1826 W Lee St · Louisville, KY 40210

$69,999

2 bd · 1.5 ba · 921 sqft · SingleFamily · 94 Days on market

Built 1905 4,791 sqft lot Est $103k · 32% under ↓ 18% since listing

---

Why this score? — see what drove the A 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
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +9.5/10.0
• Rent growth +4.5/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0

Listing remarks

Looking for your next flip or buy and hold rental property? This is an Investor special! Property needs a new HVAC, but with a little bit of TLC this property could be rent ready in days, and you can convert it easily to a three bedroom and get top dollar rents.

Key facts

• 4,791 sq ft lot
• Built 1905
• Listed 93 days

Property features AI

Finance

• Other: Subdivision: LILLYS W MARKET ADD
• HOA & community: No association fee

Exterior

• Parking: No designated parking
• Utilities: No utilities listed
• Home design: Single-family residence; Bungalow style; 2 stories; Built in 1905
• Construction: Wood frame construction; Crawl space and concrete block foundation; Other roof type
• Exterior features: Fenced yard (other fencing type)

Interior

• Kitchen: Kitchen on the first floor
• Bedrooms: 2 bedrooms (1 on first floor, 1 on second floor); Primary bedroom on the first floor
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating; Cooling present
• Interior features: 7 total rooms; 6 closets; Unfinished basement
• Laundry & utility: No first-floor laundry

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $351 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Recommended offer: $64k (9.0% below list) — sets the bar for market timing.
• Cap rate 12.3% 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 (+8.1%/yr); 91 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 35% of the median local income ($35k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $7k of equity ($484 loan paydown + $7k 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 + 8.0% rent growth), your $20k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 94 days — a 9% lower offer ($64k) is reasonable based on typical stale-listing flexibility.

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 $63,699 (9.0% below list)

Questions for the listing agent

1. It's been on market 94 days. Have you received any prior offers? Is the seller open to a 9% 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: 1.45% ✓
• Cap rate: 12.32%
• Cash-on-cash: 21.52%
• DSCR: 1.96
• GRM: 5.7

CMA / ARV

• ARV (on-the-fly): $103,152
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2130 W Gaulbert Ave	0.15mi	2/1.0	982 (+7%)	3mo	$60,000	$61	77
2306 Standard Ave	0.39mi	2/1.0	900 (-2%)	4mo	$38,000	$42	72
1814 W Lee St	0.04mi	3/1.0 (+1)	816 (-11%)	8mo	$112,500	$138	66
2504 Standard Ave	0.45mi	2/1.0	963 (+5%)	7mo	$169,000	$175	63
2108 Bolling Ave	0.21mi	3/1.0 (+1)	1,011 (+10%)	7mo	$52,000	$51	61
2307 Woodland Ave	0.49mi	1/1.0 (-1)	940 (+2%)	7mo	$17,000	$18	61
1777 Bernheim Ln	0.38mi	2/1.0	841 (-9%)	7mo	$94,050	$112	60
1743 W Gaulbert Ave	0.30mi	2/1.0	1,058 (+15%)	9mo	$74,000	$70	52
2106 Ratcliffe Ave	0.55mi	3/1.0 (+1)	1,012 (+10%)	1mo	$159,900	$158	50
2519 Standard Ave	0.51mi	2/1.0	783 (-15%)	1mo	$87,000	$111	48
2304 Ratcliffe Ave	0.60mi	3/1.0 (+1)	1,015 (+10%)	3mo	$120,000	$118	46
1320 S 17th St	0.74mi	3/2.0 (+1)	1,003 (+9%)	3mo	$118,000	$118	41

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 43.0%
• Equity multiple: 4.36×
• Total profit: $65,872
• Equity at exit: $63,061

10-year hold

• IRR: 39.2%
• Equity multiple: 10.68×
• Total profit: $189,678
• Equity at exit: $135,993

Cash invested: $19,600 (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 40210

• Home prices YoY: 12.1%
• Rents YoY: 8.1%
• Active inventory: 91
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $1,016 high
• Mortgage (P&I): −$367
• Tax from tax record: −$55 /mo · $663/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$213
• Net cashflow: $351

