1908 Crums Ln · Shively, KY 40216

$1,100,000

24 bd · 12.0 ba · 11,400 sqft · MultiFamily · 295 Days on market

Built 1964 0.35 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 +26.6/30.0
• DSCR +9.1/10.0
• ARV discount +7.5/15.0
• 1% rule +6.3/10.0
• Livability +3.9/5.0
• Rent growth +2.6/5.0
• 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 (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

Discover an exceptional turnkey investment opportunity in the heart of Louisville. This fully occupied, well maintained 12 unit apartment building is a solid mix of comfort, convenience, and income potential. Located in a high-demand rental area with easy access to public transportation, schools, shopping, and major highways. Each of the 12 units has approximately 950 sf of living space, featuring two spacious bedrooms, dine in kitchens, and one full bathroom. The units have functional layouts, large living areas, natural light, their own PTAC units, and are separately metered for gas & electric. Plenty of off street parking designated for the building. Whether you're a seasoned inves

Key facts

• Well maintained
• 0.35 acre lot
• 24 parking spots

Tags

• TURNKEY INVESTMENT OPPORTUNITY
• WELL MAINTAINED
• HIGH-DEMAND RENTAL AREA
• EASY ACCESS TO SCHOOLS
• EASY ACCESS TO SHOPPING
• EASY ACCESS TO MAJOR HIGHWAYS

Property features AI

Finance

• Other: Lot about 0.35 acres (approx. dimensions 83 x 171 x 88 x 171); Subdivision: WESSEL; Directions: Dixie Hwy to Street
• Financial info: Owner pays water, sewer and trash; tenants pay electric and gas
• HOA & community: No association fee

Exterior

• Parking: 24 parking spaces; No covered parking
• Utilities: Electricity connected; Natural gas available
• Home design: Triplex; High-rise architectural style; Main structure located in a flood plain
• Construction: Built in 1964; Brick construction; Flat roof; Total building area approximately 11,400
• Exterior features: No notable exterior features listed

Interior

• Kitchen: 6 kitchens on the 1st level; 6 kitchens on the 2nd level; Ranges provided in each level units; Refrigerators provided in each level units
• Bedrooms: Total of 24 bedrooms; 12 bedrooms on the 1st level; 12 bedrooms on the 2nd level
• Bathrooms: 6 full bathrooms on the 1st level; 6 full bathrooms on the 2nd level
• Heating & cooling: Mini-split / ductless heating; Cooling present; 12 HVAC units
• Interior features: Basement present; Separate utility meters for units
• Laundry & utility: Tenant pays electric and gas; Owner pays water, sewer and trash removal

What this means for you Summary

Snapshot

• This is a 12 × 2-bed/1.0-bath units multifamily listed at $1.10M.

Deal economics

• At list price, monthly cash flow is $3k ($30k/yr) — positive. Per door: $209/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $1.10M).
• Recommended offer: $968k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.5% vs local median 5.4% in Shively — 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 78/100 on livability (#78 in KY, #2,520 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D, employment D, amenities 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.
• Market conditions: Rents flat; 204 active listings in the ZIP; 2,836 units permitted in Jefferson County in 2024 (1,558 in 5+ unit buildings).
• At $12,470/mo this rent would consume 265% of the median local household income ($56k/yr) (locally 1434% 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 $33k 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 295 days — a 12% lower offer ($968k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 3y ago; this cycle's ask has dropped $100k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $875k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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 $968,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 295 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 1964 — 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. Crime grade is D 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: 1.13% ✓
• Cap rate: 9.50%
• Cash-on-cash: 11.45%
• DSCR: 1.51
• GRM: 7.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.57% rent growth · sell at horizon

5-year hold

• IRR: -4.3%
• Equity multiple: 0.84×
• Total profit: $-48,013
• Equity at exit: $164,014

10-year hold

• IRR: 2.4%
• Equity multiple: 1.16×
• Total profit: $47,950
• Equity at exit: $95,108

Cash invested: $308,000 (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 40216

• Rents YoY: 0.6%
• Active inventory: 204
• Price-to-rent: 88.2×

Monthly cashflow live

• Estimated rent: $12,470 high
• Mortgage (P&I): −$5,769
• Tax from tax record: −$686 /mo · $8,234/yr
• Insurance: −$458
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,619
• Net cashflow: $2,512

Break-even live

Break-even rent $9,291

Max offer price $1,100,000

Occupancy floor 75%

Sensitivity live

Price	-10% $3,134	-5% $2,823	+0% $2,512	+5% $2,200	+10% $1,889
Rent	-10% $1,527	-5% $2,019	+0% $2,512	+5% $3,004	+10% $3,497
Rate	-1.0pp $3,066	-0.5pp $2,792	base $2,512	+0.5pp $2,227	+1.0pp $1,937

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

Units	Beds	Baths	Est. rent
▸ 12× units	2	1	$12,468
Total (12 units)			$12,470

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: $275,000
• Closing costs: $33,000
• Reserves months: —
• Total cash needed: —

