1821 Eastern Pkwy · Louisville, KY 40204

$220,000

4 bd · 4.0 ba · 1,427 sqft · MultiFamily · 69 Days on market

Built 1905 4,892 sqft lot ↓ 2% since listing

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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 +20.7/30.0
• ARV discount +7.5/15.0
• DSCR +6.6/10.0
• 1% rule +5.3/10.0
• Rent growth +3.9/5.0
• 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: 2 units. confirmed

Listing remarks MLS

Home currently Duplex. Currently rented with signed one year lease. Owner occupies Unit 1. Property being sold as is. Has been owned by same owner for 28 years and rented most of those.

Key facts

• Ranges
• Off street parking
• Refrigerators

Tags

• STACKABLE WASHER DRYER
• OFF STREET PARKING
• SEPARATE ELECTRIC METERS
• WATER HEATER
• REFRIGERATORS
• RANGES

What this means for you Summary

Snapshot

• This is a 2 × 1-bed/1.0-bath units multifamily listed at $220k.

Deal economics

• At list price, monthly cash flow is $298 ($4k/yr) — positive. Per door: $149/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $220k).
• Recommended offer: $207k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.9% 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 (+5.8%/yr); 99 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 2,836 units permitted in Jefferson County in 2024 (1,558 in 5+ unit buildings).
• This rent runs 38% of the median local income ($71k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 69 days — a 6% lower offer ($207k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 7y ago; this cycle's ask has dropped $30k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1905 — 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 $206,800 (6.0% below list)

Questions for the listing agent

1. It's been on market 69 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 1905 — 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: 1.03% ✓
• Cap rate: 7.92%
• Cash-on-cash: 5.81%
• DSCR: 1.26
• GRM: 8.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.76% rent growth · sell at horizon

5-year hold

• IRR: -4.3%
• Equity multiple: 0.84×
• Total profit: $-10,157
• Equity at exit: $32,803

10-year hold

• IRR: 8.3%
• Equity multiple: 1.71×
• Total profit: $43,812
• Equity at exit: $19,022

Cash invested: $61,600 (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 40204

• Rents YoY: 5.8%
• Active inventory: 99
• Price-to-rent: 16.2×

Monthly cashflow live

• Estimated rent: $2,269 high
• Mortgage (P&I): −$1,154
• Tax from tax record: −$249 /mo · $2,986/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$476
• Net cashflow: $298

Break-even live

Break-even rent $1,891

Max offer price $220,000

Occupancy floor 82%

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$2,270
Total (2 units)			$2,269

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1667 Richmond Dr Louisville, KY	3.0	1.5	1462	$2,600	$1.78	14d	1	0.64mi
1061 Cherokee Rd Unit 1061-2 Louisville, KY	3.0	2.0	1700	$1,995	$1.17	24d	1	0.79mi
1916 Yale Dr Louisville, KY	3.0	1.0	1400	$2,395	$1.71	24d	1	1.12mi
1046 Charles St Louisville, KY	3.0	1.0	1400	$2,200	$1.57	16d	1	1.26mi
2103 Wrocklage Ave Louisville, KY	3.0	2.0	1798	$3,100	$1.72	16d	1	1.30mi
1014 Goss Ave Louisville, KY	3.0	2.0	1534	$1,650	$1.08	3d	1	1.39mi

Listing history 10 events

1. 2026-04-16
   status Pending
2. 2026-03-24
   status Active
3. 2026-03-16
   historical Active Under Contract
4. 2026-03-14
   price $220,000
5. 2026-02-06
   listed $249,900 Active
6. 2019-09-10
   soldstatus $200,000
7. 2019-08-30
   soldstatus $200,000 Closed 189-char remark

   Show marketing remark (189 chars)

   Home currently Duplex. Currently rented with signed one year lease. Owner occupies Unit 1. Property being sold as is. Has been owned by same owner for 28 years and rented most of those.

8. 2019-06-24
   historical Active Under Contract 189-char remark

   Show marketing remark (189 chars)

   Home currently Duplex. Currently rented with signed one year lease. Owner occupies Unit 1. Property being sold as is. Has been owned by same owner for 28 years and rented most of those.

9. 2019-05-31
   price $209,777 189-char remark

   Show marketing remark (189 chars)

   Home currently Duplex. Currently rented with signed one year lease. Owner occupies Unit 1. Property being sold as is. Has been owned by same owner for 28 years and rented most of those.

10. 2019-05-29
    listed $225,000 Active 189-char remark

    Show marketing remark (189 chars)

    Home currently Duplex. Currently rented with signed one year lease. Owner occupies Unit 1. Property being sold as is. Has been owned by same owner for 28 years and rented most of those.

ⓘ 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: $2,986 · $249/mo
• Projected year-2 tax: $2,986 · $249/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 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: $27,228
• − Mortgage interest: −$12,323
• − Property taxes: −$2,986
• − Insurance: −$1,100
• − Repairs & maintenance: −$2,178
• − Management: −$2,178
• − Depreciation: −$6,400
• Taxable income: $62
• Est. tax owed @ 24.0%: −$15
• After-tax cash flow: $3,565/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): 14,034
• Household income: $71,116
• Rent vs Own: 50.6% rent · 49.4% own
• Severe rent burden: 761.0

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 White (84%)
• Race & ethnicity: White 84% Black 6% Two or more races 5% Hispanic / Latino 4% Asian 2%
• Common ancestry: Slovak 3% Serbian 3% Romanian 3%
• Foreign-born: 4% · Canada, South Korea, China
• Languages at home: 95% English-only · Spanish 2% Korean 1% Chinese 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: ▼ -475.25%
• Current HPI: 246.3191
• Rent YoY: ▲ 5.76%
• 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

-2.2% since first listed

10 events — show timeline

• 2026-04-16 Pending — Metro Search MLS
• 2026-03-24 Relisted — Metro Search MLS
• 2026-03-16 Contingent — Metro Search MLS
• 2026-03-14 Price Changed $220,000 Metro Search MLS
• 2026-02-06 Listed $249,900 Metro Search MLS
• 2019-09-10 Sold (Public Records) $200,000 Public Records
• 2019-08-30 Sold (MLS) $200,000 Metro Search MLS
• 2019-06-24 Contingent — Metro Search MLS
• 2019-05-31 Price Changed $209,777 Metro Search MLS
• 2019-05-29 Listed $225,000 Metro Search MLS

Property tax history

+5.1%/yr

Latest (2025): $2,986 · -1.9% YoY. Source: county tax records.