628 W Ormsby Ave · Louisville, KY 40203

$250,000

6 bd · 4.0 ba · 1,848 sqft · MultiFamily · 80 Days on market

Built 1910 ↓ 19% since listing

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Why this score? — see what drove the D+ 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 +17.0/30.0
• ARV discount +7.5/15.0
• DSCR +5.3/10.0
• 1% rule +4.0/10.0
• Rent growth +3.4/5.0
• 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

This great Old Louisville duplex offers opportunities for owner occupants or investors alike. Unit #1 ($500) is a one bedroom; 1 bathroom located on the 1st floor with laundry hook-ups in the kitchen . Unit #2 ($1200) entry is on the 1st floor with a spacious living room (currently used as home office). The original staircase leads to the 2nd floor where there are 2 bedrooms, an eat-in kitchen, a laundry/storage room and a full bath with claw foot tub & separate shower. In 2022 the exterior was replaced with Hardy board, rear stairs & storage were updated, and a new roof was installed, furnaces and water heaters have been updated as well. A privacy fenced courtyard and 3 off-str

Key facts

• Separate shower
• Laundry hook-ups
• Original staircase

Tags

• LAUNDRY HOOK-UPS
• ORIGINAL STAIRCASE
• CLAW FOOT TUB
• SEPARATE SHOWER
• PRIVACY FENCED COURTYARD
• OFF-STREET PARKING SPACES

Property features AI

Finance

• Financial info: First-level unit rent listed as $500; Second-level unit rent listed as $1,200; Property configured as a multi-unit duplex (separate units)
• HOA & community: No association fee

Exterior

• Parking: Three parking spaces; Covered parking: No
• Utilities: Electricity connected; Natural gas available; Owner pays water and sewer; Owner pays trash removal; Tenants pay electric and gas
• Home design: Duplex; Built in 1910; Traditional architectural style
• Construction: Wood frame construction; Shingle roof; Built in 1910
• Exterior features: Sidewalks; No notable exterior features listed

Interior

• Kitchen: Kitchen on first level; Kitchen on second level; Range included; Refrigerator included
• Bedrooms: Three bedrooms total (one on first level, two on second level)
• Bathrooms: Two full bathrooms (one on first level, one on second level)
• Heating & cooling: Two furnaces; Forced air heating (natural gas); Central air conditioning; Wall/window AC unit(s)
• Interior features: Traditional-style duplex; Separate meters for utilities
• Laundry & utility: Laundry on first level; Laundry on second level

What this means for you Summary

Snapshot

• This is a 1×3bd/2.0ba + 1×1bd/1.0ba units multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $171 ($2k/yr) — positive. Per door: $86/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $224k (10.3% below list).
• Recommended offer: $224k (10.3% below list) — sets the bar for 1% rule.
• Cap rate 7.1% 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+, 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: Wheatley Elementary (math 2% / reading 8%, grade F, #670 of 676 statewide, top 100%, 318 students, 84% FRL); Highland Middle (math 10% / reading 41%, grade F, #181 of 217 statewide, top 84%, 801 students, 59% FRL); Iroquois High (math 12% / reading 8%, grade F, #245 of 254 statewide, top 97%, 1,090 students, 74% FRL) — zoned schools average 73% FRL vs 56% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• 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.
• Market conditions: Rents rising (+3.7%/yr); 115 active listings in the ZIP; lower-income renter base — watch delinquency; 2,836 units permitted in Jefferson County in 2024 (1,558 in 5+ unit buildings).
• At $2,242/mo this rent would consume 87% of the median local household income ($31k/yr) (locally 1603% 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 $2k of loan paydown is wiped out by about $8k 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 80 days — a 6% lower offer ($235k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: built in 1910 — 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 $224,200 (10.3% below list)

Questions for the listing agent

1. It's been on market 80 days. Have you received any prior offers? Is the seller open to a 10% 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 1910 — 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. 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?
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: 0.90% ✗
• Cap rate: 7.12%
• Cash-on-cash: 2.94%
• DSCR: 1.13
• GRM: 9.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.73% rent growth · sell at horizon

