1349 Olive St · Louisville, KY 40211

$195,000

6 bd · 4.0 ba · 2,982 sqft · MultiFamily · 145 Days on market

Built 1900

---

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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

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

Investor Opportunity in 40211! Don't miss this incredible opportunity to own a four-plex on Olive Street in the heart of Louisville's up-and-coming 40211 zip code. Built in 1900, this historic property retains much of its original charm, featuring beautiful wood doors, detailed trim work, and spacious rooms with character you won't find in newer builds. With great bones, all major maintenance items handled in the last couple years, and timeless details, it's ready for a fresh touch—with only one unit left to renovate. The four-plex has been professionally managed for the last 2 years and includes two units on the first floor and two units upstairs. Each second-floor unit offers 1 bedr

Key facts

• Wood doors
• Fully renovated
• Historic property

Tags

• FOUR-PLEX
• HISTORIC PROPERTY
• WOOD DOORS
• DETAILED TRIM WORK
• SPACIOUS ROOMS
• FULLY RENOVATED

Property features AI

Finance

• Other: Building area approximately 2,982 total square feet
• HOA & community: No association fee

Exterior

• Parking: No covered parking
• Utilities: Electricity connected
• Home design: Other architectural style; 2-story configuration implied by multi-level bedroom layout
• Construction: Built in 1900; Vinyl siding and wood frame construction; Shingle roof
• Exterior features: Sidewalk

Interior

• Bedrooms: 6 bedrooms total (4 on the 1st level, 2 on the 2nd level)
• Bathrooms: 4 full bathrooms (2 on the 1st level, 2 on the 2nd level)
• Heating & cooling: Forced air heating (3 furnaces); Central air conditioning
• Interior features: Separate utility meters

What this means for you Summary

Snapshot

• This is a 6-bed/4.0-bath multifamily listed at $195k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $195k).
• Recommended offer: $172k (12.0% below list) — sets the bar for market timing.
• Cap rate 15.2% 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; 2 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 2,836 units permitted in Jefferson County in 2024 (1,558 in 5+ unit buildings).
• At $3,409/mo this rent would consume 129% 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 $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 + 4.9% rent growth), your $55k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 145 days — a 12% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 3y ago; this cycle's ask has dropped $25k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $140k; 39% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $171,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 145 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.75% ✓
• Cap rate: 15.17%
• Cash-on-cash: 31.70%
• DSCR: 2.41
• GRM: 4.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 28.6%
• Equity multiple: 2.22×
• Total profit: $66,785
• Equity at exit: $29,075

10-year hold

• IRR: 37.1%
• Equity multiple: 4.74×
• Total profit: $204,260
• Equity at exit: $16,860

Cash invested: $54,600 (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 40211

• Home prices YoY: -33.4%
• Rents YoY: 4.9%
• Active inventory: 140
• Price-to-rent: 19.1×

Monthly cashflow live

• Estimated rent: $3,409 high
• Mortgage (P&I): −$1,023
• Tax from tax record: −$147 /mo · $1,764/yr
• Insurance: −$81
• HOA: −$0
• Vacancy / Maint / Mgmt: −$716
• Net cashflow: $1,442

Break-even live

Break-even rent $1,583

Max offer price $195,000

Occupancy floor 53%

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$3,408
Total (4 units)			$3,409

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: $48,750
• Closing costs: $5,850
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
858 S 23rd St Louisville, KY	5.0	1.0	2228	$2,100	$0.94	17d	1	0.82mi
3909 W Broadway Louisville, KY	5.0	2.0	2000	$1,745	$0.87	16d	1	1.46mi

Listing history 20 events

1. 2026-06-02
   days on market $195,000 Active 145 DOM
2. 2026-06-01
   days on market $195,000 Active 144 DOM
3. 2026-05-31
   days on market $195,000 Active 143 DOM
4. 2026-03-05
   status Active
5. 2026-02-27
   status Pending
6. 2026-01-02
   listed $220,000 Active
7. 2025-12-31
   historical
8. 2025-06-18
   listed $242,000 Active
9. 2025-04-29
   price $242,000
10. 2024-10-06
    historical $800
11. 2024-09-10
    price $800
12. 2024-09-05
    listed $900
13. 2023-10-20
    soldstatus $140,000
14. 2023-10-19
    status Pending
15. 2023-10-19
    soldstatus $140,000 Closed
16. 2023-08-07
    historical Active Under Contract
17. 2023-06-15
    listed $190,000 Active
18. 2023-06-15
    price $190,000
19. 2022-06-15
    soldstatus $103,000
20. 2007-07-06
    soldstatus $60,800

ⓘ 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: $1,764 · $147/mo
• Projected year-2 tax: $1,764 · $147/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 · 19 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: $40,908
• − Mortgage interest: −$10,923
• − Property taxes: −$1,764
• − Insurance: −$975
• − Repairs & maintenance: −$3,273
• − Management: −$3,273
• − Depreciation: −$5,673
• Taxable income: $15,028
• Est. tax owed @ 24.0%: −$3,607
• After-tax cash flow: $13,700/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

+261.8% since first listed

17 events — show timeline

• 2026-03-05 Relisted — Metro Search MLS
• 2026-02-27 Pending — Metro Search MLS
• 2026-01-02 Listed $220,000 Metro Search MLS
• 2025-12-31 Listing Removed — Metro Search MLS
• 2025-06-18 Listed $242,000 Metro Search MLS
• 2025-04-29 Price Changed $242,000 Metro Search MLS
• 2024-10-06 Rental Removed $800 APPFOLIO
• 2024-09-10 Price Changed $800 APPFOLIO
• 2024-09-05 Listed for Rent $900 APPFOLIO
• 2023-10-20 Sold (Public Records) $140,000 Public Records
• 2023-10-19 Pending — Metro Search MLS
• 2023-10-19 Sold (MLS) $140,000 Metro Search MLS
• 2023-08-07 Contingent — Metro Search MLS
• 2023-06-15 Price Changed $190,000 Metro Search MLS
• 2023-06-15 Listed $190,000 Metro Search MLS
• 2022-06-15 Sold (Public Records) $103,000 Public Records
• 2007-07-06 Sold (Public Records) $60,800 Public Records

Property tax history

+10.9%/yr

Latest (2025): $1,764 · -1.9% YoY. Source: county tax records.