2518/2520 Rowan St · Louisville, KY 40212

$150,000

6 bd · 2.0 ba · 2,604 sqft · MultiFamily · 100 Days on market

Built 1900 4,517 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.2/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Brick duplex conveniently located to I-64, both units are approximately 1300 sq ft 2 bed 1 bath. Both units are currently rented. One unit updated within the last year.

Key facts

• Individual entrances
• Functional kitchens
• Updated flooring

Tags

• PRIVATE IN UNIT LAUNDRY ROOMS
• UPDATED FLOORING
• FUNCTIONAL KITCHENS
• DEDICATED LAUNDRY AREAS
• INDIVIDUAL ENTRANCES
• VERSATILE FLOOR PLANS

Property features AI

Finance

• Financial info: Tenants pay electric, gas, water and sewer
• HOA & community: No association fee

Exterior

• Parking: No covered parking
• Utilities: Electricity connected; Natural gas available
• Home design: Duplex (Camelback style)
• Construction: Wood frame construction; Shingle roof; Built in 1900
• Exterior features: No notable exterior features listed; Sidewalk along the lot

Interior

• Kitchen: Two kitchens (one per unit); Two ranges; Two refrigerators; No dishwasher on the first level
• Bedrooms: 6 total bedrooms (4 on first level, 2 on second level)
• Bathrooms: Two full bathrooms on the first level
• Heating & cooling: Two furnaces; Natural gas heating; Central air conditioning
• Interior features: Two separate meters (multi-unit); No basement
• Laundry & utility: Two laundry areas (one per unit)

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $150k.

Deal economics

• At list price, monthly cash flow is $968 ($12k/yr) — positive. Per door: $484/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $136k (9.0% below list) — sets the bar for market timing.
• Cap rate 14.0% 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; 141 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $16k of equity ($1k loan paydown + $15k 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 $42k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 100 days — a 9% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 27y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $60k; list at $150k implies a 150% gain — meaningful room to come down on a strong offer.

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 $136,500 (9.0% below list)

Questions for the listing agent

1. It's been on market 100 days. Have you received any prior offers? Is the seller open to a 9% 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. 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.
10. 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.
11. 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: 1.59% ✓
• Cap rate: 14.04%
• Cash-on-cash: 27.66%
• DSCR: 2.23
• GRM: 5.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 43.8%
• Equity multiple: 4.27×
• Total profit: $137,493
• Equity at exit: $135,132

10-year hold

• IRR: 37.0%
• Equity multiple: 9.23×
• Total profit: $345,680
• Equity at exit: $291,417

Cash invested: $42,000 (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: 141
• Price-to-rent: 10.5×

Monthly cashflow live

• Estimated rent: $2,380 high
• Mortgage (P&I): −$787
• Tax from tax record: −$63 /mo · $756/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$500
• Net cashflow: $968

Break-even live

Break-even rent $1,155

Max offer price $150,000

Occupancy floor 54%

Sensitivity live

Price	-10% $1,053	-5% $1,011	+0% $968	+5% $926	+10% $883
Rent	-10% $780	-5% $874	+0% $968	+5% $1,062	+10% $1,156
Rate	-1.0pp $1,044	-0.5pp $1,006	base $968	+0.5pp $929	+1.0pp $890

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,380
Total (2 units)			$2,380

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
858 S 23rd St Louisville, KY	5.0	1.0	2228	$2,100	$0.94	18d	1	1.18mi

Listing history 42 events

1. 2026-08-18
   listed $160,000 Active
2. 2026-06-21
   days on market $150,000 Active 100 DOM
3. 2026-06-18
   days on market $150,000 Active 97 DOM
4. 2026-06-17
   days on market $150,000 Active 96 DOM
5. 2026-06-16
   days on market $150,000 Active 95 DOM
6. 2026-06-15
   days on market $150,000 Active 94 DOM
7. 2026-06-13
   days on market $150,000 Active 92 DOM
8. 2026-06-10
   days on market $150,000 Active 89 DOM
9. 2026-06-09
   days on market $150,000 Active 88 DOM
10. 2026-06-08
    days on market $150,000 Active 87 DOM
11. 2026-06-07
    days on market $150,000 Active 86 DOM
12. 2026-06-03
    days on market $150,000 Active 82 DOM
13. 2026-06-02
    days on market $150,000 Active 81 DOM
14. 2026-06-01
    days on market $150,000 Active 80 DOM
15. 2026-05-31
    days on market $150,000 Active 79 DOM
16. 2026-04-07
    price $150,000
17. 2021-03-19
    soldstatus $60,000
18. 2021-03-15
    soldstatus $60,000 Closed 168-char remark

    Show marketing remark (168 chars)

    Brick duplex conveniently located to I-64, both units are approximately 1300 sq ft 2 bed 1 bath. Both units are currently rented. One unit updated within the last year.

