624 W Saint Catherine St · Louisville, KY 40203

$375,000

25 bd · 12.5 ba · 4,785 sqft · MultiFamily · 115 Days on market

Built 1890

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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

Multi-family units

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

Originally built as Black's Star Pharmacy (uber cool sign still visible!) w/ residential upstairs, this 5-unit building anchors the corner of W St Catherine & S 7th. Property in good condition with 5 units (one 2BR, three 1BRs of various sizes and one studio w/ office area). Roof is under 3 yrs and gutters are sealed with soffits in good repair. Property is heated by a boiler and has 1 water heater. Owner has window units for 4 of the 5 units (one unit belongs to the tenant) and pays gas, water, sewer and common area electric. Electric is separately metered. Owner owns refrigerators & ranges in units/any other appliances are tenant owned. Long term residents; however, rents are

Key facts

• On street parking
• 5 unit building
• Built 1890

Tags

• 5 UNIT BUILDING
• RECENTLY RENOVATED UNIT
• WELL MAINTAINED BUILDING
• ON STREET PARKING

Property features AI

Finance

• Other: Building area approximately 4,785 (building area source: Other); Lot features include covenants/restrictions, sidewalk, and see remarks; Lot dimensions approximately 29.8 x 104
• Financial info: Multifamily/apartment building with multiple rental units: first level units total 2 (rent listed for first level unit: 1350), second level units total 2 (rent listed for second level units: 1300), third level units total 1 (rent listed for third level unit: 650); Owner pays gas, sewer, trash removal and water; tenants pay cable and electric; owner also pays electric for some portion and has other owner-paid items noted in remarks
• HOA & community: No association fee

Exterior

• Parking: No covered parking
• Utilities: Electricity connected; Natural gas available
• Home design: Apartment building (property subtype: Apartment); Traditional architectural style; Located in the Old Louisville preservation district
• Construction: Built in 1890; Brick construction; Shingle roof
• Exterior features: No specific exterior features listed

Interior

• Kitchen: First level has 2 kitchens; Second level has 2 kitchens; Third level has 1 kitchen; Ranges/ovens present on first, second and third levels; Refrigerators present on first, second and third levels; No dishwashers reported on any level
• Bedrooms: Total of 5 bedrooms; Third level contains 1 bedroom; Second level contains 1 bedroom; First level contains 3 bedrooms
• Bathrooms: First level has 2 full bathrooms; Third level has 1 partial bathroom; No bathrooms listed for second level or basement
• Heating & cooling: Heating present (furnace); One furnace; Cooling present via wall/window unit(s); One HVAC unit
• Interior features: Basement present
• Laundry & utility: No laundry reported on any level

What this means for you Summary

Snapshot

• This is a 5 × 5-bed/2.5-bath units multifamily listed at $375k.

Deal economics

• At list price, monthly cash flow is $5k ($59k/yr) — positive. Per door: $975/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $375k).
• Recommended offer: $341k (9.0% below list) — sets the bar for market timing.
• Cap rate 21.9% 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; lower-income renter base — watch delinquency; 2,836 units permitted in Jefferson County in 2024 (1,558 in 5+ unit buildings).
• At $9,196/mo this rent would consume 358% 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 $3k of loan paydown is wiped out by about $11k 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 $105k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 115 days — a 9% lower offer ($341k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1890 — 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 $341,250 (9.0% below list)

Questions for the listing agent

1. It's been on market 115 days. Have you received any prior offers? Is the seller open to a 9% 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. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 2.45% ✓
• Cap rate: 21.90%
• Cash-on-cash: 55.72%
• DSCR: 3.48
• GRM: 3.4

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: 54.8%
• Equity multiple: 3.44×
• Total profit: $256,598
• Equity at exit: $55,914

10-year hold

• IRR: 60.2%
• Equity multiple: 7.21×
• Total profit: $651,713
• Equity at exit: $32,423

Cash invested: $105,000 (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: 17.0×

Monthly cashflow live

• Estimated rent: $9,196 medium
• Mortgage (P&I): −$1,967
• Tax from tax record: −$266 /mo · $3,194/yr
• Insurance: −$156
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,931
• Net cashflow: $4,876

Break-even live

Break-even rent $3,024

Max offer price $375,000

Occupancy floor 42%

Sensitivity live

Price	-10% $5,088	-5% $4,982	+0% $4,876	+5% $4,770	+10% $4,664
Rent	-10% $4,149	-5% $4,513	+0% $4,876	+5% $5,239	+10% $5,602
Rate	-1.0pp $5,065	-0.5pp $4,971	base $4,876	+0.5pp $4,779	+1.0pp $4,680

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

Units	Beds	Baths	Est. rent
▸ 5× units	5	2.5	$9,195
Total (5 units)			$9,196

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: $93,750
• Closing costs: $11,250
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-18
   days on market $375,000 Active 115 DOM
2. 2026-06-17
   days on market $375,000 Active 114 DOM
3. 2026-06-16
   days on market $375,000 Active 113 DOM
4. 2026-06-15
   days on market $375,000 Active 112 DOM
5. 2026-06-13
   days on market $375,000 Active 110 DOM
6. 2026-06-10
   days on market $375,000 Active 107 DOM
7. 2026-06-09
   days on market $375,000 Active 106 DOM
8. 2026-06-08
   days on market $375,000 Active 105 DOM
9. 2026-06-07
   days on market $375,000 Active 104 DOM
10. 2026-06-03
    days on market $375,000 Active 100 DOM
11. 2026-06-02
    days on market $375,000 Active 99 DOM
12. 2026-06-01
    days on market $375,000 Active 98 DOM
13. 2026-05-31
    days on market $375,000 Active 97 DOM
14. 2026-02-23
    listed $375,000 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: $3,194 · $266/mo
• Projected year-2 tax: $3,225 · $269/mo
• Expected delta: +$31/yr (+$3/mo · 1.0%)

ⓘ 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 ≥104°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: $110,352
• − Mortgage interest: −$21,006
• − Property taxes: −$3,194
• − Insurance: −$1,875
• − Repairs & maintenance: −$8,828
• − Management: −$8,828
• − Depreciation: −$10,909
• Taxable income: $55,712
• Est. tax owed @ 24.0%: −$13,371
• After-tax cash flow: $45,140/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

1 event — show timeline

• 2026-02-23 Listed $375,000 Metro Search MLS

Property tax history

+5.6%/yr

Latest (2025): $3,194 · -1.9% YoY. Source: county tax records.