2245 W Jefferson St · Louisville, KY 40212

$394,999

9 bd · 8.1 ba · 5,416 sqft · MultiFamily · 67 Days on market

Built 1900 6,200 sqft lot ↓ 1% since listing

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Why this score? — see what drove the C+ 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 +21.6/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +6.9/10.0
• 1% rule +4.7/10.0
• Livability +3.2/5.0
• Rent growth +2.6/5.0
• 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

Prime investment opportunity, West End Victorian 8 plex with room to raise rents. Units are all in turnkey condition. This property is fully occupied, and separate electric. Water is shared and there is a $25 per unit water fee per month. All leases are varying. Please reach out to listing agent for a rent roll. There will be an investor open house on Monday, April 20th.

Key facts

• 6,200 sq ft lot
• Built 1900
• Listed 66 days

Property features AI

Finance

• Other: Lot measures approximately 56.3 x 113 feet (0.14 acres)
• Financial info: Owner pays some utilities as noted (electric, sewer, trash removal, water); tenant pays water per lease
• HOA & community: No association fee

Exterior

• Parking: No covered parking
• Utilities: Electricity connected; Owner pays electric, sewer, trash removal, and water; tenants pay water according to lease details
• Home design: Apartment property (multi-unit); Traditional architectural style; Shingle roof; Built in 1900; Property not in a flood plain
• Construction: Living/building area reported as 5416 (source: other)
• Exterior features: No exterior amenities listed

Interior

• Kitchen: 4 kitchens on the 1st level; 4 kitchens on the 2nd level; Ranges provided in each unit; Refrigerators provided in each unit; No dishwashers reported
• Bedrooms: 8 total bedrooms; 4 bedrooms on the 1st level; 4 bedrooms on the 2nd level
• Bathrooms: 8 full bathrooms (4 on 1st level, 4 on 2nd level); No partial bathrooms reported
• Heating & cooling: Cooling present via wall/window units; 8 HVAC units
• Interior features: Basement present
• Laundry & utility: Laundry in each of the 4 units on the 1st level; Laundry in each of the 4 units on the 2nd level; Separate meters for units

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1-bath units multifamily listed at $395k.

Deal economics

• At list price, monthly cash flow is $602 ($7k/yr) — positive. Per door: $201/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $384k (2.9% below list).
• Recommended offer: $371k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.1% 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 flat; 141 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 $3,837/mo this rent would consume 129% of the median local household income ($36k/yr) (locally 1148% 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 $42k of equity ($3k loan paydown + $40k 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 + 0.5% rent growth), your $111k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$68k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 67 days — a 6% lower offer ($371k) is reasonable based on typical stale-listing flexibility.

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 $371,299 (6.0% below list)

Questions for the listing agent

1. It's been on market 67 days. Have you received any prior offers? Is the seller open to a 6% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.97% ✗
• Cap rate: 8.12%
• Cash-on-cash: 6.54%
• DSCR: 1.29
• GRM: 8.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 0.51% rent growth · sell at horizon

5-year hold

• IRR: 28.1%
• Equity multiple: 3.21×
• Total profit: $243,990
• Equity at exit: $355,846

10-year hold

• IRR: 23.9%
• Equity multiple: 7.07×
• Total profit: $670,921
• Equity at exit: $767,396

Cash invested: $110,600 (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 40212

• Home prices YoY: 11.0%
• Rents YoY: 0.5%
• Active inventory: 141
• Price-to-rent: 25.7×

Monthly cashflow live

• Estimated rent: $3,837 high
• Mortgage (P&I): −$2,071
• Tax from tax record: −$193 /mo · $2,313/yr
• Insurance: −$165
• HOA: −$0
• Vacancy / Maint / Mgmt: −$806
• Net cashflow: $602

Break-even live

Break-even rent $3,074

Max offer price $394,999

Occupancy floor 79%

Sensitivity live

Price	-10% $826	-5% $714	+0% $602	+5% $491	+10% $379
Rent	-10% $299	-5% $451	+0% $602	+5% $754	+10% $906
Rate	-1.0pp $801	-0.5pp $703	base $602	+0.5pp $500	+1.0pp $396

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$3,837
Total (3 units)			$3,837

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: $98,750
• Closing costs: $11,850
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-21
   days on market $394,999 Active 67 DOM
2. 2026-06-18
   days on market $394,999 Active 64 DOM
3. 2026-06-17
   days on market $394,999 Active 63 DOM
4. 2026-06-16
   days on market $394,999 Active 62 DOM
5. 2026-06-15
   days on market $394,999 Active 61 DOM
6. 2026-06-13
   days on market $394,999 Active 59 DOM
7. 2026-06-10
   days on market $394,999 Active 56 DOM
8. 2026-06-09
   days on market $394,999 Active 55 DOM
9. 2026-06-08
   days on market $394,999 Active 54 DOM
10. 2026-06-07
    days on market $394,999 Active 53 DOM
11. 2026-06-03
    days on market $394,999 Active 49 DOM
12. 2026-06-02
    days on market $394,999 Active 48 DOM
13. 2026-06-01
    days on market $394,999 Active 47 DOM
14. 2026-05-31
    days on market $394,999 Active 46 DOM
15. 2026-05-14
    price $394,999
16. 2026-05-05
    price $399,998
17. 2026-04-15
    listed $399,999 Active

ⓘ 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: $2,313 · $193/mo
• Projected year-2 tax: $3,397 · $283/mo
• Expected delta: +$1,084/yr (+$90/mo · 46.8%)

ⓘ 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $46,044
• − Mortgage interest: −$22,126
• − Property taxes: −$2,313
• − Insurance: −$1,975
• − Repairs & maintenance: −$3,684
• − Management: −$3,684
• − Depreciation: −$11,491
• Taxable income: $772
• Est. tax owed @ 24.0%: −$185
• After-tax cash flow: $7,044/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): 14,661
• Household income: $35,753
• Rent vs Own: 51.3% rent · 48.7% own
• Severe rent burden: 1148.0

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: Majority Black (60%)
• Race & ethnicity: Black 60% White 37% Two or more races 2% Hispanic / Latino 1%
• Common ancestry: Slovak 1% Lithuanian 1% Iranian 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: ▲ 29.02%
• Current HPI: 293.2624
• Rent YoY: ▲ 0.51%
• 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

-1.3% since first listed

3 events — show timeline

• 2026-05-14 Price Changed $394,999 Metro Search MLS
• 2026-05-05 Price Changed $399,998 Metro Search MLS
• 2026-04-15 Listed $399,999 Metro Search MLS

Property tax history

+1.6%/yr

Latest (2025): $2,313 · -1.9% YoY. Source: county tax records.