2323 Portland Ave · Louisville, KY 40212

$97,500

2 bd · 1.0 ba · 971 sqft · SingleFamily · 29 Days on market

Built 1900 6,098 sqft lot Est $82k · 20% over

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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 +23.8/30.0
• Appreciation +10.0/10.0
• DSCR +7.7/10.0
• 1% rule +5.2/10.0
• Livability +3.2/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• ARV discount +0.0/15.0

Listing remarks

Whether you're looking to expand your investment portfolio or searching for a home with flexibility for the future, 2323 Portland Ave offers an opportunity that's hard to ignore. Currently tenant-occupied with a reliable renter already in place, this property provides immediate income potential from day one while still allowing future buyers the option for owner occupancy, as the tenant can vacate with just 30 days notice per the lease terms. Inside, you'll find thoughtful updates that make the home feel warm, functional, and move-in ready. The renovated kitchen features updated finishes and cabinetry, while the refreshed bathroom adds a clean, modern touch. Natural light fills the living s

Key facts

• Off street parking
• Large backyard
• Refreshed bathroom

Tags

• IMMEDIATE INCOME POTENTIAL
• RENOVATED KITCHEN
• REFRESHED BATHROOM
• LARGE BACKYARD
• OFF STREET PARKING

Property features AI

Finance

• Other: Located in the Portland subdivision
• HOA & community: No association fee

Exterior

• Parking: No designated parking
• Utilities: Electricity connected; Natural gas available; One HVAC unit for heating and cooling
• Home design: Single-family residence (Shotgun style); One story; Built in 1900
• Construction: Vinyl siding with stone veneer accents; Shingle roof; Crawl space foundation
• Exterior features: Partial fencing; Cleared, level lot; Lot dimensions approximately 30 x 200

Interior

• Kitchen: Kitchen on the first floor; Separate dining area on the first floor
• Bedrooms: Two bedrooms, both on the first floor
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Five total rooms; One closet; First-floor primary bedroom; First-floor laundry; No basement
• Laundry & utility: Laundry located on the first floor

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $98k.

Deal economics

• At list price, monthly cash flow is $187 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($991 rent vs $98k).
• Recommended offer: $96k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.6% 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 flat; 140 active listings in the ZIP; 40 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).

Forward outlook

• In year one you build about $10k of equity ($674 loan paydown + $10k appreciation (10.0% local appreciation)).
• Jefferson County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 0.5% rent growth), your $27k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($96k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts; this cycle's ask has dropped $17k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $27k; list at $98k implies a 261% gain — meaningful room to come down on a strong offer.

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 $96,037 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 1.02% ✓
• Cap rate: 8.59%
• Cash-on-cash: 8.21%
• DSCR: 1.37
• GRM: 8.2

CMA / ARV

• ARV (on-the-fly): $81,564
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2511 Bank St	0.14mi	2/1.0	960 (-1%)	6mo	$10,000	$10	86
363 N 27th St	0.37mi	2/1.0	972 (+0%)	6mo	$36,500	$38	78
2722 Slevin St	0.56mi	2/1.0	984 (+1%)	5mo	$65,000	$66	67
1922 Bank St	0.46mi	2/1.0	1,020 (+5%)	3mo	$110,950	$109	67
2419 Montgomery St	0.12mi	3/1.0 (+1)	1,092 (+12%)	4mo	$92,000	$84	65
1914 Lytle St	0.46mi	3/1.0 (+1)	930 (-4%)	1mo	$104,000	$112	65
365 N 27th St	0.37mi	2/1.0	1,093 (+13%)	6mo	$95,000	$87	57
331 N 23rd St	0.43mi	2/1.0	855 (-12%)	4mo	$105,000	$123	56
1814 Rowan St	0.75mi	2/1.0	1,038 (+7%)	1mo	$30,200	$29	53
1729 Portland Ave	0.62mi	2/1.0	1,072 (+10%)	2mo	$68,900	$64	53
1707 Baird St	0.71mi	2/1.0	896 (-8%)	3mo	$45,000	$50	52
216 N 25th St	0.57mi	2/1.0	840 (-14%)	6mo	$85,000	$101	46

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

Projected returns pro-forma

10.0% appreciation · 0.51% rent growth · sell at horizon

5-year hold

• IRR: 29.3%
• Equity multiple: 3.29×
• Total profit: $62,545
• Equity at exit: $87,836

10-year hold

• IRR: 24.8%
• Equity multiple: 7.24×
• Total profit: $170,328
• Equity at exit: $189,421

