2515 Brownsboro Rd · Louisville, KY 40206

$1,200,000

None bd · None ba · 16,956 sqft · MultiFamily · 50 Days on market

Built 1965

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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 +9.2/10.0
• ARV discount +7.5/15.0
• Rent growth +3.2/5.0
• 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: 1 unit. 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

Just listed is this three story brick 11-plex apartment building at corner of Hite Ave and Brownsboro Rd. Building is metered out for gas/electric. All units have central hvac and own water heaters. There are three 2br units and 9 1br units. Apartments have coin laundry in basement. Professionally managed by Property Mgmt of Louisville.

Key facts

• Central hvac
• Own water heaters
• Three story brick

Tags

• THREE STORY BRICK
• CENTRAL HVAC
• OWN WATER HEATERS
• COIN LAUNDRY IN BASEMENT

Property features AI

Finance

• Other: Lot smaller than 0.5 acres (approximately 0.27, units listed as square feet); Property type: Apartment
• Financial info: Building area reported as 6,048 (source: Other); Living area reported as 16,956
• HOA & community: No association fee

Exterior

• Parking: 20 parking spaces
• Utilities: Electricity connected
• Home design: Apartment building; Main structure not in a flood plain
• Construction: Built in 1965; Brick construction; Shingle roof
• Exterior features: No specific exterior features listed

Interior

• Bedrooms: This is a multifamily apartment property (unit bedroom totals not provided)
• Heating & cooling: Heat pumps for cooling; 11 furnaces; 11 HVAC units; Electricity connected
• Interior features: Basement present; Separate meters for units

What this means for you Summary

Snapshot

• This is a multifamily listed at $1.20M.

Deal economics

• At list price, monthly cash flow is $6k ($68k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($17k rent vs $1.20M).
• Recommended offer: $1.16M (3.0% below list) — sets the bar for market timing.
• Cap rate 12.1% 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 rising (+2.9%/yr); 133 active listings in the ZIP; solid renter incomes; 2,836 units permitted in Jefferson County in 2024 (1,558 in 5+ unit buildings).
• At $17,040/mo this rent would consume 270% of the median local household income ($76k/yr) (locally 995% 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 $8k of loan paydown is wiped out by about $36k 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 + 2.9% rent growth), your $336k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 50 days — a 3% lower offer ($1.16M) is reasonable based on typical stale-listing flexibility.
• 3 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 $580k; list at $1.20M implies a 107% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo.
• Climate carrying-cost: major flood risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,164,000 (3.0% below list)

Questions for the listing agent

1. It's been on market 50 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 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 1.42% ✓
• Cap rate: 12.06%
• Cash-on-cash: 20.58%
• DSCR: 1.92
• GRM: 5.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.89% rent growth · sell at horizon

5-year hold

• IRR: 12.5%
• Equity multiple: 1.50×
• Total profit: $167,065
• Equity at exit: $178,924

10-year hold

• IRR: 21.3%
• Equity multiple: 2.80×
• Total profit: $605,495
• Equity at exit: $103,754

Cash invested: $336,000 (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 40206

• Rents YoY: 2.9%
• Active inventory: 133
• Price-to-rent: 66.5×

Monthly cashflow live

• Estimated rent: $17,040 high
• Mortgage (P&I): −$6,293
• Tax from tax record: −$906 /mo · $10,875/yr
• Insurance: −$500
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,578
• Net cashflow: $5,707

Break-even live

Break-even rent $9,816

Max offer price $1,200,000

Occupancy floor 62%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,515
▸ 9× units	1	1	$12,528
Total (12 units)			$17,040

