1922 Rowan St · Louisville, KY 40203

$45,000

2 bd · 1.0 ba · 1,027 sqft · SingleFamily · 31 Days on market

Built 1900 5,838 sqft lot Est $66k · 32% 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 +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

Investor Opportunity! Small two bedroom and one bathroom home in the Portland area located directly across from Boone Square Park. Excellent opportunity to expand your rental or investment portfolio. Don't miss this opportunity. Sold AS IS.

Key facts

• 5,838 sq ft lot
• Built 1900
• Listed 30 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 architecture; One story
• Construction: Built in 1900; Wood frame construction with aluminum siding; Shingle roof; Crawl space foundation
• Exterior features: Lot is approximately 0.13 acres

Interior

• Kitchen: Kitchen on the first floor
• Bedrooms: 2 bedrooms, both on the first floor; Primary bedroom on the first floor
• Bathrooms: 1 full bathroom on the first floor
• Heating & cooling: Electric heating available; Natural gas heating available; Central air conditioning; One HVAC unit for heating and one for cooling
• Interior features: Total of 5 rooms; 4 total main rooms; 2 closets; 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 $45k.

Deal economics

• At list price, monthly cash flow is $531 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $45k).
• Recommended offer: $44k (3.0% below list) — sets the bar for market timing.
• Cap rate 20.5% 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 $311 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 $13k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($44k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 24y 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 $43,650 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 2.36% ✓
• Cap rate: 20.46%
• Cash-on-cash: 50.61%
• DSCR: 3.25
• GRM: 3.5

CMA / ARV

• ARV (on-the-fly): $65,728
• 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 (+1%)	1mo	$30,200	$29	92
1922 Bank St	0.28mi	2/1.0	1,020 (-1%)	3mo	$110,950	$109	83
1729 Portland Ave	0.39mi	2/1.0	1,072 (+4%)	2mo	$68,900	$64	73
1914 Lytle St	0.31mi	3/1.0 (+1)	930 (-9%)	1mo	$104,000	$112	63
428 N 20th St	0.27mi	2/1.0	894 (-13%)	7mo	$46,000	$51	60
1617 Bank St	0.32mi	3/1.0 (+1)	1,145 (+12%)	2mo	$120,000	$105	60
1707 Baird St	0.35mi	2/1.0	896 (-13%)	3mo	$45,000	$50	60
510 S 15th St	0.65mi	2/1.5	1,060 (+3%)	4mo	$76,000	$72	59
2321 W Market St	0.38mi	3/1.0 (+1)	1,138 (+11%)	1mo	$110,000	$97	58
2511 Bank St	0.65mi	2/1.0	960 (-6%)	6mo	$10,000	$10	54
2214 Cedar St	0.46mi	2/1.0	886 (-14%)	4mo	$46,000	$52	52
2102 Magazine St	0.74mi	2/1.0	1,148 (+12%)	3mo	$42,500	$37	44

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: 49.2%
• Equity multiple: 3.17×
• Total profit: $27,352
• Equity at exit: $6,710

10-year hold

• IRR: 55.0%
• Equity multiple: 6.61×
• Total profit: $70,725
• Equity at exit: $3,891

Cash invested: $12,600 (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: 3.5×

Monthly cashflow live

• Estimated rent: $1,062 high
• Mortgage (P&I): −$236
• Tax from tax record: −$52 /mo · $630/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$223
• Net cashflow: $531

Break-even live

Break-even rent $389

Max offer price $45,000

Occupancy floor 45%

Sensitivity live

Price	-10% $557	-5% $544	+0% $531	+5% $519	+10% $506
Rent	-10% $448	-5% $489	+0% $531	+5% $573	+10% $615
Rate	-1.0pp $554	-0.5pp $543	base $531	+0.5pp $520	+1.0pp $508

