1518 W Oak St · Louisville, KY 40210

$589,000

18 bd · 6.0 ba · 4,800 sqft · MultiFamily · 37 Days on market

Built 2001 0.26 ac lot

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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 +29.3/30.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.1/10.0
• Rent growth +4.5/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

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

Only 17 years young - building has some low rents; MAJOR upside here!One unit currently vacant/pending S8 inspections/will be shown-units are identical. Once an accepted contract is taken, all other units will be shown within 72 hours for review & approval of the contract. PROPERTY IS SOLD IN AS IS/WHERE IS CONDITION. Rent roll is attached/several of the lower rental units are MTM and have been given notice to move so that higher rents can be accepted. Nice sized units-ALL ARE 3BR/1BA -some with hardwood/some with carpeting. Large kitchens/generous LR & BRs. In-unit W/D hookups are an excellent renting attraction. Central Air/Separate meters/Range & refrig provided. Tenant pays LGE/Landlord pays water-sewer-garbage. Exterior decking has been recently refurbished. New shutters. Building has been power-washed. Parking lot has been resurfaced and stripped. Buyers MUST be pre-approved (not pre-qualified) in order to be shown the building. Current rents are $3224 per mo. Vacant unit is projected to lease at $885 bringing the projected rents to $4109 which is still slightly low. Once the 2 units on the 2nd floor are removed and raised plus the top unit closest to the street on the 3rd floor, this will be a substantial increase. Old owner did not take deposits. Only two of current units have deposits of $100 each.

Key facts

• Turnkey asset
• Off street parking
• Multifamily property

Tags

• PARK HILL NEIGHBORHOOD
• MULTIFAMILY PROPERTY
• OFF STREET PARKING
• ON-SITE BILLBOARD ADVERTISING
• TURNKEY ASSET

Property features AI

Finance

• Other: Lot dimensions approximately 50 x 156.3; Lot area approximately 0.26 acres
• Financial info: Multi-unit setup with per-floor rents reported: 1st floor rent listed at 2,245, 2nd floor rent listed at 2,000, 3rd floor rent listed at 1,954; Separate meters present
• HOA & community: No association fee

Exterior

• Parking: Four parking spaces; No covered parking
• Utilities: Electricity connected; Natural gas available; Owner pays water, sewer and trash for tenants (per listing); Tenants pay cable, electric and gas
• Home design: Apartment property type; Traditional style
• Construction: Built in 2001; Vinyl siding construction; Shingle roof; Total living area reported as 4,800
• Exterior features: No notable exterior features listed; Sidewalk on property; See remarks for additional lot details

Interior

• Kitchen: Each unit includes a kitchen (six kitchens total across units); Ranges present in each unit; Refrigerators present in each unit; No dishwashers reported
• Bedrooms: 18 total bedrooms (unit breakdown: three floors each with 6 bedrooms per floor)
• Bathrooms: Six full bathrooms (each floor has 2 full baths); No partial baths reported
• Interior features: Traditional architectural style; Building area reported as 4,800 total
• Laundry & utility: Laundry in each unit (two laundry areas per floor/unit grouping noted); Six furnaces; Six HVAC units

What this means for you Summary

Snapshot

• This is a 6 × 3.0-bed/1.0-bath units multifamily listed at $589k.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive. Per door: $333/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $589k).
• Recommended offer: $571k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.5% 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 fast (+8.1%/yr); 91 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).

Forward outlook

• In year one you build about $63k of equity ($4k loan paydown + $59k 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 + 8.0% rent growth), your $165k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$101k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($571k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 28y 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 $275k; list at $589k implies a 114% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $571,330 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% 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. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.21% ✓
• Cap rate: 10.50%
• Cash-on-cash: 15.03%
• DSCR: 1.67
• GRM: 6.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 37.3%
• Equity multiple: 3.94×
• Total profit: $485,585
• Equity at exit: $530,618

10-year hold

• IRR: 33.8%
• Equity multiple: 9.63×
• Total profit: $1,422,773
• Equity at exit: $1,144,297

Cash invested: $164,920 (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 40210

