1853 Bank St · Louisville, KY 40203

$389,000

9 bd · 3.0 ba · 2,474 sqft · MultiFamily · 121 Days on market

Built 1890 3,337 sqft lot

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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 +16.2/30.0
• ARV discount +7.5/15.0
• DSCR +5.0/10.0
• 1% rule +3.4/10.0
• 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 (5+ Unit). Listing-text estimate: 3 units. estimate disagrees with records

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

An opportunity to lease 3 units in this Multi Family triplex. The previous owner installed 3 new water heaters in 2022. Pipes were replaced in unit 2 in 2023. The vents were cleaned in all of the units in 2022. The gas lines are currently being replaced and the start date for this repair is 2/7/23. This will be a $5000 repair and is included in the sale price. The seller will provide proof of receipt after the repairs are completed. The seller is also listing 2615 Greenwood Ave and 616 Dr. W J Hodge (Both single family)

Key facts

• Fully remodeled
• Zoned c-1 commercial
• Lvp flooring

Tags

• FULLY REMODELED
• LVP FLOORING
• FULLY EQUIPPED KITCHENS
• WASHER AND DRYER HOOKUPS
• DETACHED 2-CAR GARAGE
• ZONED C-1 COMMERCIAL

Property features AI

Finance

• Other: Building area reported as 2,474 total (source: Other); Lot dimensions approximately 30 x 110 with a sidewalk
• Financial info: Property is a triplex with multiple units (total units: 3); Unit mix: two units on the 1st level, one unit on the 2nd level; Storage spaces: 2 on 1st level, 4 on 2nd level
• HOA & community: No association fee

Exterior

• Parking: Covered parking; 2 garage spaces
• Utilities: Electricity connected; Owner pays water and sewer; Tenants pay cable, electric, and gas
• Home design: Triplex; Other architectural style; Shingle roof
• Construction: Wood frame construction; Built in 1890
• Exterior features: No specific exterior features listed; Sidewalk on property

Interior

• Kitchen: Three kitchens total (2 on 1st level, 1 on 2nd level); Ranges included in each kitchen (2 on 1st level, 1 on 2nd level); Refrigerators included in each kitchen (2 on 1st level, 1 on 2nd level); No dishwashers listed
• Bedrooms: 8 total bedrooms (5 on 1st level, 3 on 2nd level)
• Bathrooms: 3 full bathrooms (2 on 1st level, 1 on 2nd level); No partial bathrooms
• Heating & cooling: Forced air heating; Wall/window air conditioning units; Multiple HVAC units (7)
• Interior features: Basement present; Separate meters for units
• Laundry & utility: Laundry areas on both levels (2 on 1st level, 1 on 2nd level); Three furnaces

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.0-bath units multifamily listed at $389k.

Deal economics

• At list price, monthly cash flow is $205 ($2k/yr) — positive. Per door: $68/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 $327k (15.9% below list).
• Recommended offer: $327k (15.9% below list) — sets the bar for 1% rule.
• Cap rate 6.9% 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+, 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: Westport Middle (math 16% / reading 38%, grade F, #172 of 217 statewide, top 80%, 1,177 students, 55% FRL) — zoned schools at 55% FRL track the district average.
• 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 $3,270/mo this rent would consume 127% 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 $3k of loan paydown is wiped out by about $12k 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 121 days — a 12% lower offer ($342k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 16y 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 $168k; list at $389k implies a 132% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $327,000 (15.9% below list)

Questions for the listing agent

1. It's been on market 121 days. Have you received any prior offers? Is the seller open to a 16% 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 1890 — 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: 0.84% ✗
• Cap rate: 6.93%
• Cash-on-cash: 2.26%
• DSCR: 1.10
• GRM: 9.9

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: -12.0%
• Equity multiple: 0.56×
• Total profit: $-47,695
• Equity at exit: $58,001

10-year hold

• IRR: -2.0%
• Equity multiple: 0.86×
• Total profit: $-15,211
• Equity at exit: $33,634

Cash invested: $108,920 (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: 29.7×