Break-even live

Break-even rent $572

Max offer price $69,999

Occupancy floor 60%

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: $17,500
• Closing costs: $2,100
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1792 W Gaulbert Ave Louisville, KY	2.0	1.0	915	$950	$1.04	24d	1	0.18mi
1842 Bolling Ave Louisville, KY	1.0	1.0	900	$895	$0.99	15d	1	0.18mi
2400 Burwell Ave Louisville, KY	2.0	1.0	972	$895	$0.92	16d	1	0.24mi
1816 Gregg Ave Louisville, KY	2.0	2.0	773	$1,100	$1.42	16d	1	0.26mi
1768 W Hill St Louisville, KY	2.0	1.0	675	$925	$1.37	24d	1	0.27mi
1836 Algonquin Pkwy Unit 1 Louisville, KY	1.0	1.0	650	$650	$1.00	15d	1	0.29mi
1836 Algonquin Pkwy Unit 2 Louisville, KY	1.0	1.0	600	$650	$1.08	24d	1	0.29mi
1714 W Hill St Louisville, KY	3.0	1.0	1050	$1,045	$1.00	24d	1	0.41mi
1708 W Gaulbert Ave Louisville, KY	3.0	1.0	936	$975	$1.04	24d	1	0.41mi
2706 Wyandotte Ave Louisville, KY	2.0	1.0	756	$1,295	$1.71	3d	1	0.50mi
1333 S 22nd St Louisville, KY	2.0	1.0	744	$1,200	$1.61	24d	1	0.52mi
1710 Saint Louis Ave Louisville, KY	2.0	1.0	720	$1,000	$1.39	3d	1	0.54mi
1854 W Ormsby Ave Louisville, KY	2.0	2.0	1094	$800	$0.73	16d	1	0.60mi
1606 Algonquin Pkwy Unit 22 Louisville, KY	2.0	1.0	626	$750	$1.20	24d	1	0.62mi
1349 Olive St Unit 4 Louisville, KY	1.0	1.0	600	$725	$1.21	24d	1	0.63mi
1349 Olive St Unit 3 Louisville, KY	1.0	1.0	600	$695	$1.16	3d	1	0.63mi
1349 Olive St Unit 4 Louisville, KY	1.0	1.0	550	$650	$1.18	3d	1	0.63mi
1927 S 28th St Louisville, KY	2.0	1.0	700	$1,200	$1.71	24d	1	0.68mi
1339 S 28th St Unit 3 Louisville, KY	3.0	1.0	1125	$1,175	$1.04	20d	1	0.70mi
3004 Wyandotte Ave Louisville, KY	2.0	1.0	700	$1,200	$1.71	16d	1	0.71mi
1439 Beech St Apt 1 Louisville, KY	3.0	1.5	1000	$820	$0.82	24d	1	0.76mi
2614 Virginia Ave Louisville, KY	2.0	1.0	975	$925	$0.95	24d	1	0.76mi
1305 S 17th St Louisville, KY	2.0	1.0	750	$950	$1.27	24d	1	0.79mi
2807 Dumesnil St Unit 101 Louisville, KY	1.0	1.0	750	$950	$1.27	24d	1	0.81mi
1418 Beech St Unit 2 Louisville, KY	2.0	1.0	1000	$980	$0.98	21d	1	0.81mi
3005 Linwood Ave Louisville, KY	2.0	1.0	700	$1,025	$1.46	16d	1	0.82mi
3019 Penway Ave Louisville, KY	2.0	1.0	700	$960	$1.37	12d	1	0.84mi
2311 Plantation Dr Louisville, KY	3.0	1.0	988	$1,200	$1.21	16d	1	0.87mi
2913 Dumesnil St Apt 3 Louisville, KY	3.0	1.0	1112	$740	$0.67	10d	1	0.87mi
2706 Hale Ave Unit 2 Louisville, KY	2.0	1.0	900	$1,250	$1.39	24d	1	0.88mi
2706 Hale Ave Unit 1 Louisville, KY	3.0	1.0	1100	$1,400	$1.27	24d	1	0.88mi
1443 S 32nd St Unit 2 Louisville, KY	1.0	1.0	550	$780	$1.42	24d	1	0.89mi
1148 S 17th St Unit 2 Louisville, KY	3.0	1.0	1000	$895	$0.90	24d	1	0.93mi
1731 Sonne Ave Louisville, KY	3.0	1.0	1010	$1,300	$1.29	16d	1	0.94mi
1726 Sonne Ave Louisville, KY	2.0	1.0	820	$1,095	$1.34	16d	1	0.96mi
1616 Gallagher St Louisville, KY	3.0	1.5	1056	$1,400	$1.33	24d	1	1.01mi
4600 South St Unit PARKWAYE1 Louisville, KY	2.0	1.0	700	$749	$1.07	24d	1	1.01mi
1438 Lillian Ave Louisville, KY	2.0	1.0	777	$1,050	$1.35	17d	1	1.03mi
2708 Greenwood Ave Apt 1 Louisville, KY	3.0	1.0	1100	$1,300	$1.18	24d	1	1.06mi
2821 Greenwood Ave #1 Louisville, KY	3.0	1.0	1113	$1,300	$1.17	24d	1	1.15mi

Listing history 3 events

1. 2026-04-21
   price $69,999
2. 2026-04-01
   price $79,999
3. 2026-02-24
   listed $84,999 Active

ⓘ 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: $663 · $55/mo
• Projected year-2 tax: $663 · $55/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 ≥104°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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,196
• − Mortgage interest: −$3,921
• − Property taxes: −$663
• − Insurance: −$350
• − Repairs & maintenance: −$976
• − Management: −$976
• − Depreciation: −$2,036
• Taxable income: $3,274
• Est. tax owed @ 24.0%: −$786
• After-tax cash flow: $3,431/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): 13,518
• Household income: $35,347
• Rent vs Own: 56.0% rent · 44.0% own
• Severe rent burden: 815.0

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 Black (84%)
• Race & ethnicity: Black 84% White 8% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Iranian 1%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 3%

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: ▲ 28.45%
• Current HPI: 264.0146
• Rent YoY: ▲ 8.05%
• 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

-17.6% since first listed

3 events — show timeline

• 2026-04-21 Price Changed $69,999 Metro Search MLS
• 2026-04-01 Price Changed $79,999 Metro Search MLS
• 2026-02-24 Listed $84,999 Metro Search MLS

Property tax history

+5.7%/yr

Latest (2025): $663 · -1.9% YoY. Source: county tax records.