1222 S Brook St · Louisville, KY 40203

$249,900

5 bd · None ba · 3,432 sqft · MultiFamily · 122 Days on market

Built 1900 7,013 sqft lot Est $398k · 37% under

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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 +21.1/30.0
• ARV discount +15.0/15.0
• DSCR +6.7/10.0
• 1% rule +5.0/10.0
• Rent growth +3.4/5.0
• 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: 1 unit. 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 MLS

1222 S Brook St is the kind of place that gets your wheels turning the moment you walk up—an open-ended project sitting on a well-traveled, character-filled block where reinvention feels right at home. Whether you're dreaming of restoring it back to a multifamily setup or reimagining it as a one-of-a-kind single residence, this property is a true blank canvas with flexibility baked in. Surrounded by the rhythm of an established neighborhood and the energy that comes with it, this is an ideal opportunity for an investor or owner-occupant ready to create something fresh, smart, and entirely their own. Bring your vision—this one's ready to meet it.

Key facts

• Historic gem
• Historic charm
• Flexible potential

Tags

• HISTORIC GEM
• FLEXIBLE POTENTIAL
• ONE OF A KIND RESIDENCE
• HISTORIC CHARM

Property features AI

Finance

• HOA & community: No association fee

Exterior

• Utilities: Natural gas
• Home design: Traditional-style single family residence; Three stories; Located in the Old Louisville neighborhood
• Construction: Brick construction; Built in 1900; Other roof type; Below-grade unfinished area present
• Exterior features: Balcony; See remarks for additional exterior details

Interior

• Kitchen: Kitchen(s) present on first and other floors
• Bedrooms: Five bedrooms (two on first floor, two on second floor, one on upper/third floor)
• Bathrooms: No full or half bathrooms listed
• Heating & cooling: Forced air heating; Natural gas fuel
• Interior features: Unfinished basement; Multiple living and family rooms across floors; Total of 14 rooms
• Laundry & utility: No first-floor laundry

What this means for you Summary

Snapshot

• This is a 5-bed/?-bath multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $356 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $249k (0.3% below list).
• Recommended offer: $220k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.0% 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 rising (+3.7%/yr); 114 active listings in the ZIP; 2 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).
• At $2,493/mo this rent would consume 97% of the median local household income ($31k/yr) (locally 1603% 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 $7k 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 122 days — a 12% lower offer ($220k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 26y 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 $53k; list at $250k implies a 372% 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 $219,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 122 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — 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 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: 1.00% ✗
• Cap rate: 8.00%
• Cash-on-cash: 6.11%
• DSCR: 1.27
• GRM: 8.4

CMA / ARV

• ARV (on-the-fly): $398,112
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
103 W Kentucky St	0.36mi	5/4.0	3,432 (0%)	10mo	$310,000	$90	75
1219 S 2nd St	0.15mi	4/7.0 (-1)	3,568 (+4%)	18mo	$300,000	$84	67
1436 S 4th St	0.58mi	5/3.5	3,536 (+3%)	4mo	$400,000	$113	65
528 E Oak St	0.44mi	5/3.0	3,358 (-2%)	14mo	$390,000	$116	64
1420 S Brook St	0.40mi	5/2.5	3,500 (+2%)	23mo	$410,000	$117	59
947 S Brook St	0.40mi	6/5.0 (+1)	3,562 (+4%)	21mo	$340,000	$95	52
1612 S 2nd St	0.72mi	5/3.0	3,000 (-13%)	1mo	$378,000	$126	45
1235 Garvin Pl	0.43mi	4/3.0 (-1)	3,111 (-9%)	22mo	$337,000	$108	41
1457 S 1st St	0.50mi	6/2.0 (+1)	2,991 (-13%)	11mo	$322,000	$108	41
1472 S 2nd St	0.57mi	5/4.0	3,811 (+11%)	21mo	$447,000	$117	38
601 E Burnett Ave Unit A & B	0.64mi	6/5.0 (+1)	2,962 (-14%)	16mo	$485,000	$164	29
605 E Burnett Ave Unit A & B	0.65mi	6/5.0 (+1)	2,962 (-14%)	22mo	$520,000	$176	24

