401 N 28th St · Louisville, KY 40212

$125,000

2 bd · 1.5 ba · 1,004 sqft · SingleFamily · 225 Days on market

Built 1905 7,405 sqft lot

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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 +17.4/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +5.4/10.0
• 1% rule +3.4/10.0
• Livability +3.2/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0

Listing remarks MLS

Investors this house is ready to finish. The Demo is done, down to the studs, for you to unleash all the potential. This home could easily be made a 2-bedroom 1- bath home with a cellar. Buyer to verify all information including but not limited to square footage, lot size, utilities, foundations, environmental concerns, zoning and intended uses, etc. Property being sold as is/where is. This house is down to the studs and priced right. Come put the finishing touches on. Will consider owner financing.

Key facts

• Open-concept kitchen
• Private bonus room
• Convenient location

Tags

• REMODELED HOME
• OPEN-CONCEPT KITCHEN
• PRIVATE BONUS ROOM
• FULLY FENCED BACKYARD
• CONVENIENT LOCATION

Property features AI

Finance

• HOA & community: No association fee

Exterior

• Utilities: Electricity connected
• Home design: Single-family residence; One story
• Construction: Built in 1905; Vinyl siding with wood frame construction; Shingle roof; Crawl space and poured concrete foundation
• Exterior features: Sidewalk along the lot; Wood and chain-link fencing

Interior

• Kitchen: Kitchen located on the first floor; Dining area adjacent to the kitchen on the first floor
• Bedrooms: Two bedrooms total; Primary bedroom located on the first floor; Additional bedrooms located on the first floor
• Bathrooms: One full bathroom; One half bathroom; Primary bathroom located on the first floor; Full bathroom located on the first floor
• Interior features: Six total rooms; Four closets; Cellar with outside entry; Living room on the first floor; Dining area on the first floor; Primary bedroom on the first floor; Primary bathroom on the first floor; Full bathroom on the first floor; Half bathroom present; First-floor laundry
• Laundry & utility: Laundry located on the first floor; First-floor laundry

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $94 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $105k (15.9% below list).
• Recommended offer: $105k (15.9% below list) — sets the bar for 1% rule.
• Cap rate 7.2% 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; 140 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).

Forward outlook

• In year one you build about $13k of equity ($864 loan paydown + $12k appreciation (10.0% local appreciation)).
• Jefferson County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 0.5% rent growth), your $35k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 225 days — a 12% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y ago; this cycle's ask has dropped $25k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $25k; list at $125k implies a 400% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1905 — 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 $105,158 (15.9% below list)

Questions for the listing agent

1. It's been on market 225 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
2. Built in 1905 — 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: 0.84% ✗
• Cap rate: 7.19%
• Cash-on-cash: 3.22%
• DSCR: 1.14
• GRM: 9.9

CMA / ARV

• ARV (on-the-fly): $83,332
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2722 Slevin St	0.09mi	2/1.0	984 (-2%)	5mo	$65,000	$66	86
363 N 27th St	0.12mi	2/1.0	972 (-3%)	6mo	$36,500	$38	82
365 N 27th St	0.13mi	2/1.0	1,093 (+9%)	6mo	$95,000	$87	72
3304 Bank St	0.48mi	2/1.0	1,020 (+2%)	2mo	$131,000	$128	71
2511 Bank St	0.37mi	2/1.0	960 (-4%)	6mo	$10,000	$10	68
2618 Cornwall St	0.49mi	2/1.0	1,024 (+2%)	7mo	$85,000	$83	66
315 N 26th St	0.26mi	1/1.0 (-1)	878 (-12%)	7mo	$29,000	$33	54
2419 Montgomery St	0.53mi	3/1.0 (+1)	1,092 (+9%)	4mo	$92,000	$84	51
331 N 23rd St	0.51mi	2/1.0	855 (-15%)	4mo	$105,000	$123	46
428 N 20th St	0.72mi	2/1.0	894 (-11%)	7mo	$46,000	$51	41
2321 W Market St	0.65mi	3/1.0 (+1)	1,138 (+13%)	1mo	$110,000	$97	40
117 N 34th St	0.68mi	3/1.0 (+1)	1,130 (+12%)	4mo	$34,000	$30	37

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 0.51% rent growth · sell at horizon

5-year hold

• IRR: 25.8%
• Equity multiple: 3.04×
• Total profit: $71,424
• Equity at exit: $112,610

10-year hold

• IRR: 22.1%
• Equity multiple: 6.74×
• Total profit: $200,804
• Equity at exit: $242,848

Cash invested: $35,000 (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 40212

• Home prices YoY: 11.0%
• Rents YoY: 0.5%
• Active inventory: 140
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $1,052 high
• Mortgage (P&I): −$656
• Tax from tax record: −$29 /mo · $351/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$221
• Net cashflow: $94