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: $300,000
• Closing costs: $36,000
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-18
   days on market $1,200,000 Active 50 DOM
2. 2026-06-17
   days on market $1,200,000 Active 49 DOM
3. 2026-06-16
   days on market $1,200,000 Active 48 DOM
4. 2026-06-15
   days on market $1,200,000 Active 47 DOM
5. 2026-06-13
   days on market $1,200,000 Active 45 DOM
6. 2026-06-10
   days on market $1,200,000 Active 42 DOM
7. 2026-06-09
   days on market $1,200,000 Active 41 DOM
8. 2026-06-08
   days on market $1,200,000 Active 40 DOM
9. 2026-06-07
   days on market $1,200,000 Active 39 DOM
10. 2026-06-03
    days on market $1,200,000 Active 35 DOM
11. 2026-06-02
    days on market $1,200,000 Active 34 DOM
12. 2026-06-01
    days on market $1,200,000 Active 33 DOM
13. 2026-05-31
    days on market $1,200,000 Active 32 DOM
14. 2026-04-29
    listed $1,200,000 Active
15. 2019-07-05
    soldstatus $580,000
16. 2019-06-28
    soldstatus $585,000 Closed 341-char remark

    Show marketing remark (341 chars)

    Just listed is this three story brick 11-plex apartment building at corner of Hite Ave and Brownsboro Rd. Building is metered out for gas/electric. All units have central hvac and own water heaters. There are three 2br units and 9 1br units. Apartments have coin laundry in basement. Professionally managed by Property Mgmt of Louisville.

17. 2019-05-10
    historical 341-char remark

    Show marketing remark (341 chars)

    Just listed is this three story brick 11-plex apartment building at corner of Hite Ave and Brownsboro Rd. Building is metered out for gas/electric. All units have central hvac and own water heaters. There are three 2br units and 9 1br units. Apartments have coin laundry in basement. Professionally managed by Property Mgmt of Louisville.

18. 2019-05-10
    listed $605,000 341-char remark

    Show marketing remark (341 chars)

    Just listed is this three story brick 11-plex apartment building at corner of Hite Ave and Brownsboro Rd. Building is metered out for gas/electric. All units have central hvac and own water heaters. There are three 2br units and 9 1br units. Apartments have coin laundry in basement. Professionally managed by Property Mgmt of Louisville.

19. 2016-06-03
    soldstatus $600,000
20. 2014-07-23
    soldstatus $575,000
21. 2007-12-31
    historical
22. 2007-06-25
    listed $695,000

ⓘ 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: $10,875 · $906/mo
• Projected year-2 tax: $10,875 · $906/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 7/10 Severe FEMA zone X (unshaded) · 99% 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 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $204,480
• − Mortgage interest: −$67,219
• − Property taxes: −$10,875
• − Insurance: −$6,666
• − Repairs & maintenance: −$16,358
• − Management: −$16,358
• − Depreciation: −$34,909
• Taxable income: $52,094
• Est. tax owed @ 24.0%: −$12,503
• After-tax cash flow: $55,980/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): 20,161
• Household income: $75,798
• Rent vs Own: 47.4% rent · 52.6% own
• Severe rent burden: 995.0

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 White (78%)
• Race & ethnicity: White 78% Black 11% Two or more races 6% Hispanic / Latino 4% Asian 3%
• Common ancestry: Lithuanian 4% Slovak 3% Serbian 3%
• Foreign-born: 8% · Canada
• Languages at home: 91% English-only · Spanish 4% Korean 1% Tagalog/Filipino 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: ▼ -414.83%
• Current HPI: 242.7908
• Rent YoY: ▲ 2.89%
• 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

+72.7% since first listed

9 events — show timeline

• 2026-04-29 Listed $1,200,000 Metro Search MLS
• 2019-07-05 Sold (Public Records) $580,000 Public Records
• 2019-06-28 Sold (MLS) $585,000 Metro Search MLS
• 2019-05-10 Listed $605,000 Metro Search MLS
• 2019-05-10 Listing Removed — Metro Search MLS
• 2016-06-03 Sold (Public Records) $600,000 Public Records
• 2014-07-23 Sold (Public Records) $575,000 Public Records
• 2007-12-31 Listing Removed — Metro Search MLS
• 2007-06-25 Listed $695,000 Metro Search MLS

Property tax history

+7.4%/yr

Latest (2025): $10,875 · -1.9% YoY. Source: county tax records.