0pp $137	-0.5pp $115	base $93	+0.5pp $71	+1.0pp $47

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: $21,875
• Closing costs: $2,625
• Reserves months: —
• Total cash needed: —

Rent comps 36 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3710 Noblitt Dr Apt 3 Louisville, KY	2.0	1.0	950	$1,100	$1.16	18d	1	0.33mi
3705 Briarbridge Ln Unit 4 Louisville, KY	2.0	1.0	750	$750	$1.00	22d	1	0.37mi
3705 Briarbridge Ln Unit 4 Louisville, KY	2.0	1.0	750	$750	$1.00	24d	1	0.37mi
3316 Noe Way Louisville, KY	2.0	1.0	950	$950	$1.00	4d	2	0.39mi
2906 Noe Ct Unit 2 Louisville, KY	2.0	1.0	878	$895	$1.02	24d	1	0.44mi
3712 Klondike Ln Louisville, KY	2.0	1.0	875	$950	$1.09	18d	1	0.46mi
3700 Tyanne Pl Unit 208 Louisville, KY	1.0	1.0	575	$950	$1.65	24d	1	0.51mi
3700 Tyanne Pl Unit 218 Louisville, KY	1.0	1.0	575	$900	$1.57	24d	1	0.51mi
3503 Medford Ct Louisville, KY	3.0	1.0	925	$1,400	$1.51	17d	1	0.71mi
5935 6 Mile Ln Unit Second Floor Louisville, KY	2.0	1.0	980	$1,500	$1.53	24d	1	0.77mi
2212 Gerald Ct Louisville, KY	2.0	1.0	925	$1,100	$1.19	17d	1	0.81mi
3206 Orchard Manor Cir Apt 7 Louisville, KY	2.0	1.0	850	$900	$1.06	4d	1	0.89mi
3544 Brockton Ln Unit 3 Louisville, KY	1.0	1.0	650	$750	$1.15	24d	1	0.89mi
3544 Brockton Ln Unit 3 Louisville, KY	1.0	1.0	650	$750	$1.15	18d	1	0.89mi
3204 Orchard Manor Cir Unit 3 Louisville, KY	2.0	1.0	750	$900	$1.20	4d	1	0.90mi
3216 Hikes Ln Louisville, KY	2.0	1.5	900	$1,150	$1.28	24d	1	0.92mi
3416 Clingstone Way Louisville, KY	2.0	1.5	900	$1,150	$1.28	18d	1	0.93mi
3245 Orchard Manor Cir Louisville, KY	1.0–2.0	1.0–2.0	950	$1,185	$1.25	4d	3	0.96mi
3007 Bowman Ave Louisville, KY	2.0	1.0	870	$1,150	$1.32	24d	1	1.00mi
2915 Abigail Dr Unit 1 Louisville, KY	2.0	1.0	850	$1,200	$1.41	22d	1	1.11mi
3320 Bardstown Rd Unit V17 Louisville, KY	1.0	1.0	554	$825	$1.49	17d	1	1.11mi
2910 Abigail Dr Unit 4 Louisville, KY	2.0	1.0	850	$975	$1.15	24d	1	1.12mi
6512 Six Mile Ln #6 Louisville, KY	2.0	2.0	900	$1,099	$1.22	17d	1	1.15mi
6512 Six Mile Ln #6 Louisville, KY	2.0	2.0	900	$1,099	$1.22	4d	1	1.15mi
203 El Conquistador Pl Louisville, KY	2.0	2.0	1006	$1,400	$1.39	24d	1	1.18mi
2132 Belmont Rd Louisville, KY	2.0	1.0	1053	$1,850	$1.76	24d	1	1.21mi
3500 Lodge Ln #240 Louisville, KY	1.0	1.0	687	$1,040	$1.51	4d	1	1.21mi
3715 Ethel Ave Louisville, KY	1.0	1.0	600	$1,400	$2.33	4d	1	1.22mi
2153 Goldsmith Ln Louisville, KY	1.0–3.0	1.0–2.0	950	$1,062	$1.12	4d	10	1.25mi
203 Breckinridge Sq Louisville, KY	1.0–2.0	1.0–2.5	1150	$1,799	$1.56	3d	26	1.28mi
7204 Churchill Park Dr Louisville, KY	1.0–3.0	1.0–2.0	1020	$1,362	$1.34	21d	35	1.29mi
3600 Fountain Dr Louisville, KY	1.0–3.0	1.0	675	$1,159	$1.72	4d	30	1.32mi
6710 Six Mile Ln Louisville, KY	2.0	1.0	1005	$1,275	$1.27	24d	1	1.32mi
6710 Six Mile Ln Louisville, KY	2.0	1.0	1005	$1,275	$1.27	15d	1	1.32mi
3424 Breckenridge Ln Louisville, KY	2.0	1.0–2.0	875	$1,229	$1.40	4d	6	1.40mi
2106 Buechel Bank Rd Louisville, KY	1.0–3.0	1.0	1000	$1,234	$1.23	4d	7	1.41mi

HOA detail condo

• Monthly dues: $222 · $2,664/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 8 events

1. 2026-05-14
   status Pending
2. 2026-05-11
   price $87,500
3. 2026-01-08
   listed $99,950 Active
4. 2003-11-21
   listed $69,900
5. 2003-11-17
   historical
6. 2003-10-02
   listed $74,900
7. 2000-11-12
   historical
8. 2000-09-05
   listed $73,000

ⓘ 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: $703 · $59/mo
• Projected year-2 tax: $752 · $63/mo
• Expected delta: +$49/yr (+$4/mo · 7.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 71% 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 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,202
• − Mortgage interest: −$4,901
• − Property taxes: −$703
• − Insurance: −$438
• − Repairs & maintenance: −$1,056
• − Management: −$1,056
• − HOA: −$2,664
• − Depreciation: −$2,545
• Taxable loss: −$162
• Est. tax savings @ 24.0%: +$39
• After-tax cash flow: $1,157/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): 33,736
• Household income: $58,811
• Rent vs Own: 50.5% rent · 49.5% own
• Severe rent burden: 1590.0

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 0.69)
• Race & ethnicity: White 42% Black 32% Hispanic / Latino 17% Two or more races 16% Asian 4%
• Hispanic origin (detail): Mexican 5% Puerto Rican 1% Cuban 7%
• Common ancestry: Lithuanian 1% Portuguese 1% Swiss 1%
• Foreign-born: 20% · Canada, India, Jamaica
• Languages at home: 77% English-only · Spanish 12% Other Indo-European 3% 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: ▼ -208.23%
• Current HPI: 257.9528
• Rent YoY: ▼ -3.47%
• 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

+19.9% since first listed

8 events — show timeline

• 2026-05-14 Pending — Metro Search MLS
• 2026-05-11 Price Changed $87,500 Metro Search MLS
• 2026-01-08 Listed $99,950 Metro Search MLS
• 2003-11-21 Listed $69,900 Metro Search MLS
• 2003-11-17 Listing Removed — Metro Search MLS
• 2003-10-02 Listed $74,900 Metro Search MLS
• 2000-11-12 Listing Removed — Metro Search MLS
• 2000-09-05 Listed $73,000 Metro Search MLS

Property tax history

-2.7%/yr

Latest (2025): $703 · -6.5% YoY. Source: county tax records.