227 Ottawa Ave · Louisville, KY 40209

$120,000

6 bd · 4.0 ba · 1,359 sqft · MultiFamily · 65 Days on market

Built 1900 3,123 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
• Appreciation +7.0/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

This duplex would make a great investment opportunity near the University of Louisville! You could live in one & rent out the other! The front unit offers a screened in porch, large living room with a ceiling fan and large chunky baseboards and door/window moldings, kitchen with updated laminate flooring, stove and fridge, a bedroom with an A/C Unit, and a full bath with washer & dryer hookups. This unit also includes a closet with a furnace & hot water heater (water heater is shared by both units). The rear apartment offers two storeys. The first floor has a living room/open kitchen combination with a refrigerator and stove, laminate, and new carpeting. Upstairs, you will find 2 bedrooms with new carpet plus a full bath. Freshly painted throughout! Separate electric meters for each unit. Owner pays electric, water, trash & sewer. Large concrete pad in the rear alley for multiple cars.

Key facts

• 3,123 sq ft lot
• 2 parking spots
• Built 1900

Property features AI

Finance

• Other: Property is not in a flood plain; Building area reported as 1,359 total
• HOA & community: No association fee

Exterior

• Parking: 2 parking spaces (not covered)
• Utilities: Electricity connected; Natural gas
• Home design: Duplex; Traditional style; Built in 1900; Shingle roof; 25 x 125 lot dimensions
• Construction: Vinyl siding and aluminum siding; Built in 1900
• Exterior features: No notable exterior features listed; Lot noted as 'See Remarks'

Interior

• Bedrooms: Three total bedrooms (one on the 1st level, two on the 2nd level)
• Bathrooms: Two full bathrooms (one on the 1st level, one on the 2nd level)
• Heating & cooling: Forced air heating (natural gas) with two furnaces; Wall/window air conditioning units
• Interior features: Traditional architectural style; Two separate meters (multi-unit)

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $120k.

Deal economics

• At list price, monthly cash flow is $825 ($10k/yr) — positive. Per door: $413/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $113k (6.0% below list) — sets the bar for market timing.
• Cap rate 14.5% 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: 3 active listings in the ZIP; 2,836 units permitted in Jefferson County in 2024 (1,558 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($830 loan paydown + $5k appreciation (4.0% local appreciation)).
• Jefferson County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (4.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 20y ago; this cycle's ask has dropped $25k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $60k; list at $120k implies a 100% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $112,800 (6.0% below list)

Questions for the listing agent

1. It's been on market 65 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: 1.73% ✓
• Cap rate: 14.54%
• Cash-on-cash: 29.47%
• DSCR: 2.31
• GRM: 4.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

4.04% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 37.1%
• Equity multiple: 3.20×
• Total profit: $73,793
• Equity at exit: $61,150

10-year hold

• IRR: 36.2%
• Equity multiple: 6.39×
• Total profit: $181,107
• Equity at exit: $100,262

Cash invested: $33,600 (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 40209

• Home prices YoY: 2.9%
• Active inventory: 3
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $2,077 high
• Mortgage (P&I): −$629
• Tax from tax record: −$136 /mo · $1,637/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$436
• Net cashflow: $825

Break-even live

Break-even rent $1,033

Max offer price $120,000

Occupancy floor 55%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$2,078
Total (2 units)			$2,077

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Listing history 42 events

1. 2026-06-18
   days on market $120,000 Active 65 DOM
2. 2026-06-17
   days on market $120,000 Active 64 DOM
3. 2026-06-16
   days on market $120,000 Active 63 DOM
4. 2026-06-15
   days on market $120,000 Active 62 DOM
5. 2026-06-13
   days on market $120,000 Active 60 DOM
6. 2026-06-10
   days on market $120,000 Active 57 DOM
7. 2026-06-09
   days on market $120,000 Active 56 DOM
8. 2026-06-08
   days on market $120,000 Active 55 DOM
9. 2026-06-07
   days on market $120,000 Active 54 DOM
10. 2026-06-03
    days on market $120,000 Active 50 DOM
11. 2026-06-02
    days on market $120,000 Active 49 DOM
12. 2026-06-01
    days on market $120,000 Active 48 DOM
13. 2026-05-31
    days on market $120,000 Active 47 DOM
14. 2026-05-18
    price $120,000
15. 2026-04-24
    status Active
16. 2026-04-17
    status Pending
17. 2026-04-07
    listed $145,000 Active
18. 2024-08-15
    historical
19. 2024-04-13
    status Active
20. 2024-04-07
    historical Active Under Contract
21. 2024-03-08
    listed $140,000 Active
22. 2019-05-07
    soldstatus $60,000
23. 2019-05-02
    soldstatus $60,000 Closed 918-char remark

