2618 S 5th St · Louisville, KY 40208

$215,000

4 bd · 2.0 ba · 1,710 sqft · MultiFamily · 65 Days on market

Built 1925 7,000 sqft lot Est $214k · at est.

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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 +23.2/30.0
• DSCR +7.5/10.0
• ARV discount +7.2/15.0
• 1% rule +5.3/10.0
• Rent growth +4.0/5.0
• 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 (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Opportunity knocks with this centrally located duplex at 2618 S 5th St! This vacant, move-in-ready property features two spacious 2-bedroom, 1-bathroom units—perfect for investors or savvy buyers looking to house hack. Each unit offers a functional layout and recent updates throughout. The property also includes a rare 2-car garage, providing added value and convenience. Situated close to downtown, UofL, and major highways, this location offers quick access to everything Louisville has to offer. Priced at just $220,000, this is a fantastic opportunity to build wealth through real estate.

Key facts

• Rare 2 car garage
• Two spacious units
• Recent updates

Tags

• CENTRALLY LOCATED DUPLEX
• MOVE IN READY
• TWO SPACIOUS UNITS
• FUNCTIONAL LAYOUT
• RECENT UPDATES
• RARE 2 CAR GARAGE

Property features AI

Finance

• Other: Subdivision: CHURCHILL
• Financial info: Separate meters (useful for multi-unit occupancy/tenant billing)
• HOA & community: No association fee

Exterior

• Parking: Covered parking; 2 parking spaces (2-car garage)
• Utilities: Natural gas; Owner pays water; Tenant pays cable, electric, and gas
• Home design: Duplex; Cape Cod architectural style; Shingle roof; Built in 1925; Approximately 1,710 total building area; Lot dimensions approximately 35 x 200
• Construction: Vinyl siding exterior; Shingle roof; Originally built in 1925
• Exterior features: Sidewalk

Interior

• Kitchen: Kitchen on the first level; Kitchen on the second level
• Bedrooms: 4 bedrooms total; 2 bedrooms on the first level; 2 bedrooms on the second level
• Bathrooms: 1 full bath on the first level; 1 full bath on the second level; No partial baths reported
• Heating & cooling: Forced air heating; Natural gas fuel; Radiant heating; Wall/window air conditioning units
• Interior features: Basement present; Separate meters; Additional storage available
• Laundry & utility: Two furnaces

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $215k.

Deal economics

• At list price, monthly cash flow is $390 ($5k/yr) — positive. Per door: $195/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $215k).
• Recommended offer: $202k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.5% 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 (+6.1%/yr); 77 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 17d 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).
• At $2,222/mo this rent would consume 67% of the median local household income ($40k/yr) (locally 1136% 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 $1k of loan paydown is wiped out by about $6k 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 + 6.1% rent growth), your $60k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($202k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 2y 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.
• Current owner paid $141k; list at $215k implies a 52% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — 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 $202,100 (6.0% below list)

Questions for the listing agent

1. It's been on market 65 days. Have you received any prior offers? Is the seller open to a 6% 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 1925 — 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: 1.03% ✓
• Cap rate: 8.47%
• Cash-on-cash: 7.77%
• DSCR: 1.35
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $213,750
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3006 S 3rd St	0.38mi	4/2.0	1,797 (+5%)	15mo	$200,000	$111	62
2806 S 4th St	0.18mi	3/3.0 (-1)	1,600 (-6%)	13mo	$199,900	$125	61

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 · 6.06% rent growth · sell at horizon

5-year hold

• IRR: -1.3%
• Equity multiple: 0.95×
• Total profit: $-2,993
• Equity at exit: $32,057

10-year hold

• IRR: 11.2%
• Equity multiple: 2.00×
• Total profit: $60,020
• Equity at exit: $18,589

Cash invested: $60,200 (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 40208

• Home prices YoY: -23.3%
• Rents YoY: 6.1%
• Active inventory: 77
• Price-to-rent: 16.1×

Monthly cashflow live

• Estimated rent: $2,222 high
• Mortgage (P&I): −$1,127
• Tax from tax record: −$148 /mo · $1,780/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$467
• Net cashflow: $390

