2124 Longest Ave · Louisville, KY 40204

$525,000

12 bd · 7.5 ba · 3,400 sqft · MultiFamily · 58 Days on market

Built 1900 5,600 sqft lot

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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 +8.2/10.0
• ARV discount +7.5/15.0
• Rent growth +3.9/5.0
• 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

Cherokee Triangle Tri-Plex in the heart of the Highlands. This is a highly sought after location for rentals. Stain glass doors and windows. This property offers a wonderful owner occupant possibility. Rental fees could be much higher based on the location. Third floor unit needs some updating.

Key facts

• Turnkey triplex
• Washer and dryer
• 5,600 sq ft lot

Tags

• TURNKEY TRIPLEX
• STRONG IN PLACE INCOME
• WELL MAINTAINED PROPERTY
• THOUGHTFULLY RENOVATED
• STABLE RENTAL HISTORY
• WASHER AND DRYER

Property features AI

Finance

• Other: Additional storage available; Pets allowed; Located in the Highlands neighborhood; preservation district: Cherokee Triangle; Lot dimensions approximately 35 x 160 ft
• Financial info: Multi-unit rents reported: 1st level rent $1600, 2nd level rent $1275, 3rd level rent $1275; Each level listed as a separate unit (three units total)
• HOA & community: No association fee

Exterior

• Parking: No covered parking
• Utilities: Electricity connected; Natural gas service available; Tenants pay cable, electric, gas, sewer and water; Owner pays trash removal
• Home design: Triplex property type; Pitched composition roof; Wood frame construction; Built in 1900; Approximately 3,400 total building area
• Construction: Wood frame construction; Composition pitched roof; Built in 1900; Foundation details not provided
• Exterior features: No notable exterior features listed; Sidewalk along the lot

Interior

• Kitchen: Kitchen in each unit/level; Ranges present on each level; Refrigerators present on each level; Dishwashers present on each level
• Bedrooms: Total of 4 bedrooms; 1 bedroom on 3rd level; 1 bedroom on 2nd level; 2 bedrooms on 1st level
• Bathrooms: Full bathrooms located on 1st and 2nd levels; Partial bathroom on 3rd level
• Heating & cooling: Two furnaces; Two HVAC units; Heating via forced air and MiniSplit/ductless on natural gas; Cooling via wall/window units
• Interior features: Basement present; Traditional architectural style
• Laundry & utility: Laundry areas on 1st, 2nd and 3rd levels

What this means for you Summary

Snapshot

• This is a 3 × 4-bed/2.5-bath units multifamily listed at $525k.

Deal economics

• At list price, monthly cash flow is $2k ($25k/yr) — positive. Per door: $683/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $525k).
• Recommended offer: $509k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.0% 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 (+5.8%/yr); 100 active listings in the ZIP; 2,836 units permitted in Jefferson County in 2024 (1,558 in 5+ unit buildings).
• At $6,935/mo this rent would consume 117% of the median local household income ($71k/yr) (locally 761% 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 $4k of loan paydown is wiped out by about $16k 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 + 5.8% rent growth), your $147k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 58 days — a 3% lower offer ($509k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 25y 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 $290k; list at $525k implies a 81% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — 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 $509,250 (3.0% below list)

Questions for the listing agent

1. It's been on market 58 days. Have you received any prior offers? Is the seller open to a 3% 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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 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: 1.32% ✓
• Cap rate: 10.98%
• Cash-on-cash: 16.73%
• DSCR: 1.74
• GRM: 6.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.76% rent growth · sell at horizon

5-year hold

• IRR: 10.9%
• Equity multiple: 1.44×
• Total profit: $65,247
• Equity at exit: $78,279

10-year hold

• IRR: 22.0%
• Equity multiple: 3.11×
• Total profit: $310,785
• Equity at exit: $45,392

Cash invested: $147,000 (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 40204

• Rents YoY: 5.8%
• Active inventory: 100
• Price-to-rent: 18.9×

Monthly cashflow live

• Estimated rent: $6,935 medium
• Mortgage (P&I): −$2,753
• Tax from tax record: −$457 /mo · $5,484/yr
• Insurance: −$219
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,456
• Net cashflow: $2,050

Break-even live

Break-even rent $4,340

Max offer price $525,000

Occupancy floor 65%

Sensitivity live

Price	-10% $2,347	-5% $2,198	+0% $2,050	+5% $1,901	+10% $1,753
Rent	-10% $1,502	-5% $1,776	+0% $2,050	+5% $2,324	+10% $2,598
Rate	-1.0pp $2,314	-0.5pp $2,183	base $2,050	+0.5pp $1,914	+1.0pp $1,775

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

Units	Beds	Baths	Est. rent
▸ 3× units	4	2.5	$6,936
Total (3 units)			$6,935

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: $131,250
• Closing costs: $15,750
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-05-22
   status Pending
2. 2026-05-07
   historical Active Under Contract
3. 2026-03-25
   listed $525,000 Active
4. 2017-04-21
   soldstatus $290,000 Closed 295-char remark

   Show marketing remark (295 chars)

   Cherokee Triangle Tri-Plex in the heart of the Highlands. This is a highly sought after location for rentals. Stain glass doors and windows. This property offers a wonderful owner occupant possibility. Rental fees could be much higher based on the location. Third floor unit needs some updating.

