1809 Owen St · Louisville, KY 40203

$38,000

1 bd · 1.0 ba · 762 sqft · SingleFamily · 349 Days on market

Built 1900 6,098 sqft lot Est $45k · 15% under

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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
• ARV discount +14.5/15.0
• 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

Listing remarks MLS

Vinyl Ranch w 1 Bath. Seller made numerous updates in 2009 including, PER SELLER, drywall, electric wiring, furnace, kitchen, bath, windows (except 1). PER SELLER, Roof approx 8 years old (rear roof 2024), AC Unit on roof 2023. Furnace 2001. Wtr htr 2015. Fenced yard. Tenant is on month to month lease paying $400 month. 48 hour notice required to show. Buyer to verify any & all information or lack of information including but not limited to square footage, lot size, encroachment, easements, utilities, foundations, property condition, environmental concerns,

Key facts

• 6,098 sq ft lot
• Built 1900
• Listed 349 days

Property features AI

Finance

• HOA & community: No association fee

Exterior

• Parking: No designated parking
• Utilities: Electricity connected
• Home design: Single-family residence (Shotgun style); One story; Built in 1900; Entry and main living spaces on the first floor
• Construction: Vinyl siding; Shingle roof; Crawl space foundation
• Exterior features: Chain-link fencing; Lot approximately 0.14 acres

Interior

• Kitchen: First-floor kitchen
• Bedrooms: Two bedrooms located on the first floor
• Bathrooms: One full bathroom
• Heating & cooling: Electric forced-air heating; One HVAC unit
• Interior features: Two total rooms (four rooms reported in some fields); Four closets; No basement
• Laundry & utility: First-floor laundry

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $38k.

Deal economics

• At list price, monthly cash flow is $500 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($944 rent vs $38k).
• Recommended offer: $33k (12.0% below list) — sets the bar for market timing.
• Cap rate 22.1% 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 37% 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 $263 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 $11k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 349 days — a 12% lower offer ($33k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 27y ago; this cycle's ask has dropped $12k (24%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $25k; list at $38k implies a 52% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: 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 $33,440 (12.0% below list)

Questions for the listing agent

1. It's been on market 349 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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: 2.48% ✓
• Cap rate: 22.10%
• Cash-on-cash: 56.44%
• DSCR: 3.51
• GRM: 3.4

CMA / ARV

• ARV (on-the-fly): $44,958
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
314 N 21st St	0.22mi	1/1.0	791 (+4%)	1mo	$13,000	$16	82
402 N 20th St	0.17mi	2/1.0 (+1)	760 (-0%)	23mo	$27,500	$36	67
1854 Northwestern Pkwy	0.31mi	2/1.0 (+1)	772 (+1%)	23mo	$110,000	$142	59
1811 Owen St	0.00mi	2/1.0 (+1)	870 (+14%)	18mo	$48,900	$56	56
2414 Saint Xavier St	0.53mi	1/1.0	768 (+1%)	23mo	$35,000	$46	55
331 N 23rd St	0.40mi	2/1.0 (+1)	855 (+12%)	4mo	$105,000	$123	52
2220 Saint Xavier St	0.38mi	2/1.0 (+1)	848 (+11%)	9mo	$50,000	$59	51
2230 Congress St	0.57mi	1/1.0	856 (+12%)	2mo	$38,500	$45	51
216 N 25th St	0.62mi	2/1.0 (+1)	840 (+10%)	6mo	$85,000	$101	44
116 N 25th St	0.64mi	2/1.0 (+1)	814 (+7%)	15mo	$50,000	$61	41

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: 55.6%
• Equity multiple: 3.48×
• Total profit: $26,416
• Equity at exit: $5,666

10-year hold

• IRR: 60.9%
• Equity multiple: 7.29×
• Total profit: $66,968
• Equity at exit: $3,286

Cash invested: $10,640 (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: 3.4×

Monthly cashflow live

• Estimated rent: $944 high
• Mortgage (P&I): −$199
• Tax from tax record: −$30 /mo · $365/yr
• Insurance: −$16
• HOA: −$0
• Vacancy / Maint / Mgmt: −$198
• Net cashflow: $500

