1103 Logan St · Louisville, KY 40204

$350,000

9 bd · 9.0 ba · 1,751 sqft · MultiFamily · 153 Days on market

Built 1900 3,920 sqft lot

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Why this score? — see what drove the D+ 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 +19.0/30.0
• ARV discount +7.5/15.0
• DSCR +6.0/10.0
• Rent growth +3.9/5.0
• 1% rule +3.8/10.0
• 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 (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

**Zoned OR2** STR Eligible. This renovated triplex is steps from Logan Street market, in the burgeoning Shelby Park neighborhood. Commercial zoning allows for the property to be used as an Airbnb - there is currently one in place in Unit 1. Each unit is 1BR/1BA , with separate LGE meters. There is off street parking at the rear of the back yard. Long term tenant in Unit 2 is on a MTM lease. Long term tenant in Unit 3 is on a MTM lease as well. Most of the furniture and décor, including the washer/dryer in Unit 1 convey with the property

Key facts

• In-unit laundry
• Convenient location
• Off-street parking

Tags

• IN-UNIT LAUNDRY
• OFF-STREET PARKING
• CONVENIENT LOCATION

Property features AI

Finance

• Other: Located in the Shelby Park subdivision
• Financial info: First-level units: two units, each renting for $950; Second-level unit: one unit renting for $950; Owner pays items noted in remarks (see listing); Tenant-responsible utilities reduce owner operating costs
• HOA & community: No association fee

Exterior

• Parking: Three parking spaces (not covered)
• Utilities: Electricity connected; Natural gas service; Tenants pay gas, water, and sewer
• Home design: Triplex; Camelback architectural style; Approximately 2 stories (multi-level units)
• Construction: Built in 1900; Vinyl siding; Shingle roof; Approximately 1,751 total building area
• Exterior features: No notable exterior features listed; Sidewalk along the lot

Interior

• Kitchen: Second level includes a kitchen with range and refrigerator; Each first-level unit includes a kitchen with range and refrigerator
• Bedrooms: Total of 3 bedrooms; Second level has 1 bedroom; First level contains 2 bedrooms
• Bathrooms: Second level has 1 full bath; First level has 2 full baths
• Heating & cooling: Heating is provided by forced air and natural gas (electric available); Three furnaces; Central air plus wall/window units
• Interior features: Separate meters for units; Basement

What this means for you Summary

Snapshot

• This is a 3 × 1-bed/1.0-bath units multifamily listed at $350k.

Deal economics

• At list price, monthly cash flow is $366 ($4k/yr) — positive. Per door: $122/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $308k (11.9% below list).
• Recommended offer: $308k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.5% 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 fast (+5.8%/yr); 100 active listings in the ZIP; 2,836 units permitted in Jefferson County in 2024 (1,558 in 5+ unit buildings).
• At $3,082/mo this rent would consume 52% of the median local household income ($71k/yr) (locally 761% 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 $2k of loan paydown is wiped out by about $10k 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 153 days — a 12% lower offer ($308k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 4y 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 $308,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 153 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
10. 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.
11. 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.
12. 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: 0.88% ✗
• Cap rate: 7.55%
• Cash-on-cash: 4.48%
• DSCR: 1.20
• GRM: 9.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.76% rent growth · sell at horizon

5-year hold

• IRR: -6.7%
• Equity multiple: 0.75×
• Total profit: $-24,804
• Equity at exit: $52,186

10-year hold

• IRR: 5.7%
• Equity multiple: 1.47×
• Total profit: $45,893
• Equity at exit: $30,262

Cash invested: $98,000 (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 40204

• Rents YoY: 5.8%
• Active inventory: 100
• Price-to-rent: 28.4×

Monthly cashflow live

• Estimated rent: $3,082 high
• Mortgage (P&I): −$1,835
• Tax from tax record: −$88 /mo · $1,055/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$647
• Net cashflow: $366

Break-even live

Break-even rent $2,619

Max offer price $350,000

Occupancy floor 83%

Sensitivity live

Price	-10% $564	-5% $465	+0% $366	+5% $267	+10% $167
Rent	-10% $122	-5% $244	+0% $366	+5% $487	+10% $609
Rate	-1.0pp $542	-0.5pp $455	base $366	+0.5pp $275	+1.0pp $183

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$3,081
Total (3 units)			$3,082