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 · 3.73% rent growth · sell at horizon

5-year hold

• IRR: -6.1%
• Equity multiple: 0.77×
• Total profit: $-15,983
• Equity at exit: $37,261

10-year hold

• IRR: 4.3%
• Equity multiple: 1.33×
• Total profit: $22,860
• Equity at exit: $21,607

Cash invested: $69,972 (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 40203

• Home prices YoY: -13.8%
• Rents YoY: 3.7%
• Active inventory: 114
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $2,493 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$198 /mo · $2,378/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$523
• Net cashflow: $356

Break-even live

Break-even rent $2,042

Max offer price $249,900

Occupancy floor 81%

Sensitivity live

Price	-10% $498	-5% $427	+0% $356	+5% $286	+10% $215
Rent	-10% $159	-5% $258	+0% $356	+5% $455	+10% $553
Rate	-1.0pp $482	-0.5pp $420	base $356	+0.5pp $292	+1.0pp $226

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1375 S 1st St Louisville, KY	4.0	3.0	2470	$2,400	$0.97	24d	1	0.29mi
1451 S 2nd St Louisville, KY	4.0	3.5	3983	$4,200	$1.05	24d	1	0.48mi

Listing history 28 events

1. 2026-06-18
   days on market $249,900 Active 122 DOM
2. 2026-06-17
   days on market $249,900 Active 121 DOM
3. 2026-06-16
   days on market $249,900 Active 120 DOM
4. 2026-06-15
   days on market $249,900 Active 119 DOM
5. 2026-06-13
   days on market $249,900 Active 117 DOM
6. 2026-06-10
   days on market $249,900 Active 114 DOM
7. 2026-06-09
   days on market $249,900 Active 113 DOM
8. 2026-06-08
   days on market $249,900 Active 112 DOM
9. 2026-06-07
   days on market $249,900 Active 111 DOM
10. 2026-06-03
    days on market $249,900 Active 107 DOM
11. 2026-06-02
    days on market $249,900 Active 106 DOM
12. 2026-06-01
    days on market $249,900 Active 105 DOM
13. 2026-05-31
    days on market $249,900 Active 104 DOM
14. 2026-03-23
    status Active 665-char remark

    Show marketing remark (665 chars)

    1222 S Brook St is the kind of place that gets your wheels turning the moment you walk up—an open-ended project sitting on a well-traveled, character-filled block where reinvention feels right at home. Whether you're dreaming of restoring it back to a multifamily setup or reimagining it as a one-of-a-kind single residence, this property is a true blank canvas with flexibility baked in. Surrounded by the rhythm of an established neighborhood and the energy that comes with it, this is an ideal opportunity for an investor or owner-occupant ready to create something fresh, smart, and entirely their own. Bring your vision—this one's ready to meet it.

15. 2026-03-23
    status Active

    Show marketing remark (665 chars)

    1222 S Brook St is the kind of place that gets your wheels turning the moment you walk up—an open-ended project sitting on a well-traveled, character-filled block where reinvention feels right at home. Whether you're dreaming of restoring it back to a multifamily setup or reimagining it as a one-of-a-kind single residence, this property is a true blank canvas with flexibility baked in. Surrounded by the rhythm of an established neighborhood and the energy that comes with it, this is an ideal opportunity for an investor or owner-occupant ready to create something fresh, smart, and entirely their own. Bring your vision—this one's ready to meet it.

16. 2026-03-13
    historical Active Under Contract

    Show marketing remark (665 chars)

    1222 S Brook St is the kind of place that gets your wheels turning the moment you walk up—an open-ended project sitting on a well-traveled, character-filled block where reinvention feels right at home. Whether you're dreaming of restoring it back to a multifamily setup or reimagining it as a one-of-a-kind single residence, this property is a true blank canvas with flexibility baked in. Surrounded by the rhythm of an established neighborhood and the energy that comes with it, this is an ideal opportunity for an investor or owner-occupant ready to create something fresh, smart, and entirely their own. Bring your vision—this one's ready to meet it.