Break-even live

Break-even rent $1,728

Max offer price $215,000

Occupancy floor 77%

Sensitivity live

Price	-10% $512	-5% $451	+0% $390	+5% $329	+10% $268
Rent	-10% $214	-5% $302	+0% $390	+5% $478	+10% $565
Rate	-1.0pp $498	-0.5pp $445	base $390	+0.5pp $334	+1.0pp $278

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,222
Total (2 units)			$2,222

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2718 S 5th St Louisville, KY	5.0	2.0	2196	$1,600	$0.73	12d	1	0.09mi
315 M St Unit 101 Louisville, KY	3.0	1.5	1200	$1,800	$1.50	12d	1	0.17mi
2718 S 3rd St Unit 2 Louisville, KY	4.0	2.0	2000	$2,800	$1.40	12d	1	0.17mi
2711 S 3rd St Unit 1 Louisville, KY	4.0	2.0	1800	$2,400	$1.33	12d	1	0.20mi
2501 S 4th St Louisville, KY	1.0–3.0	1.0–3.0	897	$6,345	$7.07	4d	1	0.22mi
510 Colorado Ave Louisville, KY	3.0	2.0	1500	$1,750	$1.17	24d	1	0.23mi
516 Colorado Ave Louisville, KY	3.0	2.0	2000	$1,800	$0.90	17d	1	0.23mi
1147 Lincoln Ave Louisville, KY	4.0	1.0	1323	$1,295	$0.98	3d	1	0.53mi
3102 Grant Ave Louisville, KY	4.0	2.0	1603	$1,595	$1.00	24d	1	0.63mi
2 Eutropia Ct Louisville, KY	3.0	2.0	1367	$1,950	$1.43	18d	1	0.80mi
1244 Algonquin Pkwy Louisville, KY	3.0	1.5	1136	$1,400	$1.23	24d	1	0.84mi
3860 Southern Pkwy Louisville, KY	3.0	1.0	1064	$1,250	$1.17	24d	1	0.88mi
310 W Kenton St Louisville, KY	3.0	2.0	1295	$1,350	$1.04	24d	1	0.90mi
2125 Crittenden Dr Louisville, KY	3.0	2.0	1450	$1,800	$1.24	18d	1	0.93mi
1501 Bellamy Pl Louisville, KY	2.0–4.0	2.0–4.0	1074	$2,676	$2.49	4d	1	0.95mi
1505 Homeview Dr Louisville, KY	5.0	2.0	1949	$1,850	$0.95	17d	1	0.95mi
4007 Southern Pkwy Unit 1 Louisville, KY	4.0	1.0	1500	$1,395	$0.93	4d	1	1.02mi
414 W Hill St Louisville, KY	3.0	1.5	1150	$1,500	$1.30	24d	1	1.04mi
551 Denmark St Louisville, KY	3.0	1.5	1160	$1,700	$1.47	24d	1	1.07mi
925 W Evelyn Ave Louisville, KY	3.0	1.5	1520	$1,650	$1.09	24d	1	1.12mi
2207 James Pirtle Ct Louisville, KY	1.0–3.0	1.0–2.0	883	$1,458	$1.65	4d	17	1.13mi
1445 S 2nd St Unit 3 Louisville, KY	3.0	1.0	1290	$1,500	$1.16	15d	1	1.19mi
523 Rawlings St Louisville, KY	3.0	1.0	1296	$1,495	$1.15	12d	1	1.21mi
4133 S 5th St Louisville, KY	4.0	1.0	1200	$1,435	$1.20	17d	1	1.30mi
910 W Whitney Ave Louisville, KY	3.0	1.0	1186	$1,450	$1.22	3d	1	1.31mi
910 W Whitney Ave Louisville, KY	3.0	1.0	1186	$1,450	$1.22	12d	1	1.31mi
1382 S 1st St Unit 1382-10 Carriage House Louisville, KY	3.0	2.0	1500	$1,900	$1.27	4d	1	1.37mi
1522 Clara Ave Louisville, KY	3.0	2.0	1150	$1,150	$1.00	24d	1	1.42mi
825 Parkway Dr Louisville, KY	3.0	2.0	1526	$1,600	$1.05	17d	1	1.43mi

