2621 Virginia Ave · Louisville, KY 40211

$420,000

12 bd · 6.0 ba · 5,500 sqft · MultiFamily · 287 Days on market

Built 1915

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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 +27.6/30.0
• DSCR +9.7/10.0
• ARV discount +7.5/15.0
• 1% rule +6.7/10.0
• Rent growth +3.7/5.0
• 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 (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

Excellent investment opportunity in Louisville! This multi-family property features six spacious 2-bedroom, 1-bath units, each with separate meters for added convenience and reduced overhead. All units are currently rented, providing immediate income, while others are move-in ready—allowing an investor to quickly stabilize and maximize returns. Recent renovations throughout the building enhance the appeal for both tenants and long-term value. With strong rental demand in the area, this property offers huge income potential and is ideal for any serious investor looking to expand their portfolio. This a prime opportunity to secure a cash-flowing asset at an attractive price.

Key facts

• Strong rental demand
• Recent renovations
• Cash-flowing asset

Tags

• INVESTMENT OPPORTUNITY
• MULTI-FAMILY PROPERTY
• SEPARATE METERS
• RECENT RENOVATIONS
• STRONG RENTAL DEMAND
• CASH-FLOWING ASSET

Property features AI

Finance

• Financial info: Tenants are responsible for electric, gas, and water
• HOA & community: No association fee

Exterior

• Parking: No covered parking
• Utilities: Electricity connected; Natural gas available
• Home design: Multistory building with multiple units (total units per level: first 2, second 2, third 2); Approximately 110 years old
• Construction: Brick construction; Shingle roof; Building area approximately 5,500 total
• Exterior features: Sidewalk

Interior

• Kitchen: First level: 2 kitchens; Second level: 2 kitchens; Third level: 2 kitchens
• Bedrooms: 12 total bedrooms; First level: 4 bedrooms; Second level: 4 bedrooms; Third level: 4 bedrooms
• Bathrooms: First level: 2 full baths; Second level: 2 full baths; Third level: 2 full baths
• Heating & cooling: Natural gas heating (multiple furnaces)
• Interior features: Separate utility meters; Basement
• Laundry & utility: Tenant pays electric, gas, and water; 6 furnaces

What this means for you Summary

Snapshot

• This is a 4 × 3-bed/1.5-bath units multifamily listed at $420k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $313/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $420k).
• Recommended offer: $370k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.9% 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 (+4.9%/yr); 140 active listings in the ZIP; lower-income renter base — watch delinquency; 2,836 units permitted in Jefferson County in 2024 (1,558 in 5+ unit buildings).
• At $4,934/mo this rent would consume 186% of the median local household income ($32k/yr) (locally 1483% 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 $13k 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.
• At projected returns (-3.0% appreciation + 4.9% rent growth), your $118k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 287 days — a 12% lower offer ($370k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y ago; this cycle's ask has dropped $30k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $90k; list at $420k implies a 367% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1915 — 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 $369,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 287 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 1915 — 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: 1.17% ✓
• Cap rate: 9.87%
• Cash-on-cash: 12.78%
• DSCR: 1.57
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $170,500
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2615 Virginia Ave	0.01mi	12/6.0	5,940 (+8%)	24mo	$185,000	$31	66

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

Projected returns pro-forma

-3.0% appreciation · 4.87% rent growth · sell at horizon

5-year hold

• IRR: 4.5%
• Equity multiple: 1.18×
• Total profit: $21,092
• Equity at exit: $62,623

10-year hold

• IRR: 15.6%
• Equity multiple: 2.37×
• Total profit: $161,069
• Equity at exit: $36,314

Cash invested: $117,600 (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 40211

• Home prices YoY: -33.4%
• Rents YoY: 4.9%
• Active inventory: 140
• Price-to-rent: 28.4×

Monthly cashflow live

• Estimated rent: $4,934 high
• Mortgage (P&I): −$2,203
• Tax from tax record: −$268 /mo · $3,213/yr
• Insurance: −$175
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,036
• Net cashflow: $1,253