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: $11,250
• Closing costs: $1,350
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
120 N 20th St Louisville, KY	3.0	1.5	1300	$1,400	$1.08	24d	1	0.07mi
200 N 18th St Unit 200-4 Louisville, KY	2.0	1.0	740	$775	$1.05	21d	1	0.13mi
112 N 18th St Louisville, KY	2.0	1.0	944	$1,050	$1.11	24d	1	0.15mi
409 N 20th St Louisville, KY	3.0	1.0	1200	$1,050	$0.88	4d	1	0.20mi
1704 Rowan St Unit 1704-2 Louisville, KY	3.0	1.0	740	$850	$1.15	24d	1	0.21mi
2132 Rowan St Louisville, KY	1.0–2.0	1.0–2.0	875	$928	$1.06	4d	4	0.21mi
214 N 17th St Unit 2 Louisville, KY	1.0	1.0	800	$750	$0.94	15d	1	0.22mi
500 N 17th St Unit 301 Louisville, KY	2.0	1.0	775	$1,200	$1.55	17d	1	0.25mi
500 N 17th St Unit 305 Louisville, KY	1.0	1.0	825	$1,100	$1.33	24d	1	0.25mi
500 N 17th St Apt 309 Louisville, KY	2.0	1.0	775	$1,200	$1.55	24d	1	0.25mi
331 N 23rd St Louisville, KY	2.0	1.0	855	$1,150	$1.35	18d	1	0.33mi
1622 W Market St Apt 104 Louisville, KY	1.0	1.5	771	$965	$1.25	24d	1	0.35mi
1919 Baird St Louisville, KY	3.0	1.0	1500	$1,100	$0.73	17d	1	0.36mi
1612 W Market St Unit 2 Louisville, KY	2.0	2.0	900	$1,000	$1.11	24d	1	0.36mi
214 N 24th St Louisville, KY	3.0	1.5	1012	$915	$0.90	24d	1	0.42mi
322 N 24th St Louisville, KY	2.0	1.0	950	$1,100	$1.16	17d	1	0.44mi
212 N 25th St Louisville, KY	3.0	1.0	1104	$895	$0.81	24d	1	0.50mi
2433 Slevin St Unit 2433-2 Louisville, KY	3.0	1.0	800	$875	$1.09	4d	1	0.51mi
2508 W Main St Louisville, KY	3.0	1.0	1327	$1,500	$1.13	24d	1	0.54mi
515 S 20th St Louisville, KY	2.0	1.0	1000	$995	$0.99	17d	1	0.54mi
2529 W Main St #2 Louisville, KY	3.0	1.0	1404	$1,200	$0.85	24d	1	0.58mi
451 N 25th St Unit Mk Louisville, KY	2.0	1.0	988	$875	$0.89	4d	1	0.59mi
2221 W Madison St Louisville, KY	3.0	1.0	1000	$1,350	$1.35	24d	1	0.62mi
2221 W Madison St Louisville, KY	2.0	1.0	1000	$1,350	$1.35	22d	1	0.62mi
430 S 24th St Louisville, KY	3.0	1.5	1288	$1,400	$1.09	24d	1	0.64mi
2300 W Madison St Louisville, KY	2.0	1.0	900	$850	$0.94	24d	1	0.67mi
2539 Bank St Unit 1 Louisville, KY	1.0	1.0	900	$750	$0.83	24d	1	0.70mi
2614 W Jefferson St Unit 2614-4 Louisville, KY	2.0	1.0	740	$795	$1.07	24d	1	0.73mi
1810 Magazine St Louisville, KY	3.0	1.5	1248	$1,450	$1.16	11d	1	0.75mi
2623 Cedar St Louisville, KY	3.0	1.0	1000	$1,000	$1.00	24d	1	0.76mi
353 N 27th St Louisville, KY	2.0	1.0	1100	$1,100	$1.00	24d	1	0.78mi
1700 Magazine St Unit 3 Louisville, KY	2.0	1.0	900	$1,150	$1.28	18d	1	0.78mi
2506 Montgomery St Louisville, KY	3.0	2.0	1081	$1,295	$1.20	4d	4	0.86mi
2631 W Madison St Unit 2 Louisville, KY	2.0	1.0	928	$850	$0.92	18d	1	0.88mi
2631 W Madison St Unit 2 Louisville, KY	2.0	1.0	928	$850	$0.92	24d	1	0.88mi
2631 W Madison St Unit 1 Louisville, KY	3.0	1.0	928	$950	$1.02	24d	1	0.88mi
2411 Elliott Ave Louisville, KY	2.0	1.0	892	$895	$1.00	24d	1	0.90mi
2310 W Broadway Unit 1 Louisville, KY	1.0	1.0	1100	$975	$0.89	4d	1	0.95mi
980 W Liberty St Louisville, KY	1.0–3.0	1.0–1.5	1026	$1,198	$1.17	24d	133	0.98mi
2927 Rowan St Louisville, KY	3.0	1.0	1008	$1,205	$1.20	13d	1	1.00mi