Monthly cashflow live

• Estimated rent: $3,270 high
• Mortgage (P&I): −$2,040
• Tax from tax record: −$176 /mo · $2,114/yr
• Insurance: −$162
• HOA: −$0
• Vacancy / Maint / Mgmt: −$687
• Net cashflow: $205

Break-even live

Break-even rent $3,010

Max offer price $389,000

Occupancy floor 89%

Sensitivity live

Price	-10% $425	-5% $315	+0% $205	+5% $95	+10% $-15
Rent	-10% $-53	-5% $76	+0% $205	+5% $334	+10% $463
Rate	-1.0pp $401	-0.5pp $304	base $205	+0.5pp $104	+1.0pp $2

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$3,270
Total (3 units)			$3,270

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: $97,250
• Closing costs: $11,670
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-21
   days on market $389,000 Active 121 DOM
2. 2026-06-18
   days on market $389,000 Active 118 DOM
3. 2026-06-17
   days on market $389,000 Active 117 DOM
4. 2026-06-16
   days on market $389,000 Active 116 DOM
5. 2026-06-15
   days on market $389,000 Active 115 DOM
6. 2026-06-13
   days on market $389,000 Active 113 DOM
7. 2026-06-10
   days on market $389,000 Active 110 DOM
8. 2026-06-09
   days on market $389,000 Active 109 DOM
9. 2026-06-08
   days on market $389,000 Active 108 DOM
10. 2026-06-07
    days on market $389,000 Active 107 DOM
11. 2026-06-03
    days on market $389,000 Active 103 DOM
12. 2026-06-02
    days on market $389,000 Active 102 DOM
13. 2026-06-01
    days on market $389,000 Active 101 DOM
14. 2026-05-31
    days on market $389,000 Active 100 DOM
15. 2026-02-20
    listed $389,000 Active
16. 2023-07-18
    soldstatus $167,785 Closed 525-char remark

    Show marketing remark (525 chars)

    An opportunity to lease 3 units in this Multi Family triplex. The previous owner installed 3 new water heaters in 2022. Pipes were replaced in unit 2 in 2023. The vents were cleaned in all of the units in 2022. The gas lines are currently being replaced and the start date for this repair is 2/7/23. This will be a $5000 repair and is included in the sale price. The seller will provide proof of receipt after the repairs are completed. The seller is also listing 2615 Greenwood Ave and 616 Dr. W J Hodge (Both single family)

17. 2023-05-23
    historical Active Under Contract 525-char remark

    Show marketing remark (525 chars)

    An opportunity to lease 3 units in this Multi Family triplex. The previous owner installed 3 new water heaters in 2022. Pipes were replaced in unit 2 in 2023. The vents were cleaned in all of the units in 2022. The gas lines are currently being replaced and the start date for this repair is 2/7/23. This will be a $5000 repair and is included in the sale price. The seller will provide proof of receipt after the repairs are completed. The seller is also listing 2615 Greenwood Ave and 616 Dr. W J Hodge (Both single family)

18. 2023-02-15
    listed $167,240 Active 525-char remark

    Show marketing remark (525 chars)

    An opportunity to lease 3 units in this Multi Family triplex. The previous owner installed 3 new water heaters in 2022. Pipes were replaced in unit 2 in 2023. The vents were cleaned in all of the units in 2022. The gas lines are currently being replaced and the start date for this repair is 2/7/23. This will be a $5000 repair and is included in the sale price. The seller will provide proof of receipt after the repairs are completed. The seller is also listing 2615 Greenwood Ave and 616 Dr. W J Hodge (Both single family)

