221 W Woodlawn Ave · Louisville, KY 40214

$195,900

6 bd · 2.0 ba · 2,890 sqft · MultiFamily · 32 Days on market

Built 1923

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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
• Livability +3.2/5.0
• Rent growth +3.0/5.0
• 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 (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Motivated Seller! INCOME PRODUCING on the corner lot at W. Woodlawn and South 3rd, just south of the Watterson Expressway! This well-maintained multi-unit property presents a strong opportunity for both investors and owner-occupants. Unit 221 is rented out (Section 8) for $1172 a month. Unit 223 can be rented or occupied. Recent improvements include a newly installed HVAC system, updated plumbing, repaired and replaced windows and doors, and a fresh coat of exterior paint—creating immediate curb appeal. A newly built backyard staircase enhances outdoor accessibility, and one unit features a brand-new refrigerator. The interior showcases updated flooring, fresh paint, and newly instal

Key facts

• Corner lot
• Updated plumbing
• Built 1923

Tags

• CORNER LOT
• NEWLY INSTALLED HVAC SYSTEM
• UPDATED PLUMBING
• REPAIRED AND REPLACED WINDOWS
• FRESH COAT OF EXTERIOR PAINT
• NEWLY BUILT BACKYARD STAIRCASE

Property features AI

Finance

• Other: Corner property (directions note: corner of W Woodlawn and S 3rd Street)
• Financial info: Owner pays items as noted in remarks (see listing); Listed rental information: two first-level units, each rented (listed rent for first-level units: $1,200)
• HOA & community: No association fee

Exterior

• Parking: No covered parking
• Utilities: Electricity connected; Natural gas
• Home design: Duplex; Built in 1923; Asphalt roof; Brick construction; Total building area approximately 2890 (source: other)
• Construction: Brick exterior; Asphalt roof; Built in 1923
• Exterior features: No notable exterior features listed

Interior

• Kitchen: 2 kitchens (first level)
• Bedrooms: 6 bedrooms total (all on first level)
• Bathrooms: 2 full bathrooms on first level
• Heating & cooling: Forced air heating; 2 furnaces
• Interior features: Basement included; Separate meters for units
• Laundry & utility: Tenant pays water, sewer, trash removal, electric, gas, and cable

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $196k.

Deal economics

• At list price, monthly cash flow is $751 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $196k).
• Recommended offer: $190k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.9% 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 (+1.9%/yr); 243 active listings in the ZIP; 2,836 units permitted in Jefferson County in 2024 (1,558 in 5+ unit buildings).
• At $2,594/mo this rent would consume 57% of the median local household income ($55k/yr) (locally 2054% 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 $1k of loan paydown is wiped out by about $6k 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 + 1.9% rent growth), your $55k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($190k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 11y 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.

Risks & watch-outs

• Watch-outs: built in 1923 — 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 $190,023 (3.0% below list)

Questions for the listing agent

1. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 10.90%
• Cash-on-cash: 16.44%
• DSCR: 1.73
• GRM: 6.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.89% rent growth · sell at horizon

5-year hold

• IRR: 6.3%
• Equity multiple: 1.24×
• Total profit: $13,247
• Equity at exit: $29,209

10-year hold

• IRR: 14.7%
• Equity multiple: 2.12×
• Total profit: $61,672
• Equity at exit: $16,938

Cash invested: $54,852 (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 40214

• Rents YoY: 1.9%
• Active inventory: 243
• Price-to-rent: 12.6×

Monthly cashflow live

• Estimated rent: $2,594 high
• Mortgage (P&I): −$1,027
• Tax from tax record: −$189 /mo · $2,268/yr
• Insurance: −$82
• HOA: −$0
• Vacancy / Maint / Mgmt: −$545
• Net cashflow: $751

Break-even live

Break-even rent $1,643

Max offer price $195,900

Occupancy floor 66%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,594
Total (2 units)			$2,594

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: $48,975
• Closing costs: $5,877
• Reserves months: —
• Total cash needed: —

