721 E Oak St · Louisville, KY 40203

$125,000

4 bd · 2.5 ba · 3,055 sqft · MultiFamily · 27 Days on market

Built 1902 6,720 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +3.4/5.0
• 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 (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Published Reserve Auction!! $125,000.00 Opening Bid. Bidding ends Wednesday, May 13, 2026 at 4:00pm. Bid at WWW. BIDKENTUCKY. COM This amazing circa 1902 Victorian in Shelby Park offers over 3000 Sq. Ft. of living space with 4-5 bedrooms, resting on a 40' X 167' lot with its R-6 zoning per logic (The R-6, High Density Multiple-Family Residential Districts intended to provide areas for multiple-family dwellings at densities ranging up to high. ") offers a variety of options for use. Renovate the home as single family or duplex and add a large garage with 2nd floor carriage house for extra income. Historical features include Pocket doors, oak floors with inlays, a gorgeous original carve

Key facts

• Pocket doors
• Tall ceilings
• Circa 1902 victorian

Tags

• CIRCA 1902 VICTORIAN
• R-6 ZONING
• POCKET DOORS
• OAK FLOORS
• ORIGINAL CARVED STAIRCASE
• TALL CEILINGS

Property features AI

Finance

• Other: Property listed as an auction; Located in the Shelby Park subdivision; Directions: Oak St between Clay and Shelby
• HOA & community: No association fee

Exterior

• Parking: No parking
• Utilities: Electricity connected
• Home design: Residential property; 3 stories
• Construction: Built in 1902; Vinyl siding exterior; Shingle roof; Concrete block foundation
• Exterior features: Lot approximately 0.15 acres; Lot dimensions about 40 x 167.5

Interior

• Kitchen: Kitchen on the first floor; First-floor dining area adjacent to kitchen
• Bedrooms: 4 bedrooms (all on the second floor)
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Foyer; Dining area; Living room; Unfinished basement; Total of 9 rooms
• Laundry & utility: No first-floor laundry indicated

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath multifamily listed at $125k.

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 $125k).
• Recommended offer: $123k (1.5% below list) — sets the bar for market timing.
• Cap rate 20.2% 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 (+3.7%/yr); 114 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 2,836 units permitted in Jefferson County in 2024 (1,558 in 5+ unit buildings).
• At $3,102/mo this rent would consume 121% of the median local household income ($31k/yr) (locally 1603% 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 $864 of loan paydown is wiped out by about $4k 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 + 3.7% rent growth), your $35k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($123k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 2.9% of price; built in 1902 — 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 $123,125 (1.5% below list)

Questions for the listing agent

1. Built in 1902 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 2.48% ✓
• Cap rate: 20.15%
• Cash-on-cash: 49.51%
• DSCR: 3.20
• GRM: 3.4

CMA / ARV

• ARV (on-the-fly): $354,380
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
528 E Oak St	0.21mi	5/3.0 (+1)	3,358 (+10%)	14mo	$390,000	$116	55
1266 S Floyd St	0.57mi	4/3.5	2,780 (-9%)	23mo	$300,000	$108	36

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.73% rent growth · sell at horizon

5-year hold

• IRR: 48.1%
• Equity multiple: 3.12×
• Total profit: $74,138
• Equity at exit: $18,638

10-year hold

• IRR: 54.0%
• Equity multiple: 6.52×
• Total profit: $193,080
• Equity at exit: $10,808

Cash invested: $35,000 (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 40203

• Home prices YoY: -13.8%
• Rents YoY: 3.7%
• Active inventory: 114
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $3,102 high
• Mortgage (P&I): −$656
• Tax from tax record: −$299 /mo · $3,589/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$651
• Net cashflow: $1,444

Break-even live

Break-even rent $1,274

Max offer price $125,000

Occupancy floor 48%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,102
Total (2 units)			$3,102

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1375 S 1st St Louisville, KY	4.0	3.0	2470	$2,400	$0.97	23d	1	0.84mi
829 E Chestnut St Louisville, KY	4.0	3.5	2268	$3,300	$1.46	10d	1	0.93mi
1100 S 3rd St Louisville, KY	3.0	2.0	2832	$2,500	$0.88	23d	1	0.93mi
1115 S 4th St Unit 300 Louisville, KY	3.0	1.0	3200	$1,975	$0.62	23d	1	0.98mi
1451 S 2nd St Louisville, KY	4.0	3.5	3983	$4,200	$1.05	23d	1	1.01mi
540 S 4th St Unit 401 Louisville, KY	3.0	3.5	3200	$4,500	$1.41	23d	1	1.41mi
540 S 4th St Unit 401 Louisville, KY	3.0	3.5	3200	$4,500	$1.41	11d	1	1.41mi

Listing history 4 events

1. 2026-05-14
   status Pending
2. 2026-04-15
   listed $125,000 Active
3. 2005-12-02
   soldstatus $125,000
4. 2005-12-02
   soldstatus $125,000

ⓘ 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: $3,589 · $299/mo
• Projected year-2 tax: $3,589 · $299/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 ≥104°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $37,224
• − Mortgage interest: −$7,002
• − Property taxes: −$3,589
• − Insurance: −$625
• − Repairs & maintenance: −$2,978
• − Management: −$2,978
• − Depreciation: −$3,636
• Taxable income: $16,416
• Est. tax owed @ 24.0%: −$3,940
• After-tax cash flow: $13,387/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): 17,742
• Household income: $30,794
• Rent vs Own: 75.1% rent · 24.9% own
• Severe rent burden: 1603.0

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 0.56)
• Race & ethnicity: Black 49% White 44% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Slovak 2% Lithuanian 2% Romanian 1%
• Foreign-born: 3% · Canada
• Languages at home: 97% English-only · Spanish 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: ▼ -64.74%
• Current HPI: 405.1872
• Rent YoY: ▲ 3.73%
• 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

+0.0% since first listed

4 events — show timeline

• 2026-05-14 Pending — Metro Search MLS
• 2026-04-15 Listed $125,000 Metro Search MLS
• 2005-12-02 Sold (Public Records) $125,000 Public Records
• 2005-12-02 Sold (Public Records) $125,000 Public Records

Property tax history

+7.3%/yr

Latest (2025): $3,589 · -1.9% YoY. Source: county tax records.