662 S Barbee Way · Louisville, KY 40217

$389,000

16 bd · 16.0 ba · 2,164 sqft · MultiFamily · 24 Days on market

Built 1926

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Why this score? — see what drove the C 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 +23.6/30.0
• DSCR +7.6/10.0
• ARV discount +7.5/15.0
• 1% rule +5.6/10.0
• Livability +3.2/5.0
• Rent growth +2.7/5.0
• 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: 4 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 MLS

Calling all Investors! Rare opportunity to own a completely renovated 4 unit apartment building with easy access to I 65 and UofL campus. Each unit has been completely updated with newer appliances, flooring, remodeled full baths and paint. The second floor units boast an additional balcony. First floor units equipped with covered porch to relax and take in the scenery of the tree lined residential street. Double lot convenient large off street parking area for all tenants and guests. This property is a rare find!, turn key investment. 75% occupied,

Key facts

• Updated bath
• Front porches
• Updated kitchen

Tags

• UPDATED KITCHEN
• UPDATED BATH
• FRONT PORCHES
• OFF-STREET PARKING

Property features AI

Finance

• Other: Building area reported as 2,164 total
• Financial info: Multifamily rental details: four units total (2 units on first level renting at $725 each; 2 units on second level renting at $900 each)
• HOA & community: No association fee

Exterior

• Parking: 4 parking spaces (not covered)
• Utilities: Electricity connected; Natural gas available; Owner pays water and sewer; Owner pays trash removal; Tenants pay gas and cable
• Home design: Multifamily property with multiple units (total units: 4 — 2 on first level, 2 on second level); Built in 1926
• Construction: Built 1926; Vinyl siding construction; Shingle roof; Basement present
• Exterior features: Traditional architectural style; Vinyl siding; Shingle roof; Basement; Lot recorded in subdivision Germantown

Interior

• Kitchen: Each unit includes a kitchen (2 kitchens on the first level, 2 kitchens on the second level); Ranges provided (2 on first level, 2 on second level); Refrigerators provided (2 on first level, 2 on second level)
• Bedrooms: Total of 4 bedrooms (2 on the first level, 2 on the second level)
• Bathrooms: 4 full bathrooms (2 on the first level, 2 on the second level)
• Heating & cooling: Natural gas heating; Central air conditioning; 4 furnaces
• Interior features: Balcony
• Laundry & utility: Separate meters for units

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1-bath units multifamily listed at $389k.

Deal economics

• At list price, monthly cash flow is $735 ($9k/yr) — positive. Per door: $184/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $389k).
• Recommended offer: $383k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.6% 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 flat; 74 active listings in the ZIP; 2,836 units permitted in Jefferson County in 2024 (1,558 in 5+ unit buildings).
• At $4,139/mo this rent would consume 72% of the median local household income ($69k/yr) (locally 569% 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 $12k 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

• It's been on market 24 days — a 2% lower offer ($383k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 13y 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.
• Current owner paid $302k; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1926 — 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 $383,165 (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 1926 — 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: 1.06% ✓
• Cap rate: 8.56%
• Cash-on-cash: 8.10%
• DSCR: 1.36
• GRM: 7.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.75% rent growth · sell at horizon

5-year hold

• IRR: -6.4%
• Equity multiple: 0.77×
• Total profit: $-25,411
• Equity at exit: $58,001

10-year hold

• IRR: 0.3%
• Equity multiple: 1.02×
• Total profit: $2,085
• Equity at exit: $33,634

Cash invested: $108,920 (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 40217

• Rents YoY: 0.8%
• Active inventory: 74
• Price-to-rent: 31.3×

Monthly cashflow live

• Estimated rent: $4,139 high
• Mortgage (P&I): −$2,040
• Tax from tax record: −$333 /mo · $3,992/yr
• Insurance: −$162
• HOA: −$0
• Vacancy / Maint / Mgmt: −$869
• Net cashflow: $735

Break-even live

Break-even rent $3,208

Max offer price $389,000

Occupancy floor 77%

Sensitivity live

Price	-10% $955	-5% $845	+0% $735	+5% $625	+10% $515
Rent	-10% $408	-5% $572	+0% $735	+5% $899	+10% $1,062
Rate	-1.0pp $931	-0.5pp $834	base $735	+0.5pp $634	+1.0pp $532

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$4,140
Total (4 units)			$4,139

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: $97,250
• Closing costs: $11,670
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-07
   statusdays on market $389,000 Pending 24 DOM
2. 2026-06-03
   days on market $389,000 Active Under Contract 22 DOM
3. 2026-06-02
   days on market $389,000 Active Under Contract 21 DOM
4. 2026-06-01
   days on market $389,000 Active Under Contract 20 DOM
5. 2026-05-31
   days on market $389,000 Active Under Contract 19 DOM
6. 2026-05-21
   historical Active Under Contract
7. 2026-05-12
   listed $389,000 Active
8. 2019-08-16
   soldstatus $302,500
9. 2019-08-14
   soldstatus $302,500 Closed 558-char remark

   Show marketing remark (559 chars)

   Calling all Investors! Rare opportunity to own a completely renovated 4 unit apartment building with easy access to I 65 and UofL campus. Each unit has been completely updated with newer appliances, flooring, remodeled full baths and paint. The second floor units boast an additional balcony& first floor units equipped with covered porch to relax and take in the scenery of the tree lined residential street. Double lot convenient large off street parking area for all tenants and guests. This property is a rare find!, turn key investment. 75% occupied,

10. 2019-08-14
    soldstatus $302,500 Sold 559-char remark

    Show marketing remark (559 chars)

