1813 Columbia St · Louisville, KY 40203

$23,490

2 bd · 1.0 ba · 616 sqft · SingleFamily · 143 Days on market

Built 1900 1,350 sqft lot ↓ 6% since listing

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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

Key facts

• 1,350 sq ft lot
• Built 1900
• Listed 142 days

Property features AI

Finance

• HOA & community: No association fee

Exterior

• Parking: No dedicated parking
• Utilities: No utilities listed
• Home design: Single-family residence in a shotgun style; 1 story
• Construction: Built in 1900; Wood frame construction; Shingle roof; Crawl space foundation
• Exterior features: Lot is approximately 0.03 acres

Interior

• Kitchen: Kitchen on the first floor
• Bedrooms: 2 bedrooms, both on the first floor
• Bathrooms: 1 full bathroom on the first floor
• Heating & cooling: Heating present
• Interior features: Living room on the first floor; Total of 5 rooms; No 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 $23k.

Deal economics

• At list price, monthly cash flow is $523 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($856 rent vs $23k).
• Recommended offer: $21k (12.0% below list) — sets the bar for market timing.
• Cap rate 33.0% 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; 18 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 33% 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 $162 of loan paydown is wiped out by about $705 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 $7k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 143 days — a 12% lower offer ($21k) is reasonable based on typical stale-listing flexibility.

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 $20,671 (12.0% below list)

Questions for the listing agent

1. It's been on market 143 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: 3.65% ✓
• Cap rate: 33.03%
• Cash-on-cash: 95.50%
• DSCR: 5.25
• GRM: 2.3

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: 97.2%
• Equity multiple: 5.59×
• Total profit: $30,173
• Equity at exit: $3,502

10-year hold

• IRR: —
• Equity multiple: 11.93×
• Total profit: $71,872
• Equity at exit: $2,031

Cash invested: $6,577 (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: 2.3×

Monthly cashflow live

• Estimated rent: $856 high
• Mortgage (P&I): −$123
• Tax from tax record: −$20 /mo · $241/yr
• Insurance: −$10
• HOA: −$0
• Vacancy / Maint / Mgmt: −$180
• Net cashflow: $523

Break-even live

Break-even rent $194

Max offer price $23,490

Occupancy floor 34%

Sensitivity live

Price	-10% $537	-5% $530	+0% $523	+5% $517	+10% $510
Rent	-10% $456	-5% $490	+0% $523	+5% $557	+10% $591
Rate	-1.0pp $535	-0.5pp $529	base $523	+0.5pp $517	+1.0pp $511

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: $5,872
• Closing costs: $705
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
200 N 18th St Unit 200-4 Louisville, KY	2.0	1.0	740	$775	$1.05	21d	1	0.09mi
1704 Rowan St Unit 1704-2 Louisville, KY	3.0	1.0	740	$850	$1.15	25d	1	0.16mi
519 N 20th St Louisville, KY	1.0	1.0	550	$795	$1.45	25d	1	0.27mi
220 Doctor W. J. Hodge St Unit 1 Louisville, KY	1.0	1.0	570	$700	$1.23	18d	1	0.43mi
2510 Portland Ave Unit 206 Louisville, KY	2.0	1.0	615	$950	$1.54	25d	1	0.79mi
2510 Portland Ave Unit 203 Louisville, KY	2.0	1.0	625	$995	$1.59	4d	1	0.79mi
2614 W Jefferson St Louisville, KY	1.0	1.0	633	$695	$1.10	21d	1	0.85mi
2614 W Jefferson St Unit 2614-4 Louisville, KY	2.0	1.0	740	$795	$1.07	25d	1	0.85mi
2717 Slevin St Louisville, KY	1.0	1.0	620	$725	$1.17	17d	1	0.88mi
2718 W Jefferson St Louisville, KY	1.0	1.0	633	$699	$1.10	22d	1	0.92mi
2718 W Jefferson St Unit 2718-3 Louisville, KY	1.0	1.0	633	$699	$1.10	25d	1	0.92mi
980 W Liberty St Louisville, KY	1.0–3.0	1.0–1.5	1026	$1,198	$1.17	25d	133	0.93mi
2722 Portland Ave Unit 1 Louisville, KY	1.0	1.0	500	$950	$1.90	25d	1	1.00mi
3120 Bank St Unit B Louisville, KY	2.0	1.0	750	$795	$1.06	25d	1	1.30mi
521 N 33rd St Louisville, KY	1.0	1.0	650	$795	$1.22	25d	1	1.37mi
3124 Vermont Ave Unit 3124-1 Louisville, KY	1.0	1.0	650	$695	$1.07	25d	1	1.38mi
3124 Vermont Ave Louisville, KY	1.0	1.0	650	$699	$1.08	25d	1	1.38mi
2513 Date St Unit 2 Louisville, KY	1.0	1.0	700	$745	$1.06	4d	1	1.48mi

Listing history 22 events

1. 2026-06-21
   days on market $23,490 Active 143 DOM
2. 2026-06-18
   days on market $23,490 Active 140 DOM
3. 2026-06-17
   days on market $23,490 Active 139 DOM
4. 2026-06-16
   days on market $23,490 Active 138 DOM
5. 2026-06-15
   days on market $23,490 Active 137 DOM
6. 2026-06-13
   days on market $23,490 Active 135 DOM
7. 2026-06-10
   pricedays on market $23,490 Active 132 DOM
8. 2026-06-09
   days on market $23,495 Active 131 DOM
9. 2026-06-08
   days on market $23,495 Active 130 DOM
10. 2026-06-07
    days on market $23,495 Active 129 DOM
11. 2026-06-03
    days on market $23,495 Active 125 DOM
12. 2026-06-02
    days on market $23,495 Active 124 DOM
13. 2026-06-01
    days on market $23,495 Active 123 DOM
14. 2026-05-31
    days on market $23,495 Active 122 DOM
15. 2026-05-21
    price $23,495
16. 2026-04-22
    price $23,499
17. 2026-04-08
    price $23,500
18. 2026-04-03
    price $23,899
19. 2026-03-12
    price $23,900
20. 2026-03-06
    price $24,997
21. 2026-02-14
    price $24,998
22. 2026-01-29
    listed $24,999 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: $241 · $20/mo
• Projected year-2 tax: $241 · $20/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: $10,276
• − Mortgage interest: −$1,316
• − Property taxes: −$241
• − Insurance: −$117
• − Repairs & maintenance: −$822
• − Management: −$822
• − Depreciation: −$683
• Taxable income: $6,274
• Est. tax owed @ 24.0%: −$1,506
• After-tax cash flow: $4,776/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

-6.0% since first listed

8 events — show timeline

• 2026-05-21 Price Changed $23,495 Metro Search MLS
• 2026-04-22 Price Changed $23,499 Metro Search MLS
• 2026-04-08 Price Changed $23,500 Metro Search MLS
• 2026-04-03 Price Changed $23,899 Metro Search MLS
• 2026-03-12 Price Changed $23,900 Metro Search MLS
• 2026-03-06 Price Changed $24,997 Metro Search MLS
• 2026-02-14 Price Changed $24,998 Metro Search MLS
• 2026-01-29 Listed $24,999 Metro Search MLS

Property tax history

+2.5%/yr

Latest (2025): $241 · -1.9% YoY. Source: county tax records.