1055 N Buckman St · Shepherdsville, KY 40165

$5,990,000

2 bd · 1.0 ba · 900 sqft · MultiFamily · 123 Days on market

Built 1995 Good condition 1.12 ac lot

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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 +27.1/30.0
• DSCR +9.4/10.0
• ARV discount +7.5/15.0
• 1% rule +7.3/10.0
• Condition / age +3.8/5.0
• Livability +3.7/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

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

52-Unit Value-Add / Stabilized Multifamily Opportunity – Shepherdsville, KY Positioned in the direct growth path of Shepherdsville and just minutes from Exit 117 on Interstate 65, this 52-unit multifamily offering presents a rare opportunity to acquire a substantially renovated asset in one of Kentucky’s fastest-growing logistics and industrial corridors. All 52 units are 2-bedroom, 1-bathroom floor plans constructed of durable brick exteriors across 12 buildings. Over the past three years, ownership has completed extensive renovations to 90%+ of the units, creating a highly attractive, low-deferred-maintenance investment. Interior upgrades include (but are not limited to): Re

Key facts

• Updated appliances
• Renovated kitchens
• Renovated bathrooms

Tags

• RENOVATED KITCHENS
• RENOVATED BATHROOMS
• NEW CABINETS
• UPDATED APPLIANCES
• REPLACED WATER HEATERS
• NEW HVAC SYSTEMS

Property features AI

Exterior

• Home design: Residential income property; Multi-family
• Construction: Slab foundation
• Exterior features: Lot size approximately 1.12 acres; Directions: From I-65 take Exit 117, head West on E 4th Street. Turn North on North Buckman St. Property is on your left within 5 minutes of I-65 exit.

Interior

• Bathrooms: 1 full bathroom
• Interior features: Slab foundation

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath multifamily listed at $5.99M. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $17k ($204k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($74k rent vs $5.99M).
• Recommended offer: $5.27M (12.0% below list) — sets the bar for market timing.
• Cap rate 9.7% vs local median 3.5% in Shepherdsville — 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 73/100 on livability (#119 in KY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: amenities F, commute F.
• Bullitt County (suburban): math 29% / reading 41% proficiency, ranked #55 of 165 in KY (top 33%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Shepherdsville Elementary (math 21% / reading 31%, grade F, #473 of 676 statewide, top 70%, 516 students, 72% FRL) — zoned schools average 72% FRL vs 41% district-wide (31 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 270 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 380 units permitted in Bullitt County in 2024 (8 in 5+ unit buildings).
• At $73,908/mo this rent would consume 1115% of the median local household income ($80k/yr) (locally 800% 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 $41k of loan paydown is wiped out by about $180k of value loss. Plan a longer hold.
• Bullitt County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $1.68M cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 123 days — a 12% lower offer ($5.27M) is reasonable based on typical stale-listing flexibility.

Recommended offer $5,271,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 123 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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 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: 1.23% ✓
• Cap rate: 9.70%
• Cash-on-cash: 12.16%
• DSCR: 1.54
• GRM: 6.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 1.8%
• Equity multiple: 1.07×
• Total profit: $112,693
• Equity at exit: $893,128

10-year hold

• IRR: 11.4%
• Equity multiple: 1.89×
• Total profit: $1,496,187
• Equity at exit: $517,906

Cash invested: $1,677,200 (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 40165

• Home prices YoY: -26.9%
• Active inventory: 270
• Price-to-rent: 351.2×

Monthly cashflow live

• Estimated rent: $73,908 high
• Mortgage (P&I): −$31,412
• Tax est. 1.5%: −$7,488 /mo · $89,850/yr
• Insurance: −$2,496
• HOA: −$0
• Vacancy / Maint / Mgmt: −$15,521
• Net cashflow: $16,992

Break-even live

Break-even rent $52,399

Max offer price $5,990,000

Occupancy floor 72%

Sensitivity live

Price	-10% $21,131	-5% $19,062	+0% $16,992	+5% $14,922	+10% $12,852
Rent	-10% $11,153	-5% $14,072	+0% $16,992	+5% $19,911	+10% $22,831
Rate	-1.0pp $20,008	-0.5pp $18,515	base $16,992	+0.5pp $15,440	+1.0pp $13,861

