1031 Queen Ave · Louisville, KY 40215

$130,000

6 bd · 9.0 ba · 1,360 sqft · MultiFamily · 27 Days on market

Built 1925

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +3.8/5.0
• 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

Check out this Tri-plex in a convenient location Close to Churchill Downs, restaurants, attractions and Expressways. Unit 2 has a bathroom, kitchen & living room-bedroom combo . Off street parking. Unit 3 is Occupied and seller & agent have not been inside that units. Unit 1 & unit 2 are Vacant. Buyers of occupied properties will be required to abide by all local, state, and federal laws when doing evictions.

Key facts

• Fresh paint
• Flooring updates
• Built 1925

Tags

• HIGHLY DESIRABLE LOCATION
• STRONG RENTAL INCOME POTENTIAL
• FLOORING UPDATES
• FRESH PAINT
• EXCEPTIONAL PROXIMITY

Property features AI

Finance

• Financial info: Owner pays: see remarks
• HOA & community: No association fee

Exterior

• Parking: No covered parking
• Utilities: No utilities specifically listed
• Home design: Triplex; Other architectural style; Built in 1925
• Construction: Aluminum siding; Shingle roof; Built in 1925; Foundation details not listed
• Exterior features: No notable exterior features listed

Interior

• Kitchen: Three kitchens (on the first level)
• Bedrooms: Two bedrooms (all on the first level)
• Bathrooms: Three full bathrooms (on the first level)
• Heating & cooling: Three furnaces; Three HVAC units; Primary heating present
• Interior features: Triplex with three separate units; Separate meters for utilities; Basement present
• Laundry & utility: Laundry area on the first level

What this means for you Summary

Snapshot

• This is a 3 × 1-bed/1.0-bath units multifamily listed at $130k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $474/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $130k).
• Recommended offer: $128k (1.5% below list) — sets the bar for market timing.
• Cap rate 19.4% 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 (+5.2%/yr); 121 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 $2,817/mo this rent would consume 77% of the median local household income ($44k/yr) (locally 997% 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 $899 of loan paydown is wiped out by about $4k 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 + 5.2% rent growth), your $36k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 25y ago; this cycle's ask has dropped $120k (48%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $76k; list at $130k implies a 72% 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 $128,050 (1.5% below list)

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: 2.17% ✓
• Cap rate: 19.43%
• Cash-on-cash: 46.91%
• DSCR: 3.09
• GRM: 3.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.16% rent growth · sell at horizon

5-year hold

• IRR: 46.6%
• Equity multiple: 3.08×
• Total profit: $75,794
• Equity at exit: $19,383

10-year hold

• IRR: 53.2%
• Equity multiple: 6.75×
• Total profit: $209,448
• Equity at exit: $11,240

Cash invested: $36,400 (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 40215

• Home prices YoY: -34.4%
• Rents YoY: 5.2%
• Active inventory: 121
• Price-to-rent: 11.5×

Monthly cashflow live

• Estimated rent: $2,817 medium
• Mortgage (P&I): −$682
• Tax from tax record: −$67 /mo · $800/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$592
• Net cashflow: $1,423

Break-even live

Break-even rent $1,016

Max offer price $130,000

Occupancy floor 44%

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$2,817
Total (3 units)			$2,817

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Listing history 43 events

1. 2026-06-18
   days on market $130,000 Active 27 DOM
2. 2026-06-17
   price $130,000 Active 26 DOM
3. 2026-06-17
   days on market $180,000 Active 26 DOM
4. 2026-06-16
   days on market $180,000 Active 25 DOM
5. 2026-06-15
   days on market $180,000 Active 24 DOM
6. 2026-06-13
   days on market $180,000 Active 22 DOM
7. 2026-06-10
   days on market $180,000 Active 19 DOM
8. 2026-06-09
   days on market $180,000 Active 18 DOM
9. 2026-06-08
   days on market $180,000 Active 17 DOM
10. 2026-06-07
    days on market $180,000 Active 16 DOM
11. 2026-06-03
    days on market $180,000 Active 12 DOM
12. 2026-06-02
    days on market $180,000 Active 11 DOM
13. 2026-06-02
    price $180,000 Active 10 DOM
14. 2026-06-01
    days on market $250,000 Active 10 DOM
15. 2026-05-31
    days on market $250,000 Active 9 DOM
16. 2026-05-22
    listed $250,000 Active
17. 2022-02-22
    soldstatus $75,500 Closed 430-char remark

    Show marketing remark (23 chars)

    Entered for comps only!

18. 2022-02-22
    soldstatus $75,500 23-char remark

    Show marketing remark (23 chars)

    Entered for comps only!

19. 2022-02-15
    status Pending 430-char remark

    Show marketing remark (430 chars)

    Check out this Tri-plex in a convenient location Close to Churchill Downs, restaurants, attractions and Expressways. Unit 2 has a bathroom, kitchen & living room-bedroom combo . Off street parking. Unit 3 is Occupied and seller & agent have not been inside that units. Unit 1 & unit 2 are Vacant. Buyers of occupied properties will be required to abide by all local, state, and federal laws when doing evictions.

20. 2022-02-06
    historical Active Under Contract 430-char remark

    Show marketing remark (430 chars)

    Check out this Tri-plex in a convenient location Close to Churchill Downs, restaurants, attractions and Expressways. Unit 2 has a bathroom, kitchen & living room-bedroom combo . Off street parking. Unit 3 is Occupied and seller & agent have not been inside that units. Unit 1 & unit 2 are Vacant. Buyers of occupied properties will be required to abide by all local, state, and federal laws when doing evictions.