Break-even live

Break-even rent $933

Max offer price $125,000

Occupancy floor 86%

Sensitivity live

Price	-10% $165	-5% $129	+0% $94	+5% $58	+10% $23
Rent	-10% $11	-5% $52	+0% $94	+5% $135	+10% $177
Rate	-1.0pp $157	-0.5pp $126	base $94	+0.5pp $61	+1.0pp $29

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
353 N 27th St Louisville, KY	2.0	1.0	1100	$1,100	$1.00	24d	1	0.11mi
2925 Slevin St Louisville, KY	2.0	1.0	896	$775	$0.86	4d	1	0.21mi
2433 Slevin St Unit 2433-2 Louisville, KY	3.0	1.0	800	$875	$1.09	4d	1	0.31mi
2539 Bank St Unit 1 Louisville, KY	1.0	1.0	900	$750	$0.83	24d	1	0.32mi
522 N 29th St Louisville, KY	3.0	1.0	1031	$1,300	$1.26	4d	1	0.34mi
451 N 25th St Unit Mk Louisville, KY	2.0	1.0	988	$875	$0.89	4d	1	0.35mi
322 N 24th St Louisville, KY	2.0	1.0	950	$1,100	$1.16	16d	1	0.38mi
2927 Rowan St Louisville, KY	3.0	1.0	1008	$1,205	$1.20	12d	1	0.39mi
212 N 25th St Louisville, KY	3.0	1.0	1104	$895	$0.81	24d	1	0.39mi
509 N 31st St Louisville, KY	2.0	1.0	800	$795	$0.99	24d	1	0.43mi
509 N 31st St Louisville, KY	2.0	1.0	800	$725	$0.91	16d	1	0.43mi
2529 W Main St #2 Louisville, KY	3.0	1.0	1404	$1,200	$0.85	24d	1	0.44mi
214 N 24th St Louisville, KY	3.0	1.5	1012	$915	$0.90	24d	1	0.44mi
3120 Bank St Unit B Louisville, KY	2.0	1.0	750	$795	$1.06	24d	1	0.45mi
2506 Montgomery St Louisville, KY	3.0	2.0	1081	$1,295	$1.20	4d	4	0.46mi
2906 Montgomery St Unit B Louisville, KY	3.0	1.0	1152	$1,060	$0.92	24d	1	0.49mi
331 N 23rd St Louisville, KY	2.0	1.0	855	$1,150	$1.35	17d	1	0.49mi
2508 W Main St Louisville, KY	3.0	1.0	1327	$1,500	$1.13	24d	1	0.49mi
652 N 29th St Louisville, KY	3.0	1.0	1127	$1,350	$1.20	17d	1	0.55mi
2614 W Jefferson St Unit 2614-4 Louisville, KY	2.0	1.0	740	$795	$1.07	24d	1	0.63mi
2132 Rowan St Louisville, KY	1.0–2.0	1.0–2.0	875	$928	$1.06	4d	4	0.65mi
2623 Cedar St Louisville, KY	3.0	1.0	1000	$1,000	$1.00	24d	1	0.70mi
409 N 20th St Louisville, KY	3.0	1.0	1200	$1,050	$0.88	4d	1	0.74mi
320 N 36th St Louisville, KY	3.0	1.0	830	$1,225	$1.48	16d	1	0.78mi
120 N 20th St Louisville, KY	3.0	1.5	1300	$1,400	$1.08	24d	1	0.79mi
430 S 24th St Louisville, KY	3.0	1.5	1288	$1,400	$1.09	24d	1	0.80mi
1919 Baird St Louisville, KY	3.0	1.0	1500	$1,100	$0.73	16d	1	0.80mi
219 N 37th St Louisville, KY	2.0	1.0	700	$1,150	$1.64	24d	1	0.82mi
2631 W Madison St Unit 2 Louisville, KY	2.0	1.0	928	$850	$0.92	24d	1	0.87mi
2631 W Madison St Unit 1 Louisville, KY	3.0	1.0	928	$950	$1.02	24d	1	0.87mi
2631 W Madison St Unit 2 Louisville, KY	2.0	1.0	928	$850	$0.92	17d	1	0.87mi
200 N 18th St Unit 200-4 Louisville, KY	2.0	1.0	740	$775	$1.05	21d	1	0.94mi
112 N 18th St Louisville, KY	2.0	1.0	944	$1,050	$1.11	24d	1	0.96mi
3901 Jewell Ave Louisville, KY	3.0	1.0	1069	$1,140	$1.07	21d	1	0.99mi
2221 W Madison St Louisville, KY	3.0	1.0	1000	$1,350	$1.35	24d	1	0.99mi
2221 W Madison St Louisville, KY	2.0	1.0	1000	$1,350	$1.35	22d	1	0.99mi
2300 W Madison St Louisville, KY	2.0	1.0	900	$850	$0.94	24d	1	0.99mi
500 N 17th St Apt 309 Louisville, KY	2.0	1.0	775	$1,200	$1.55	24d	1	0.99mi
500 N 17th St Unit 301 Louisville, KY	2.0	1.0	775	$1,200	$1.55	16d	1	0.99mi
500 N 17th St Unit 305 Louisville, KY	1.0	1.0	825	$1,100	$1.33	24d	1	0.99mi

