2008, 2010 Pirtle St · Louisville, KY 40203

$89,900

3 bd · 1.5 ba · 1,799 sqft · Condo · 13 Days on market

Built 2004

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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

Listing remarks MLS

This home is being sold as-is and is not available to tour. LB combo will be provided once in Escrow. Here's your chance to transform a diamond in the rough into a sparkling gem! This 3-bedroom, 1-bath fixer-upper is a canvas awaiting your personal touch and imaginative vision. This home offers the foundation for you to customize to your liking. Louisville is a city rich in culture and opportunity, and this home is ready for its journey of transformation and customization! Brokerage will not advertise this home for rent, ask you to wire money, or request funds through a payment app on your mobile device.

Key facts

• 1,799 sq ft lot
• Built 2004
• Listed 13 days

Property features AI

Finance

• HOA & community: No association fee

Exterior

• Utilities: Natural gas fuel for utilities/heating
• Home design: Single-family residence; Two stories
• Construction: Built in 2004; Vinyl siding and wood frame construction; Concrete block foundation; Shingle roof
• Exterior features: Chain-link fencing; Sidewalk along the lot

Interior

• Kitchen: Kitchen located on the second floor
• Bedrooms: Three bedrooms located on the second floor
• Bathrooms: One full bathroom on the first floor; One half bathroom on the second floor
• Interior features: Six closets; Great room on the first floor; No basement
• Laundry & utility: First-floor laundry

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath condo listed at $90k.

Deal economics

• At list price, monthly cash flow is $492 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Cap rate 12.9% 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+, 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; 14 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 $1,347/mo this rent would consume 53% 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 $622 of loan paydown is wiped out by about $3k 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 $25k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 20y ago; this cycle's ask has dropped $5k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $17k; list at $90k implies a 429% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $89,900

Questions for the listing agent

1. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.50% ✓
• Cap rate: 12.86%
• Cash-on-cash: 23.45%
• DSCR: 2.04
• GRM: 5.6

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: 17.3%
• Equity multiple: 1.71×
• Total profit: $17,755
• Equity at exit: $13,404

10-year hold

• IRR: 26.3%
• Equity multiple: 3.38×
• Total profit: $59,923
• Equity at exit: $7,773

Cash invested: $25,172 (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: 5.6×

Monthly cashflow live

• Estimated rent: $1,347 high
• Mortgage (P&I): −$471
• Tax from tax record: −$63 /mo · $761/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$283
• Net cashflow: $492

Break-even live

Break-even rent $724

Max offer price $89,900

Occupancy floor 58%

Sensitivity live

Price	-10% $543	-5% $517	+0% $492	+5% $467	+10% $441
Rent	-10% $386	-5% $439	+0% $492	+5% $545	+10% $598
Rate	-1.0pp $537	-0.5pp $515	base $492	+0.5pp $469	+1.0pp $445

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
120 N 20th St Louisville, KY	3.0	1.5	1300	$1,400	$1.08	24d	1	0.11mi
2319 W Muhammad Ali Blvd Louisville, KY	4.0	1.0	1644	$1,300	$0.79	16d	1	0.43mi
2508 W Main St Louisville, KY	3.0	1.0	1327	$1,500	$1.13	24d	1	0.44mi
430 S 24th St Louisville, KY	3.0	1.5	1288	$1,400	$1.09	24d	1	0.47mi
2529 W Main St #2 Louisville, KY	3.0	1.0	1404	$1,200	$0.85	24d	1	0.49mi
1919 Baird St Louisville, KY	3.0	1.0	1500	$1,100	$0.73	16d	1	0.52mi
1810 Magazine St Louisville, KY	3.0	1.5	1248	$1,450	$1.16	11d	1	0.63mi
980 W Liberty St Louisville, KY	1.0–3.0	1.0–1.5	1026	$1,535	$1.50	24d	133	1.01mi
1847 W Kentucky St Louisville, KY	2.0	1.0	1368	$895	$0.65	4d	1	1.18mi
820 Hazel St Louisville, KY	4.0	2.0	1872	$1,395	$0.75	3d	1	1.43mi
1705 1/2 Hale Ave Louisville, KY	3.0	2.0	1257	$1,400	$1.11	11d	1	1.43mi
2825 Greenwood Ave #2 Louisville, KY	2.0	1.0	1300	$995	$0.77	24d	1	1.45mi
2825 Greenwood Ave #4 Louisville, KY	3.0	1.0	1440	$1,250	$0.87	24d	1	1.45mi
737 S 33rd St Louisville, KY	4.0	1.0	1356	$1,595	$1.18	24d	1	1.45mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 10 events

1. 2026-06-18
   days on market $89,900 Active 13 DOM
2. 2026-06-17
   days on market $89,900 Active 12 DOM
3. 2026-06-16
   days on market $89,900 Active 11 DOM
4. 2026-06-15
   days on market $89,900 Active 10 DOM
5. 2026-06-13
   pricedays on market $89,900 Active 8 DOM
6. 2026-06-10
   days on market $94,900 Active 5 DOM
7. 2026-06-09
   days on market $94,900 Active 4 DOM
8. 2026-06-08
   days on market $94,900 Active 3 DOM
9. 2026-06-07
   remarks 695-char remark
10. 2026-06-07
    listed $94,900 Active 2 DOM

ⓘ 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: $761 · $63/mo
• Projected year-2 tax: $773 · $64/mo
• Expected delta: +$12/yr (+$1/mo · 1.6%)

ⓘ 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: $16,167
• − Mortgage interest: −$5,036
• − Property taxes: −$761
• − Insurance: −$450
• − Repairs & maintenance: −$1,293
• − Management: −$1,293
• − Depreciation: −$2,615
• Taxable income: $4,719
• Est. tax owed @ 24.0%: −$1,132
• After-tax cash flow: $4,772/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

+17.2% since first listed

19 events — show timeline

• 2026-06-05 Listed $94,900 Metro Search MLS
• 2023-11-21 Sold (Public Records) $17,000 Public Records
• 2023-11-16 Sold (MLS) $17,000 Metro Search MLS
• 2023-11-13 Pending — Metro Search MLS
• 2023-10-23 Pending — Metro Search MLS
• 2023-08-04 Price Changed $19,900 Metro Search MLS
• 2023-08-04 Price Changed $29,700 Metro Search MLS
• 2023-08-04 Price Changed $30,000 Metro Search MLS
• 2023-08-04 Listed $19,900 Metro Search MLS
• 2023-07-10 Listing Removed — Metro Search MLS
• 2023-04-19 Price Changed $36,200 Metro Search MLS
• 2023-04-19 Price Changed $35,900 Metro Search MLS
• 2023-04-19 Listed $36,200 Metro Search MLS
• 2022-01-10 Sold (Public Records) $14,658,807 Public Records
• 2015-06-01 Sold (Public Records) $25,190 Public Records
• 2015-06-01 Sold (Public Records) $1,461,330 Public Records
• 2010-11-10 Sold (Public Records) $25,000 Public Records
• 2006-09-11 Listing Removed — Metro Search MLS
• 2006-03-23 Listed $81,000 Metro Search MLS

Property tax history

+7.1%/yr

Latest (2025): $761 · +248.6% YoY. Source: county tax records.