19. 2022-02-18
    historical
20. 2022-02-18
    soldstatus $154,000 Closed
21. 2022-01-09
    status Pending
22. 2021-11-09
    listed $149,975 Active
23. 2019-07-19
    soldstatus $110,000 Closed
24. 2019-06-07
    status Pending
25. 2019-04-30
    status Active
26. 2019-04-20
    status Pending
27. 2019-04-04
    listed $120,000 Active
28. 2018-10-11
    status Pending
29. 2018-10-11
    historical
30. 2018-03-26
    listed $124,000 Active
31. 2018-03-26
    price $112,500
32. 2018-03-26
    price $119,500
33. 2018-03-26
    price $129,000
34. 2018-03-26
    price $134,900
35. 2018-03-26
    price $124,000
36. 2018-03-26
    listed $112,500 Active
37. 2018-03-26
    price $134,900
38. 2018-03-26
    price $129,000
39. 2018-03-26
    price $124,000
40. 2018-03-26
    price $119,500
41. 2018-03-26
    price $112,500
42. 2018-03-26
    historical
43. 2017-05-29
    soldstatus $65,000 Closed
44. 2017-05-29
    soldstatus $65,000 Closed
45. 2017-04-29
    status Pending
46. 2017-04-29
    status Pending
47. 2017-04-22
    listed $65,000 Active
48. 2017-04-22
    listed $65,000 Active
49. 2010-12-11
    historical
50. 2010-10-06
    listed $171,000

ⓘ 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: $2,114 · $176/mo
• Projected year-2 tax: $3,345 · $279/mo
• Expected delta: +$1,231/yr (+$103/mo · 58.2%)

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 65% 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $39,240
• − Mortgage interest: −$21,790
• − Property taxes: −$2,114
• − Insurance: −$1,945
• − Repairs & maintenance: −$3,139
• − Management: −$3,139
• − Depreciation: −$11,316
• Taxable loss: −$4,204
• Est. tax savings @ 24.0%: +$1,009
• After-tax cash flow: $3,470/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

+127.5% since first listed

36 events — show timeline

• 2026-02-20 Listed $389,000 Metro Search MLS
• 2023-07-18 Sold (MLS) $167,785 Metro Search MLS
• 2023-05-23 Contingent — Metro Search MLS
• 2023-02-15 Listed $167,240 Metro Search MLS
• 2022-02-18 Listing Removed — Metro Search MLS
• 2022-02-18 Sold (MLS) $154,000 Metro Search MLS
• 2022-01-09 Pending — Metro Search MLS
• 2021-11-09 Listed $149,975 Metro Search MLS
• 2019-07-19 Sold (MLS) $110,000 Metro Search MLS
• 2019-06-07 Pending — Metro Search MLS
• 2019-04-30 Relisted — Metro Search MLS
• 2019-04-20 Pending — Metro Search MLS
• 2019-04-04 Listed $120,000 Metro Search MLS
• 2018-10-11 Pending — Metro Search MLS
• 2018-10-11 Listing Removed — Metro Search MLS
• 2018-03-26 Listing Removed — Metro Search MLS
• 2018-03-26 Price Changed $112,500 Metro Search MLS
• 2018-03-26 Price Changed $119,500 Metro Search MLS
• 2018-03-26 Price Changed $124,000 Metro Search MLS
• 2018-03-26 Price Changed $129,000 Metro Search MLS
• 2018-03-26 Price Changed $134,900 Metro Search MLS
• 2018-03-26 Listed $112,500 Metro Search MLS
• 2018-03-26 Price Changed $124,000 Metro Search MLS
• 2018-03-26 Price Changed $134,900 Metro Search MLS
• 2018-03-26 Price Changed $129,000 Metro Search MLS
• 2018-03-26 Price Changed $119,500 Metro Search MLS
• 2018-03-26 Price Changed $112,500 Metro Search MLS
• 2018-03-26 Listed $124,000 Metro Search MLS
• 2017-05-29 Sold (MLS) $65,000 Metro Search MLS
• 2017-05-29 Sold (MLS) $65,000 Metro Search MLS
• 2017-04-29 Pending — Metro Search MLS
• 2017-04-29 Pending — Metro Search MLS
• 2017-04-22 Listed $65,000 Metro Search MLS
• 2017-04-22 Listed $65,000 Metro Search MLS
• 2010-12-11 Listing Removed — Metro Search MLS
• 2010-10-06 Listed $171,000 Metro Search MLS

Property tax history

+1.1%/yr

Latest (2025): $2,114 · -1.9% YoY. Source: county tax records.