Listing history 33 events

1. 2026-06-18
   days on market $1,100,000 Active 295 DOM
2. 2026-06-17
   days on market $1,100,000 Active 294 DOM
3. 2026-06-16
   days on market $1,100,000 Active 293 DOM
4. 2026-06-15
   days on market $1,100,000 Active 292 DOM
5. 2026-06-13
   days on market $1,100,000 Active 290 DOM
6. 2026-06-10
   days on market $1,100,000 Active 287 DOM
7. 2026-06-09
   days on market $1,100,000 Active 286 DOM
8. 2026-06-08
   days on market $1,100,000 Active 285 DOM
9. 2026-06-07
   days on market $1,100,000 Active 284 DOM
10. 2026-06-03
    days on market $1,100,000 Active 280 DOM
11. 2026-06-02
    days on market $1,100,000 Active 279 DOM
12. 2026-06-01
    days on market $1,100,000 Active 278 DOM
13. 2026-05-31
    days on market $1,100,000 Active 277 DOM
14. 2025-10-02
    price $1,100,000
15. 2025-08-27
    listed $1,200,000 Active
16. 2025-08-03
    historical
17. 2025-07-03
    listed $1,200,000 Active
18. 2025-03-02
    status Active
19. 2025-01-15
    status Active
20. 2025-01-11
    status Contingent
21. 2025-01-11
    historical
22. 2025-01-11
    historical
23. 2024-12-09
    status Active
24. 2024-12-09
    price $1,200,000
25. 2024-12-09
    historical Contingent
26. 2024-12-09
    historical
27. 2024-08-20
    price $1,170,000
28. 2024-04-20
    listed $1,250,000 Active
29. 2023-10-29
    historical $950
30. 2023-09-16
    listed $950
31. 2023-04-14
    soldstatus $875,000
32. 2016-12-21
    soldstatus $300,000
33. 2008-01-17
    soldstatus $390,000

ⓘ 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: $8,234 · $686/mo
• Projected year-2 tax: $9,460 · $788/mo
• Expected delta: +$1,226/yr (+$102/mo · 14.9%)

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone AE · 75% 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 100% 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: $149,640
• − Mortgage interest: −$61,617
• − Property taxes: −$8,234
• − Insurance: −$10,618
• − Repairs & maintenance: −$11,971
• − Management: −$11,971
• − Depreciation: −$32,000
• Taxable income: $13,228
• Est. tax owed @ 24.0%: −$3,175
• After-tax cash flow: $26,966/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 — Shively

• Score: 78/100
• State rank: #78
• US rank: #2520

Category grades

Amenities F Commute A+ Cost of living A+ Crime D Employment D Housing A+ Health & safety A- User ratings C

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Shively, KY
• County: Jefferson County · 790,184 people
• Metro: Louisville/Jefferson County, KY-IN
• Population (ZIP): 44,047
• Household income: $56,441
• Rent vs Own: 33.9% rent · 66.1% own
• Severe rent burden: 1434.0

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 0.60)
• Race & ethnicity: Black 45% White 43% Hispanic / Latino 6% Two or more races 6% Asian 1%
• Hispanic origin (detail): Mexican 2% Cuban 3%
• Common ancestry: Lithuanian 1% Italian 1% Slovak 1%
• Foreign-born: 8% · Canada, Vietnam
• Languages at home: 89% English-only · Spanish 7% French/Haitian/Cajun 1% 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: ▼ -234.72%
• Current HPI: 269.5447
• Rent YoY: ▲ 0.57%
• 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

+182.1% since first listed

20 events — show timeline

• 2025-10-02 Price Changed $1,100,000 Metro Search MLS
• 2025-08-27 Listed $1,200,000 Metro Search MLS
• 2025-08-03 Listing Removed — ImagineMLS
• 2025-07-03 Listed $1,200,000 ImagineMLS
• 2025-03-02 Relisted — ImagineMLS
• 2025-01-15 Relisted — ImagineMLS
• 2025-01-11 Relisted — ImagineMLS
• 2025-01-11 Listing Removed — ImagineMLS
• 2025-01-11 Listing Removed — ImagineMLS
• 2024-12-09 Relisted — ImagineMLS
• 2024-12-09 Price Changed $1,200,000 ImagineMLS
• 2024-12-09 Contingent — ImagineMLS
• 2024-12-09 Listing Removed — ImagineMLS
• 2024-08-20 Price Changed $1,170,000 ImagineMLS
• 2024-04-20 Listed $1,250,000 ImagineMLS
• 2023-10-29 Rental Removed $950 LEASESTAR
• 2023-09-16 Listed for Rent $950 LEASESTAR
• 2023-04-14 Sold (Public Records) $875,000 Public Records
• 2016-12-21 Sold (Public Records) $300,000 Public Records
• 2008-01-17 Sold (Public Records) $390,000 Public Records

Property tax history

+7.5%/yr

Latest (2025): $8,234 · -2.5% YoY. Source: county tax records.