2008 W Jefferson St · Louisville, KY 40203

$199,000

6 bd · 5.0 ba · 5,446 sqft · MultiFamily · 79 Days on market

Built 1865

---

Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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: 2 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

Spacious Victorian 3 Story multi family bldg. Iron decorated porch. Gorgeous fireplaces. 1 unit currently occupied. 1 unit not fully finished-no cabinets or furnace.

Key facts

• Built 1865
• Listed 78 days

Property features AI

Finance

• Other: Building area reported by appraiser; Building area total approximately 4,591 (source: appraiser); Living area reported as 5,446
• Financial info: Multi-unit property (total units by level: first 1, second 2, third 1)
• HOA & community: No association fee

Exterior

• Parking: No covered parking
• Utilities: Electricity connected; Owner pays water and sewer; tenants pay cable, electric, and gas
• Home design: Architectural style: Other; Built in 1865
• Construction: Concrete and brick construction; Shingle roof
• Exterior features: No exterior amenities listed

Interior

• Kitchen: First level: kitchen with range and refrigerator; Second level: two kitchens each with range and refrigerator
• Bedrooms: Total of 6 bedrooms; Third level: 1 bedroom; Second level: 2 bedrooms; First level: 3 bedrooms
• Bathrooms: Third level: 1 full bath; Second level: 2 full baths and 2 partial baths; First level: 1 full bath
• Heating & cooling: Heating: Electric and Natural Gas; Three furnaces; Cooling: Central air with three HVAC units
• Interior features: Multi-unit building with separate meters
• Laundry & utility: First level laundry area

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/?-bath units multifamily listed at $199k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $521/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $199k).
• Recommended offer: $187k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.6% 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 (+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 $3,030/mo this rent would consume 118% 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 $1k of loan paydown is wiped out by about $6k 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.
• At projected returns (-3.0% appreciation + 3.7% rent growth), your $56k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 79 days — a 6% lower offer ($187k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 27y ago; this cycle's ask has dropped $26k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $70k; list at $199k implies a 184% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1865 — 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 $187,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 79 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 1865 — 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: 1.52% ✓
• Cap rate: 12.57%
• Cash-on-cash: 22.42%
• DSCR: 2.00
• GRM: 5.5

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: 16.1%
• Equity multiple: 1.65×
• Total profit: $36,336
• Equity at exit: $29,672

10-year hold

• IRR: 25.2%
• Equity multiple: 3.27×
• Total profit: $126,489
• Equity at exit: $17,206

Cash invested: $55,720 (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: 10.9×

Monthly cashflow live

• Estimated rent: $3,030 medium
• Mortgage (P&I): −$1,044
• Tax from tax record: −$226 /mo · $2,713/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$636
• Net cashflow: $1,041

Break-even live

Break-even rent $1,712

Max offer price $199,000

Occupancy floor 61%

Sensitivity live

Price	-10% $1,154	-5% $1,097	+0% $1,041	+5% $985	+10% $928
Rent	-10% $802	-5% $921	+0% $1,041	+5% $1,161	+10% $1,280
Rate	-1.0pp $1,141	-0.5pp $1,092	base $1,041	+0.5pp $990	+1.0pp $937

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	—	$3,030
Total (2 units)			$3,030

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Listing history 37 events

1. 2026-06-21
   days on market $199,000 Active 79 DOM
2. 2026-06-18
   days on market $199,000 Active 76 DOM
3. 2026-06-17
   days on market $199,000 Active 75 DOM
4. 2026-06-16
   days on market $199,000 Active 74 DOM
5. 2026-06-15
   days on market $199,000 Active 73 DOM
6. 2026-06-13
   days on market $199,000 Active 71 DOM
7. 2026-06-10
   days on market $199,000 Active 68 DOM
8. 2026-06-09
   days on market $199,000 Active 67 DOM
9. 2026-06-08
   days on market $199,000 Active 66 DOM
10. 2026-06-07
    days on market $199,000 Active 65 DOM
11. 2026-06-03
    days on market $199,000 Active 61 DOM
12. 2026-06-02
    days on market $199,000 Active 60 DOM
13. 2026-06-01
    days on market $199,000 Active 59 DOM
14. 2026-05-31
    days on market $199,000 Active 58 DOM
15. 2026-05-01
    price $199,000
16. 2026-04-03
    listed $225,000 Active
17. 2026-04-01
    historical
18. 2026-03-08
    price $225,000
19. 2025-10-01
    listed $250,000 Active
20. 2023-10-02
    status Pending
21. 2023-10-02
    historical
22. 2023-09-20
    historical Active Under Contract
23. 2023-09-20
    status Active
24. 2023-09-20
    status Pending
25. 2023-07-18
    status Active
26. 2023-07-15
    status Pending
27. 2023-07-07
    listed $235,000 Active
28. 2023-06-30
    historical
29. 2023-03-17
    price $235,000
30. 2023-03-17
    listed $250,000 Active
31. 2023-03-16
    historical
32. 2022-12-17
    status Active
33. 2022-11-29
    historical Active Under Contract
34. 2022-09-22
    status Pending
35. 2022-09-16
    listed $250,000 Active
36. 1999-11-18
    soldstatus $70,000
37. 1999-05-10
    listed $79,000

ⓘ 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: $2,713 · $226/mo
• Projected year-2 tax: $2,713 · $226/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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $36,360
• − Mortgage interest: −$11,147
• − Property taxes: −$2,713
• − Insurance: −$995
• − Repairs & maintenance: −$2,909
• − Management: −$2,909
• − Depreciation: −$5,789
• Taxable income: $9,898
• Est. tax owed @ 24.0%: −$2,376
• After-tax cash flow: $10,118/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

+151.9% since first listed

23 events — show timeline

• 2026-05-01 Price Changed $199,000 Metro Search MLS
• 2026-04-03 Listed $225,000 Metro Search MLS
• 2026-04-01 Listing Removed — Metro Search MLS
• 2026-03-08 Price Changed $225,000 Metro Search MLS
• 2025-10-01 Listed $250,000 Metro Search MLS
• 2023-10-02 Pending — Metro Search MLS
• 2023-10-02 Listing Removed — Metro Search MLS
• 2023-09-20 Contingent — Metro Search MLS
• 2023-09-20 Relisted — Metro Search MLS
• 2023-09-20 Pending — Metro Search MLS
• 2023-07-18 Relisted — Metro Search MLS
• 2023-07-15 Pending — Metro Search MLS
• 2023-07-07 Listed $235,000 Metro Search MLS
• 2023-06-30 Listing Removed — Metro Search MLS
• 2023-03-17 Listed $250,000 Metro Search MLS
• 2023-03-17 Price Changed $235,000 Metro Search MLS
• 2023-03-16 Listing Removed — Metro Search MLS
• 2022-12-17 Relisted — Metro Search MLS
• 2022-11-29 Contingent — Metro Search MLS
• 2022-09-22 Pending — Metro Search MLS
• 2022-09-16 Listed $250,000 Metro Search MLS
• 1999-11-18 Sold (MLS) $70,000 Metro Search MLS
• 1999-05-10 Listed $79,000 Metro Search MLS

Property tax history

+6.5%/yr

Latest (2025): $2,713 · -1.9% YoY. Source: county tax records.