Break-even live

Break-even rent $311

Max offer price $38,000

Occupancy floor 42%

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: $9,500
• Closing costs: $1,140
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
500 N 17th St Apt 309 Louisville, KY	2.0	1.0	775	$1,200	$1.55	23d	1	0.13mi
500 N 17th St Unit 301 Louisville, KY	2.0	1.0	775	$1,200	$1.55	15d	1	0.13mi
500 N 17th St Unit 305 Louisville, KY	1.0	1.0	825	$1,100	$1.33	23d	1	0.13mi
200 N 18th St Unit 200-4 Louisville, KY	2.0	1.0	740	$775	$1.05	20d	1	0.15mi
214 N 17th St Unit 2 Louisville, KY	1.0	1.0	800	$750	$0.94	14d	1	0.18mi
519 N 20th St Louisville, KY	1.0	1.0	550	$795	$1.45	23d	1	0.21mi
112 N 18th St Louisville, KY	2.0	1.0	944	$1,050	$1.11	23d	1	0.22mi
2132 Rowan St Louisville, KY	1.0–2.0	1.0–2.0	875	$820	$0.94	3d	4	0.35mi
331 N 23rd St Louisville, KY	2.0	1.0	855	$1,150	$1.35	16d	1	0.38mi
1622 W Market St Apt 104 Louisville, KY	1.0	1.5	771	$965	$1.25	23d	1	0.42mi
1612 W Market St Unit 2 Louisville, KY	2.0	2.0	900	$1,000	$1.11	23d	1	0.42mi
220 Doctor W. J. Hodge St Unit 1 Louisville, KY	1.0	1.0	570	$700	$1.23	16d	1	0.48mi
322 N 24th St Louisville, KY	2.0	1.0	950	$1,100	$1.16	15d	1	0.50mi
451 N 25th St Unit Mk Louisville, KY	2.0	1.0	988	$875	$0.89	3d	1	0.57mi
2539 Bank St Unit 1 Louisville, KY	1.0	1.0	900	$750	$0.83	23d	1	0.67mi
515 S 20th St Louisville, KY	2.0	1.0	1000	$995	$0.99	15d	1	0.71mi
2510 Portland Ave Unit 206 Louisville, KY	2.0	1.0	615	$950	$1.54	23d	1	0.74mi
2510 Portland Ave Unit 203 Louisville, KY	2.0	1.0	625	$995	$1.59	3d	1	0.74mi
2221 W Madison St Louisville, KY	2.0	1.0	1000	$1,350	$1.35	21d	1	0.79mi
353 N 27th St Louisville, KY	2.0	1.0	1100	$1,100	$1.00	23d	1	0.80mi
2300 W Madison St Louisville, KY	2.0	1.0	900	$850	$0.94	23d	1	0.84mi
2717 Slevin St Louisville, KY	1.0	1.0	620	$725	$1.17	15d	1	0.86mi
2614 W Jefferson St Louisville, KY	1.0	1.0	633	$695	$1.10	20d	1	0.88mi
2614 W Jefferson St Unit 2614-4 Louisville, KY	2.0	1.0	740	$795	$1.07	23d	1	0.88mi
1700 Magazine St Unit 3 Louisville, KY	2.0	1.0	900	$1,150	$1.28	16d	1	0.91mi
2718 W Jefferson St Louisville, KY	1.0	1.0	633	$699	$1.10	21d	1	0.94mi
2718 W Jefferson St Unit 2718-3 Louisville, KY	1.0	1.0	633	$699	$1.10	23d	1	0.94mi
980 W Liberty St Louisville, KY	1.0–3.0	1.0–1.5	1026	$861	$0.84	23d	133	0.98mi
2631 W Madison St Unit 2 Louisville, KY	2.0	1.0	928	$850	$0.92	16d	1	1.04mi
2631 W Madison St Unit 2 Louisville, KY	2.0	1.0	928	$850	$0.92	23d	1	1.04mi
2925 Slevin St Louisville, KY	2.0	1.0	896	$775	$0.86	3d	1	1.06mi
2922 Bank St Unit 2 Louisville, KY	—	1.0	800	$900	$1.12	23d	1	1.06mi
2411 Elliott Ave Louisville, KY	2.0	1.0	892	$895	$1.00	23d	1	1.08mi
2310 W Broadway Unit 1 Louisville, KY	1.0	1.0	1100	$975	$0.89	2d	1	1.12mi
509 N 31st St Louisville, KY	2.0	1.0	800	$795	$0.99	23d	1	1.21mi
509 N 31st St Louisville, KY	2.0	1.0	800	$725	$0.91	15d	1	1.21mi
3120 Bank St Unit B Louisville, KY	2.0	1.0	750	$795	$1.06	23d	1	1.26mi
2733 Chase Ct Louisville, KY	2.0	1.0	900	$900	$1.00	15d	1	1.29mi
521 N 33rd St Louisville, KY	1.0	1.0	650	$795	$1.22	23d	1	1.33mi
3124 Vermont Ave Louisville, KY	1.0	1.0	650	$699	$1.08	23d	1	1.41mi