• Home prices YoY: 12.1%
• Rents YoY: 8.1%
• Active inventory: 91
• Price-to-rent: 41.3×

Monthly cashflow live

• Estimated rent: $7,123 high
• Mortgage (P&I): −$3,089
• Tax from tax record: −$227 /mo · $2,729/yr
• Insurance: −$245
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,496
• Net cashflow: $1,999

Break-even live

Break-even rent $4,593

Max offer price $589,000

Occupancy floor 67%

Sensitivity live

Price	-10% $2,332	-5% $2,166	+0% $1,999	+5% $1,832	+10% $1,666
Rent	-10% $1,436	-5% $1,718	+0% $1,999	+5% $2,280	+10% $2,562
Rate	-1.0pp $2,296	-0.5pp $2,149	base $1,999	+0.5pp $1,846	+1.0pp $1,691

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

Units	Beds	Baths	Est. rent
▸ 6× units	3.0	1	$7,122
Total (6 units)			$7,123

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: $147,250
• Closing costs: $17,670
• Reserves months: —
• Total cash needed: —

Listing history 37 events

1. 2026-06-18
   days on market $589,000 Active 37 DOM
2. 2026-06-17
   days on market $589,000 Active 36 DOM
3. 2026-06-16
   days on market $589,000 Active 35 DOM
4. 2026-06-15
   days on market $589,000 Active 34 DOM
5. 2026-06-13
   pricedays on market $589,000 Active 32 DOM
6. 2026-06-10
   days on market $599,000 Active 29 DOM
7. 2026-06-09
   days on market $599,000 Active 28 DOM
8. 2026-06-08
   days on market $599,000 Active 27 DOM
9. 2026-06-07
   days on market $599,000 Active 26 DOM
10. 2026-06-03
    days on market $599,000 Active 22 DOM
11. 2026-06-02
    days on market $599,000 Active 21 DOM
12. 2026-06-01
    days on market $599,000 Active 20 DOM
13. 2026-05-31
    days on market $599,000 Active 19 DOM
14. 2026-05-12
    listed $599,000 Active
15. 2023-04-27
    historical
16. 2023-01-25
    price $514,900
17. 2023-01-25
    listed $529,900 Active
18. 2018-12-05
    soldstatus $275,000
19. 2018-12-03
    soldstatus $275,000 Closed 1353-char remark

    Show marketing remark (1353 chars)

    Only 17 years young - building has some low rents; MAJOR upside here!One unit currently vacant/pending S8 inspections/will be shown-units are identical. Once an accepted contract is taken, all other units will be shown within 72 hours for review & approval of the contract. PROPERTY IS SOLD IN AS IS/WHERE IS CONDITION. Rent roll is attached/several of the lower rental units are MTM and have been given notice to move so that higher rents can be accepted. Nice sized units-ALL ARE 3BR/1BA -some with hardwood/some with carpeting. Large kitchens/generous LR & BRs. In-unit W/D hookups are an excellent renting attraction. Central Air/Separate meters/Range & refrig provided. Tenant pays LGE/Landlord pays water-sewer-garbage. Exterior decking has been recently refurbished. New shutters. Building has been power-washed. Parking lot has been resurfaced and stripped. Buyers MUST be pre-approved (not pre-qualified) in order to be shown the building. Current rents are $3224 per mo. Vacant unit is projected to lease at $885 bringing the projected rents to $4109 which is still slightly low. Once the 2 units on the 2nd floor are removed and raised plus the top unit closest to the street on the 3rd floor, this will be a substantial increase. Old owner did not take deposits. Only two of current units have deposits of $100 each.