Break-even live

Break-even rent $3,348

Max offer price $420,000

Occupancy floor 70%

Sensitivity live

Price	-10% $1,490	-5% $1,371	+0% $1,253	+5% $1,134	+10% $1,015
Rent	-10% $863	-5% $1,058	+0% $1,253	+5% $1,447	+10% $1,642
Rate	-1.0pp $1,464	-0.5pp $1,359	base $1,253	+0.5pp $1,144	+1.0pp $1,033

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

Units	Beds	Baths	Est. rent
▸ 4× units	3	1.5	$4,932
Total (4 units)			$4,934

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: $105,000
• Closing costs: $12,600
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-18
   days on market $420,000 Active 287 DOM
2. 2026-06-17
   days on market $420,000 Active 286 DOM
3. 2026-06-16
   days on market $420,000 Active 285 DOM
4. 2026-06-15
   days on market $420,000 Active 284 DOM
5. 2026-06-13
   days on market $420,000 Active 282 DOM
6. 2026-06-10
   days on market $420,000 Active 279 DOM
7. 2026-06-09
   days on market $420,000 Active 278 DOM
8. 2026-06-08
   days on market $420,000 Active 277 DOM
9. 2026-06-07
   days on market $420,000 Active 276 DOM
10. 2026-06-03
    days on market $420,000 Active 272 DOM
11. 2026-06-02
    days on market $420,000 Active 271 DOM
12. 2026-06-01
    days on market $420,000 Active 270 DOM
13. 2026-05-31
    days on market $420,000 Active 269 DOM
14. 2026-02-03
    price $420,000
15. 2025-12-12
    price $432,180
16. 2025-10-04
    price $441,000
17. 2025-09-03
    listed $450,000 Active
18. 2021-01-15
    historical
19. 2020-09-09
    listed $240,000 Active
20. 2018-01-02
    soldstatus $90,000
21. 2017-10-05
    soldstatus $40,000
22. 2014-04-30
    soldstatus $220,000
23. 2008-01-16
    soldstatus $23,020

ⓘ 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: $3,213 · $268/mo
• Projected year-2 tax: $3,612 · $301/mo
• Expected delta: +$399/yr (+$33/mo · 12.4%)

ⓘ 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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $59,208
• − Mortgage interest: −$23,527
• − Property taxes: −$3,213
• − Insurance: −$2,100
• − Repairs & maintenance: −$4,737
• − Management: −$4,737
• − Depreciation: −$12,218
• Taxable income: $8,677
• Est. tax owed @ 24.0%: −$2,082
• After-tax cash flow: $12,949/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): 20,407
• Household income: $31,749
• Rent vs Own: 58.6% rent · 41.4% own
• Severe rent burden: 1483.0

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 (90%)
• Race & ethnicity: Black 90% White 5% Two or more races 4% Hispanic / Latino 1%
• Common ancestry: Italian 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: ▼ -88.22%
• Current HPI: 176.337
• Rent YoY: ▲ 4.87%
• 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

+1724.5% since first listed

10 events — show timeline

• 2026-02-03 Price Changed $420,000 Metro Search MLS
• 2025-12-12 Price Changed $432,180 Metro Search MLS
• 2025-10-04 Price Changed $441,000 Metro Search MLS
• 2025-09-03 Listed $450,000 Metro Search MLS
• 2021-01-15 Listing Removed — Metro Search MLS
• 2020-09-09 Listed $240,000 Metro Search MLS
• 2018-01-02 Sold (Public Records) $90,000 Public Records
• 2017-10-05 Sold (Public Records) $40,000 Public Records
• 2014-04-30 Sold (Public Records) $220,000 Public Records
• 2008-01-16 Sold (Public Records) $23,020 Public Records

Property tax history

+3.7%/yr

Latest (2025): $3,213 · -1.9% YoY. Source: county tax records.