1814 Rowan St · Louisville, KY 40203

$45,500

2 bd · 1.0 ba · 1,038 sqft · SingleFamily · 9 Days on market

Built 1908 4,875 sqft lot Est $67k · 33% under

---

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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Key facts

• 4,875 sq ft lot
• Built 1908
• Listed 9 days

Property features AI

Finance

• HOA & community: No association fee

Exterior

• Utilities: Electricity connected; Natural gas available
• Home design: Single-family residence, shotgun style; One story
• Construction: Built in 1908; Vinyl siding; Shingle roof; Crawl space foundation
• Exterior features: Level lot; Chain link fencing; Lot dimensions approximately 25 x 195

Interior

• Kitchen: Kitchen on the first floor
• Bedrooms: 2 bedrooms, including a primary bedroom on the first floor; Both bedrooms located on the first floor
• Bathrooms: One full bathroom on the first floor
• Heating & cooling: Electric heating; Wall/window cooling unit(s)
• Interior features: Five total rooms; No basement
• Laundry & utility: First-floor laundry

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $46k.

Deal economics

• At list price, monthly cash flow is $526 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $46k).
• Cap rate 20.2% 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; 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).
• This rent runs 40% of the median local income ($31k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $315 of loan paydown is wiped out by about $1k 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 $13k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1908 — 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 $45,500

Questions for the listing agent

1. Built in 1908 — 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: 2.28% ✓
• Cap rate: 20.17%
• Cash-on-cash: 49.56%
• DSCR: 3.21
• GRM: 3.7

CMA / ARV

• ARV (on-the-fly): $67,470
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1814 Rowan St	0.00mi	2/1.0	1,038 (0%)	1mo	$30,200	$29	99
1922 Bank St	0.30mi	2/1.0	1,020 (-2%)	3mo	$110,950	$109	80
212 N 20th St	0.15mi	2/1.0	987 (-5%)	7mo	$64,500	$65	79
1729 Portland Ave	0.34mi	2/1.0	1,072 (+3%)	2mo	$68,900	$64	77
1617 Bank St	0.22mi	3/1.0 (+1)	1,145 (+10%)	2mo	$120,000	$105	66
510 S 15th St	0.58mi	2/1.5	1,060 (+2%)	4mo	$76,000	$72	64
1914 Lytle St	0.32mi	3/1.0 (+1)	930 (-10%)	1mo	$104,000	$112	61
1707 Baird St	0.28mi	2/1.0	896 (-14%)	3mo	$45,000	$50	61
428 N 20th St	0.30mi	2/1.0	894 (-14%)	7mo	$46,000	$51	57
2321 W Market St	0.49mi	3/1.0 (+1)	1,138 (+10%)	1mo	$110,000	$97	55
2511 Bank St	0.72mi	2/1.0	960 (-8%)	6mo	$10,000	$10	49
2214 Cedar St	0.53mi	2/1.0	886 (-15%)	4mo	$46,000	$52	48

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: 48.0%
• Equity multiple: 3.11×
• Total profit: $26,909
• Equity at exit: $6,784

10-year hold

• IRR: 53.9%
• Equity multiple: 6.48×
• Total profit: $69,794
• Equity at exit: $3,934

Cash invested: $12,740 (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: 3.7×

Monthly cashflow live

• Estimated rent: $1,038 high
• Mortgage (P&I): −$239
• Tax from tax record: −$36 /mo · $436/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$218
• Net cashflow: $526

Break-even live

Break-even rent $372

Max offer price $45,500

Occupancy floor 44%

Sensitivity live

Price	-10% $552	-5% $539	+0% $526	+5% $513	+10% $500
Rent	-10% $444	-5% $485	+0% $526	+5% $567	+10% $608
Rate	-1.0pp $549	-0.5pp $538	base $526	+0.5pp $514	+1.0pp $502