    Calling all Investors! Rare opportunity to own a completely renovated 4 unit apartment building with easy access to I 65 and UofL campus. Each unit has been completely updated with newer appliances, flooring, remodeled full baths and paint. The second floor units boast an additional balcony& first floor units equipped with covered porch to relax and take in the scenery of the tree lined residential street. Double lot convenient large off street parking area for all tenants and guests. This property is a rare find!, turn key investment. 75% occupied,

11. 2019-07-16
    status Pending 558-char remark

    Show marketing remark (558 chars)

    Calling all Investors! Rare opportunity to own a completely renovated 4 unit apartment building with easy access to I 65 and UofL campus. Each unit has been completely updated with newer appliances, flooring, remodeled full baths and paint. The second floor units boast an additional balcony. First floor units equipped with covered porch to relax and take in the scenery of the tree lined residential street. Double lot convenient large off street parking area for all tenants and guests. This property is a rare find!, turn key investment. 75% occupied,

12. 2019-06-30
    status Pending 559-char remark

    Show marketing remark (558 chars)

    Calling all Investors! Rare opportunity to own a completely renovated 4 unit apartment building with easy access to I 65 and UofL campus. Each unit has been completely updated with newer appliances, flooring, remodeled full baths and paint. The second floor units boast an additional balcony. First floor units equipped with covered porch to relax and take in the scenery of the tree lined residential street. Double lot convenient large off street parking area for all tenants and guests. This property is a rare find!, turn key investment. 75% occupied,

13. 2019-06-30
    historical Active Under Contract 558-char remark

    Show marketing remark (558 chars)

    Calling all Investors! Rare opportunity to own a completely renovated 4 unit apartment building with easy access to I 65 and UofL campus. Each unit has been completely updated with newer appliances, flooring, remodeled full baths and paint. The second floor units boast an additional balcony. First floor units equipped with covered porch to relax and take in the scenery of the tree lined residential street. Double lot convenient large off street parking area for all tenants and guests. This property is a rare find!, turn key investment. 75% occupied,

14. 2019-06-28
    listed $305,000 Active 558-char remark

    Show marketing remark (559 chars)

    Calling all Investors! Rare opportunity to own a completely renovated 4 unit apartment building with easy access to I 65 and UofL campus. Each unit has been completely updated with newer appliances, flooring, remodeled full baths and paint. The second floor units boast an additional balcony& first floor units equipped with covered porch to relax and take in the scenery of the tree lined residential street. Double lot convenient large off street parking area for all tenants and guests. This property is a rare find!, turn key investment. 75% occupied,

15. 2019-06-28
    listed $305,000 Active 559-char remark

    Show marketing remark (559 chars)

    Calling all Investors! Rare opportunity to own a completely renovated 4 unit apartment building with easy access to I 65 and UofL campus. Each unit has been completely updated with newer appliances, flooring, remodeled full baths and paint. The second floor units boast an additional balcony& first floor units equipped with covered porch to relax and take in the scenery of the tree lined residential street. Double lot convenient large off street parking area for all tenants and guests. This property is a rare find!, turn key investment. 75% occupied,

16. 2016-01-15
    soldstatus $222,500
17. 2016-01-14
    soldstatus $222,500 Closed
18. 2015-11-30
    status Pending
19. 2015-10-08
    listed $239,900 Active
20. 2013-09-06
    soldstatus $75,009
21. 2013-08-12
    listed $70,000

ⓘ 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: $3,992 · $333/mo
• Projected year-2 tax: $3,992 · $333/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 3/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $49,668
• − Mortgage interest: −$21,790
• − Property taxes: −$3,992
• − Insurance: −$1,945
• − Repairs & maintenance: −$3,973
• − Management: −$3,973
• − Depreciation: −$11,316
• Taxable income: $2,678
• Est. tax owed @ 24.0%: −$643
• After-tax cash flow: $8,179/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): 11,663
• Household income: $69,114
• Rent vs Own: 41.3% rent · 58.7% own
• Severe rent burden: 569.0

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 (82%)
• Race & ethnicity: White 82% Black 7% Two or more races 4% Hispanic / Latino 3% Asian 2%
• Common ancestry: Italian 3% Slovak 2% Serbian 2%
• Foreign-born: 5% · Canada
• Languages at home: 95% English-only · Spanish 3% Other Indo-European 1%

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: ▼ -183.03%
• Current HPI: 301.9034
• Rent YoY: ▲ 0.75%
• 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

+455.7% since first listed

16 events — show timeline

• 2026-05-21 Contingent — Metro Search MLS
• 2026-05-12 Listed $389,000 Metro Search MLS
• 2019-08-16 Sold (Public Records) $302,500 Public Records
• 2019-08-14 Sold (MLS) $302,500 ImagineMLS
• 2019-08-14 Sold (MLS) $302,500 Metro Search MLS
• 2019-07-16 Pending — Metro Search MLS
• 2019-06-30 Pending — ImagineMLS
• 2019-06-30 Contingent — Metro Search MLS
• 2019-06-28 Listed $305,000 ImagineMLS
• 2019-06-28 Listed $305,000 Metro Search MLS
• 2016-01-15 Sold (Public Records) $222,500 Public Records
• 2016-01-14 Sold (MLS) $222,500 Metro Search MLS
• 2015-11-30 Pending — Metro Search MLS
• 2015-10-08 Listed $239,900 Metro Search MLS
• 2013-09-06 Sold (MLS) $75,009 Metro Search MLS
• 2013-08-12 Listed $70,000 Metro Search MLS

Property tax history

+9.7%/yr

Latest (2025): $3,992 · -1.9% YoY. Source: county tax records.