2513 Howard St · Louisville, KY 40211

$39,999

3 bd · 1.0 ba · 1,030 sqft · SingleFamily · 1 Days on market

Built 1915 3,441 sqft lot Est $71k · 44% under ↓ 31% since listing

---

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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +3.7/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks

Calling All Investors and Savvy Buyers! This vacant, boarded-up property is ready for a complete makeover. With the right updates, this home is full of potential. Being sold AS-IS. Bring your vision and your contractor; this one is ready for transformation!

Key facts

• 3,441 sq ft lot
• 2 garage spots
• Built 1915

Property features AI

Finance

• HOA & community: No association fee

Exterior

• Parking: Detached 2-car garage
• Utilities: Electricity connected; Heating present
• Home design: Single-family shotgun-style home; One story; Built in 1915
• Construction: Vinyl siding; Shingle roof; Crawl space foundation
• Exterior features: Partial chain-link fencing; Sidewalk along the lot

Interior

• Kitchen: Kitchen located on the first floor
• Bedrooms: Three bedrooms, all on the first floor; Primary bedroom located on the first floor
• Bathrooms: One full bathroom
• Interior features: Five total rooms; No basement
• Laundry & utility: First-floor laundry

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $683 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Cap rate 26.8% 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 (+4.9%/yr); 140 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 2,836 units permitted in Jefferson County in 2024 (1,558 in 5+ unit buildings).
• At $1,218/mo this rent would consume 46% of the median local household income ($32k/yr) (locally 1483% 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 $276 of loan paydown is wiped out by about $1k 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 + 4.9% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1915 — 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 $39,999

Questions for the listing agent

1. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 3.04% ✓
• Cap rate: 26.79%
• Cash-on-cash: 73.20%
• DSCR: 4.26
• GRM: 2.7

CMA / ARV

• ARV (on-the-fly): $71,070
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
848 S 23rd St	0.20mi	3/2.0	1,029 (-0%)	6mo	$64,750	$63	81
2615 Greenwood Ave	0.32mi	3/1.0	988 (-4%)	3mo	$71,000	$72	76
2620 W Madison St	0.53mi	3/1.5	1,080 (+5%)	1mo	$74,000	$69	64
637 S 27th St	0.38mi	3/1.0	1,110 (+8%)	7mo	$40,000	$36	64
101 Saunders	0.14mi	2/2.0 (-1)	1,148 (+12%)	5mo	$145,000	$126	61
2645 Grand Ave	0.43mi	2/1.0 (-1)	926 (-10%)	3mo	$62,000	$67	55
2304 Date St	0.24mi	3/2.0	1,180 (+15%)	7mo	$165,000	$140	54
2338 W Madison St	0.52mi	4/1.0 (+1)	1,136 (+10%)	1mo	$125,000	$110	53
2102 Magazine St	0.50mi	2/1.0 (-1)	1,148 (+12%)	3mo	$42,500	$37	50
2831 W Madison St	0.64mi	2/1.0 (-1)	937 (-9%)	1mo	$108,000	$115	49
3212 W Kentucky St	0.71mi	2/1.5 (-1)	1,104 (+7%)	2mo	$45,000	$41	47
2214 Cedar St	0.72mi	2/1.0 (-1)	886 (-14%)	4mo	$46,000	$52	35

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 4.87% rent growth · sell at horizon

5-year hold

• IRR: 75.1%
• Equity multiple: 4.52×
• Total profit: $39,385
• Equity at exit: $5,964

10-year hold

• IRR: 79.3%
• Equity multiple: 9.96×
• Total profit: $100,358
• Equity at exit: $3,458

Cash invested: $11,200 (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 40211

• Home prices YoY: -33.4%
• Rents YoY: 4.9%
• Active inventory: 140
• Price-to-rent: 2.7×

Monthly cashflow live

• Estimated rent: $1,218 high
• Mortgage (P&I): −$210
• Tax from tax record: −$53 /mo · $630/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$256
• Net cashflow: $683

