2918 S 4th St · Louisville, KY 40208

$210,000

9 bd · 5.1 ba · 3,450 sqft · MultiFamily · 1 Days on market

Built 1925 0.26 ac lot

---

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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.0/5.0
• Livability +3.2/5.0
• 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: 3 units. estimate disagrees with records

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 MLS

Sold in ''as is'', ''where is'' condition. Minimum deposit of $1000. Proof of funds close or lender letter with offer. Please indicate an on or before closing date on contract.

Key facts

• New roof
• 0.26 acre lot
• 6 parking spots

Tags

• STEPS FROM CHURCHILL DOWNS
• STEPS FROM L N STADIUM
• AMPLE OFF STREET PARKING
• NEW ROOF

Property features AI

Finance

• Other: Building area reported as 3,000 (source: Other); living area reported as 3,450
• Financial info: Multi-unit property with separate meters; Unit rents (as listed): 1st level unit $595, 2nd level unit $665, 3rd level unit $700, Basement unit $250
• HOA & community: No association fee

Exterior

• Parking: 6 parking spaces; No covered parking
• Utilities: Electricity connected; Natural gas; Owner pays water; tenants pay electric, gas, and cable
• Home design: Wood frame and brick construction; Shingle roof; Main structure not in a flood plain; Built in 1925
• Construction: Wood frame and brick construction; Shingle roof; Built in 1925; Basement present
• Exterior features: Balcony; Traditional architectural style

Interior

• Kitchen: Kitchen on the 1st level; Kitchen on the 2nd level; Kitchen on the 3rd level; Kitchen in the basement; Ranges present on all levels; Refrigerators present on all levels; No dishwashers listed
• Bedrooms: Total of 10 bedrooms; 3 bedrooms on the 1st level; 3 bedrooms on the 2nd level; 3 bedrooms on the 3rd level; 1 bedroom in the basement
• Bathrooms: 1 full bath on the 1st level; 2 full baths on the 2nd level; 1 full bath on the 3rd level; 1 full bath in the basement; No partial baths listed
• Heating & cooling: Natural gas heating; 3 furnaces; Central air and wall/window units for cooling; 4 HVAC units
• Interior features: Basement present; Balcony
• Laundry & utility: No in-unit laundry listed on any level

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.7-bath units multifamily listed at $210k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $614/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $210k).
• Cap rate 16.8% 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+, 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 rising fast (+6.1%/yr); 77 active listings in the ZIP; lower-income renter base — watch delinquency; 2,836 units permitted in Jefferson County in 2024 (1,558 in 5+ unit buildings).
• At $4,055/mo this rent would consume 123% of the median local household income ($40k/yr) (locally 1136% 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 $1k of loan paydown is wiped out by about $6k 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 + 6.1% rent growth), your $59k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 21y 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 $115k; list at $210k implies a 83% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — 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 $210,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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: 1.93% ✓
• Cap rate: 16.81%
• Cash-on-cash: 37.58%
• DSCR: 2.67
• GRM: 4.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.06% rent growth · sell at horizon

5-year hold

• IRR: 36.9%
• Equity multiple: 2.63×
• Total profit: $96,116
• Equity at exit: $31,312

10-year hold

• IRR: 45.0%
• Equity multiple: 5.95×
• Total profit: $290,955
• Equity at exit: $18,157

Cash invested: $58,800 (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 40208

• Home prices YoY: -23.3%
• Rents YoY: 6.1%
• Active inventory: 77
• Price-to-rent: 12.9×

Monthly cashflow live

• Estimated rent: $4,055 high
• Mortgage (P&I): −$1,101
• Tax from tax record: −$173 /mo · $2,081/yr
• Insurance: −$88
• HOA: −$0
• Vacancy / Maint / Mgmt: −$852
• Net cashflow: $1,841

Break-even live

Break-even rent $1,724

Max offer price $210,000

Occupancy floor 50%

Sensitivity live

Price	-10% $1,960	-5% $1,901	+0% $1,841	+5% $1,782	+10% $1,722
Rent	-10% $1,521	-5% $1,681	+0% $1,841	+5% $2,001	+10% $2,162
Rate	-1.0pp $1,947	-0.5pp $1,895	base $1,841	+0.5pp $1,787	+1.0pp $1,732

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1.7	$4,056
Total (3 units)			$4,055

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: $52,500
• Closing costs: $6,300
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-06-19
   remarks 695-char remark
2. 2026-06-19
   listed $210,000 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: $2,081 · $173/mo
• Projected year-2 tax: $2,081 · $173/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 · 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: $48,660
• − Mortgage interest: −$11,763
• − Property taxes: −$2,081
• − Insurance: −$1,050
• − Repairs & maintenance: −$3,893
• − Management: −$3,893
• − Depreciation: −$6,109
• Taxable income: $19,871
• Est. tax owed @ 24.0%: −$4,769
• After-tax cash flow: $17,326/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): 15,605
• Household income: $39,560
• Rent vs Own: 73.8% rent · 26.2% own
• Severe rent burden: 1136.0

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 0.56)
• Race & ethnicity: White 62% Black 22% Two or more races 9% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 3% Lithuanian 2% Slovak 2%
• Foreign-born: 5% · Canada, China, South Korea
• Languages at home: 90% English-only · Spanish 3% French/Haitian/Cajun 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: ▼ -72.97%
• Current HPI: 240.6261
• Rent YoY: ▲ 6.06%
• 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

+40.0% since first listed

10 events — show timeline

• 2026-06-18 Listed $210,000 Metro Search MLS
• 2007-04-26 Sold (MLS) $114,900 Metro Search MLS
• 2007-04-20 Sold (Public Records) $114,900 Public Records
• 2007-03-13 Listed $114,900 Metro Search MLS
• 2007-03-05 Listing Removed — Metro Search MLS
• 2007-01-22 Listed $119,900 Metro Search MLS
• 2007-01-06 Listing Removed — Metro Search MLS
• 2006-10-09 Listed $129,900 Metro Search MLS
• 2006-01-07 Listing Removed — Metro Search MLS
• 2005-07-07 Listed $150,000 Metro Search MLS

Property tax history

+2.6%/yr

Latest (2025): $2,081 · -1.9% YoY. Source: county tax records.