Listing history 38 events

1. 2026-06-08
   statusdays on market $195,900 Pending 32 DOM
2. 2026-06-07
   days on market $195,900 Active Under Contract 31 DOM
3. 2026-06-03
   days on market $195,900 Active Under Contract 27 DOM
4. 2026-06-02
   days on market $195,900 Active Under Contract 26 DOM
5. 2026-06-01
   days on market $195,900 Active Under Contract 25 DOM
6. 2026-05-31
   days on market $195,900 Active Under Contract 24 DOM
7. 2026-05-13
   listed $195,900 Active
8. 2026-05-12
   historical Active Under Contract
9. 2026-04-08
   price $240,000
10. 2026-03-27
    price $245,000
11. 2026-03-17
    price $250,000
12. 2026-03-10
    price $255,000
13. 2026-01-23
    price $270,000
14. 2025-11-08
    historical $1,190
15. 2025-10-01
    listed $1,190
16. 2025-10-01
    historical $1,199
17. 2025-08-09
    price $1,199
18. 2025-08-09
    price $1,200
19. 2025-08-08
    price $299,999
20. 2025-08-07
    price $1,199
21. 2025-07-11
    listed $1,200
22. 2024-05-15
    historical $1,000
23. 2024-05-07
    listed $1,000
24. 2023-04-27
    soldstatus $180,000 Closed
25. 2023-04-06
    status Pending
26. 2023-03-15
    historical Active Under Contract
27. 2023-02-07
    listed $185,000 Active
28. 2021-04-01
    soldstatus $126,000
29. 2021-03-26
    soldstatus $126,000 Closed
30. 2021-01-30
    status Pending
31. 2020-11-10
    price $135,000
32. 2020-11-10
    price $140,000
33. 2020-11-10
    listed $145,000 Active
34. 2017-11-27
    soldstatus $120,000
35. 2015-06-16
    soldstatus $74,000
36. 2015-06-12
    soldstatus $74,000 Closed
37. 2015-05-30
    status Pending
38. 2015-04-02
    listed $89,500 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: $2,268 · $189/mo
• Projected year-2 tax: $2,268 · $189/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 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,128
• − Mortgage interest: −$10,973
• − Property taxes: −$2,268
• − Insurance: −$980
• − Repairs & maintenance: −$2,490
• − Management: −$2,490
• − Depreciation: −$5,699
• Taxable income: $6,228
• Est. tax owed @ 24.0%: −$1,495
• After-tax cash flow: $7,521/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): 45,405
• Household income: $54,931
• Rent vs Own: 45.6% rent · 54.4% own
• Severe rent burden: 2054.0

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 0.67)
• Race & ethnicity: White 51% Black 22% Hispanic / Latino 14% Two or more races 12% Asian 7%
• Hispanic origin (detail): Mexican 3% Cuban 6%
• Common ancestry: Slovak 1% Lithuanian 1% Serbian 1%
• Foreign-born: 21% · Canada, Vietnam, Philippines
• Languages at home: 74% English-only · Spanish 12% Vietnamese 3% Other Asian/Pacific 2%

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: ▼ -235.43%
• Current HPI: 237.4062
• Rent YoY: ▲ 1.89%
• 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

+118.9% since first listed

32 events — show timeline

• 2026-05-13 Listed $195,900 Metro Search MLS
• 2026-05-12 Contingent — Metro Search MLS
• 2026-04-08 Price Changed $240,000 Metro Search MLS
• 2026-03-27 Price Changed $245,000 Metro Search MLS
• 2026-03-17 Price Changed $250,000 Metro Search MLS
• 2026-03-10 Price Changed $255,000 Metro Search MLS
• 2026-01-23 Price Changed $270,000 Metro Search MLS
• 2025-11-08 Rental Removed $1,190 MSMLS
• 2025-10-01 Listed for Rent $1,190 MSMLS
• 2025-10-01 Rental Removed $1,199 MSMLS
• 2025-08-09 Price Changed $1,199 MSMLS
• 2025-08-09 Price Changed $1,200 MSMLS
• 2025-08-08 Price Changed $299,999 Metro Search MLS
• 2025-08-07 Price Changed $1,199 MSMLS
• 2025-07-11 Listed for Rent $1,200 MSMLS
• 2024-05-15 Rental Removed $1,000 MSMLS
• 2024-05-07 Listed for Rent $1,000 MSMLS
• 2023-04-27 Sold (MLS) $180,000 Metro Search MLS
• 2023-04-06 Pending — Metro Search MLS
• 2023-03-15 Contingent — Metro Search MLS
• 2023-02-07 Listed $185,000 Metro Search MLS
• 2021-04-01 Sold (Public Records) $126,000 Public Records
• 2021-03-26 Sold (MLS) $126,000 Metro Search MLS
• 2021-01-30 Pending — Metro Search MLS
• 2020-11-10 Listed $145,000 Metro Search MLS
• 2020-11-10 Price Changed $140,000 Metro Search MLS
• 2020-11-10 Price Changed $135,000 Metro Search MLS
• 2017-11-27 Sold (Public Records) $120,000 Public Records
• 2015-06-16 Sold (Public Records) $74,000 Public Records
• 2015-06-12 Sold (MLS) $74,000 Metro Search MLS
• 2015-05-30 Pending — Metro Search MLS
• 2015-04-02 Listed $89,500 Metro Search MLS

Property tax history

+4.1%/yr

Latest (2025): $2,268 · -1.9% YoY. Source: county tax records.