1720 Gallagher St · Louisville, KY 40210

$176,000

2 bd · 2.0 ba · 2,304 sqft · Other · 70 Days on market

Built 1999

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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 +13.2/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.5/5.0
• DSCR +4.0/10.0
• 1% rule +3.5/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0

Listing remarks MLS

This is actually two separate 2 story single family homes that are on one lot and share one common water meter. They are 3 bedroom 1 and 1/2 bath houses with central air and heat and are very energy efficient. Only 16 years old. They could use some sprucing up, but can either make an affordable home with a great extra source of income, or use as an investment rental property. Lots of options for this one. Property is now rented at quite a bit below the market rate. There is a KHC Deed Restriction that will remain on the property for another 14 years if sold to an investor. Contact the Selling Agent for details.

Key facts

• Built 1999
• Listed 70 days

Property features AI

Finance

• HOA & community: No association fee

Exterior

• Parking: No covered parking
• Utilities: Separate meters for units; No utilities specifically listed
• Home design: Duplex; Other architectural style; Shingle roof; Built in 1999; Located in the Spalding subdivision
• Construction: Vinyl siding construction; 2304 total building area / living area
• Exterior features: No notable exterior features listed

Interior

• Bedrooms: 2 total bedrooms; 1 bedroom on the first level; 1 bedroom on the second level
• Bathrooms: 2 full bathrooms (1 on each level)
• Heating & cooling: 2 furnaces
• Interior features: No basement

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath other listed at $176k.

Deal economics

• At list price, monthly cash flow is $-5 ($-55/yr) — negative.
• To cash-flow at today's rent, offer at most $175k (0.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $149k (15.4% below list).
• Recommended offer: $149k (15.4% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 5.0% in Louisville — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $1,489/mo this rent would consume 51% of the median local household income ($35k/yr) (locally 815% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $19k of equity ($1k loan paydown + $18k 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 $49k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 70 days — a 6% lower offer ($165k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 11y 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.

Recommended offer $148,897 (15.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 70 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
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: 0.85% ✗
• Cap rate: 6.26%
• Cash-on-cash: -0.11%
• DSCR: 1.00
• GRM: 9.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 25.9%
• Equity multiple: 3.10×
• Total profit: $103,431
• Equity at exit: $158,555

10-year hold

• IRR: 24.1%
• Equity multiple: 7.58×
• Total profit: $324,313
• Equity at exit: $341,929

Cash invested: $49,280 (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: 9.9×

Monthly cashflow live

• Estimated rent: $1,489 high
• Mortgage (P&I): −$923
• Tax from tax record: −$185 /mo · $2,215/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$313
• Net cashflow: $-5

Break-even live

Break-even rent $1,495

Max offer price $175,188

Occupancy floor 95%

Sensitivity live

Price	-10% $95	-5% $45	+0% $-5	+5% $-54	+10% $-104
Rent	-10% $-122	-5% $-63	+0% $-5	+5% $54	+10% $113
Rate	-1.0pp $84	-0.5pp $40	base $-5	+0.5pp $-50	+1.0pp $-97

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: $44,000
• Closing costs: $5,280
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1774 Bolling Ave Louisville, KY	3.0	2.0	1611	$1,300	$0.81	11d	1	0.71mi
1618 S 30th St Louisville, KY	3.0	1.0	1896	$1,235	$0.65	16d	1	1.36mi
1115 S 4th St Unit 300 Louisville, KY	3.0	1.0	3200	$1,975	$0.62	24d	1	1.39mi
1100 S 3rd St Louisville, KY	3.0	2.0	2832	$2,500	$0.88	24d	1	1.44mi
1300 S 3rd St Unit LOFT Louisville, KY	2.0	1.5	2150	$1,580	$0.73	24d	1	1.46mi
1300 S 3rd St #3 Louisville, KY	2.0	1.0	1580	$1,325	$0.84	24d	1	1.46mi