Break-even live

Break-even rent $353

Max offer price $39,999

Occupancy floor 39%

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2416 Garland Ave Louisville, KY	3.0	2.0	1172	$1,600	$1.37	23d	1	0.13mi
2634 Garland Ave Unit A Louisville, KY	3.0	1.0	1152	$940	$0.82	23d	1	0.19mi
2634 Garland Ave Unit B Louisville, KY	3.0	1.0	1152	$895	$0.78	20d	1	0.19mi
848 S 23rd St Louisville, KY	3.0	1.5	1050	$1,450	$1.38	23d	1	0.19mi
2724 Garland Ave Unit 202 Louisville, KY	2.0	1.0	950	$745	$0.78	3d	1	0.26mi
2711 W Kentucky St Louisville, KY	3.0	1.0	1155	$1,100	$0.95	23d	1	0.26mi
2710 W Kentucky St Apt 2 Louisville, KY	3.0	1.0	1015	$1,300	$1.28	23d	1	0.29mi
2411 Elliott Ave Louisville, KY	2.0	1.0	892	$895	$1.00	23d	1	0.33mi
2708 Greenwood Ave Apt 1 Louisville, KY	3.0	1.0	1100	$1,300	$1.18	23d	1	0.36mi
2733 Chase Ct Louisville, KY	2.0	1.0	900	$900	$1.00	16d	1	0.38mi
2821 Greenwood Ave #1 Louisville, KY	3.0	1.0	1113	$1,300	$1.17	23d	1	0.43mi
2825 Greenwood Ave #4 Louisville, KY	3.0	1.0	1440	$1,250	$0.87	23d	1	0.43mi
2825 Greenwood Ave #2 Louisville, KY	2.0	1.0	1300	$995	$0.77	23d	1	0.43mi
1847 W Kentucky St Louisville, KY	2.0	1.0	1368	$895	$0.65	3d	1	0.44mi
2912 Greenwood Ave Louisville, KY	3.0	2.0	1362	$1,150	$0.84	16d	1	0.50mi
2706 Hale Ave Unit 2 Louisville, KY	2.0	1.0	900	$1,250	$1.39	23d	1	0.53mi
2706 Hale Ave Unit 1 Louisville, KY	3.0	1.0	1100	$1,400	$1.27	23d	1	0.53mi
2300 W Madison St Louisville, KY	2.0	1.0	900	$850	$0.94	23d	1	0.56mi
2631 W Madison St Unit 2 Louisville, KY	2.0	1.0	928	$850	$0.92	17d	1	0.59mi
2631 W Madison St Unit 2 Louisville, KY	2.0	1.0	928	$850	$0.92	23d	1	0.59mi
2631 W Madison St Unit 1 Louisville, KY	3.0	1.0	928	$950	$1.02	23d	1	0.59mi
832 Hazel St Louisville, KY	2.0	1.0	720	$1,095	$1.52	3d	1	0.59mi
1155 S 28th St Unit 4 Louisville, KY	4.0	2.0	1010	$1,350	$1.34	23d	1	0.60mi
2614 Virginia Ave Louisville, KY	2.0	1.0	975	$925	$0.95	23d	1	0.61mi
2221 W Madison St Louisville, KY	2.0	1.0	1000	$1,350	$1.35	21d	1	0.61mi
2221 W Madison St Louisville, KY	3.0	1.0	1000	$1,350	$1.35	23d	1	0.61mi
701 Hazel St Unit 3 Louisville, KY	2.0	1.0	832	$800	$0.96	10d	1	0.62mi
3122 W Kentucky St Louisville, KY	3.0	1.0	1030	$1,150	$1.12	23d	1	0.62mi
1723 W Kentucky St Unit 3 Louisville, KY	3.0	1.0	1200	$1,300	$1.08	23d	1	0.65mi
430 S 24th St Louisville, KY	3.0	1.5	1288	$1,400	$1.09	23d	1	0.68mi
1644 W Kentucky St Unit 3 Louisville, KY	3.0	1.0	900	$950	$1.06	23d	1	0.71mi
1810 Magazine St Louisville, KY	3.0	1.5	1248	$1,450	$1.16	10d	1	0.72mi
666 Eastlawn Ave Louisville, KY	2.0	1.0	936	$895	$0.96	16d	1	0.72mi
515 S 20th St Louisville, KY	2.0	1.0	1000	$995	$0.99	16d	1	0.72mi
737 S 33rd St Louisville, KY	4.0	1.0	1356	$1,595	$1.18	23d	1	0.73mi
814 S 33rd St Louisville, KY	3.0	1.0	1104	$1,350	$1.22	3d	1	0.75mi
2623 Cedar St Louisville, KY	3.0	1.0	1000	$1,000	$1.00	23d	1	0.75mi
1148 S 17th St Unit 2 Louisville, KY	3.0	1.0	1000	$895	$0.90	23d	1	0.76mi
1854 W Ormsby Ave Louisville, KY	2.0	2.0	1094	$800	$0.73	16d	1	0.76mi
2913 Dumesnil St Apt 3 Louisville, KY	3.0	1.0	1112	$740	$0.67	10d	1	0.76mi

Listing history 2 events

1. 2026-06-17
   remarks 257-char remark
2. 2026-06-17
   listed $39,999 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: $630 · $53/mo
• Projected year-2 tax: $630 · $53/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 4/10 Moderate FEMA zone X (shaded) · 22% 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: $14,615
• − Mortgage interest: −$2,241
• − Property taxes: −$630
• − Insurance: −$200
• − Repairs & maintenance: −$1,169
• − Management: −$1,169
• − Depreciation: −$1,164
• Taxable income: $8,042
• Est. tax owed @ 24.0%: −$1,930
• After-tax cash flow: $6,268/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): 20,407
• Household income: $31,749
• Rent vs Own: 58.6% rent · 41.4% own
• Severe rent burden: 1483.0

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 Black (90%)
• Race & ethnicity: Black 90% White 5% Two or more races 4% Hispanic / Latino 1%
• Common ancestry: Italian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 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: ▼ -88.22%
• Current HPI: 176.337
• Rent YoY: ▲ 4.87%
• 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

-31.0% since first listed

3 events — show timeline

• 2026-06-17 Listed $39,999 Metro Search MLS
• 2026-01-23 Price Changed $55,000 Metro Search MLS
• 2026-01-05 Price Changed $58,000 Metro Search MLS

Property tax history

+5.2%/yr

Latest (2025): $630 · -1.9% YoY. Source: county tax records.