Listing history 19 events

1. 2026-01-31
   price $38,000
2. 2025-08-06
   price $45,000
3. 2025-07-18
   price $49,500
4. 2025-06-12
   listed $50,000 Active
5. 2025-03-18
   soldstatus $25,000 Closed 568-char remark

   Show marketing remark (568 chars)

   Vinyl Ranch w 1 Bath. Seller made numerous updates in 2009 including, PER SELLER, drywall, electric wiring, furnace, kitchen, bath, windows (except 1). PER SELLER, Roof approx 8 years old (rear roof 2024), AC Unit on roof 2023. Furnace 2001. Wtr htr 2015. Fenced yard. Tenant is on month to month lease paying $400 month. 48 hour notice required to show. Buyer to verify any & all information or lack of information including but not limited to square footage, lot size, encroachment, easements, utilities, foundations, property condition, environmental concerns,

6. 2025-02-23
   status Pending 568-char remark

   Show marketing remark (568 chars)

   Vinyl Ranch w 1 Bath. Seller made numerous updates in 2009 including, PER SELLER, drywall, electric wiring, furnace, kitchen, bath, windows (except 1). PER SELLER, Roof approx 8 years old (rear roof 2024), AC Unit on roof 2023. Furnace 2001. Wtr htr 2015. Fenced yard. Tenant is on month to month lease paying $400 month. 48 hour notice required to show. Buyer to verify any & all information or lack of information including but not limited to square footage, lot size, encroachment, easements, utilities, foundations, property condition, environmental concerns,

7. 2025-01-25
   listed $34,900 Active 568-char remark

   Show marketing remark (568 chars)

   Vinyl Ranch w 1 Bath. Seller made numerous updates in 2009 including, PER SELLER, drywall, electric wiring, furnace, kitchen, bath, windows (except 1). PER SELLER, Roof approx 8 years old (rear roof 2024), AC Unit on roof 2023. Furnace 2001. Wtr htr 2015. Fenced yard. Tenant is on month to month lease paying $400 month. 48 hour notice required to show. Buyer to verify any & all information or lack of information including but not limited to square footage, lot size, encroachment, easements, utilities, foundations, property condition, environmental concerns,

8. 2016-07-14
   historical
9. 2015-12-05
   listed $21,500 Active
10. 2009-09-25
    soldstatus $3,200
11. 2008-11-17
    listed $4,500
12. 2008-04-30
    historical
13. 2007-12-31
    listed $16,000
14. 2007-12-31
    historical
15. 2007-06-06
    listed $16,000
16. 2006-03-21
    soldstatus $69,000
17. 2006-02-28
    soldstatus $49,000
18. 1999-03-18
    soldstatus $8,000
19. 1999-03-03
    listed $9,900

ⓘ 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: $365 · $30/mo
• Projected year-2 tax: $365 · $30/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: $11,331
• − Mortgage interest: −$2,129
• − Property taxes: −$365
• − Insurance: −$190
• − Repairs & maintenance: −$906
• − Management: −$906
• − Depreciation: −$1,105
• Taxable income: $5,729
• Est. tax owed @ 24.0%: −$1,375
• After-tax cash flow: $4,630/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

+283.8% since first listed

19 events — show timeline

• 2026-01-31 Price Changed $38,000 Metro Search MLS
• 2025-08-06 Price Changed $45,000 Metro Search MLS
• 2025-07-18 Price Changed $49,500 Metro Search MLS
• 2025-06-12 Listed $50,000 Metro Search MLS
• 2025-03-18 Sold (MLS) $25,000 Metro Search MLS
• 2025-02-23 Pending — Metro Search MLS
• 2025-01-25 Listed $34,900 Metro Search MLS
• 2016-07-14 Listing Removed — Metro Search MLS
• 2015-12-05 Listed $21,500 Metro Search MLS
• 2009-09-25 Sold (MLS) $3,200 Metro Search MLS
• 2008-11-17 Listed $4,500 Metro Search MLS
• 2008-04-30 Listing Removed — Metro Search MLS
• 2007-12-31 Listing Removed — Metro Search MLS
• 2007-12-31 Listed $16,000 Metro Search MLS
• 2007-06-06 Listed $16,000 Metro Search MLS
• 2006-03-21 Sold (Public Records) $69,000 Public Records
• 2006-02-28 Sold (Public Records) $49,000 Public Records
• 1999-03-18 Sold (MLS) $8,000 Metro Search MLS
• 1999-03-03 Listed $9,900 Metro Search MLS

Property tax history

+5.0%/yr

Latest (2025): $365 · -1.9% YoY. Source: county tax records.