5-year hold

• IRR: -10.9%
• Equity multiple: 0.60×
• Total profit: $-27,976
• Equity at exit: $37,276

10-year hold

• IRR: -0.7%
• Equity multiple: 0.95×
• Total profit: $-3,572
• Equity at exit: $21,615

Cash invested: $70,000 (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 40203

• Home prices YoY: -13.8%
• Rents YoY: 3.7%
• Active inventory: 115
• Price-to-rent: 16.9×

Monthly cashflow live

• Estimated rent: $2,242 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$185 /mo · $2,214/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$471
• Net cashflow: $171

Break-even live

Break-even rent $2,025

Max offer price $250,000

Occupancy floor 87%

Sensitivity live

Price	-10% $313	-5% $242	+0% $171	+5% $101	+10% $30
Rent	-10% $-6	-5% $83	+0% $171	+5% $260	+10% $349
Rate	-1.0pp $297	-0.5pp $235	base $171	+0.5pp $107	+1.0pp $41

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

Units	Beds	Baths	Est. rent
1× unit	3	2	$1,235
1× unit	1	1	$1,007
Total (2 units)			$2,242

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-21
   days on market $250,000 Active 80 DOM
2. 2026-06-18
   days on market $250,000 Active 77 DOM
3. 2026-06-17
   days on market $250,000 Active 76 DOM
4. 2026-06-16
   days on market $250,000 Active 75 DOM
5. 2026-06-15
   days on market $250,000 Active 74 DOM
6. 2026-06-13
   days on market $250,000 Active 72 DOM
7. 2026-06-10
   days on market $250,000 Active 69 DOM
8. 2026-06-09
   days on market $250,000 Active 68 DOM
9. 2026-06-08
   days on market $250,000 Active 67 DOM
10. 2026-06-07
    days on market $250,000 Active 66 DOM
11. 2026-06-03
    days on market $250,000 Active 62 DOM
12. 2026-06-02
    days on market $250,000 Active 61 DOM
13. 2026-06-01
    days on market $250,000 Active 60 DOM
14. 2026-05-31
    days on market $250,000 Active 59 DOM
15. 2026-04-02
    listed $259,000 Active
16. 2025-05-08
    price $282,900
17. 2025-03-30
    price $294,900
18. 2024-12-11
    historical
19. 2024-11-14
    price $309,900
20. 2024-10-15
    listed $319,900 Active

ⓘ 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: $2,214 · $185/mo
• Projected year-2 tax: $2,214 · $185/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 ≥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: $26,904
• − Mortgage interest: −$14,004
• − Property taxes: −$2,214
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,152
• − Management: −$2,152
• − Depreciation: −$7,273
• Taxable loss: −$2,141
• Est. tax savings @ 24.0%: +$514
• After-tax cash flow: $2,572/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): 17,742
• Household income: $30,794
• Rent vs Own: 75.1% rent · 24.9% own
• Severe rent burden: 1603.0

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 0.56)
• Race & ethnicity: Black 49% White 44% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Slovak 2% Lithuanian 2% Romanian 1%
• Foreign-born: 3% · Canada
• Languages at home: 97% English-only · Spanish 2%

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: ▼ -64.74%
• Current HPI: 405.1872
• Rent YoY: ▲ 3.73%
• 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

-19.0% since first listed

6 events — show timeline

• 2026-04-02 Listed $259,000 Metro Search MLS
• 2025-05-08 Price Changed $282,900 Metro Search MLS
• 2025-03-30 Price Changed $294,900 Metro Search MLS
• 2024-12-11 Listing Removed — Metro Search MLS
• 2024-11-14 Price Changed $309,900 Metro Search MLS
• 2024-10-15 Listed $319,900 Metro Search MLS

Property tax history

+10.3%/yr

Latest (2025): $2,214 · -1.9% YoY. Source: county tax records.