2230 Liverpool · Louisville, KY 40218

$1,175,000

24 bd · 18.0 ba · 9,672 sqft · MultiFamily · 244 Days on market

Built 1961 0.53 ac lot

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Why this score? — see what drove the C+ 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 +28.8/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +6.8/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Rent growth +1.6/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 12 units. confirmed

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

Nice four unit apartment building featuring three 2 Bedroom, 1.5 Bath units and one 2 Bedroom, 1 Bath unit. Boasts impressive financials which are available upon request.

Key facts

• Separately metered
• 0.53 acre lot
• 16 parking spots

Tags

• TWO-STORY TOWNHOUSE STYLE
• SEPARATELY METERED

What this means for you Summary

Snapshot

• This is a 12 × 2.0-bed/1.5-bath units multifamily listed at $1.18M.

Deal economics

• At list price, monthly cash flow is $4k ($42k/yr) — positive. Per door: $294/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($14k rent vs $1.18M).
• Recommended offer: $1.03M (12.0% below list) — sets the bar for market timing.
• Cap rate 10.3% 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 falling (-3.5%/yr); 100 active listings in the ZIP; 2,836 units permitted in Jefferson County in 2024 (1,558 in 5+ unit buildings).
• At $13,866/mo this rent would consume 283% of the median local household income ($59k/yr) (locally 1590% 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 $35k 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.

Negotiation context

• It's been on market 244 days — a 12% lower offer ($1.03M) is reasonable based on typical stale-listing flexibility.
• 4 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 $182k; list at $1.18M implies a 546% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,034,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 244 days. Have you received any prior offers? Is the seller open to a 12% 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 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.18% ✓
• Cap rate: 10.33%
• Cash-on-cash: 14.41%
• DSCR: 1.64
• GRM: 7.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -0.6%
• Equity multiple: 0.98×
• Total profit: $-6,765
• Equity at exit: $175,196

10-year hold

• IRR: 5.9%
• Equity multiple: 1.38×
• Total profit: $125,256
• Equity at exit: $101,593

Cash invested: $329,000 (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 40218

• Rents YoY: -3.5%
• Active inventory: 100
• Price-to-rent: 84.7×

Monthly cashflow live

• Estimated rent: $13,866 high
• Mortgage (P&I): −$6,162
• Tax from tax record: −$352 /mo · $4,218/yr
• Insurance: −$490
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,912
• Net cashflow: $3,525

Break-even live

Break-even rent $9,404

Max offer price $1,175,000

Occupancy floor 70%

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

Units	Beds	Baths	Est. rent
▸ 12× units	2.0	1.5	$13,860
Total (12 units)			$13,866

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: $293,750
• Closing costs: $35,250
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-04-26
   status Pending
2. 2025-08-25
   listed $1,175,000 Active
3. 2015-09-03
   soldstatus $182,000
4. 2015-08-31
   soldstatus $182,000 Closed 170-char remark

   Show marketing remark (170 chars)

   Nice four unit apartment building featuring three 2 Bedroom, 1.5 Bath units and one 2 Bedroom, 1 Bath unit. Boasts impressive financials which are available upon request.

5. 2015-08-08
   status Pending 170-char remark

   Show marketing remark (170 chars)

   Nice four unit apartment building featuring three 2 Bedroom, 1.5 Bath units and one 2 Bedroom, 1 Bath unit. Boasts impressive financials which are available upon request.

6. 2015-07-14
   status Active 170-char remark

   Show marketing remark (170 chars)

   Nice four unit apartment building featuring three 2 Bedroom, 1.5 Bath units and one 2 Bedroom, 1 Bath unit. Boasts impressive financials which are available upon request.

7. 2015-06-20
   status Pending 170-char remark

   Show marketing remark (170 chars)

   Nice four unit apartment building featuring three 2 Bedroom, 1.5 Bath units and one 2 Bedroom, 1 Bath unit. Boasts impressive financials which are available upon request.

8. 2015-04-14
   listed $224,900 Active 170-char remark

   Show marketing remark (170 chars)

   Nice four unit apartment building featuring three 2 Bedroom, 1.5 Bath units and one 2 Bedroom, 1 Bath unit. Boasts impressive financials which are available upon request.

9. 2015-04-14
   price $199,900 170-char remark

   Show marketing remark (170 chars)

   Nice four unit apartment building featuring three 2 Bedroom, 1.5 Bath units and one 2 Bedroom, 1 Bath unit. Boasts impressive financials which are available upon request.

10. 2009-09-04
    soldstatus $162,500
11. 2007-09-24
    historical
12. 2007-06-25
    listed $224,900
13. 2006-07-10
    soldstatus $225,000
14. 2004-06-15
    soldstatus $160,000

ⓘ 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: $4,218 · $352/mo
• Projected year-2 tax: $10,105 · $842/mo
• Expected delta: +$5,887/yr (+$491/mo · 139.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone AE · 74% 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 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $166,392
• − Mortgage interest: −$65,818
• − Property taxes: −$4,218
• − Insurance: −$10,994
• − Repairs & maintenance: −$13,311
• − Management: −$13,311
• − Depreciation: −$34,182
• Taxable income: $24,557
• Est. tax owed @ 24.0%: −$5,894
• After-tax cash flow: $36,402/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): 33,736
• Household income: $58,811
• Rent vs Own: 50.5% rent · 49.5% own
• Severe rent burden: 1590.0

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 0.69)
• Race & ethnicity: White 42% Black 32% Hispanic / Latino 17% Two or more races 16% Asian 4%
• Hispanic origin (detail): Mexican 5% Puerto Rican 1% Cuban 7%
• Common ancestry: Lithuanian 1% Portuguese 1% Swiss 1%
• Foreign-born: 20% · Canada, India, Jamaica
• Languages at home: 77% English-only · Spanish 12% Other Indo-European 3% Arabic 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: ▼ -208.23%
• Current HPI: 257.9528
• Rent YoY: ▼ -3.47%
• 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

+634.4% since first listed

14 events — show timeline

• 2026-04-26 Pending — Metro Search MLS
• 2025-08-25 Listed $1,175,000 Metro Search MLS
• 2015-09-03 Sold (Public Records) $182,000 Public Records
• 2015-08-31 Sold (MLS) $182,000 Metro Search MLS
• 2015-08-08 Pending — Metro Search MLS
• 2015-07-14 Relisted — Metro Search MLS
• 2015-06-20 Pending — Metro Search MLS
• 2015-04-14 Listed $224,900 Metro Search MLS
• 2015-04-14 Price Changed $199,900 Metro Search MLS
• 2009-09-04 Sold (Public Records) $162,500 Public Records
• 2007-09-24 Listing Removed — Metro Search MLS
• 2007-06-25 Listed $224,900 Metro Search MLS
• 2006-07-10 Sold (Public Records) $225,000 Public Records
• 2004-06-15 Sold (Public Records) $160,000 Public Records

Property tax history

+6.3%/yr

Latest (2025): $4,218 · +32.3% YoY. Source: county tax records.