Listing history 27 events

1. 2026-06-21
   days on market $45,000 Active 31 DOM
2. 2026-06-18
   days on market $45,000 Active 28 DOM
3. 2026-06-17
   days on market $45,000 Active 27 DOM
4. 2026-06-16
   days on market $45,000 Active 26 DOM
5. 2026-06-15
   days on market $45,000 Active 25 DOM
6. 2026-06-13
   days on market $45,000 Active 23 DOM
7. 2026-06-10
   days on market $45,000 Active 20 DOM
8. 2026-06-09
   days on market $45,000 Active 19 DOM
9. 2026-06-08
   days on market $45,000 Active 18 DOM
10. 2026-06-07
    days on market $45,000 Active 17 DOM
11. 2026-06-03
    days on market $45,000 Active 13 DOM
12. 2026-06-02
    days on market $45,000 Active 12 DOM
13. 2026-06-01
    days on market $45,000 Active 11 DOM
14. 2026-05-31
    days on market $45,000 Active 10 DOM
15. 2026-05-21
    listed $45,000 Active
16. 2024-11-18
    historical
17. 2024-08-26
    price $59,000
18. 2024-07-12
    listed $64,900 Active
19. 2024-04-30
    historical
20. 2024-01-03
    price $65,000
21. 2023-11-01
    listed $75,000 Active
22. 2022-09-13
    soldstatus $50,000
23. 2022-09-12
    soldstatus $50,000 Closed
24. 2022-08-22
    historical Active Under Contract
25. 2022-06-01
    listed $55,000 Active
26. 2002-09-25
    soldstatus $27,500
27. 2002-07-17
    listed $35,000

ⓘ 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: $630 · $52/mo
• Projected year-2 tax: $630 · $52/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: $12,739
• − Mortgage interest: −$2,521
• − Property taxes: −$630
• − Insurance: −$225
• − Repairs & maintenance: −$1,019
• − Management: −$1,019
• − Depreciation: −$1,309
• Taxable income: $6,016
• Est. tax owed @ 24.0%: −$1,444
• After-tax cash flow: $4,933/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

+28.6% since first listed

13 events — show timeline

• 2026-05-21 Listed $45,000 Metro Search MLS
• 2024-11-18 Listing Removed — Metro Search MLS
• 2024-08-26 Price Changed $59,000 Metro Search MLS
• 2024-07-12 Listed $64,900 Metro Search MLS
• 2024-04-30 Listing Removed — Metro Search MLS
• 2024-01-03 Price Changed $65,000 Metro Search MLS
• 2023-11-01 Listed $75,000 Metro Search MLS
• 2022-09-13 Sold (Public Records) $50,000 Public Records
• 2022-09-12 Sold (MLS) $50,000 Metro Search MLS
• 2022-08-22 Contingent — Metro Search MLS
• 2022-06-01 Listed $55,000 Metro Search MLS
• 2002-09-25 Sold (MLS) $27,500 Metro Search MLS
• 2002-07-17 Listed $35,000 Metro Search MLS

Property tax history

+6.5%/yr

Latest (2025): $630 · -1.9% YoY. Source: county tax records.