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Listing history 30 events

1. 2026-06-18
   days on market $350,000 Active 153 DOM
2. 2026-06-17
   days on market $350,000 Active 152 DOM
3. 2026-06-16
   days on market $350,000 Active 151 DOM
4. 2026-06-15
   days on market $350,000 Active 150 DOM
5. 2026-06-13
   days on market $350,000 Active 148 DOM
6. 2026-06-10
   days on market $350,000 Active 145 DOM
7. 2026-06-09
   days on market $350,000 Active 144 DOM
8. 2026-06-08
   days on market $350,000 Active 143 DOM
9. 2026-06-07
   days on market $350,000 Active 142 DOM
10. 2026-06-03
    days on market $350,000 Active 138 DOM
11. 2026-06-02
    days on market $350,000 Active 137 DOM
12. 2026-06-01
    days on market $350,000 Active 136 DOM
13. 2026-05-31
    days on market $350,000 Active 135 DOM
14. 2026-02-18
    price $350,000
15. 2026-01-16
    listed $360,000 Active
16. 2024-05-26
    historical $925
17. 2024-04-27
    listed $925
18. 2023-09-15
    historical $825
19. 2023-08-17
    price $825
20. 2023-08-15
    listed $895
21. 2023-03-29
    soldstatus $328,000 Closed 551-char remark

    Show marketing remark (551 chars)

    **Zoned OR2** STR Eligible. This renovated triplex is steps from Logan Street market, in the burgeoning Shelby Park neighborhood. Commercial zoning allows for the property to be used as an Airbnb - there is currently one in place in Unit 1. Each unit is 1BR/1BA , with separate LGE meters. There is off street parking at the rear of the back yard. Long term tenant in Unit 2 is on a MTM lease. Long term tenant in Unit 3 is on a MTM lease as well. Most of the furniture and décor, including the washer/dryer in Unit 1 convey with the property

22. 2023-03-15
    status Pending 551-char remark

    Show marketing remark (551 chars)

    **Zoned OR2** STR Eligible. This renovated triplex is steps from Logan Street market, in the burgeoning Shelby Park neighborhood. Commercial zoning allows for the property to be used as an Airbnb - there is currently one in place in Unit 1. Each unit is 1BR/1BA , with separate LGE meters. There is off street parking at the rear of the back yard. Long term tenant in Unit 2 is on a MTM lease. Long term tenant in Unit 3 is on a MTM lease as well. Most of the furniture and décor, including the washer/dryer in Unit 1 convey with the property

23. 2023-03-12
    status Active 551-char remark

    Show marketing remark (551 chars)

    **Zoned OR2** STR Eligible. This renovated triplex is steps from Logan Street market, in the burgeoning Shelby Park neighborhood. Commercial zoning allows for the property to be used as an Airbnb - there is currently one in place in Unit 1. Each unit is 1BR/1BA , with separate LGE meters. There is off street parking at the rear of the back yard. Long term tenant in Unit 2 is on a MTM lease. Long term tenant in Unit 3 is on a MTM lease as well. Most of the furniture and décor, including the washer/dryer in Unit 1 convey with the property

24. 2023-03-12
    price $342,000 551-char remark

    Show marketing remark (551 chars)

    **Zoned OR2** STR Eligible. This renovated triplex is steps from Logan Street market, in the burgeoning Shelby Park neighborhood. Commercial zoning allows for the property to be used as an Airbnb - there is currently one in place in Unit 1. Each unit is 1BR/1BA , with separate LGE meters. There is off street parking at the rear of the back yard. Long term tenant in Unit 2 is on a MTM lease. Long term tenant in Unit 3 is on a MTM lease as well. Most of the furniture and décor, including the washer/dryer in Unit 1 convey with the property

25. 2023-02-19
    status Pending 551-char remark

    Show marketing remark (551 chars)

    **Zoned OR2** STR Eligible. This renovated triplex is steps from Logan Street market, in the burgeoning Shelby Park neighborhood. Commercial zoning allows for the property to be used as an Airbnb - there is currently one in place in Unit 1. Each unit is 1BR/1BA , with separate LGE meters. There is off street parking at the rear of the back yard. Long term tenant in Unit 2 is on a MTM lease. Long term tenant in Unit 3 is on a MTM lease as well. Most of the furniture and décor, including the washer/dryer in Unit 1 convey with the property

26. 2023-01-30
    price $344,000 551-char remark

    Show marketing remark (551 chars)

    **Zoned OR2** STR Eligible. This renovated triplex is steps from Logan Street market, in the burgeoning Shelby Park neighborhood. Commercial zoning allows for the property to be used as an Airbnb - there is currently one in place in Unit 1. Each unit is 1BR/1BA , with separate LGE meters. There is off street parking at the rear of the back yard. Long term tenant in Unit 2 is on a MTM lease. Long term tenant in Unit 3 is on a MTM lease as well. Most of the furniture and décor, including the washer/dryer in Unit 1 convey with the property

27. 2023-01-30
    listed $349,000 Active 551-char remark

    Show marketing remark (551 chars)