5. 2017-02-14
   status Pending 295-char remark

   Show marketing remark (295 chars)

   Cherokee Triangle Tri-Plex in the heart of the Highlands. This is a highly sought after location for rentals. Stain glass doors and windows. This property offers a wonderful owner occupant possibility. Rental fees could be much higher based on the location. Third floor unit needs some updating.

6. 2017-02-13
   status Active 295-char remark

   Show marketing remark (295 chars)

   Cherokee Triangle Tri-Plex in the heart of the Highlands. This is a highly sought after location for rentals. Stain glass doors and windows. This property offers a wonderful owner occupant possibility. Rental fees could be much higher based on the location. Third floor unit needs some updating.

7. 2017-01-20
   status Pending 295-char remark

   Show marketing remark (295 chars)

   Cherokee Triangle Tri-Plex in the heart of the Highlands. This is a highly sought after location for rentals. Stain glass doors and windows. This property offers a wonderful owner occupant possibility. Rental fees could be much higher based on the location. Third floor unit needs some updating.

8. 2017-01-16
   listed $319,900 Active 295-char remark

   Show marketing remark (295 chars)

   Cherokee Triangle Tri-Plex in the heart of the Highlands. This is a highly sought after location for rentals. Stain glass doors and windows. This property offers a wonderful owner occupant possibility. Rental fees could be much higher based on the location. Third floor unit needs some updating.

9. 2001-07-10
   soldstatus $205,000 229-char remark

   Show marketing remark (229 chars)

   Cherokee Triange, currently a triplex w/single family conversion possibilities, lead glass door & stained glass in LR & den. 4 original fireplace mantels. Off street parking possibilities off the alley. Terrific location.

10. 2001-07-10
    soldstatus $205,000

    Show marketing remark (229 chars)

    Cherokee Triange, currently a triplex w/single family conversion possibilities, lead glass door & stained glass in LR & den. 4 original fireplace mantels. Off street parking possibilities off the alley. Terrific location.

11. 2001-05-16
    listed $210,000 229-char remark

    Show marketing remark (229 chars)

    Cherokee Triange, currently a triplex w/single family conversion possibilities, lead glass door & stained glass in LR & den. 4 original fireplace mantels. Off street parking possibilities off the alley. Terrific location.

12. 2001-05-16
    listed $210,000

    Show marketing remark (229 chars)

    Cherokee Triange, currently a triplex w/single family conversion possibilities, lead glass door & stained glass in LR & den. 4 original fireplace mantels. Off street parking possibilities off the alley. Terrific location.

ⓘ 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: $5,484 · $457/mo
• Projected year-2 tax: $5,484 · $457/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 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $83,220
• − Mortgage interest: −$29,408
• − Property taxes: −$5,484
• − Insurance: −$2,625
• − Repairs & maintenance: −$6,658
• − Management: −$6,658
• − Depreciation: −$15,273
• Taxable income: $17,115
• Est. tax owed @ 24.0%: −$4,108
• After-tax cash flow: $20,489/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): 14,034
• Household income: $71,116
• Rent vs Own: 50.6% rent · 49.4% own
• Severe rent burden: 761.0

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: Predominantly White (84%)
• Race & ethnicity: White 84% Black 6% Two or more races 5% Hispanic / Latino 4% Asian 2%
• Common ancestry: Slovak 3% Serbian 3% Romanian 3%
• Foreign-born: 4% · Canada, South Korea, China
• Languages at home: 95% English-only · Spanish 2% Korean 1% Chinese 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: ▼ -475.25%
• Current HPI: 246.3191
• Rent YoY: ▲ 5.76%
• 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

+150.0% since first listed

12 events — show timeline

• 2026-05-22 Pending — Metro Search MLS
• 2026-05-07 Contingent — Metro Search MLS
• 2026-03-25 Listed $525,000 Metro Search MLS
• 2017-04-21 Sold (MLS) $290,000 Metro Search MLS
• 2017-02-14 Pending — Metro Search MLS
• 2017-02-13 Relisted — Metro Search MLS
• 2017-01-20 Pending — Metro Search MLS
• 2017-01-16 Listed $319,900 Metro Search MLS
• 2001-07-10 Sold (MLS) $205,000 Metro Search MLS
• 2001-07-10 Sold (MLS) $205,000 Metro Search MLS
• 2001-05-16 Listed $210,000 Metro Search MLS
• 2001-05-16 Listed $210,000 Metro Search MLS

Property tax history

+5.4%/yr

Latest (2025): $5,484 · -1.9% YoY. Source: county tax records.