2303 Woodland Ave

Louisville, KY 40210

$130,999D+

2 bd · 2.0 ba · 984 sqft · Built 1905 · SingleFamily · Active · 38 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,035/mo
• Mortgage (P&I): −$687
• Tax + insurance: −$218
• HOA: −$0
• Vac / Maint / Mgmt: −$217
• Net cashflow: $-88/mo
• Annual: $-1,053/yr
• Cap rate: 5.49%
• Cash-on-cash: -2.87%
• DSCR: 0.87
• 1% rule: 0.79%
• Cash to close: $36,680

Investor read

• This is a 2-bed/2.0-bath single-family listed at $131k.
• At list price, monthly cash flow is $-88 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $118k (9.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $103k (21.0% below list).
• It's been on market 38 days — a 3% lower offer ($127k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $103k (21.0% below list) — sets the bar for 1% rule.
• In year one you build about $14k of equity ($905 loan paydown + $13k appreciation (10.0% local appreciation)).
• 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+, crime F.
• 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.
• Zoned schools: Maupin Elementary (math 2% / reading 2%, grade F, #676 of 676 statewide, top 100%, 298 students, 86% FRL); Carrithers Middle (math 10% / reading 36%, grade F, #197 of 217 statewide, top 92%, 583 students, 60% FRL); Seneca High (math 8% / reading 17%, grade F, #228 of 254 statewide, top 91%, 1,309 students, 64% FRL).
• Zoned-school proficiency averages 13% at this address vs 27% district-wide (-14 pts) — the specific schools serving this property underperform the Jefferson County average; the district grade overstates school quality for this exact location.
• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+8.1%/yr); 94 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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).
• Jefferson County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 6 sale attempts since 27y 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 $18k; list at $131k implies a 649% gain — meaningful room to come down on a strong offer.
• By year 3, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• 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.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 38 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
• Built in 1905 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.