Listing history 25 events

1. 2026-06-18
   days on market $176,000 Active 70 DOM
2. 2026-06-17
   days on market $176,000 Active 69 DOM
3. 2026-06-16
   days on market $176,000 Active 68 DOM
4. 2026-06-15
   days on market $176,000 Active 67 DOM
5. 2026-06-13
   days on market $176,000 Active 65 DOM
6. 2026-06-10
   days on market $176,000 Active 62 DOM
7. 2026-06-09
   days on market $176,000 Active 61 DOM
8. 2026-06-08
   days on market $176,000 Active 60 DOM
9. 2026-06-07
   days on market $176,000 Active 59 DOM
10. 2026-06-03
    days on market $176,000 Active 55 DOM
11. 2026-06-02
    days on market $176,000 Active 54 DOM
12. 2026-06-01
    days on market $176,000 Active 53 DOM
13. 2026-05-31
    days on market $176,000 Active 52 DOM
14. 2026-04-09
    listed $176,000 Active
15. 2026-02-28
    historical
16. 2025-10-27
    price $176,000
17. 2025-10-02
    price $179,900
18. 2025-09-12
    price $189,900
19. 2025-08-21
    price $199,900
20. 2025-07-21
    listed $210,000 Active
21. 2022-01-07
    soldstatus $1,721,390
22. 2018-03-30
    soldstatus $802,000
23. 2016-07-21
    soldstatus $25,000 Closed 633-char remark

    Show marketing remark (633 chars)

    This is actually two separate 2 story single family homes that are on one lot and share one common water meter. They are 3 bedroom 1 and 1/2 bath houses with central air and heat and are very energy efficient. Only 16 years old. They could use some sprucing up, but can either make an affordable home with a great extra source of income, or use as an investment rental property. Lots of options for this one. Property is now rented at quite a bit below the market rate. There is a KHC Deed Restriction that will remain on the property for another 14 years if sold to an investor. Contact the Selling Agent for details.

24. 2016-05-13
    status Pending 633-char remark

    Show marketing remark (633 chars)

    This is actually two separate 2 story single family homes that are on one lot and share one common water meter. They are 3 bedroom 1 and 1/2 bath houses with central air and heat and are very energy efficient. Only 16 years old. They could use some sprucing up, but can either make an affordable home with a great extra source of income, or use as an investment rental property. Lots of options for this one. Property is now rented at quite a bit below the market rate. There is a KHC Deed Restriction that will remain on the property for another 14 years if sold to an investor. Contact the Selling Agent for details.

25. 2015-09-03
    listed $50,000 Active 633-char remark

    Show marketing remark (633 chars)

    This is actually two separate 2 story single family homes that are on one lot and share one common water meter. They are 3 bedroom 1 and 1/2 bath houses with central air and heat and are very energy efficient. Only 16 years old. They could use some sprucing up, but can either make an affordable home with a great extra source of income, or use as an investment rental property. Lots of options for this one. Property is now rented at quite a bit below the market rate. There is a KHC Deed Restriction that will remain on the property for another 14 years if sold to an investor. Contact the Selling Agent for details.

ⓘ 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: $2,215 · $185/mo
• Projected year-2 tax: $2,215 · $185/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $17,868
• − Mortgage interest: −$9,859
• − Property taxes: −$2,215
• − Insurance: −$880
• − Repairs & maintenance: −$1,429
• − Management: −$1,429
• − Depreciation: −$5,120
• Taxable loss: −$3,065
• Est. tax savings @ 24.0%: +$736
• After-tax cash flow: $680/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

+252.0% since first listed

12 events — show timeline

• 2026-04-09 Listed $176,000 Metro Search MLS
• 2026-02-28 Listing Removed — Metro Search MLS
• 2025-10-27 Price Changed $176,000 Metro Search MLS
• 2025-10-02 Price Changed $179,900 Metro Search MLS
• 2025-09-12 Price Changed $189,900 Metro Search MLS
• 2025-08-21 Price Changed $199,900 Metro Search MLS
• 2025-07-21 Listed $210,000 Metro Search MLS
• 2022-01-07 Sold (Public Records) $1,721,390 Public Records
• 2018-03-30 Sold (Public Records) $802,000 Public Records
• 2016-07-21 Sold (MLS) $25,000 Metro Search MLS
• 2016-05-13 Pending — Metro Search MLS
• 2015-09-03 Listed $50,000 Metro Search MLS

Property tax history

+12.0%/yr

Latest (2025): $2,215 · -1.9% YoY. Source: county tax records.