19. 2021-01-26
    status Pending 168-char remark

    Show marketing remark (168 chars)

    Brick duplex conveniently located to I-64, both units are approximately 1300 sq ft 2 bed 1 bath. Both units are currently rented. One unit updated within the last year.

20. 2021-01-25
    status Active 168-char remark

    Show marketing remark (168 chars)

    Brick duplex conveniently located to I-64, both units are approximately 1300 sq ft 2 bed 1 bath. Both units are currently rented. One unit updated within the last year.

21. 2021-01-12
    status Pending 168-char remark

    Show marketing remark (168 chars)

    Brick duplex conveniently located to I-64, both units are approximately 1300 sq ft 2 bed 1 bath. Both units are currently rented. One unit updated within the last year.

22. 2021-01-12
    listed $70,000 Active 168-char remark

    Show marketing remark (168 chars)

    Brick duplex conveniently located to I-64, both units are approximately 1300 sq ft 2 bed 1 bath. Both units are currently rented. One unit updated within the last year.

23. 2020-05-16
    historical
24. 2020-04-10
    listed $67,000 Active
25. 2020-01-28
    soldstatus $47,000
26. 2020-01-24
    soldstatus $47,000 Closed
27. 2019-12-23
    status Pending
28. 2019-12-05
    listed $65,000 Active
29. 2013-01-07
    soldstatus $15,000
30. 2012-12-18
    soldstatus $15,000
31. 2012-10-08
    listed $25,000
32. 2010-07-07
    historical
33. 2010-01-07
    listed $39,900
34. 2009-12-31
    historical
35. 2009-05-28
    listed $39,900
36. 2009-04-20
    historical
37. 2009-03-16
    listed $70,600
38. 2003-08-04
    listed $29,900
39. 2000-11-29
    soldstatus $69,875
40. 2000-08-16
    listed $69,959
41. 1999-11-30
    soldstatus $49,000
42. 1999-08-20
    listed $52,500

ⓘ 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: $756 · $63/mo
• Projected year-2 tax: $1,290 · $108/mo
• Expected delta: +$534/yr (+$44/mo · 70.6%)

ⓘ 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: $28,560
• − Mortgage interest: −$8,402
• − Property taxes: −$756
• − Insurance: −$750
• − Repairs & maintenance: −$2,285
• − Management: −$2,285
• − Depreciation: −$4,364
• Taxable income: $9,718
• Est. tax owed @ 24.0%: −$2,332
• After-tax cash flow: $9,285/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

+204.8% since first listed

28 events — show timeline

• 2026-08-18 Listed $160,000 Metro Search MLS
• 2026-04-07 Price Changed $150,000 Metro Search MLS
• 2021-03-19 Sold (Public Records) $60,000 Public Records
• 2021-03-15 Sold (MLS) $60,000 Metro Search MLS
• 2021-01-26 Pending — Metro Search MLS
• 2021-01-25 Relisted — Metro Search MLS
• 2021-01-12 Pending — Metro Search MLS
• 2021-01-12 Listed $70,000 Metro Search MLS
• 2020-05-16 Listing Removed — Metro Search MLS
• 2020-04-10 Listed $67,000 Metro Search MLS
• 2020-01-28 Sold (Public Records) $47,000 Public Records
• 2020-01-24 Sold (MLS) $47,000 Metro Search MLS
• 2019-12-23 Pending — Metro Search MLS
• 2019-12-05 Listed $65,000 Metro Search MLS
• 2013-01-07 Sold (Public Records) $15,000 Public Records
• 2012-12-18 Sold (MLS) $15,000 Metro Search MLS
• 2012-10-08 Listed $25,000 Metro Search MLS
• 2010-07-07 Listing Removed — Metro Search MLS
• 2010-01-07 Listed $39,900 Metro Search MLS
• 2009-12-31 Listing Removed — Metro Search MLS
• 2009-05-28 Listed $39,900 Metro Search MLS
• 2009-04-20 Listing Removed — Metro Search MLS
• 2009-03-16 Listed $70,600 Metro Search MLS
• 2003-08-04 Listed $29,900 Metro Search MLS
• 2000-11-29 Sold (MLS) $69,875 Metro Search MLS
• 2000-08-16 Listed $69,959 Metro Search MLS
• 1999-11-30 Sold (MLS) $49,000 Metro Search MLS
• 1999-08-20 Listed $52,500 Metro Search MLS

Property tax history

+2.2%/yr

Latest (2025): $756 · -1.9% YoY. Source: county tax records.