1849 Bank St · Louisville, KY 40203

$19,333

3 bd · 1.0 ba · 1,640 sqft · SingleFamily · 8 Days on market

Built 1900 2,640 sqft lot ↓ 52% since listing

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Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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

Listing remarks MLS

Looking for a fixer upper or investment property?? This one would make a great home. Potential 4 bedroom home. Seller has done many updates and with a few more you could have a great home here. New roof in 2013, New electric panel approx 2012, new pex piping and heat taped, and more. Call today for your showing.

Key facts

• First floor laundry
• 2,640 sq ft lot
• Built 1900

Tags

• FIRST FLOOR LAUNDRY
• PARTIALLY FENCED YARD
• ESTABLISHED NEIGHBORHOOD

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $19k.

Deal economics

• At list price, monthly cash flow is $814 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $19k).
• Cap rate 56.8% 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); 115 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $1,227/mo this rent would consume 48% 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 $134 of loan paydown is wiped out by about $580 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 $5k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 22y 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.

Risks & watch-outs

• Watch-outs: property tax is 2.9% of price; built in 1900 — 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 $19,333

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. 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.
8. 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.
9. 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: 6.35% ✓
• Cap rate: 56.80%
• Cash-on-cash: 180.40%
• DSCR: 9.03
• GRM: 1.3

CMA / ARV

• ARV (on-the-fly): $106,600
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
320 N 18th St	0.12mi	3/2.0	1,508 (-8%)	1mo	$147,900	$98	76
2024 Portland Ave	0.21mi	3/1.0	1,518 (-7%)	5mo	$83,750	$55	73
2429 Griffiths Ave	0.49mi	3/2.0	1,645 (+0%)	4mo	$90,000	$55	70
207 N 19th St	0.23mi	3/1.0	1,464 (-11%)	7mo	$60,000	$41	66
2010 St Xavier St	0.14mi	4/1.5 (+1)	1,780 (+8%)	11mo	$75,000	$42	63
1909 Owen St	0.12mi	4/2.0 (+1)	1,496 (-9%)	15mo	$97,000	$65	59
2333 Duncan St	0.48mi	3/1.0	1,480 (-10%)	5mo	$83,750	$57	57
1807 Bank St	0.10mi	3/1.5	1,410 (-14%)	23mo	$150,000	$106	51
1924 Rowan St	0.28mi	3/2.0	1,844 (+12%)	22mo	$119,900	$65	44
218 S 25th St	0.74mi	3/2.0	1,523 (-7%)	10mo	$130,000	$85	41
1825 W Muhammad Ali Blvd	0.71mi	3/2.5	1,817 (+11%)	6mo	$195,000	$107	38
2223 Cedar St	0.71mi	4/3.0 (+1)	1,564 (-5%)	12mo	$190,000	$121	36

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: —
• Equity multiple: 10.17×
• Total profit: $49,637
• Equity at exit: $2,883

10-year hold

• IRR: —
• Equity multiple: 22.04×
• Total profit: $113,873
• Equity at exit: $1,672

Cash invested: $5,413 (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: 115
• Price-to-rent: 1.3×

Monthly cashflow live

• Estimated rent: $1,227 high
• Mortgage (P&I): −$101
• Tax from tax record: −$46 /mo · $553/yr
• Insurance: −$8
• HOA: −$0
• Vacancy / Maint / Mgmt: −$258
• Net cashflow: $814

Break-even live

Break-even rent $197

Max offer price $19,333

Occupancy floor 29%

Sensitivity live

Price	-10% $825	-5% $819	+0% $814	+5% $808	+10% $803
Rent	-10% $717	-5% $765	+0% $814	+5% $862	+10% $911
Rate	-1.0pp $824	-0.5pp $819	base $814	+0.5pp $809	+1.0pp $804