Cash invested: $27,300 (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 40212

• Home prices YoY: 11.0%
• Rents YoY: 0.5%
• Active inventory: 140
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $991 high
• Mortgage (P&I): −$511
• Tax from tax record: −$44 /mo · $531/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$208
• Net cashflow: $187

Break-even live

Break-even rent $755

Max offer price $97,500

Occupancy floor 76%

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: $24,375
• Closing costs: $2,925
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2510 Portland Ave Unit 203 Louisville, KY	2.0	1.0	625	$995	$1.59	3d	1	0.14mi
2510 Portland Ave Unit 206 Louisville, KY	2.0	1.0	615	$950	$1.54	23d	1	0.15mi
2539 Bank St Unit 1 Louisville, KY	1.0	1.0	900	$750	$0.83	23d	1	0.16mi
451 N 25th St Unit Mk Louisville, KY	2.0	1.0	988	$875	$0.89	3d	1	0.18mi
2506 Montgomery St Louisville, KY	3.0	2.0	1081	$1,295	$1.20	3d	4	0.19mi
353 N 27th St Louisville, KY	2.0	1.0	1100	$1,100	$1.00	23d	1	0.37mi
2433 Slevin St Unit 2433-2 Louisville, KY	3.0	1.0	800	$875	$1.09	3d	1	0.38mi
331 N 23rd St Louisville, KY	2.0	1.0	855	$1,150	$1.35	16d	1	0.43mi
519 N 20th St Louisville, KY	1.0	1.0	550	$795	$1.45	23d	1	0.43mi
322 N 24th St Louisville, KY	2.0	1.0	950	$1,100	$1.16	15d	1	0.43mi
522 N 29th St Louisville, KY	3.0	1.0	1031	$1,300	$1.26	3d	1	0.45mi
2717 Slevin St Louisville, KY	1.0	1.0	620	$725	$1.17	15d	1	0.51mi
214 N 24th St Louisville, KY	3.0	1.5	1012	$915	$0.90	23d	1	0.55mi
212 N 25th St Louisville, KY	3.0	1.0	1104	$895	$0.81	23d	1	0.57mi
2132 Rowan St Louisville, KY	1.0–2.0	1.0–2.0	875	$928	$1.06	3d	4	0.63mi
509 N 31st St Louisville, KY	2.0	1.0	800	$795	$0.99	23d	1	0.65mi
509 N 31st St Louisville, KY	2.0	1.0	800	$725	$0.91	15d	1	0.65mi
2925 Slevin St Louisville, KY	2.0	1.0	896	$775	$0.86	3d	1	0.68mi
3120 Bank St Unit B Louisville, KY	2.0	1.0	750	$795	$1.06	23d	1	0.72mi
500 N 17th St Unit 301 Louisville, KY	2.0	1.0	775	$1,200	$1.55	15d	1	0.73mi
500 N 17th St Unit 305 Louisville, KY	1.0	1.0	825	$1,100	$1.33	23d	1	0.73mi
500 N 17th St Apt 309 Louisville, KY	2.0	1.0	775	$1,200	$1.55	23d	1	0.73mi
200 N 18th St Unit 200-4 Louisville, KY	2.0	1.0	740	$775	$1.05	20d	1	0.75mi
521 N 33rd St Louisville, KY	1.0	1.0	650	$795	$1.22	23d	1	0.77mi
214 N 17th St Unit 2 Louisville, KY	1.0	1.0	800	$750	$0.94	14d	1	0.79mi
112 N 18th St Louisville, KY	2.0	1.0	944	$1,050	$1.11	23d	1	0.81mi
1704 Rowan St Unit 1704-2 Louisville, KY	3.0	1.0	740	$850	$1.15	23d	1	0.83mi
2927 Rowan St Louisville, KY	3.0	1.0	1008	$1,205	$1.20	11d	1	0.86mi
220 Doctor W. J. Hodge St Unit 1 Louisville, KY	1.0	1.0	570	$700	$1.23	16d	1	0.87mi
2614 W Jefferson St Unit 2614-4 Louisville, KY	2.0	1.0	740	$795	$1.07	23d	1	0.94mi
2614 W Jefferson St Louisville, KY	1.0	1.0	633	$695	$1.10	20d	1	0.94mi
2718 W Jefferson St Unit 2718-3 Louisville, KY	1.0	1.0	633	$699	$1.10	23d	1	0.97mi
2718 W Jefferson St Louisville, KY	1.0	1.0	633	$699	$1.10	21d	1	0.97mi
2623 Cedar St Louisville, KY	3.0	1.0	1000	$1,000	$1.00	23d	1	1.01mi
1622 W Market St Apt 104 Louisville, KY	1.0	1.5	771	$965	$1.25	23d	1	1.02mi
1612 W Market St Unit 2 Louisville, KY	2.0	2.0	900	$1,000	$1.11	23d	1	1.03mi
2221 W Madison St Louisville, KY	3.0	1.0	1000	$1,350	$1.35	23d	1	1.13mi
2221 W Madison St Louisville, KY	2.0	1.0	1000	$1,350	$1.35	21d	1	1.13mi
515 S 20th St Louisville, KY	2.0	1.0	1000	$995	$0.99	15d	1	1.15mi
2300 W Madison St Louisville, KY	2.0	1.0	900	$850	$0.94	23d	1	1.16mi