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: $11,375
• Closing costs: $1,365
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
112 N 18th St Louisville, KY	2.0	1.0	944	$1,050	$1.11	24d	1	0.02mi
200 N 18th St Unit 200-4 Louisville, KY	2.0	1.0	740	$775	$1.05	20d	1	0.06mi
1704 Rowan St Unit 1704-2 Louisville, KY	3.0	1.0	740	$850	$1.15	24d	1	0.10mi
214 N 17th St Unit 2 Louisville, KY	1.0	1.0	800	$750	$0.94	15d	1	0.13mi
120 N 20th St Louisville, KY	3.0	1.5	1300	$1,400	$1.08	24d	1	0.17mi
500 N 17th St Unit 301 Louisville, KY	2.0	1.0	775	$1,200	$1.55	16d	1	0.21mi
500 N 17th St Unit 305 Louisville, KY	1.0	1.0	825	$1,100	$1.33	24d	1	0.21mi
500 N 17th St Apt 309 Louisville, KY	2.0	1.0	775	$1,200	$1.55	24d	1	0.21mi
1622 W Market St Apt 104 Louisville, KY	1.0	1.5	771	$965	$1.25	24d	1	0.23mi
1612 W Market St Unit 2 Louisville, KY	2.0	2.0	900	$1,000	$1.11	24d	1	0.24mi
409 N 20th St Louisville, KY	3.0	1.0	1200	$1,050	$0.88	3d	1	0.29mi
2132 Rowan St Louisville, KY	1.0–2.0	1.0–2.0	875	$928	$1.06	3d	4	0.33mi
1919 Baird St Louisville, KY	3.0	1.0	1500	$1,100	$0.73	16d	1	0.41mi
331 N 23rd St Louisville, KY	2.0	1.0	855	$1,150	$1.35	17d	1	0.46mi
515 S 20th St Louisville, KY	2.0	1.0	1000	$995	$0.99	16d	1	0.52mi
214 N 24th St Louisville, KY	3.0	1.5	1012	$915	$0.90	24d	1	0.54mi
322 N 24th St Louisville, KY	2.0	1.0	950	$1,100	$1.16	16d	1	0.56mi
212 N 25th St Louisville, KY	3.0	1.0	1104	$895	$0.81	24d	1	0.62mi
2221 W Madison St Louisville, KY	2.0	1.0	1000	$1,350	$1.35	21d	1	0.63mi
2221 W Madison St Louisville, KY	3.0	1.0	1000	$1,350	$1.35	24d	1	0.63mi
2433 Slevin St Unit 2433-2 Louisville, KY	3.0	1.0	800	$875	$1.09	3d	1	0.64mi
2508 W Main St Louisville, KY	3.0	1.0	1327	$1,500	$1.13	24d	1	0.64mi
2300 W Madison St Louisville, KY	2.0	1.0	900	$850	$0.94	24d	1	0.69mi
2529 W Main St #2 Louisville, KY	3.0	1.0	1404	$1,200	$0.85	24d	1	0.69mi
1810 Magazine St Louisville, KY	3.0	1.5	1248	$1,450	$1.16	11d	1	0.69mi
430 S 24th St Louisville, KY	3.0	1.5	1288	$1,400	$1.09	24d	1	0.70mi
1700 Magazine St Unit 3 Louisville, KY	2.0	1.0	900	$1,150	$1.28	17d	1	0.70mi
451 N 25th St Unit Mk Louisville, KY	2.0	1.0	988	$875	$0.89	3d	1	0.71mi
2614 W Jefferson St Unit 2614-4 Louisville, KY	2.0	1.0	740	$795	$1.07	24d	1	0.81mi
2539 Bank St Unit 1 Louisville, KY	1.0	1.0	900	$750	$0.83	24d	1	0.82mi
2623 Cedar St Louisville, KY	3.0	1.0	1000	$1,000	$1.00	24d	1	0.84mi
980 W Liberty St Louisville, KY	1.0–3.0	1.0–1.5	1026	$1,198	$1.17	24d	133	0.85mi
353 N 27th St Louisville, KY	2.0	1.0	1100	$1,100	$1.00	24d	1	0.91mi
2411 Elliott Ave Louisville, KY	2.0	1.0	892	$895	$1.00	24d	1	0.92mi
2631 W Madison St Unit 2 Louisville, KY	2.0	1.0	928	$850	$0.92	17d	1	0.94mi
2631 W Madison St Unit 1 Louisville, KY	3.0	1.0	928	$950	$1.02	24d	1	0.94mi
2631 W Madison St Unit 2 Louisville, KY	2.0	1.0	928	$850	$0.92	24d	1	0.94mi
2310 W Broadway Unit 1 Louisville, KY	1.0	1.0	1100	$975	$0.89	3d	1	0.95mi
2506 Montgomery St Louisville, KY	3.0	2.0	1081	$1,295	$1.20	3d	4	0.97mi
2927 Rowan St Louisville, KY	3.0	1.0	1008	$1,205	$1.20	12d	1	1.11mi

Listing history 2 events

1. 2026-05-02
   status Pending
2. 2026-04-24
   listed $45,500 Active

ⓘ 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: $436 · $36/mo
• Projected year-2 tax: $436 · $36/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: $12,457
• − Mortgage interest: −$2,549
• − Property taxes: −$436
• − Insurance: −$228
• − Repairs & maintenance: −$997
• − Management: −$997
• − Depreciation: −$1,324
• Taxable income: $5,928
• Est. tax owed @ 24.0%: −$1,423
• After-tax cash flow: $4,891/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

2 events — show timeline

• 2026-05-02 Pending — Metro Search MLS
• 2026-04-24 Listed $45,500 Metro Search MLS

Property tax history

-1.9%/yr

Latest (2025): $436 · -1.9% YoY. Source: county tax records.