Listing history 30 events

1. 2026-06-18
   status $215,000 Pending 65 DOM
2. 2026-06-18
   days on market $215,000 Active Under Contract 65 DOM
3. 2026-06-17
   days on market $215,000 Active Under Contract 64 DOM
4. 2026-06-16
   days on market $215,000 Active Under Contract 63 DOM
5. 2026-06-15
   days on market $215,000 Active Under Contract 62 DOM
6. 2026-06-13
   days on market $215,000 Active Under Contract 60 DOM
7. 2026-06-10
   days on market $215,000 Active Under Contract 57 DOM
8. 2026-06-09
   days on market $215,000 Active Under Contract 56 DOM
9. 2026-06-08
   days on market $215,000 Active Under Contract 55 DOM
10. 2026-06-07
    days on market $215,000 Active Under Contract 54 DOM
11. 2026-06-03
    days on market $215,000 Active Under Contract 50 DOM
12. 2026-06-02
    days on market $215,000 Active Under Contract 49 DOM
13. 2026-06-01
    days on market $215,000 Active Under Contract 48 DOM
14. 2026-05-31
    statusdays on market $215,000 Active Under Contract 47 DOM
15. 2026-05-19
    price $215,000
16. 2026-04-14
    listed $220,000 Active
17. 2026-02-28
    historical
18. 2026-02-19
    listed $209,900 Active
19. 2026-02-04
    price $209,900
20. 2025-12-31
    historical
21. 2025-10-25
    historical Active Under Contract
22. 2025-09-08
    listed $220,000 Active
23. 2025-07-07
    price $220,000
24. 2024-11-21
    historical
25. 2024-09-25
    price $235,000
26. 2024-08-23
    listed $240,000 Active
27. 2024-03-26
    status Pending
28. 2024-03-26
    soldstatus $141,300 Closed
29. 2024-02-09
    historical Active Under Contract
30. 2024-02-08
    listed $145,000 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: $1,780 · $148/mo
• Projected year-2 tax: $1,849 · $154/mo
• Expected delta: +$69/yr (+$6/mo · 3.9%)

ⓘ 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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,664
• − Mortgage interest: −$12,043
• − Property taxes: −$1,780
• − Insurance: −$1,075
• − Repairs & maintenance: −$2,133
• − Management: −$2,133
• − Depreciation: −$6,255
• Taxable income: $1,244
• Est. tax owed @ 24.0%: −$299
• After-tax cash flow: $4,381/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): 15,605
• Household income: $39,560
• Rent vs Own: 73.8% rent · 26.2% own
• Severe rent burden: 1136.0

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: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 62% Black 22% Two or more races 9% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 3% Lithuanian 2% Slovak 2%
• Foreign-born: 5% · Canada, China, South Korea
• Languages at home: 90% English-only · Spanish 3% French/Haitian/Cajun 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: ▼ -72.97%
• Current HPI: 240.6261
• Rent YoY: ▲ 6.06%
• 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

+48.3% since first listed

16 events — show timeline

• 2026-05-19 Price Changed $215,000 Metro Search MLS
• 2026-04-14 Listed $220,000 Metro Search MLS
• 2026-02-28 Listing Removed — Metro Search MLS
• 2026-02-19 Listed $209,900 Metro Search MLS
• 2026-02-04 Price Changed $209,900 Metro Search MLS
• 2025-12-31 Listing Removed — Metro Search MLS
• 2025-10-25 Contingent — Metro Search MLS
• 2025-09-08 Listed $220,000 Metro Search MLS
• 2025-07-07 Price Changed $220,000 Metro Search MLS
• 2024-11-21 Listing Removed — Metro Search MLS
• 2024-09-25 Price Changed $235,000 Metro Search MLS
• 2024-08-23 Listed $240,000 Metro Search MLS
• 2024-03-26 Pending — Metro Search MLS
• 2024-03-26 Sold (MLS) $141,300 Metro Search MLS
• 2024-02-09 Contingent — Metro Search MLS
• 2024-02-08 Listed $145,000 Metro Search MLS

Property tax history

+5.8%/yr

Latest (2025): $1,780 · +84.9% YoY. Source: county tax records.