    Show marketing remark (918 chars)

    This duplex would make a great investment opportunity near the University of Louisville! You could live in one & rent out the other! The front unit offers a screened in porch, large living room with a ceiling fan and large chunky baseboards and door/window moldings, kitchen with updated laminate flooring, stove and fridge, a bedroom with an A/C Unit, and a full bath with washer & dryer hookups. This unit also includes a closet with a furnace & hot water heater (water heater is shared by both units). The rear apartment offers two storeys. The first floor has a living room/open kitchen combination with a refrigerator and stove, laminate, and new carpeting. Upstairs, you will find 2 bedrooms with new carpet plus a full bath. Freshly painted throughout! Separate electric meters for each unit. Owner pays electric, water, trash & sewer. Large concrete pad in the rear alley for multiple cars.

24. 2019-05-01
    status Pending 918-char remark

    Show marketing remark (918 chars)

    This duplex would make a great investment opportunity near the University of Louisville! You could live in one & rent out the other! The front unit offers a screened in porch, large living room with a ceiling fan and large chunky baseboards and door/window moldings, kitchen with updated laminate flooring, stove and fridge, a bedroom with an A/C Unit, and a full bath with washer & dryer hookups. This unit also includes a closet with a furnace & hot water heater (water heater is shared by both units). The rear apartment offers two storeys. The first floor has a living room/open kitchen combination with a refrigerator and stove, laminate, and new carpeting. Upstairs, you will find 2 bedrooms with new carpet plus a full bath. Freshly painted throughout! Separate electric meters for each unit. Owner pays electric, water, trash & sewer. Large concrete pad in the rear alley for multiple cars.

25. 2019-04-22
    historical Active Under Contract 918-char remark

    Show marketing remark (918 chars)

    This duplex would make a great investment opportunity near the University of Louisville! You could live in one & rent out the other! The front unit offers a screened in porch, large living room with a ceiling fan and large chunky baseboards and door/window moldings, kitchen with updated laminate flooring, stove and fridge, a bedroom with an A/C Unit, and a full bath with washer & dryer hookups. This unit also includes a closet with a furnace & hot water heater (water heater is shared by both units). The rear apartment offers two storeys. The first floor has a living room/open kitchen combination with a refrigerator and stove, laminate, and new carpeting. Upstairs, you will find 2 bedrooms with new carpet plus a full bath. Freshly painted throughout! Separate electric meters for each unit. Owner pays electric, water, trash & sewer. Large concrete pad in the rear alley for multiple cars.

26. 2019-04-10
    status Active 918-char remark

    Show marketing remark (918 chars)

    This duplex would make a great investment opportunity near the University of Louisville! You could live in one & rent out the other! The front unit offers a screened in porch, large living room with a ceiling fan and large chunky baseboards and door/window moldings, kitchen with updated laminate flooring, stove and fridge, a bedroom with an A/C Unit, and a full bath with washer & dryer hookups. This unit also includes a closet with a furnace & hot water heater (water heater is shared by both units). The rear apartment offers two storeys. The first floor has a living room/open kitchen combination with a refrigerator and stove, laminate, and new carpeting. Upstairs, you will find 2 bedrooms with new carpet plus a full bath. Freshly painted throughout! Separate electric meters for each unit. Owner pays electric, water, trash & sewer. Large concrete pad in the rear alley for multiple cars.

27. 2019-03-19
    historical Active Under Contract 918-char remark

    Show marketing remark (918 chars)

    This duplex would make a great investment opportunity near the University of Louisville! You could live in one & rent out the other! The front unit offers a screened in porch, large living room with a ceiling fan and large chunky baseboards and door/window moldings, kitchen with updated laminate flooring, stove and fridge, a bedroom with an A/C Unit, and a full bath with washer & dryer hookups. This unit also includes a closet with a furnace & hot water heater (water heater is shared by both units). The rear apartment offers two storeys. The first floor has a living room/open kitchen combination with a refrigerator and stove, laminate, and new carpeting. Upstairs, you will find 2 bedrooms with new carpet plus a full bath. Freshly painted throughout! Separate electric meters for each unit. Owner pays electric, water, trash & sewer. Large concrete pad in the rear alley for multiple cars.

28. 2019-02-19
    listed $79,999 Active 918-char remark

    Show marketing remark (918 chars)

    This duplex would make a great investment opportunity near the University of Louisville! You could live in one & rent out the other! The front unit offers a screened in porch, large living room with a ceiling fan and large chunky baseboards and door/window moldings, kitchen with updated laminate flooring, stove and fridge, a bedroom with an A/C Unit, and a full bath with washer & dryer hookups. This unit also includes a closet with a furnace & hot water heater (water heater is shared by both units). The rear apartment offers two storeys. The first floor has a living room/open kitchen combination with a refrigerator and stove, laminate, and new carpeting. Upstairs, you will find 2 bedrooms with new carpet plus a full bath. Freshly painted throughout! Separate electric meters for each unit. Owner pays electric, water, trash & sewer. Large concrete pad in the rear alley for multiple cars.