17. 2026-03-13
    historical Active Under Contract 665-char remark

    Show marketing remark (665 chars)

    1222 S Brook St is the kind of place that gets your wheels turning the moment you walk up—an open-ended project sitting on a well-traveled, character-filled block where reinvention feels right at home. Whether you're dreaming of restoring it back to a multifamily setup or reimagining it as a one-of-a-kind single residence, this property is a true blank canvas with flexibility baked in. Surrounded by the rhythm of an established neighborhood and the energy that comes with it, this is an ideal opportunity for an investor or owner-occupant ready to create something fresh, smart, and entirely their own. Bring your vision—this one's ready to meet it.

18. 2026-02-16
    listed $249,900 Active
19. 2026-02-10
    listed $249,900 Active 665-char remark

    Show marketing remark (665 chars)

    1222 S Brook St is the kind of place that gets your wheels turning the moment you walk up—an open-ended project sitting on a well-traveled, character-filled block where reinvention feels right at home. Whether you're dreaming of restoring it back to a multifamily setup or reimagining it as a one-of-a-kind single residence, this property is a true blank canvas with flexibility baked in. Surrounded by the rhythm of an established neighborhood and the energy that comes with it, this is an ideal opportunity for an investor or owner-occupant ready to create something fresh, smart, and entirely their own. Bring your vision—this one's ready to meet it.

20. 2003-12-01
    soldstatus $53,000
21. 2003-11-24
    soldstatus $53,000 284-char remark

    Show marketing remark (284 chars)

    Bank Owned... Sold in ''AS-IS'' Condition only. May take upto 5 days for offers. Has cellar that is boarded. No disclosures. Good faith deposit 3% of offer or $1000.00 witch ever is greater. Buyer to satisfy them selves on SQFT, and condition of property. Will make a great invesment.

22. 2003-10-16
    listed $61,000 284-char remark

    Show marketing remark (284 chars)

    Bank Owned... Sold in ''AS-IS'' Condition only. May take upto 5 days for offers. Has cellar that is boarded. No disclosures. Good faith deposit 3% of offer or $1000.00 witch ever is greater. Buyer to satisfy them selves on SQFT, and condition of property. Will make a great invesment.

23. 2003-10-10
    historical
24. 2003-07-20
    listed $79,900
25. 2002-02-09
    historical
26. 2001-10-11
    historical
27. 2001-10-09
    listed $139,222
28. 2000-06-13
    listed $149,000

ⓘ 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: $2,378 · $198/mo
• Projected year-2 tax: $2,378 · $198/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: $29,912
• − Mortgage interest: −$13,998
• − Property taxes: −$2,378
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,393
• − Management: −$2,393
• − Depreciation: −$7,270
• Taxable income: $230
• Est. tax owed @ 24.0%: −$55
• After-tax cash flow: $4,222/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): 17,742
• Household income: $30,794
• Rent vs Own: 75.1% rent · 24.9% own
• Severe rent burden: 1603.0

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: Black 49% White 44% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Slovak 2% Lithuanian 2% Romanian 1%
• Foreign-born: 3% · Canada
• Languages at home: 97% English-only · Spanish 2%

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: ▼ -64.74%
• Current HPI: 405.1872
• Rent YoY: ▲ 3.73%
• 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

+67.7% since first listed

15 events — show timeline

• 2026-03-23 Relisted — Metro Search MLS
• 2026-03-23 Relisted — Metro Search MLS
• 2026-03-13 Contingent — Metro Search MLS
• 2026-03-13 Contingent — Metro Search MLS
• 2026-02-16 Listed $249,900 Metro Search MLS
• 2026-02-10 Listed $249,900 Metro Search MLS
• 2003-12-01 Sold (Public Records) $53,000 Public Records
• 2003-11-24 Sold (MLS) $53,000 Metro Search MLS
• 2003-10-16 Listed $61,000 Metro Search MLS
• 2003-10-10 Listing Removed — Metro Search MLS
• 2003-07-20 Listed $79,900 Metro Search MLS
• 2002-02-09 Listing Removed — Metro Search MLS
• 2001-10-11 Listing Removed — Metro Search MLS
• 2001-10-09 Listed $139,222 Metro Search MLS
• 2000-06-13 Listed $149,000 Metro Search MLS

Property tax history

+5.1%/yr

Latest (2025): $2,378 · -1.9% YoY. Source: county tax records.