601 Revolutionary Rd · Louisville/Jefferson County metro government (balance), KY 40214

$2,275,000

None bd · None ba · 21,900 sqft · MultiFamily · 125 Days on market

Built 1970

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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
• DSCR +10.0/10.0
• 1% rule +8.3/10.0
• ARV discount +7.5/15.0
• Rent growth +3.0/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• 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: 32 units. confirmed

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

This offering includes 601 Revolutionary Road and 7602 Garrison Road This well-positioned 32-unit multifamily property is located in a mature, stable South Louisville neighborhood, offering both immediate income and long-term upside. The investment includes two apartment buildings, featuring extensive renovations in most apartments, a new roof on one building and an upgraded parking lot. Each of the spacious 1-bedroom, 1-bathroom units is individually metered for gas and electric, providing efficient utility management. On-site laundry facilities add convenience for residents. Ideally situated adjacent to a large industrial park and near major employment centers, this property caters pe

Key facts

• Upgraded parking lot
• Multifamily property
• High occupancy

Tags

• MULTIFAMILY PROPERTY
• EXTENSIVE RENOVATIONS
• NEW ROOF
• UPGRADED PARKING LOT
• ON-SITE LAUNDRY FACILITIES
• HIGH OCCUPANCY

Property features AI

Finance

• Other: Building area approximately 21,900 (total building area reported)
• HOA & community: No association fee

Exterior

• Parking: No covered parking
• Utilities: Electricity connected
• Home design: Apartment building; Built in 1970
• Construction: Brick construction; Shingle roof
• Exterior features: No notable exterior features listed; Main structure located in a flood plain

Interior

• Bedrooms: No bedrooms (studio/undefined)
• Heating & cooling: Forced air heating
• Interior features: Separate meters for multi-unit building; No basement

What this means for you Summary

Snapshot

• This is a 32 × 2-bed/?-bath units multifamily listed at $2.27M.

Deal economics

• At list price, monthly cash flow is $10k ($121k/yr) — positive. Per door: $315/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($30k rent vs $2.27M).
• Recommended offer: $2.00M (12.0% below list) — sets the bar for market timing.
• Cap rate 11.6% vs local median 4.0% in Louisville/Jefferson County metro government (balance) — 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: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• 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 (+1.9%/yr); 243 active listings in the ZIP; 2,836 units permitted in Jefferson County in 2024 (1,558 in 5+ unit buildings).
• At $30,204/mo this rent would consume 660% of the median local household income ($55k/yr) (locally 2054% 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 $16k of loan paydown is wiped out by about $68k 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 + 1.9% rent growth), your $637k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 125 days — a 12% lower offer ($2.00M) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y ago; this cycle's ask has dropped $225k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $720k; list at $2.27M implies a 216% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $2,002,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 125 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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: 1.33% ✓
• Cap rate: 11.61%
• Cash-on-cash: 19.00%
• DSCR: 1.85
• GRM: 6.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.89% rent growth · sell at horizon

5-year hold

• IRR: 9.7%
• Equity multiple: 1.38×
• Total profit: $239,769
• Equity at exit: $339,210

10-year hold

• IRR: 17.9%
• Equity multiple: 2.41×
• Total profit: $899,238
• Equity at exit: $196,700

Cash invested: $637,000 (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 40214

• Rents YoY: 1.9%
• Active inventory: 243
• Price-to-rent: 200.9×

Monthly cashflow live

• Estimated rent: $30,204 high
• Mortgage (P&I): −$11,930
• Tax from tax record: −$895 /mo · $10,736/yr
• Insurance: −$948
• HOA: −$0
• Vacancy / Maint / Mgmt: −$6,343
• Net cashflow: $10,088

Break-even live

Break-even rent $17,434

Max offer price $2,275,000

Occupancy floor 62%

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

Units	Beds	Baths	Est. rent
▸ 32× units	2	—	$30,208
Total (32 units)			$30,204

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: $568,750
• Closing costs: $68,250
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $2,275,000 Active 125 DOM
2. 2026-06-17
   days on market $2,275,000 Active 124 DOM
3. 2026-06-16
   days on market $2,275,000 Active 123 DOM
4. 2026-06-15
   days on market $2,275,000 Active 122 DOM
5. 2026-06-13
   days on market $2,275,000 Active 120 DOM
6. 2026-06-10
   days on market $2,275,000 Active 117 DOM
7. 2026-06-09
   days on market $2,275,000 Active 116 DOM
8. 2026-06-08
   days on market $2,275,000 Active 115 DOM
9. 2026-06-07
   days on market $2,275,000 Active 114 DOM
10. 2026-06-03
    days on market $2,275,000 Active 110 DOM
11. 2026-06-02
    days on market $2,275,000 Active 109 DOM
12. 2026-06-01
    days on market $2,275,000 Active 108 DOM
13. 2026-05-31
    days on market $2,275,000 Active 107 DOM
14. 2026-04-30
    status Active
15. 2026-04-30
    price $2,275,000
16. 2026-01-11
    historical
17. 2025-12-01
    price $2,400,000
18. 2025-10-28
    listed $2,500,000 Active
19. 2023-09-08
    historical $750
20. 2023-08-11
    listed $750
21. 2021-07-21
    soldstatus $720,000

ⓘ 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: $10,736 · $895/mo
• Projected year-2 tax: $19,565 · $1,630/mo
• Expected delta: +$8,829/yr (+$736/mo · 82.2%)

ⓘ 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 · 19 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 · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $362,448
• − Mortgage interest: −$127,435
• − Property taxes: −$10,736
• − Insurance: −$11,375
• − Repairs & maintenance: −$28,996
• − Management: −$28,996
• − Depreciation: −$66,182
• Taxable income: $88,728
• Est. tax owed @ 24.0%: −$21,295
• After-tax cash flow: $99,764/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/Jefferson County metro government (balance)

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Louisville/Jefferson County metro government (balance), KY
• County: Jefferson County · 790,184 people
• City population: 419,741
• Metro: Louisville/Jefferson County, KY-IN
• Population (ZIP): 45,405
• Household income: $54,931
• Rent vs Own: 45.6% rent · 54.4% own
• Severe rent burden: 2054.0

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 0.67)
• Race & ethnicity: White 51% Black 22% Hispanic / Latino 14% Two or more races 12% Asian 7%
• Hispanic origin (detail): Mexican 3% Cuban 6%
• Common ancestry: Slovak 1% Lithuanian 1% Serbian 1%
• Foreign-born: 21% · Canada, Vietnam, Philippines
• Languages at home: 74% English-only · Spanish 12% Vietnamese 3% Other Asian/Pacific 2%

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: ▼ -235.43%
• Current HPI: 237.4062
• Rent YoY: ▲ 1.89%
• 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

+216.0% since first listed

8 events — show timeline

• 2026-04-30 Relisted — Metro Search MLS
• 2026-04-30 Price Changed $2,275,000 Metro Search MLS
• 2026-01-11 Listing Removed — Metro Search MLS
• 2025-12-01 Price Changed $2,400,000 Metro Search MLS
• 2025-10-28 Listed $2,500,000 Metro Search MLS
• 2023-09-08 Rental Removed $750 LEASESTAR
• 2023-08-11 Listed for Rent $750 LEASESTAR
• 2021-07-21 Sold (Public Records) $720,000 Public Records

Property tax history

+7.9%/yr

Latest (2025): $10,736 · +40.0% YoY. Source: county tax records.