1830 W Main St · Louisville, KY 40203

$130,000

2 bd · 1.0 ba · 1,200 sqft · SingleFamily · 13 Days on market

Built 1900 2,400 sqft lot Est $113k · 15% over ↓ 7% since listing

---

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 +16.1/30.0
• DSCR +5.0/10.0
• Rent growth +3.4/5.0
• 1% rule +3.2/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• ARV discount +0.6/15.0
• Appreciation +0.0/10.0

Listing remarks

Updated Modern Home 5 minutes from downtown Everything is new and ready for you! This home is zoned as Office/Res (OR2) The renovated home features a brand-new roof, windows, HVAC, furnace, and water heater. Inside, you'll find fresh, modern LVP flooring throughout. New Windows, Roof, HVAC, and Water Heater bonus Opportunity: The vacant lot next door can be purchased through the Louisville Land Bank for those wanting extra space Move-in ready come see it today.

Key facts

• 2,400 sq ft lot
• Built 1900
• Listed 12 days

Property features AI

Finance

• HOA & community: No association fee (monthly maintenance noted)

Exterior

• Utilities: Electricity connected
• Home design: Single-family ranch/shotgun style; One story
• Construction: Built in 1900; Vinyl siding; Shingle roof; Crawl space foundation
• Exterior features: Lot is approximately 0.05 acres

Interior

• Kitchen: Kitchen located on the first floor
• Bedrooms: 2 bedrooms total; Primary bedroom on the first floor; All bedrooms located on the first floor
• Bathrooms: 1 full bathroom on the first floor
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: 6 total rooms; 3 closets; Unfinished 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 $130k.

Deal economics

• At list price, monthly cash flow is $66 ($791/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $106k (18.1% below list).
• Recommended offer: $106k (18.1% below list) — sets the bar for 1% rule.
• Cap rate 6.9% 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); 115 active listings in the ZIP; 40 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).
• This rent runs 41% 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 $899 of loan paydown is wiped out by about $4k 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.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.

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 $106,448 (18.1% below list)

Questions for the listing agent

1. Built in 1900 — 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. 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?
6. 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.
7. 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.
8. 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: 0.82% ✗
• Cap rate: 6.90%
• Cash-on-cash: 2.17%
• DSCR: 1.10
• GRM: 10.2

CMA / ARV

• ARV (on-the-fly): $112,800
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1814 Rowan St	0.11mi	2/1.0	1,038 (-14%)	1mo	$30,200	$29	72
1617 Bank St	0.31mi	3/1.0 (+1)	1,145 (-5%)	2mo	$120,000	$105	72
408 Dr W J Hodge St	0.32mi	2/1.5	1,270 (+6%)	3mo	$120,000	$94	70
2321 W Market St	0.43mi	3/1.0 (+1)	1,138 (-5%)	1mo	$110,000	$97	65
1729 Portland Ave	0.45mi	2/1.0	1,072 (-11%)	2mo	$68,900	$64	60
2102 Magazine St	0.65mi	2/1.0	1,148 (-4%)	3mo	$42,500	$37	60
2010 W Market St	0.16mi	3/2.0 (+1)	1,376 (+15%)	4mo	$135,000	$98	56
1922 Bank St	0.39mi	2/1.0	1,020 (-15%)	3mo	$110,950	$109	54
404 N 20th St	0.33mi	3/1.0 (+1)	1,050 (-12%)	7mo	$45,000	$43	53
510 S 15th St	0.52mi	2/1.5	1,060 (-12%)	4mo	$76,000	$72	51
629 S 19th St	0.59mi	3/2.5 (+1)	1,358 (+13%)	4mo	$159,900	$118	36
2409 Griffiths Ave	0.60mi	3/1.5 (+1)	1,374 (+14%)	6mo	$37,000	$27	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: -12.2%
• Equity multiple: 0.56×
• Total profit: $-16,138
• Equity at exit: $19,383

10-year hold

• IRR: -2.2%
• Equity multiple: 0.85×
• Total profit: $-5,607
• Equity at exit: $11,240

Cash invested: $36,400 (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: 10.2×

Monthly cashflow live

• Estimated rent: $1,064 high
• Mortgage (P&I): −$682
• Tax from tax record: −$39 /mo · $469/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$224
• Net cashflow: $66

Break-even live

Break-even rent $981

Max offer price $130,000

Occupancy floor 89%

Sensitivity live

Price	-10% $140	-5% $103	+0% $66	+5% $29	+10% $-8
Rent	-10% $-18	-5% $24	+0% $66	+5% $108	+10% $150
Rate	-1.0pp $131	-0.5pp $99	base $66	+0.5pp $32	+1.0pp $-2

