1603 Chichester Ave · Louisville, KY 40205

$498,000

15 bd · 9.0 ba · 3,000 sqft · MultiFamily · 25 Days on market

Built 1920 4,000 sqft lot

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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 +29.9/30.0
• DSCR +10.0/10.0
• 1% rule +7.7/10.0
• ARV discount +7.5/15.0
• Rent growth +3.8/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 3 units. 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

Lovely brick three plex in the heart of the highlands. Broad front porch gives this building nice curbside appeal. Hardwood floors throughout. Charm galore. All separate utilities. Live in one unit and rent out the other two. Monthly rental income $3275 and have not been raised in years. Priced competitively.

Key facts

• Separate utilities
• Brick three plex
• Broad front porch

Tags

• BRICK THREE PLEX
• BROAD FRONT PORCH
• HARDWOOD FLOORS
• SEPARATE UTILITIES

Property features AI

Finance

• Other: Located in BONNYCASTLE neighborhood; Directions: East on Bonnycastle to street
• Financial info: First level has two units (rented at $1,600 each); Second level has one unit (rented at $1,675); Owner pays water and sewer; tenants pay electric and gas
• HOA & community: No association fee

Exterior

• Parking: No covered parking
• Utilities: Electricity connected; Natural gas available; Owner pays water and sewer; tenants pay electric and gas
• Home design: Triplex property; Built in 1920; Approximately 3000 total building area
• Construction: Brick construction; Shingle roof; Built in 1920
• Exterior features: Traditional-style triplex; Brick construction; Shingle roof; Lot roughly 80.2 x 50 (about 0.09 acres)

Interior

• Kitchen: First level has 2 kitchens; Second level has 2 kitchens; Ranges on both levels; Refrigerators on both levels
• Bedrooms: 5 bedrooms total; Second level contains 3 bedrooms; First level contains 2 bedrooms
• Bathrooms: First level has 2 full bathrooms; Second level has 1 full bathroom
• Heating & cooling: Natural gas heating; 3 furnaces
• Interior features: Basement present; Balcony
• Laundry & utility: Separate meters for units

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/3.0-bath units multifamily listed at $498k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $614/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $498k).
• Recommended offer: $491k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.7% 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 fast (+5.4%/yr); 123 active listings in the ZIP; solid renter incomes; 2,836 units permitted in Jefferson County in 2024 (1,558 in 5+ unit buildings).
• At $6,337/mo this rent would consume 76% of the median local household income ($100k/yr) (locally 492% 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 $3k of loan paydown is wiped out by about $15k 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 + 5.4% rent growth), your $139k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($491k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1920 — 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 $490,530 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 1.27% ✓
• Cap rate: 10.73%
• Cash-on-cash: 15.86%
• DSCR: 1.71
• GRM: 6.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.39% rent growth · sell at horizon

5-year hold

• IRR: 9.3%
• Equity multiple: 1.37×
• Total profit: $52,202
• Equity at exit: $74,253

10-year hold

• IRR: 20.3%
• Equity multiple: 2.89×
• Total profit: $263,524
• Equity at exit: $43,058

Cash invested: $139,440 (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 40205

• Rents YoY: 5.4%
• Active inventory: 123
• Price-to-rent: 19.6×

Monthly cashflow live

• Estimated rent: $6,337 medium
• Mortgage (P&I): −$2,612
• Tax from tax record: −$344 /mo · $4,132/yr
• Insurance: −$208
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,331
• Net cashflow: $1,843

Break-even live

Break-even rent $4,004

Max offer price $498,000

Occupancy floor 66%

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

Units	Beds	Baths	Est. rent
▸ 3× units	5	3	$6,336
Total (3 units)			$6,337

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: $124,500
• Closing costs: $14,940
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-06-09
   status $498,000 Pending 25 DOM
2. 2026-06-08
   days on market $498,000 Active 25 DOM
3. 2026-06-07
   remarks 310-char remark
4. 2026-06-07
   days on market $498,000 Active 24 DOM
5. 2026-06-03
   days on market $498,000 Active 20 DOM
6. 2026-06-02
   days on market $498,000 Active 19 DOM
7. 2026-06-01
   days on market $498,000 Active 18 DOM
8. 2026-05-31
   days on market $498,000 Active 17 DOM
9. 2026-05-13
   listed $498,000 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: $4,132 · $344/mo
• Projected year-2 tax: $4,283 · $357/mo
• Expected delta: +$151/yr (+$13/mo · 3.7%)

ⓘ 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 ≥104°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $76,044
• − Mortgage interest: −$27,896
• − Property taxes: −$4,132
• − Insurance: −$2,490
• − Repairs & maintenance: −$6,084
• − Management: −$6,084
• − Depreciation: −$14,487
• Taxable income: $14,872
• Est. tax owed @ 24.0%: −$3,569
• After-tax cash flow: $18,545/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): 24,664
• Household income: $99,966
• Rent vs Own: 25.6% rent · 74.4% own
• Severe rent burden: 492.0

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: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 4% Black 3% Hispanic / Latino 2%
• Common ancestry: Slovak 4% Italian 3% Lithuanian 2%
• Foreign-born: 4% · Canada
• Languages at home: 96% English-only · Russian/Polish/Slavic 1% Spanish 1% Other Asian/Pacific 0%

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: ▼ -384.33%
• Current HPI: 253.5022
• Rent YoY: ▲ 5.39%
• 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

• 2026-05-13 Listed $498,000 Metro Search MLS

Property tax history

+3.5%/yr

Latest (2025): $4,132 · -1.9% YoY. Source: county tax records.