227 E Ormsby Ave · Louisville, KY 40203

$299,000

5 bd · 3.0 ba · 2,858 sqft · SingleFamily · 65 Days on market

Built 1900 9,731 sqft lot Est $426k · 30% under

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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 +15.4/30.0
• ARV discount +15.0/15.0
• DSCR +4.7/10.0
• 1% rule +3.9/10.0
• 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

Listing remarks

* NEW PRICE * Step into timeless character and endless potential in the heart of Old Louisville! This grand 3-story Victorian home is filled with charm, space, and opportunity for those ready to make it their own. From the moment you enter, you're welcomed by a stunning, statement-making staircase that sets the tone for the home's historic elegance. With three full bathrooms and a versatile layout, this home offers room to grow, create, and customize. The third-floor apartment provides a unique opportunity—perfect for an older child, guest suite, or even potential rental income. Outside, the fully fenced yard offers both privacy and function, while the spacious brick patio creates an

Key facts

• New paint
• Grand victorian home
• Spacious brick patio

Tags

• GRAND VICTORIAN HOME
• STATEMENT-MAKING STAIRCASE
• THIRD-FLOOR APARTMENT
• FULLY FENCED YARD
• SPACIOUS BRICK PATIO
• NEW PAINT

Property features AI

Finance

• Other: Lot dimensions approximately 45 x 216.5; Lot area about 0.22 acres; Located in the Old Louisville subdivision
• HOA & community: No association fee

Exterior

• Utilities: Electricity connected; Natural gas available
• Home design: Single-family residence; Traditional style; 3 stories; Built in 1900
• Construction: Vinyl siding and wood frame construction; Metal roof; Living area above grade: 2,858
• Exterior features: Full wood fencing; Sidewalk; Cleared, level lot

Interior

• Kitchen: Kitchen on the third floor; Additional kitchen on the third floor (listed among rooms)
• Bedrooms: 5 bedrooms total; One bedroom on the first floor; Three bedrooms on the second floor; One bedroom on the third floor
• Bathrooms: 3 full bathrooms (including full bathrooms on the second and third levels)
• Heating & cooling: Mini-split/ductless heating; Forced air heating; Natural gas fuel; Central air conditioning
• Interior features: 11 total rooms; 5 closets; Foyer; Living room; Dining room; 1 fireplace (on first level); Basement: unfinished cellar with outside entry; Other room on second level
• Laundry & utility: Laundry on the second floor; No first-floor laundry

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath single-family listed at $299k.

Deal economics

• At list price, monthly cash flow is $114 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $266k (11.1% below list).
• Recommended offer: $266k (11.1% below list) — sets the bar for 1% rule.
• Cap rate 6.7% 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); 114 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 2,836 units permitted in Jefferson County in 2024 (1,558 in 5+ unit buildings).
• At $2,659/mo this rent would consume 104% 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 $9k 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 65 days — a 6% lower offer ($281k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 28y ago; this cycle's ask has dropped $41k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — 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 $265,882 (11.1% below list)

Questions for the listing agent

1. It's been on market 65 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.89% ✗
• Cap rate: 6.75%
• Cash-on-cash: 1.63%
• DSCR: 1.07
• GRM: 9.4

CMA / ARV

• ARV (on-the-fly): $425,842
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1315 S 1st St	0.16mi	4/4.0 (-1)	2,875 (+1%)	8mo	$585,000	$203	76
1324 S 1st St	0.18mi	4/2.5 (-1)	2,902 (+2%)	10mo	$201,300	$69	74
420 E Oak St	0.29mi	5/3.5	2,625 (-8%)	13mo	$215,000	$82	60
1332 S 2nd St	0.28mi	5/3.0	3,162 (+11%)	12mo	$530,900	$168	59
1476 S 2nd St	0.51mi	4/3.0 (-1)	2,850 (-0%)	15mo	$340,000	$119	58
1380 Ouerbacker Ct	0.25mi	4/3.0 (-1)	2,553 (-11%)	9mo	$449,500	$176	58
1307 S First St	0.15mi	4/3.5 (-1)	3,189 (+12%)	15mo	$475,000	$149	54
1352 S 6th St	0.64mi	4/3.5 (-1)	3,020 (+6%)	1mo	$565,000	$187	52
529 W St Catherine St	0.65mi	4/2.5 (-1)	2,950 (+3%)	6mo	$450,000	$153	52
1014 S Brook St	0.40mi	4/2.0 (-1)	2,549 (-11%)	11mo	$120,000	$47	45
1208 S 2nd St	0.30mi	4/2.0 (-1)	3,261 (+14%)	15mo	$455,000	$140	41
1440 S 2nd St	0.44mi	4/3.5 (-1)	3,219 (+13%)	14mo	$460,000	$143	40

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -12.9%
• Equity multiple: 0.53×
• Total profit: $-39,240
• Equity at exit: $44,582

10-year hold

• IRR: -2.9%
• Equity multiple: 0.80×
• Total profit: $-16,674
• Equity at exit: $25,852

