1728 Rowan St · Louisville, KY 40203

$69,995

3 bd · 1.0 ba · 1,369 sqft · SingleFamily · 16 Days on market

Built 1900 2,004 sqft lot Est $116k · 40% under ↓ 7% 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
• ARV discount +15.0/15.0
• 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

Awesome single family home. Vinyl and carpet throughout. Schedule your showing today!

Key facts

• 2,004 sq ft lot
• Built 1900
• Listed 16 days

Property features AI

Finance

• HOA & community: No association fee

Exterior

• Parking: No designated parking
• Utilities: Electricity connected
• Home design: Single-family residence; Camelback architectural style; 1 story
• Construction: Built in 1900; Vinyl siding; Shingle roof; Above-grade finished area reported
• Exterior features: Lot approximately 0.05 acres (about 21 x 100)

Interior

• Kitchen: Kitchen located on the first floor
• Bedrooms: 3 bedrooms total; Primary bedroom on the first floor; One first-floor bedroom
• Bathrooms: 1 full bathroom; Primary bathroom on the first floor
• Interior features: 3 total rooms; No basement; No fireplaces
• Laundry & utility: First-floor laundry

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $498 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Recommended offer: $69k (1.5% below list) — sets the bar for market timing.
• Cap rate 14.8% 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); 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).
• At $1,186/mo this rent would consume 46% 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 $484 of loan paydown is wiped out by about $2k 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 $20k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($69k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y 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: 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 $68,945 (1.5% 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. 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 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: 1.69% ✓
• Cap rate: 14.83%
• Cash-on-cash: 30.47%
• DSCR: 2.36
• GRM: 4.9

CMA / ARV

• ARV (on-the-fly): $116,365
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
207 N 19th St	0.10mi	3/1.0	1,464 (+7%)	7mo	$60,000	$41	78
2010 W Market St	0.30mi	3/2.0	1,376 (+0%)	4mo	$135,000	$98	78
320 N 18th St	0.17mi	3/2.0	1,508 (+10%)	1mo	$147,900	$98	70
2012 W Main St	0.26mi	4/2.0 (+1)	1,344 (-2%)	8mo	$72,000	$54	69
2409 Griffiths Ave	0.62mi	3/1.5	1,374 (+0%)	6mo	$37,000	$27	63
629 S 19th St	0.70mi	3/2.5	1,358 (-1%)	4mo	$159,900	$118	57
408 Dr W J Hodge St	0.46mi	2/1.5 (-1)	1,270 (-7%)	3mo	$120,000	$94	57
2333 Duncan St	0.57mi	3/1.0	1,480 (+8%)	5mo	$83,750	$57	56
2024 Portland Ave	0.50mi	3/1.0	1,518 (+11%)	5mo	$83,750	$55	54
528 N 20th St	0.43mi	3/1.0	1,220 (-11%)	9mo	$115,000	$94	54
2537 Crop St	0.74mi	2/— (-1)	1,336 (-2%)	8mo	$16,500	$12	49
218 S 25th St	0.70mi	3/2.0	1,523 (+11%)	10mo	$130,000	$85	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: 25.9%
• Equity multiple: 2.08×
• Total profit: $21,223
• Equity at exit: $10,436

10-year hold

• IRR: 34.0%
• Equity multiple: 4.21×
• Total profit: $62,911
• Equity at exit: $6,052

Cash invested: $19,599 (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: 4.9×

Monthly cashflow live

• Estimated rent: $1,186 high
• Mortgage (P&I): −$367
• Tax from tax record: −$43 /mo · $513/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$249
• Net cashflow: $498