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

Units	Beds	Baths	Est. rent
▸ 52× units	2	1	$73,892
Total (52 units)			$73,908

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: $1,497,500
• Closing costs: $179,700
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
222 Mud Hen Dr Shepherdsville, KY	3.0	2.0	1042	$1,695	$1.63	18d	1	0.70mi
309 Shannon Ln Unit SL8 Shepherdsville, KY	2.0	1.0	900	$1,100	$1.22	25d	1	0.84mi
309 Shannon Ln Unit SL1 Shepherdsville, KY	2.0	1.0	900	$1,100	$1.22	17d	1	0.84mi
1701 Saltwell Springs Cir Shepherdsville, KY	1.0–3.0	1.0–2.5	1075	$1,695	$1.58	25d	1	0.90mi
111 Erie Ct Unit 155-6 Shepherdsville, KY	2.0	2.0	1025	$1,240	$1.21	25d	1	1.07mi
111 Erie Ct Unit 155-9 Shepherdsville, KY	2.0	2.0	1020	$1,200	$1.18	25d	1	1.11mi

Listing history 15 events

1. 2026-06-21
   days on market $5,990,000 Active 123 DOM
2. 2026-06-18
   days on market $5,990,000 Active 120 DOM
3. 2026-06-17
   days on market $5,990,000 Active 119 DOM
4. 2026-06-16
   days on market $5,990,000 Active 118 DOM
5. 2026-06-15
   days on market $5,990,000 Active 117 DOM
6. 2026-06-13
   days on market $5,990,000 Active 115 DOM
7. 2026-06-10
   days on market $5,990,000 Active 112 DOM
8. 2026-06-09
   days on market $5,990,000 Active 111 DOM
9. 2026-06-08
   days on market $5,990,000 Active 110 DOM
10. 2026-06-07
    days on market $5,990,000 Active 109 DOM
11. 2026-06-03
    days on market $5,990,000 Active 105 DOM
12. 2026-06-02
    days on market $5,990,000 Active 104 DOM
13. 2026-06-01
    days on market $5,990,000 Active 103 DOM
14. 2026-05-31
    days on market $5,990,000 Active 102 DOM
15. 2026-02-18
    listed $5,990,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $886,896
• − Mortgage interest: −$335,533
• − Property taxes: −$89,850
• − Insurance: −$29,950
• − Repairs & maintenance: −$70,952
• − Management: −$70,952
• − Depreciation: −$174,255
• Taxable income: $115,405
• Est. tax owed @ 24.0%: −$27,697
• After-tax cash flow: $176,204/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.

Condition & rehab AI · 13 photos

Good 75/100 Cosmetic rehab

This multi-family property is in good condition with minimal repairs needed. It offers a good investment opportunity with potential for value-add improvements.

Value-add opportunities

• Both Painting exterior — Enhances curb appeal and value
• Both Landscaping improvements — Enhances curb appeal and value
• Both Interior updates — Enhances interior aesthetics and value

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior — Enhances curb appeal and value ↑
• Both Landscaping improvements — Enhances curb appeal and value ↑
• Both Interior updates — Enhances interior aesthetics and value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Bullitt County
• NCES district ID: 2100750
• Math proficiency: 29% ▼ -15.00%
• Reading proficiency: 41% ▼ -14.00%
• Median HH income: $55,009
• Composite: 30.78/100
• National rank: #6151
• State rank: #55 of 165 in KY

Livability — Shepherdsville

• Score: 73/100
• State rank: #119
• US rank: #5674

Category grades

Amenities F Commute F Cost of living A+ Crime B+ Employment B- Housing A+ Health & safety B User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Shepherdsville, KY
• County: Bullitt County · 62,065 people
• City population: 38,403
• Metro: Louisville/Jefferson County, KY-IN
• Population (ZIP): 38,403
• Household income: $79,540
• Rent vs Own: 17.3% rent · 82.7% own
• Severe rent burden: 800.0

Population outlook (Bullitt County) Hauer SSP2

• Today (2025): 89,555 people
• By 2030: 94,389 · +5.4%
• By 2040: 102,759 · +14.7%
• By 2050: 108,955 · +21.7%
• By 2075: 121,898 · +36.1%
• By 2100: 126,383 · +41.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 3% Black 2% Hispanic / Latino 2%
• Common ancestry: Italian 2% Iranian 2% Slovak 2%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Bullitt

• 2024 margin: Solid R (+51.0) · D 23.8% · R 74.8% · Other 1.4%
• 2008→2024 swing: -18.7pp toward R · 2008: -32.3pp · 2024: -51.0pp
• All cycles: 2024: R+51.0 2020: R+48.0 2016: R+49.8 2012: R+35.7 2008: R+32.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -90.91%
• Current HPI: 247.1595
• Rent YoY: —
• 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

• 2026-02-18 Listed $5,990,000 RASKMLS