20. 2018-09-21
    status Pending 1353-char remark

    Show marketing remark (1353 chars)

    Only 17 years young - building has some low rents; MAJOR upside here!One unit currently vacant/pending S8 inspections/will be shown-units are identical. Once an accepted contract is taken, all other units will be shown within 72 hours for review & approval of the contract. PROPERTY IS SOLD IN AS IS/WHERE IS CONDITION. Rent roll is attached/several of the lower rental units are MTM and have been given notice to move so that higher rents can be accepted. Nice sized units-ALL ARE 3BR/1BA -some with hardwood/some with carpeting. Large kitchens/generous LR & BRs. In-unit W/D hookups are an excellent renting attraction. Central Air/Separate meters/Range & refrig provided. Tenant pays LGE/Landlord pays water-sewer-garbage. Exterior decking has been recently refurbished. New shutters. Building has been power-washed. Parking lot has been resurfaced and stripped. Buyers MUST be pre-approved (not pre-qualified) in order to be shown the building. Current rents are $3224 per mo. Vacant unit is projected to lease at $885 bringing the projected rents to $4109 which is still slightly low. Once the 2 units on the 2nd floor are removed and raised plus the top unit closest to the street on the 3rd floor, this will be a substantial increase. Old owner did not take deposits. Only two of current units have deposits of $100 each.

21. 2018-09-16
    status Active 1353-char remark

    Show marketing remark (1353 chars)

    Only 17 years young - building has some low rents; MAJOR upside here!One unit currently vacant/pending S8 inspections/will be shown-units are identical. Once an accepted contract is taken, all other units will be shown within 72 hours for review & approval of the contract. PROPERTY IS SOLD IN AS IS/WHERE IS CONDITION. Rent roll is attached/several of the lower rental units are MTM and have been given notice to move so that higher rents can be accepted. Nice sized units-ALL ARE 3BR/1BA -some with hardwood/some with carpeting. Large kitchens/generous LR & BRs. In-unit W/D hookups are an excellent renting attraction. Central Air/Separate meters/Range & refrig provided. Tenant pays LGE/Landlord pays water-sewer-garbage. Exterior decking has been recently refurbished. New shutters. Building has been power-washed. Parking lot has been resurfaced and stripped. Buyers MUST be pre-approved (not pre-qualified) in order to be shown the building. Current rents are $3224 per mo. Vacant unit is projected to lease at $885 bringing the projected rents to $4109 which is still slightly low. Once the 2 units on the 2nd floor are removed and raised plus the top unit closest to the street on the 3rd floor, this will be a substantial increase. Old owner did not take deposits. Only two of current units have deposits of $100 each.

22. 2018-09-10
    historical Active Under Contract 1353-char remark

    Show marketing remark (1353 chars)

    Only 17 years young - building has some low rents; MAJOR upside here!One unit currently vacant/pending S8 inspections/will be shown-units are identical. Once an accepted contract is taken, all other units will be shown within 72 hours for review & approval of the contract. PROPERTY IS SOLD IN AS IS/WHERE IS CONDITION. Rent roll is attached/several of the lower rental units are MTM and have been given notice to move so that higher rents can be accepted. Nice sized units-ALL ARE 3BR/1BA -some with hardwood/some with carpeting. Large kitchens/generous LR & BRs. In-unit W/D hookups are an excellent renting attraction. Central Air/Separate meters/Range & refrig provided. Tenant pays LGE/Landlord pays water-sewer-garbage. Exterior decking has been recently refurbished. New shutters. Building has been power-washed. Parking lot has been resurfaced and stripped. Buyers MUST be pre-approved (not pre-qualified) in order to be shown the building. Current rents are $3224 per mo. Vacant unit is projected to lease at $885 bringing the projected rents to $4109 which is still slightly low. Once the 2 units on the 2nd floor are removed and raised plus the top unit closest to the street on the 3rd floor, this will be a substantial increase. Old owner did not take deposits. Only two of current units have deposits of $100 each.