Cash invested: $83,720 (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: 114
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $2,659 medium
• Mortgage (P&I): −$1,568
• Tax from tax record: −$294 /mo · $3,528/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$558
• Net cashflow: $114

Break-even live

Break-even rent $2,515

Max offer price $299,000

Occupancy floor 91%

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: $74,750
• Closing costs: $8,970
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1375 S 1st St Louisville, KY	4.0	3.0	2470	$2,400	$0.97	24d	1	0.26mi
1451 S 2nd St Louisville, KY	4.0	3.5	3983	$4,200	$1.05	24d	1	0.45mi
829 E Chestnut St Louisville, KY	4.0	3.5	2268	$3,300	$1.46	10d	1	1.33mi

Listing history 37 events

1. 2026-06-18
   days on market $299,000 Active 65 DOM
2. 2026-06-17
   days on market $299,000 Active 64 DOM
3. 2026-06-16
   days on market $299,000 Active 63 DOM
4. 2026-06-15
   days on market $299,000 Active 62 DOM
5. 2026-06-13
   pricestatusdays on market $299,000 Active 60 DOM
6. 2026-06-10
   days on market $303,000 Active Under Contract 57 DOM
7. 2026-06-09
   days on market $303,000 Active Under Contract 56 DOM
8. 2026-06-08
   days on market $303,000 Active Under Contract 55 DOM
9. 2026-06-07
   days on market $303,000 Active Under Contract 54 DOM
10. 2026-06-03
    days on market $303,000 Active Under Contract 50 DOM
11. 2026-06-02
    days on market $303,000 Active Under Contract 49 DOM
12. 2026-06-01
    days on market $303,000 Active Under Contract 48 DOM
13. 2026-05-31
    days on market $303,000 Active Under Contract 47 DOM
14. 2026-05-20
    price $303,000
15. 2026-05-12
    price $313,000
16. 2026-05-04
    price $325,000
17. 2026-04-14
    listed $339,900 Active
18. 2024-08-19
    historical
19. 2024-06-28
    status Active
20. 2024-06-19
    historical Active Under Contract
21. 2024-06-17
    listed $325,000 Active
22. 2023-01-13
    historical
23. 2022-11-21
    price $320,000
24. 2022-11-21
    listed $299,999 Active
25. 2022-11-21
    price $299,999
26. 2020-12-29
    soldstatus $284,900
27. 2020-12-18
    soldstatus $284,900 Closed
28. 2020-11-19
    status Pending
29. 2020-11-16
    listed $284,900 Active
30. 2012-06-22
    soldstatus $46,000
31. 2012-06-01
    historical
32. 2012-06-01
    listed $45,000
33. 2011-11-22
    listed $45,000
34. 2011-11-16
    historical
35. 2011-08-15
    listed $81,000
36. 1998-08-14
    soldstatus $152,000
37. 1998-06-20
    listed $157,900

ⓘ 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: $3,528 · $294/mo
• Projected year-2 tax: $3,528 · $294/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 5/10 Major FEMA zone X (unshaded) · 53% 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: $31,906
• − Mortgage interest: −$16,749
• − Property taxes: −$3,528
• − Insurance: −$1,495
• − Repairs & maintenance: −$2,552
• − Management: −$2,552
• − Depreciation: −$8,698
• Taxable loss: −$3,669
• Est. tax savings @ 24.0%: +$881
• After-tax cash flow: $2,247/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

+91.9% since first listed

24 events — show timeline

• 2026-05-20 Price Changed $303,000 Metro Search MLS
• 2026-05-12 Price Changed $313,000 Metro Search MLS
• 2026-05-04 Price Changed $325,000 Metro Search MLS
• 2026-04-14 Listed $339,900 Metro Search MLS
• 2024-08-19 Listing Removed — Metro Search MLS
• 2024-06-28 Relisted — Metro Search MLS
• 2024-06-19 Contingent — Metro Search MLS
• 2024-06-17 Listed $325,000 Metro Search MLS
• 2023-01-13 Listing Removed — Metro Search MLS
• 2022-11-21 Price Changed $299,999 Metro Search MLS
• 2022-11-21 Listed $299,999 Metro Search MLS
• 2022-11-21 Price Changed $320,000 Metro Search MLS
• 2020-12-29 Sold (Public Records) $284,900 Public Records
• 2020-12-18 Sold (MLS) $284,900 Metro Search MLS
• 2020-11-19 Pending — Metro Search MLS
• 2020-11-16 Listed $284,900 Metro Search MLS
• 2012-06-22 Sold (MLS) $46,000 Metro Search MLS
• 2012-06-01 Listed $45,000 Metro Search MLS
• 2012-06-01 Listing Removed — Metro Search MLS
• 2011-11-22 Listed $45,000 Metro Search MLS
• 2011-11-16 Listing Removed — Metro Search MLS
• 2011-08-15 Listed $81,000 Metro Search MLS
• 1998-08-14 Sold (MLS) $152,000 Metro Search MLS
• 1998-06-20 Listed $157,900 Metro Search MLS

Property tax history

+3.7%/yr

Latest (2025): $3,528 · -1.9% YoY. Source: county tax records.