Listing history 20 events

1. 2026-06-18
   days on market $125,000 Active 225 DOM
2. 2026-06-17
   days on market $125,000 Active 224 DOM
3. 2026-06-16
   days on market $125,000 Active 223 DOM
4. 2026-06-15
   days on market $125,000 Active 222 DOM
5. 2026-06-13
   days on market $125,000 Active 220 DOM
6. 2026-06-10
   days on market $125,000 Active 217 DOM
7. 2026-06-09
   days on market $125,000 Active 216 DOM
8. 2026-06-08
   days on market $125,000 Active 215 DOM
9. 2026-06-07
   days on market $125,000 Active 214 DOM
10. 2026-06-03
    days on market $125,000 Active 210 DOM
11. 2026-06-02
    days on market $125,000 Active 209 DOM
12. 2026-06-01
    days on market $125,000 Active 208 DOM
13. 2026-05-31
    days on market $125,000 Active 207 DOM
14. 2026-05-03
    price $125,000
15. 2026-03-27
    price $130,000
16. 2025-11-20
    price $145,000
17. 2025-11-05
    listed $150,000 Active
18. 2022-06-16
    soldstatus $25,000 Closed 507-char remark

    Show marketing remark (507 chars)

    Investors this house is ready to finish. The Demo is done, down to the studs, for you to unleash all the potential. This home could easily be made a 2-bedroom 1- bath home with a cellar. Buyer to verify all information including but not limited to square footage, lot size, utilities, foundations, environmental concerns, zoning and intended uses, etc. Property being sold as is/where is. This house is down to the studs and priced right. Come put the finishing touches on. Will consider owner financing.

19. 2022-06-01
    historical Active Under Contract 507-char remark

    Show marketing remark (507 chars)

    Investors this house is ready to finish. The Demo is done, down to the studs, for you to unleash all the potential. This home could easily be made a 2-bedroom 1- bath home with a cellar. Buyer to verify all information including but not limited to square footage, lot size, utilities, foundations, environmental concerns, zoning and intended uses, etc. Property being sold as is/where is. This house is down to the studs and priced right. Come put the finishing touches on. Will consider owner financing.

20. 2022-05-22
    listed $31,500 Active 507-char remark

    Show marketing remark (507 chars)

    Investors this house is ready to finish. The Demo is done, down to the studs, for you to unleash all the potential. This home could easily be made a 2-bedroom 1- bath home with a cellar. Buyer to verify all information including but not limited to square footage, lot size, utilities, foundations, environmental concerns, zoning and intended uses, etc. Property being sold as is/where is. This house is down to the studs and priced right. Come put the finishing touches on. Will consider owner financing.

ⓘ 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: $351 · $29/mo
• Projected year-2 tax: $1,075 · $90/mo
• Expected delta: +$724/yr (+$60/mo · 205.9%)

ⓘ 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: $12,619
• − Mortgage interest: −$7,002
• − Property taxes: −$351
• − Insurance: −$625
• − Repairs & maintenance: −$1,010
• − Management: −$1,010
• − Depreciation: −$3,636
• Taxable loss: −$1,015
• Est. tax savings @ 24.0%: +$244
• After-tax cash flow: $1,370/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): 14,661
• Household income: $35,753
• Rent vs Own: 51.3% rent · 48.7% own
• Severe rent burden: 1148.0

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: Majority Black (60%)
• Race & ethnicity: Black 60% White 37% Two or more races 2% Hispanic / Latino 1%
• Common ancestry: Slovak 1% Lithuanian 1% Iranian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 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: ▲ 29.02%
• Current HPI: 293.2624
• Rent YoY: ▲ 0.51%
• 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

+296.8% since first listed

7 events — show timeline

• 2026-05-03 Price Changed $125,000 Metro Search MLS
• 2026-03-27 Price Changed $130,000 Metro Search MLS
• 2025-11-20 Price Changed $145,000 Metro Search MLS
• 2025-11-05 Listed $150,000 Metro Search MLS
• 2022-06-16 Sold (MLS) $25,000 Metro Search MLS
• 2022-06-01 Contingent — Metro Search MLS
• 2022-05-22 Listed $31,500 Metro Search MLS

Property tax history

+0.5%/yr

Latest (2025): $351 · +9.5% YoY. Source: county tax records.