1301 Baldwin St · Louisville, KY 40210

$450,000

15 bd · 6.0 ba · 5,520 sqft · MultiFamily · 10 Days on market

Built 1925 7,479 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 +27.4/30.0
• Appreciation +10.0/10.0
• DSCR +9.6/10.0
• ARV discount +7.5/15.0
• 1% rule +6.8/10.0
• Rent growth +4.5/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0

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

1301 to 1305 Baldwin - this is an outstanding triplex offering for the discerning investor. Each unit was renovated in 2010 and 1303 was refreshed again in 2020. Substantial property of over 5500 square feet (1840 per unit) consists of three 5BR/2BA townhomes with a den (the den is very generous easily could be used as an office, dining room, nursery or 6th bedroom by adding a closet or wardrobe). These units are larger than some starter homes! Rent roll in documents. Building has new shutters, fresh rock edging on the landscaping, fresh exterior trim paint. Units are separately

Key facts

• Townhome style unit
• Refreshed in 2020
• New flooring

Tags

• TOWNHOME STYLE UNIT
• DEN THAT CAN BE USED AS OFFICE
• RENOVATED IN 2010
• REFRESHED IN 2020
• NEW FLOORING
• SEPARATE LAUNDRY ROOMS

Property features AI

Finance

• Other: Total building area about 5,520 (source: Other); Lot approximately 0.17 acre (7,479 square feet); Located on a dead-end lot; Directions: West Oak Street to S 17th Street to W Ormsby to Baldwin
• Financial info: Separate meters present
• HOA & community: No association fee

Exterior

• Parking: No covered parking
• Utilities: Electricity connected; Natural gas available; Owner pays water and sewer; tenants pay electric and cable
• Home design: Triplex; Traditional architecture; Built in 1925
• Construction: Brick construction; Shingle roof; Built in 1925
• Exterior features: No notable exterior features listed; Property sits on a dead-end street

Interior

• Kitchen: Three kitchens on first level; Ranges in each first-level unit; Refrigerators in each first-level unit; No dishwashers on first level
• Bedrooms: 15 total bedrooms (12 on second level, 3 on first level)
• Bathrooms: 6 full bathrooms total (3 full baths on first level, 3 full baths on second level)
• Heating & cooling: Forced air heating with natural gas; Three furnaces; Central air conditioning with three HVAC units
• Interior features: Traditional style; No basement
• Laundry & utility: Laundry in each of the three first-level units

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/2.0-bath units multifamily listed at $450k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $440/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $450k).
• Cap rate 9.8% 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 (+8.1%/yr); 91 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 $5,293/mo this rent would consume 180% of the median local household income ($35k/yr) (locally 815% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $48k of equity ($3k loan paydown + $45k appreciation (10.0% local appreciation)).
• Jefferson County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $126k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$77k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 19y 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 $299k; list at $450k implies a 51% 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→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $450,000

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: 1.18% ✓
• Cap rate: 9.81%
• Cash-on-cash: 12.57%
• DSCR: 1.56
• GRM: 7.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 35.8%
• Equity multiple: 3.83×
• Total profit: $357,064
• Equity at exit: $405,396

10-year hold

• IRR: 32.5%
• Equity multiple: 9.37×
• Total profit: $1,054,524
• Equity at exit: $874,251

Cash invested: $126,000 (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 40210

• Home prices YoY: 12.1%
• Rents YoY: 8.1%
• Active inventory: 91
• Price-to-rent: 21.3×

Monthly cashflow live

• Estimated rent: $5,293 medium
• Mortgage (P&I): −$2,360
• Tax from tax record: −$314 /mo · $3,767/yr
• Insurance: −$188
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,112
• Net cashflow: $1,320

Break-even live

Break-even rent $3,622

Max offer price $450,000

Occupancy floor 70%

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

Units	Beds	Baths	Est. rent
▸ 3× units	5	2	$5,292
Total (3 units)			$5,293

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: $112,500
• Closing costs: $13,500
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-18
   days on market $450,000 Active 10 DOM
2. 2026-06-17
   days on market $450,000 Active 9 DOM
3. 2026-06-16
   days on market $450,000 Active 8 DOM
4. 2026-06-15
   days on market $450,000 Active 7 DOM
5. 2026-06-13
   days on market $450,000 Active 5 DOM
6. 2026-06-10
   days on market $450,000 Active 2 DOM
7. 2026-06-08
   remarks 699-char remark
8. 2026-06-08
   listed $450,000 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: $3,767 · $314/mo
• Projected year-2 tax: $3,870 · $322/mo
• Expected delta: +$103/yr (+$9/mo · 2.7%)

ⓘ 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 ≥105°F today · 18 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: $63,516
• − Mortgage interest: −$25,207
• − Property taxes: −$3,767
• − Insurance: −$2,250
• − Repairs & maintenance: −$5,081
• − Management: −$5,081
• − Depreciation: −$13,091
• Taxable income: $9,038
• Est. tax owed @ 24.0%: −$2,169
• After-tax cash flow: $13,673/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): 13,518
• Household income: $35,347
• Rent vs Own: 56.0% rent · 44.0% own
• Severe rent burden: 815.0

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 (84%)
• Race & ethnicity: Black 84% White 8% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Iranian 1%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 3%

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: ▲ 28.45%
• Current HPI: 264.0146
• Rent YoY: ▲ 8.05%
• 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

+356.9% since first listed

9 events — show timeline

• 2026-06-08 Listed $450,000 Metro Search MLS
• 2021-11-03 Sold (Public Records) $299,000 Public Records
• 2021-10-29 Sold (MLS) $299,000 Metro Search MLS
• 2021-09-17 Contingent — Metro Search MLS
• 2021-09-15 Listed $299,000 Metro Search MLS
• 2009-11-25 Listing Removed — Metro Search MLS
• 2008-12-02 Listed $49,900 Metro Search MLS
• 2008-05-07 Listing Removed — Metro Search MLS
• 2007-12-08 Listed $98,500 Metro Search MLS

Property tax history

+13.3%/yr

Latest (2025): $3,767 · -1.9% YoY. Source: county tax records.