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: $4,833
• Closing costs: $580
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
409 N 20th St Louisville, KY	3.0	1.0	1200	$1,050	$0.88	4d	1	0.11mi
1919 Baird St Louisville, KY	3.0	1.0	1500	$1,100	$0.73	17d	1	0.14mi
120 N 20th St Louisville, KY	3.0	1.5	1300	$1,400	$1.08	25d	1	0.30mi
212 N 25th St Louisville, KY	3.0	1.0	1104	$895	$0.81	25d	1	0.61mi
2508 W Main St Louisville, KY	3.0	1.0	1327	$1,500	$1.13	25d	1	0.69mi
2529 W Main St #2 Louisville, KY	3.0	1.0	1404	$1,200	$0.85	25d	1	0.72mi
2506 Montgomery St Louisville, KY	3.0	2.0	1081	$1,295	$1.20	4d	4	0.75mi
353 N 27th St Louisville, KY	2.0	1.0	1100	$1,100	$1.00	25d	1	0.77mi
2319 W Muhammad Ali Blvd Louisville, KY	4.0	1.0	1644	$1,300	$0.79	17d	1	0.83mi
430 S 24th St Louisville, KY	3.0	1.5	1288	$1,400	$1.09	25d	1	0.85mi
1810 Magazine St Louisville, KY	3.0	1.5	1248	$1,450	$1.16	11d	1	0.97mi
980 W Liberty St Louisville, KY	1.0–3.0	1.0–1.5	1026	$1,535	$1.50	25d	133	1.03mi
2906 Montgomery St Unit B Louisville, KY	3.0	1.0	1152	$1,060	$0.92	25d	1	1.06mi
652 N 29th St Louisville, KY	3.0	1.0	1127	$1,350	$1.20	18d	1	1.07mi
848 S 23rd St Louisville, KY	3.0	1.5	1050	$1,450	$1.38	25d	1	1.42mi

Listing history 16 events

1. 2026-01-15
   status Pending
2. 2026-01-06
   listed $19,333 Active
3. 2025-07-24
   price $74,000
4. 2025-07-01
   price $75,000
5. 2021-05-26
   soldstatus $43,900 Closed 313-char remark

   Show marketing remark (313 chars)

   Looking for a fixer upper or investment property?? This one would make a great home. Potential 4 bedroom home. Seller has done many updates and with a few more you could have a great home here. New roof in 2013, New electric panel approx 2012, new pex piping and heat taped, and more. Call today for your showing.

6. 2021-05-24
   status Pending 313-char remark

   Show marketing remark (313 chars)

   Looking for a fixer upper or investment property?? This one would make a great home. Potential 4 bedroom home. Seller has done many updates and with a few more you could have a great home here. New roof in 2013, New electric panel approx 2012, new pex piping and heat taped, and more. Call today for your showing.

7. 2021-05-17
   listed $43,900 Active 313-char remark

   Show marketing remark (313 chars)

   Looking for a fixer upper or investment property?? This one would make a great home. Potential 4 bedroom home. Seller has done many updates and with a few more you could have a great home here. New roof in 2013, New electric panel approx 2012, new pex piping and heat taped, and more. Call today for your showing.

8. 2012-07-13
   soldstatus $9,000
9. 2012-05-02
   listed $9,990
10. 2008-06-04
    historical
11. 2008-04-23
    listed $59,900
12. 2005-04-22
    soldstatus $25,000
13. 2005-04-11
    soldstatus $25,000
14. 2004-11-15
    historical
15. 2004-11-15
    listed $29,995
16. 2004-03-07
    listed $39,950

ⓘ 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: $553 · $46/mo
• Projected year-2 tax: $553 · $46/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: $14,724
• − Mortgage interest: −$1,083
• − Property taxes: −$553
• − Insurance: −$97
• − Repairs & maintenance: −$1,178
• − Management: −$1,178
• − Depreciation: −$562
• Taxable income: $10,073
• Est. tax owed @ 24.0%: −$2,417
• After-tax cash flow: $7,348/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

-51.6% since first listed

16 events — show timeline

• 2026-01-15 Pending — Metro Search MLS
• 2026-01-06 Listed $19,333 Metro Search MLS
• 2025-07-24 Price Changed $74,000 Metro Search MLS
• 2025-07-01 Price Changed $75,000 Metro Search MLS
• 2021-05-26 Sold (MLS) $43,900 Metro Search MLS
• 2021-05-24 Pending — Metro Search MLS
• 2021-05-17 Listed $43,900 Metro Search MLS
• 2012-07-13 Sold (MLS) $9,000 Metro Search MLS
• 2012-05-02 Listed $9,990 Metro Search MLS
• 2008-06-04 Listing Removed — Metro Search MLS
• 2008-04-23 Listed $59,900 Metro Search MLS
• 2005-04-22 Sold (Public Records) $25,000 Public Records
• 2005-04-11 Sold (MLS) $25,000 Metro Search MLS
• 2004-11-15 Listed $29,995 Metro Search MLS
• 2004-11-15 Listing Removed — Metro Search MLS
• 2004-03-07 Listed $39,950 Metro Search MLS

Property tax history

+12.9%/yr

Latest (2025): $553 · -1.9% YoY. Source: county tax records.