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: $32,500
• Closing costs: $3,900
• 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	0.08mi
200 N 18th St Unit 200-4 Louisville, KY	2.0	1.0	740	$775	$1.05	21d	1	0.14mi
120 N 20th St Louisville, KY	3.0	1.5	1300	$1,400	$1.08	24d	1	0.15mi
1704 Rowan St Unit 1704-2 Louisville, KY	3.0	1.0	740	$850	$1.15	24d	1	0.17mi
214 N 17th St Unit 2 Louisville, KY	1.0	1.0	800	$750	$0.94	15d	1	0.21mi
1622 W Market St Apt 104 Louisville, KY	1.0	1.5	771	$965	$1.25	24d	1	0.22mi
1612 W Market St Unit 2 Louisville, KY	2.0	2.0	900	$1,000	$1.11	24d	1	0.24mi
500 N 17th St Apt 309 Louisville, KY	2.0	1.0	775	$1,200	$1.55	24d	1	0.29mi
500 N 17th St Unit 305 Louisville, KY	1.0	1.0	825	$1,100	$1.33	24d	1	0.29mi
500 N 17th St Unit 301 Louisville, KY	2.0	1.0	775	$1,200	$1.55	17d	1	0.29mi
2132 Rowan St Louisville, KY	1.0–2.0	1.0–2.0	875	$928	$1.06	4d	4	0.30mi
409 N 20th St Louisville, KY	3.0	1.0	1200	$1,050	$0.88	4d	1	0.34mi
515 S 20th St Louisville, KY	2.0	1.0	1000	$995	$0.99	17d	1	0.43mi
331 N 23rd St Louisville, KY	2.0	1.0	855	$1,150	$1.35	18d	1	0.46mi
1919 Baird St Louisville, KY	3.0	1.0	1500	$1,100	$0.73	17d	1	0.49mi
214 N 24th St Louisville, KY	3.0	1.5	1012	$915	$0.90	24d	1	0.52mi
2221 W Madison St Louisville, KY	3.0	1.0	1000	$1,350	$1.35	24d	1	0.55mi
2221 W Madison St Louisville, KY	2.0	1.0	1000	$1,350	$1.35	22d	1	0.55mi
322 N 24th St Louisville, KY	2.0	1.0	950	$1,100	$1.16	17d	1	0.56mi
212 N 25th St Louisville, KY	3.0	1.0	1104	$895	$0.81	24d	1	0.60mi
2508 W Main St Louisville, KY	3.0	1.0	1327	$1,500	$1.13	24d	1	0.60mi
2300 W Madison St Louisville, KY	2.0	1.0	900	$850	$0.94	24d	1	0.60mi
1810 Magazine St Louisville, KY	3.0	1.5	1248	$1,450	$1.16	11d	1	0.62mi
430 S 24th St Louisville, KY	3.0	1.5	1288	$1,400	$1.09	24d	1	0.62mi
1700 Magazine St Unit 3 Louisville, KY	2.0	1.0	900	$1,150	$1.28	18d	1	0.64mi
2433 Slevin St Unit 2433-2 Louisville, KY	3.0	1.0	800	$875	$1.09	4d	1	0.64mi
2529 W Main St #2 Louisville, KY	3.0	1.0	1404	$1,200	$0.85	24d	1	0.65mi
451 N 25th St Unit Mk Louisville, KY	2.0	1.0	988	$875	$0.89	4d	1	0.73mi
2614 W Jefferson St Unit 2614-4 Louisville, KY	2.0	1.0	740	$795	$1.07	24d	1	0.75mi
2623 Cedar St Louisville, KY	3.0	1.0	1000	$1,000	$1.00	24d	1	0.78mi
2411 Elliott Ave Louisville, KY	2.0	1.0	892	$895	$1.00	24d	1	0.83mi
2539 Bank St Unit 1 Louisville, KY	1.0	1.0	900	$750	$0.83	24d	1	0.84mi
2631 W Madison St Unit 2 Louisville, KY	2.0	1.0	928	$850	$0.92	18d	1	0.86mi
2631 W Madison St Unit 2 Louisville, KY	2.0	1.0	928	$850	$0.92	24d	1	0.86mi
2631 W Madison St Unit 1 Louisville, KY	3.0	1.0	928	$950	$1.02	24d	1	0.86mi
2310 W Broadway Unit 1 Louisville, KY	1.0	1.0	1100	$975	$0.89	4d	1	0.86mi
980 W Liberty St Louisville, KY	1.0–3.0	1.0–1.5	1026	$1,198	$1.17	24d	133	0.86mi
353 N 27th St Louisville, KY	2.0	1.0	1100	$1,100	$1.00	24d	1	0.91mi
2506 Montgomery St Louisville, KY	3.0	2.0	1081	$1,295	$1.20	4d	4	1.01mi
2927 Rowan St Louisville, KY	3.0	1.0	1008	$1,205	$1.20	12d	1	1.08mi

Listing history 12 events

1. 2026-06-21
   days on market $130,000 Active 13 DOM
2. 2026-06-18
   days on market $130,000 Active 10 DOM
3. 2026-06-17
   days on market $130,000 Active 9 DOM
4. 2026-06-16
   days on market $130,000 Active 8 DOM
5. 2026-06-15
   days on market $130,000 Active 7 DOM
6. 2026-06-13
   days on market $130,000 Active 5 DOM
7. 2026-06-10
   days on market $130,000 Active 2 DOM
8. 2026-06-08
   pricedays on marketlisting id $130,000 Active 1 DOM
9. 2026-06-01
   days on market $125,000 Active 26 DOM
10. 2026-05-31
    days on market $125,000 Active 25 DOM
11. 2026-05-13
    price $125,000
12. 2026-05-06
    listed $135,000 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: $469 · $39/mo
• Projected year-2 tax: $1,118 · $93/mo
• Expected delta: +$649/yr (+$54/mo · 138.3%)

ⓘ 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: $12,774
• − Mortgage interest: −$7,282
• − Property taxes: −$469
• − Insurance: −$650
• − Repairs & maintenance: −$1,022
• − Management: −$1,022
• − Depreciation: −$3,782
• Taxable loss: −$1,453
• Est. tax savings @ 24.0%: +$349
• After-tax cash flow: $1,140/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

-7.4% since first listed

2 events — show timeline

• 2026-05-13 Price Changed $125,000 Metro Search MLS
• 2026-05-06 Listed $135,000 Metro Search MLS

Property tax history

+3.9%/yr

Latest (2025): $469 · -1.9% YoY. Source: county tax records.