    **Zoned OR2** STR Eligible. This renovated triplex is steps from Logan Street market, in the burgeoning Shelby Park neighborhood. Commercial zoning allows for the property to be used as an Airbnb - there is currently one in place in Unit 1. Each unit is 1BR/1BA , with separate LGE meters. There is off street parking at the rear of the back yard. Long term tenant in Unit 2 is on a MTM lease. Long term tenant in Unit 3 is on a MTM lease as well. Most of the furniture and décor, including the washer/dryer in Unit 1 convey with the property

28. 2022-09-20
    soldstatus $285,000 Closed 632-char remark

    Show marketing remark (632 chars)

    This renovated triplex is steps from Logan Street market, in the burgeoning Shelby Park neighborhood. Commercial zoning allows for the property to be used as an Airbnb - there is currently one in place in Unit 1. Each unit is 1BR/1BA , with separate LGE meters. There is off street parking at the rear of the back yard. The tenant in Unit 1 operates an Airbnb (leased through October 2022) , the tenant in Unit 2 is on a MTM lease, and Unit 3 has been left vacant to allow for the new owner to create their own short-term rental space. Most of the furniture, including the washer/dryer un Unit 1 convey with the property.

29. 2022-08-11
    status Pending 632-char remark

    Show marketing remark (632 chars)

    This renovated triplex is steps from Logan Street market, in the burgeoning Shelby Park neighborhood. Commercial zoning allows for the property to be used as an Airbnb - there is currently one in place in Unit 1. Each unit is 1BR/1BA , with separate LGE meters. There is off street parking at the rear of the back yard. The tenant in Unit 1 operates an Airbnb (leased through October 2022) , the tenant in Unit 2 is on a MTM lease, and Unit 3 has been left vacant to allow for the new owner to create their own short-term rental space. Most of the furniture, including the washer/dryer un Unit 1 convey with the property.

30. 2022-07-31
    listed $295,000 Active 632-char remark

    Show marketing remark (632 chars)

    This renovated triplex is steps from Logan Street market, in the burgeoning Shelby Park neighborhood. Commercial zoning allows for the property to be used as an Airbnb - there is currently one in place in Unit 1. Each unit is 1BR/1BA , with separate LGE meters. There is off street parking at the rear of the back yard. The tenant in Unit 1 operates an Airbnb (leased through October 2022) , the tenant in Unit 2 is on a MTM lease, and Unit 3 has been left vacant to allow for the new owner to create their own short-term rental space. Most of the furniture, including the washer/dryer un Unit 1 convey with the property.

ⓘ 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: $1,055 · $88/mo
• Projected year-2 tax: $3,010 · $251/mo
• Expected delta: +$1,955/yr (+$163/mo · 185.3%)

ⓘ 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 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: $36,984
• − Mortgage interest: −$19,605
• − Property taxes: −$1,055
• − Insurance: −$1,750
• − Repairs & maintenance: −$2,959
• − Management: −$2,959
• − Depreciation: −$10,182
• Taxable loss: −$1,526
• Est. tax savings @ 24.0%: +$366
• After-tax cash flow: $4,753/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): 14,034
• Household income: $71,116
• Rent vs Own: 50.6% rent · 49.4% own
• Severe rent burden: 761.0

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 (84%)
• Race & ethnicity: White 84% Black 6% Two or more races 5% Hispanic / Latino 4% Asian 2%
• Common ancestry: Slovak 3% Serbian 3% Romanian 3%
• Foreign-born: 4% · Canada, South Korea, China
• Languages at home: 95% English-only · Spanish 2% Korean 1% Chinese 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: ▼ -475.25%
• Current HPI: 246.3191
• Rent YoY: ▲ 5.76%
• 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

+18.6% since first listed

17 events — show timeline

• 2026-02-18 Price Changed $350,000 Metro Search MLS
• 2026-01-16 Listed $360,000 Metro Search MLS
• 2024-05-26 Rental Removed $925 APPFOLIO
• 2024-04-27 Listed for Rent $925 APPFOLIO
• 2023-09-15 Rental Removed $825 APPFOLIO
• 2023-08-17 Price Changed $825 APPFOLIO
• 2023-08-15 Listed for Rent $895 APPFOLIO
• 2023-03-29 Sold (MLS) $328,000 Metro Search MLS
• 2023-03-15 Pending — Metro Search MLS
• 2023-03-12 Relisted — Metro Search MLS
• 2023-03-12 Price Changed $342,000 Metro Search MLS
• 2023-02-19 Pending — Metro Search MLS
• 2023-01-30 Listed $349,000 Metro Search MLS
• 2023-01-30 Price Changed $344,000 Metro Search MLS
• 2022-09-20 Sold (MLS) $285,000 Metro Search MLS
• 2022-08-11 Pending — Metro Search MLS
• 2022-07-31 Listed $295,000 Metro Search MLS

Property tax history

-0.1%/yr

Latest (2014): $1,055 · -0.1% YoY. Source: county tax records.