Break-even live

Break-even rent $556

Max offer price $69,995

Occupancy floor 53%

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: $17,499
• Closing costs: $2,100
• 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	23d	1	0.05mi
1612 W Market St Unit 2 Louisville, KY	2.0	2.0	900	$1,000	$1.11	23d	1	0.21mi
120 N 20th St Louisville, KY	3.0	1.5	1300	$1,400	$1.08	23d	1	0.22mi
409 N 20th St Louisville, KY	3.0	1.0	1200	$1,050	$0.88	3d	1	0.32mi
2132 Rowan St Louisville, KY	1.0–2.0	1.0–2.0	875	$928	$1.06	3d	4	0.38mi
1919 Baird St Louisville, KY	3.0	1.0	1500	$1,100	$0.73	16d	1	0.42mi
515 S 20th St Louisville, KY	2.0	1.0	1000	$995	$0.99	16d	1	0.55mi
214 N 24th St Louisville, KY	3.0	1.5	1012	$915	$0.90	23d	1	0.59mi
322 N 24th St Louisville, KY	2.0	1.0	950	$1,100	$1.16	16d	1	0.61mi
2221 W Madison St Louisville, KY	2.0	1.0	1000	$1,350	$1.35	21d	1	0.67mi
2221 W Madison St Louisville, KY	3.0	1.0	1000	$1,350	$1.35	23d	1	0.67mi
212 N 25th St Louisville, KY	3.0	1.0	1104	$895	$0.81	23d	1	0.68mi
2319 W Muhammad Ali Blvd Louisville, KY	4.0	1.0	1644	$1,300	$0.79	16d	1	0.69mi
2508 W Main St Louisville, KY	3.0	1.0	1327	$1,500	$1.13	23d	1	0.70mi
1700 Magazine St Unit 3 Louisville, KY	2.0	1.0	900	$1,150	$1.28	17d	1	0.70mi
1810 Magazine St Louisville, KY	3.0	1.5	1248	$1,450	$1.16	10d	1	0.70mi
2300 W Madison St Louisville, KY	2.0	1.0	900	$850	$0.94	23d	1	0.73mi
2529 W Main St #2 Louisville, KY	3.0	1.0	1404	$1,200	$0.85	23d	1	0.75mi
430 S 24th St Louisville, KY	3.0	1.5	1288	$1,400	$1.09	23d	1	0.75mi
451 N 25th St Unit Mk Louisville, KY	2.0	1.0	988	$875	$0.89	3d	1	0.75mi
980 W Liberty St Louisville, KY	1.0–3.0	1.0–1.5	1026	$1,535	$1.50	23d	133	0.81mi
2623 Cedar St Louisville, KY	3.0	1.0	1000	$1,000	$1.00	23d	1	0.90mi
353 N 27th St Louisville, KY	2.0	1.0	1100	$1,100	$1.00	23d	1	0.95mi
2411 Elliott Ave Louisville, KY	2.0	1.0	892	$895	$1.00	23d	1	0.96mi
2631 W Madison St Unit 2 Louisville, KY	2.0	1.0	928	$850	$0.92	23d	1	0.99mi
2631 W Madison St Unit 2 Louisville, KY	2.0	1.0	928	$850	$0.92	17d	1	0.99mi
2631 W Madison St Unit 1 Louisville, KY	3.0	1.0	928	$950	$1.02	23d	1	0.99mi
2506 Montgomery St Louisville, KY	3.0	2.0	1081	$1,295	$1.20	3d	4	1.00mi
2927 Rowan St Louisville, KY	3.0	1.0	1008	$1,205	$1.20	12d	1	1.17mi
2925 Slevin St Louisville, KY	2.0	1.0	896	$775	$0.86	3d	1	1.18mi
522 N 29th St Louisville, KY	3.0	1.0	1031	$1,300	$1.26	3d	1	1.19mi
848 S 23rd St Louisville, KY	3.0	1.5	1050	$1,450	$1.38	23d	1	1.20mi
2733 Chase Ct Louisville, KY	2.0	1.0	900	$900	$1.00	16d	1	1.21mi
1723 W Kentucky St Unit 3 Louisville, KY	3.0	1.0	1200	$1,300	$1.08	23d	1	1.25mi
1644 W Kentucky St Unit 3 Louisville, KY	3.0	1.0	900	$950	$1.06	23d	1	1.29mi
2906 Montgomery St Unit B Louisville, KY	3.0	1.0	1152	$1,060	$0.92	23d	1	1.29mi
652 N 29th St Louisville, KY	3.0	1.0	1127	$1,350	$1.20	17d	1	1.31mi
1847 W Kentucky St Louisville, KY	2.0	1.0	1368	$895	$0.65	3d	1	1.31mi
2416 Garland Ave Louisville, KY	3.0	2.0	1172	$1,600	$1.37	23d	1	1.34mi
555 S 4th St Louisville, KY	3.0	1.0–2.0	1037	$2,786	$2.69	1d	22	1.39mi

Listing history 8 events

1. 2026-05-11
   listed $69,995 Active
2. 2023-07-09
   historical
3. 2023-07-08
   historical
4. 2023-06-22
   status Active
5. 2023-06-16
   status Pending
6. 2023-03-07
   listed $75,000 Active
7. 2023-03-07
   price $69,000
8. 2023-03-07
   price $75,000

ⓘ 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: $513 · $43/mo
• Projected year-2 tax: $602 · $50/mo
• Expected delta: +$89/yr (+$7/mo · 17.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 10% 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: $14,228
• − Mortgage interest: −$3,921
• − Property taxes: −$513
• − Insurance: −$350
• − Repairs & maintenance: −$1,138
• − Management: −$1,138
• − Depreciation: −$2,036
• Taxable income: $5,131
• Est. tax owed @ 24.0%: −$1,232
• After-tax cash flow: $4,741/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

-6.7% since first listed

8 events — show timeline

• 2026-05-11 Listed $69,995 Metro Search MLS
• 2023-07-09 Rental Removed — RENTLY
• 2023-07-08 Listing Removed — Metro Search MLS
• 2023-06-22 Relisted — Metro Search MLS
• 2023-06-16 Pending — Metro Search MLS
• 2023-03-07 Price Changed $75,000 Metro Search MLS
• 2023-03-07 Price Changed $69,000 Metro Search MLS
• 2023-03-07 Listed $75,000 Metro Search MLS

Property tax history

+4.0%/yr

Latest (2025): $513 · -1.9% YoY. Source: county tax records.