23. 2018-08-29
    listed $285,000 Active 1353-char remark

    Show marketing remark (1353 chars)

    Only 17 years young - building has some low rents; MAJOR upside here!One unit currently vacant/pending S8 inspections/will be shown-units are identical. Once an accepted contract is taken, all other units will be shown within 72 hours for review & approval of the contract. PROPERTY IS SOLD IN AS IS/WHERE IS CONDITION. Rent roll is attached/several of the lower rental units are MTM and have been given notice to move so that higher rents can be accepted. Nice sized units-ALL ARE 3BR/1BA -some with hardwood/some with carpeting. Large kitchens/generous LR & BRs. In-unit W/D hookups are an excellent renting attraction. Central Air/Separate meters/Range & refrig provided. Tenant pays LGE/Landlord pays water-sewer-garbage. Exterior decking has been recently refurbished. New shutters. Building has been power-washed. Parking lot has been resurfaced and stripped. Buyers MUST be pre-approved (not pre-qualified) in order to be shown the building. Current rents are $3224 per mo. Vacant unit is projected to lease at $885 bringing the projected rents to $4109 which is still slightly low. Once the 2 units on the 2nd floor are removed and raised plus the top unit closest to the street on the 3rd floor, this will be a substantial increase. Old owner did not take deposits. Only two of current units have deposits of $100 each.

24. 2018-02-12
    historical
25. 2017-12-30
    status Active
26. 2017-12-30
    historical
27. 2017-12-30
    price $275,000
28. 2017-12-26
    listed $299,000 Active
29. 2015-06-01
    soldstatus $1,461,330
30. 2015-06-01
    soldstatus $170,000
31. 2007-05-06
    historical
32. 2006-11-06
    listed $252,500
33. 2005-07-25
    soldstatus $222,000
34. 2001-09-04
    historical
35. 2001-05-22
    listed $279,981
36. 2000-04-04
    soldstatus $5,000
37. 1998-02-14
    listed $6,000

ⓘ 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: $2,729 · $227/mo
• Projected year-2 tax: $5,065 · $422/mo
• Expected delta: +$2,336/yr (+$195/mo · 85.6%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (shaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥105°F today · 19 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: $85,476
• − Mortgage interest: −$32,993
• − Property taxes: −$2,729
• − Insurance: −$3,742
• − Repairs & maintenance: −$6,838
• − Management: −$6,838
• − Depreciation: −$17,135
• Taxable income: $15,200
• Est. tax owed @ 24.0%: −$3,648
• After-tax cash flow: $20,341/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): 13,518
• Household income: $35,347
• Rent vs Own: 56.0% rent · 44.0% own
• Severe rent burden: 815.0

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: Predominantly Black (84%)
• Race & ethnicity: Black 84% White 8% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Iranian 1%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 3%

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: ▲ 28.45%
• Current HPI: 264.0146
• Rent YoY: ▲ 8.05%
• 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

+9883.3% since first listed

24 events — show timeline

• 2026-05-12 Listed $599,000 Metro Search MLS
• 2023-04-27 Listing Removed — Metro Search MLS
• 2023-01-25 Listed $529,900 Metro Search MLS
• 2023-01-25 Price Changed $514,900 Metro Search MLS
• 2018-12-05 Sold (Public Records) $275,000 Public Records
• 2018-12-03 Sold (MLS) $275,000 Metro Search MLS
• 2018-09-21 Pending — Metro Search MLS
• 2018-09-16 Relisted — Metro Search MLS
• 2018-09-10 Contingent — Metro Search MLS
• 2018-08-29 Listed $285,000 Metro Search MLS
• 2018-02-12 Listing Removed — Metro Search MLS
• 2017-12-30 Relisted — Metro Search MLS
• 2017-12-30 Price Changed $275,000 Metro Search MLS
• 2017-12-30 Listing Removed — Metro Search MLS
• 2017-12-26 Listed $299,000 Metro Search MLS
• 2015-06-01 Sold (Public Records) $170,000 Public Records
• 2015-06-01 Sold (Public Records) $1,461,330 Public Records
• 2007-05-06 Listing Removed — Metro Search MLS
• 2006-11-06 Listed $252,500 Metro Search MLS
• 2005-07-25 Sold (Public Records) $222,000 Public Records
• 2001-09-04 Listing Removed — Metro Search MLS
• 2001-05-22 Listed $279,981 Metro Search MLS
• 2000-04-04 Sold (MLS) $5,000 Metro Search MLS
• 1998-02-14 Listed $6,000 Metro Search MLS

Property tax history

+1.8%/yr

Latest (2025): $2,729 · -1.9% YoY. Source: county tax records.