Listing history 26 events

1. 2026-06-18
   days on market $97,500 Active 29 DOM
2. 2026-06-17
   days on market $97,500 Active 28 DOM
3. 2026-06-16
   pricedays on market $97,500 Active 27 DOM
4. 2026-06-15
   days on market $99,900 Active 26 DOM
5. 2026-06-13
   days on market $99,900 Active 24 DOM
6. 2026-06-10
   days on market $99,900 Active 21 DOM
7. 2026-06-09
   days on market $99,900 Active 20 DOM
8. 2026-06-08
   pricedays on market $99,900 Active 19 DOM
9. 2026-06-07
   days on market $104,900 Active 18 DOM
10. 2026-06-03
    days on market $104,900 Active 14 DOM
11. 2026-06-02
    days on market $104,900 Active 13 DOM
12. 2026-06-02
    price $104,900 Active 12 DOM
13. 2026-06-01
    days on market $109,900 Active 12 DOM
14. 2026-05-31
    days on market $109,900 Active 11 DOM
15. 2026-05-20
    listed $114,900 Active
16. 2026-02-28
    historical
17. 2026-02-24
    status Active
18. 2026-02-13
    historical Active Under Contract
19. 2026-02-09
    status Active
20. 2026-02-09
    price $110,000
21. 2026-02-05
    historical Active Under Contract
22. 2025-10-07
    status Active
23. 2025-09-26
    historical Active Under Contract
24. 2025-09-22
    price $117,000
25. 2025-08-29
    listed $125,000 Active
26. 2021-05-19
    soldstatus $27,000

ⓘ 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: $531 · $44/mo
• Projected year-2 tax: $838 · $70/mo
• Expected delta: +$308/yr (+$26/mo · 58.0%)

ⓘ 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) · 47% 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: $11,893
• − Mortgage interest: −$5,462
• − Property taxes: −$531
• − Insurance: −$488
• − Repairs & maintenance: −$951
• − Management: −$951
• − Depreciation: −$2,836
• Taxable income: $674
• Est. tax owed @ 24.0%: −$162
• After-tax cash flow: $2,080/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): 14,661
• Household income: $35,753
• Rent vs Own: 51.3% rent · 48.7% own
• Severe rent burden: 1148.0

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: Majority Black (60%)
• Race & ethnicity: Black 60% White 37% Two or more races 2% Hispanic / Latino 1%
• Common ancestry: Slovak 1% Lithuanian 1% Iranian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

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: ▲ 29.02%
• Current HPI: 293.2624
• Rent YoY: ▲ 0.51%
• 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

+325.6% since first listed

12 events — show timeline

• 2026-05-20 Listed $114,900 Metro Search MLS
• 2026-02-28 Listing Removed — Metro Search MLS
• 2026-02-24 Relisted — Metro Search MLS
• 2026-02-13 Contingent — Metro Search MLS
• 2026-02-09 Relisted — Metro Search MLS
• 2026-02-09 Price Changed $110,000 Metro Search MLS
• 2026-02-05 Contingent — Metro Search MLS
• 2025-10-07 Relisted — Metro Search MLS
• 2025-09-26 Contingent — Metro Search MLS
• 2025-09-22 Price Changed $117,000 Metro Search MLS
• 2025-08-29 Listed $125,000 Metro Search MLS
• 2021-05-19 Sold (Public Records) $27,000 Public Records

Property tax history

+5.0%/yr

Latest (2025): $531 · -1.9% YoY. Source: county tax records.