29. 2019-02-19
    price $79,999 918-char remark

    Show marketing remark (918 chars)

    This duplex would make a great investment opportunity near the University of Louisville! You could live in one & rent out the other! The front unit offers a screened in porch, large living room with a ceiling fan and large chunky baseboards and door/window moldings, kitchen with updated laminate flooring, stove and fridge, a bedroom with an A/C Unit, and a full bath with washer & dryer hookups. This unit also includes a closet with a furnace & hot water heater (water heater is shared by both units). The rear apartment offers two storeys. The first floor has a living room/open kitchen combination with a refrigerator and stove, laminate, and new carpeting. Upstairs, you will find 2 bedrooms with new carpet plus a full bath. Freshly painted throughout! Separate electric meters for each unit. Owner pays electric, water, trash & sewer. Large concrete pad in the rear alley for multiple cars.

30. 2015-11-03
    soldstatus $45,000
31. 2015-10-22
    soldstatus $45,000 Closed
32. 2015-09-06
    status Pending
33. 2015-08-24
    listed $59,500 Active
34. 2014-09-11
    historical
35. 2014-07-25
    listed $43,000
36. 2008-10-21
    soldstatus $30,000
37. 2008-03-28
    soldstatus $30,000
38. 2007-09-10
    listed $38,500
39. 2006-05-30
    historical
40. 2006-05-30
    historical
41. 2006-03-06
    listed $79,900
42. 2006-03-06
    listed $79,900

ⓘ 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: $1,637 · $136/mo
• Projected year-2 tax: $1,637 · $136/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 6/10 Major FEMA zone X (unshaded) · 69% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥105°F today · 21 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: $24,924
• − Mortgage interest: −$6,722
• − Property taxes: −$1,637
• − Insurance: −$600
• − Repairs & maintenance: −$1,994
• − Management: −$1,994
• − Depreciation: −$3,491
• Taxable income: $8,487
• Est. tax owed @ 24.0%: −$2,037
• After-tax cash flow: $7,865/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
• City population: 769,292
• Population (ZIP): 571

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 0.66)
• Race & ethnicity: White 49% Two or more races 34% Hispanic / Latino 33% Black 2%
• Hispanic origin (detail): Mexican 15%
• Foreign-born: 25% · Canada
• Languages at home: 67% English-only · Spanish 33%

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: ▲ 4.04%
• Current HPI: 144.1168
• Rent YoY: —
• Metro: —
• 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

+50.2% since first listed

29 events — show timeline

• 2026-05-18 Price Changed $120,000 Metro Search MLS
• 2026-04-24 Relisted — Metro Search MLS
• 2026-04-17 Pending — Metro Search MLS
• 2026-04-07 Listed $145,000 Metro Search MLS
• 2024-08-15 Listing Removed — Metro Search MLS
• 2024-04-13 Relisted — Metro Search MLS
• 2024-04-07 Contingent — Metro Search MLS
• 2024-03-08 Listed $140,000 Metro Search MLS
• 2019-05-07 Sold (Public Records) $60,000 Public Records
• 2019-05-02 Sold (MLS) $60,000 Metro Search MLS
• 2019-05-01 Pending — Metro Search MLS
• 2019-04-22 Contingent — Metro Search MLS
• 2019-04-10 Relisted — Metro Search MLS
• 2019-03-19 Contingent — Metro Search MLS
• 2019-02-19 Price Changed $79,999 Metro Search MLS
• 2019-02-19 Listed $79,999 Metro Search MLS
• 2015-11-03 Sold (Public Records) $45,000 Public Records
• 2015-10-22 Sold (MLS) $45,000 Metro Search MLS
• 2015-09-06 Pending — Metro Search MLS
• 2015-08-24 Listed $59,500 Metro Search MLS
• 2014-09-11 Listing Removed — Metro Search MLS
• 2014-07-25 Listed $43,000 Metro Search MLS
• 2008-10-21 Sold (Public Records) $30,000 Public Records
• 2008-03-28 Sold (MLS) $30,000 Metro Search MLS
• 2007-09-10 Listed $38,500 Metro Search MLS
• 2006-05-30 Listing Removed — Metro Search MLS
• 2006-05-30 Listing Removed — Metro Search MLS
• 2006-03-06 Listed $79,900 Metro Search MLS
• 2006-03-06 Listed $79,900 Metro Search MLS

Property tax history

+13.7%/yr

Latest (2025): $1,637 · +112.5% YoY. Source: county tax records.