21. 2022-02-06
    status Active 430-char remark

    Show marketing remark (430 chars)

    Check out this Tri-plex in a convenient location Close to Churchill Downs, restaurants, attractions and Expressways. Unit 2 has a bathroom, kitchen & living room-bedroom combo . Off street parking. Unit 3 is Occupied and seller & agent have not been inside that units. Unit 1 & unit 2 are Vacant. Buyers of occupied properties will be required to abide by all local, state, and federal laws when doing evictions.

22. 2022-02-05
    status Pending 430-char remark

    Show marketing remark (430 chars)

    Check out this Tri-plex in a convenient location Close to Churchill Downs, restaurants, attractions and Expressways. Unit 2 has a bathroom, kitchen & living room-bedroom combo . Off street parking. Unit 3 is Occupied and seller & agent have not been inside that units. Unit 1 & unit 2 are Vacant. Buyers of occupied properties will be required to abide by all local, state, and federal laws when doing evictions.

23. 2022-01-18
    price $79,500 430-char remark

    Show marketing remark (23 chars)

    Entered for comps only!

24. 2022-01-18
    listed $85,000 Active 430-char remark

    Show marketing remark (23 chars)

    Entered for comps only!

25. 2022-01-18
    listed $75,500 23-char remark

    Show marketing remark (23 chars)

    Entered for comps only!

26. 2022-01-12
    soldstatus $59,850 Closed
27. 2021-12-20
    status Pending
28. 2021-11-29
    listed $121,000 Active
29. 2020-10-07
    historical
30. 2020-09-23
    listed $90,000 Active
31. 2020-06-17
    soldstatus $110,000
32. 2019-11-06
    historical
33. 2018-11-06
    listed $300,000 Active
34. 2012-09-15
    historical
35. 2011-09-15
    listed $99,900
36. 2011-07-21
    historical
37. 2011-02-07
    historical
38. 2010-08-04
    listed $79,900
39. 2010-08-04
    listed $79,900
40. 2005-12-05
    soldstatus $55,000
41. 2005-12-05
    listed $55,000
42. 2001-11-29
    soldstatus $67,060
43. 2001-08-24
    listed $75,000

ⓘ 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: $800 · $67/mo
• Projected year-2 tax: $1,118 · $93/mo
• Expected delta: +$318/yr (+$26/mo · 39.7%)

ⓘ 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 ≥104°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: $33,804
• − Mortgage interest: −$7,282
• − Property taxes: −$800
• − Insurance: −$650
• − Repairs & maintenance: −$2,704
• − Management: −$2,704
• − Depreciation: −$3,782
• Taxable income: $15,881
• Est. tax owed @ 24.0%: −$3,812
• After-tax cash flow: $13,263/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): 20,532
• Household income: $43,725
• Rent vs Own: 56.4% rent · 43.6% own
• Severe rent burden: 997.0

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 0.63)
• Race & ethnicity: White 51% Black 33% Two or more races 11% Hispanic / Latino 6% Asian 2%
• Hispanic origin (detail): Mexican 2% Cuban 3%
• Common ancestry: Slovak 1% Romanian 1% Serbian 1%
• Foreign-born: 9% · Canada, Vietnam
• Languages at home: 88% English-only · Spanish 5% Other Indo-European 2% 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: ▼ -119.35%
• Current HPI: 227.8248
• Rent YoY: ▲ 5.16%
• 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

+233.3% since first listed

28 events — show timeline

• 2026-05-22 Listed $250,000 Metro Search MLS
• 2022-02-22 Sold (MLS) $75,500 HKARMLS
• 2022-02-22 Sold (MLS) $75,500 Metro Search MLS
• 2022-02-15 Pending — Metro Search MLS
• 2022-02-06 Contingent — Metro Search MLS
• 2022-02-06 Relisted — Metro Search MLS
• 2022-02-05 Pending — Metro Search MLS
• 2022-01-18 Listed $75,500 HKARMLS
• 2022-01-18 Listed $85,000 Metro Search MLS
• 2022-01-18 Price Changed $79,500 Metro Search MLS
• 2022-01-12 Sold (MLS) $59,850 Metro Search MLS
• 2021-12-20 Pending — Metro Search MLS
• 2021-11-29 Listed $121,000 Metro Search MLS
• 2020-10-07 Listing Removed — Metro Search MLS
• 2020-09-23 Listed $90,000 Metro Search MLS
• 2020-06-17 Sold (Public Records) $110,000 Public Records
• 2019-11-06 Listing Removed — Metro Search MLS
• 2018-11-06 Listed $300,000 Metro Search MLS
• 2012-09-15 Listing Removed — Metro Search MLS
• 2011-09-15 Listed $99,900 Metro Search MLS
• 2011-07-21 Listing Removed — Metro Search MLS
• 2011-02-07 Listing Removed — Metro Search MLS
• 2010-08-04 Listed $79,900 Metro Search MLS
• 2010-08-04 Listed $79,900 Metro Search MLS
• 2005-12-05 Listed $55,000 Metro Search MLS
• 2005-12-05 Sold (MLS) $55,000 Metro Search MLS
• 2001-11-29 Sold (MLS) $67,060 Metro Search MLS
• 2001-08-24 Listed $75,000 Metro Search MLS

Property tax history

-0.6%/yr

Latest (2025): $800 · -1.9% YoY. Source: county tax records.