2403 Bank St · Louisville, KY 40212

$158,400

3 bd · 1.0 ba · 1,055 sqft · SingleFamily · 78 Days on market

Built 1900 4,090 sqft lot

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Why this score? — see what drove the D 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 +11.4/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +3.4/10.0
• Livability +3.2/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• 1% rule +2.0/10.0

Listing remarks

Welcome to this beautifully renovated home in the historic Portland neighborhood, just seconds from I-64 and minutes from the heart of downtown Louisville! This thoughtfully updated property offers the perfect blend of classic charm and modern convenience. Featuring 3 bedrooms and 1 full bath, this home has been completely renovated from top to bottom. Enjoy peace of mind with all new plumbing, electrical, HVAC system, and water heater, along with new siding, flooring, and stylish light fixtures throughout. The spacious layout includes just over 1,000 square feet of living space, highlighted by 10-foot ceilings through most of the home, creating an open and airy feel. The kitchen is a true

Key facts

• Renovated home
• New plumbing
• New water heater

Tags

• RENOVATED HOME
• HISTORIC PORTLAND NEIGHBORHOOD
• NEW PLUMBING
• NEW ELECTRICAL
• NEW HVAC SYSTEM
• NEW WATER HEATER

Property features AI

Finance

• HOA & community: No association fee

Exterior

• Utilities: Electricity connected; Natural gas available
• Home design: Single-family residence; Bungalow/Shotgun style; One story
• Construction: Built in 1900; Vinyl siding; Shingle roof; Above-grade finished living area reported
• Exterior features: Sidewalk; Level lot; Full chain link fencing

Interior

• Kitchen: Kitchen on the first floor
• Bedrooms: Three bedrooms, all on the first floor (including a primary bedroom on the first floor)
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Six total rooms; Four closets; Cellar basement; First-floor laundry
• Laundry & utility: Laundry room on the first floor

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $158k.

Deal economics

• At list price, monthly cash flow is $-120 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $137k (13.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $112k (29.5% below list).
• Recommended offer: $112k (29.5% below list) — sets the bar for 1% rule.

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 flat; 140 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 37% of the median local income ($36k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $17k of equity ($1k loan paydown + $16k appreciation (10.0% local appreciation)).
• Jefferson County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 3, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 78 days — a 6% lower offer ($149k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $111,656 (29.5% 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 78 days. Have you received any prior offers? Is the seller open to a 30% concession, seller financing, or rate buy-down credit?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
10. 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.
11. 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.
12. 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: 0.70% ✗
• Cap rate: 5.89%
• Cash-on-cash: -1.45%
• DSCR: 0.94
• GRM: 11.8

CMA / ARV

• ARV (on-the-fly): $88,620
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2419 Montgomery St	0.27mi	3/1.0	1,092 (+4%)	4mo	$92,000	$84	79
1922 Bank St	0.36mi	2/1.0 (-1)	1,020 (-3%)	3mo	$110,950	$109	70
365 N 27th St	0.35mi	2/1.0 (-1)	1,093 (+4%)	6mo	$95,000	$87	68
1729 Portland Ave	0.55mi	2/1.0 (-1)	1,072 (+2%)	2mo	$68,900	$64	66
1814 Rowan St	0.62mi	2/1.0 (-1)	1,038 (-2%)	1mo	$30,200	$29	62
1914 Lytle St	0.37mi	3/1.0	930 (-12%)	1mo	$104,000	$112	62
363 N 27th St	0.35mi	2/1.0 (-1)	972 (-8%)	6mo	$36,500	$38	61
2321 W Market St	0.61mi	3/1.0	1,138 (+8%)	1mo	$110,000	$97	57
2722 Slevin St	0.50mi	2/1.0 (-1)	984 (-7%)	5mo	$65,000	$66	56
427 N 28th St	0.43mi	2/1.0 (-1)	1,166 (+10%)	3mo	$70,000	$60	55
1617 Bank St	0.71mi	3/1.0	1,145 (+8%)	2mo	$120,000	$105	51
1707 Baird St	0.62mi	2/1.0 (-1)	896 (-15%)	3mo	$45,000	$50	38

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 · 0.51% rent growth · sell at horizon

5-year hold

• IRR: 21.3%
• Equity multiple: 2.71×
• Total profit: $75,850
• Equity at exit: $142,699

10-year hold

• IRR: 18.8%
• Equity multiple: 6.06×
• Total profit: $224,307
• Equity at exit: $307,736

Cash invested: $44,352 (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 40212

• Home prices YoY: 11.0%
• Rents YoY: 0.5%
• Active inventory: 140
• Price-to-rent: 11.8×

Monthly cashflow live

• Estimated rent: $1,117 high
• Mortgage (P&I): −$831
• Tax from tax record: −$39 /mo · $469/yr
• Insurance: −$66
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$234
• Net cashflow: $-120

Break-even live

Break-even rent $1,269

Max offer price $137,183

Occupancy floor —

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: $39,600
• Closing costs: $4,752
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
451 N 25th St Unit Mk Louisville, KY	2.0	1.0	988	$875	$0.89	3d	1	0.10mi
2433 Slevin St Unit 2433-2 Louisville, KY	3.0	1.0	800	$875	$1.09	3d	1	0.26mi
331 N 23rd St Louisville, KY	2.0	1.0	855	$1,150	$1.35	17d	1	0.29mi
2506 Montgomery St Louisville, KY	3.0	2.0	1081	$1,295	$1.20	3d	4	0.30mi
322 N 24th St Louisville, KY	2.0	1.0	950	$1,100	$1.16	16d	1	0.30mi
353 N 27th St Louisville, KY	2.0	1.0	1100	$1,100	$1.00	23d	1	0.35mi
1919 Baird St Louisville, KY	3.0	1.0	1500	$1,100	$0.73	16d	1	0.39mi
409 N 20th St Louisville, KY	3.0	1.0	1200	$1,050	$0.88	3d	1	0.39mi
214 N 24th St Louisville, KY	3.0	1.5	1012	$915	$0.90	23d	1	0.42mi
212 N 25th St Louisville, KY	3.0	1.0	1104	$895	$0.81	23d	1	0.45mi
2132 Rowan St Louisville, KY	1.0–2.0	1.0–2.0	875	$928	$1.06	3d	4	0.49mi
522 N 29th St Louisville, KY	3.0	1.0	1031	$1,300	$1.26	3d	1	0.51mi
120 N 20th St Louisville, KY	3.0	1.5	1300	$1,400	$1.08	23d	1	0.56mi
2529 W Main St #2 Louisville, KY	3.0	1.0	1404	$1,200	$0.85	23d	1	0.58mi
2906 Montgomery St Unit B Louisville, KY	3.0	1.0	1152	$1,060	$0.92	23d	1	0.59mi
2508 W Main St Louisville, KY	3.0	1.0	1327	$1,500	$1.13	23d	1	0.59mi
652 N 29th St Louisville, KY	3.0	1.0	1127	$1,350	$1.20	17d	1	0.61mi
500 N 17th St Unit 301 Louisville, KY	2.0	1.0	775	$1,200	$1.55	16d	1	0.64mi
500 N 17th St Apt 309 Louisville, KY	2.0	1.0	775	$1,200	$1.55	23d	1	0.64mi
200 N 18th St Unit 200-4 Louisville, KY	2.0	1.0	740	$775	$1.05	20d	1	0.64mi
2925 Slevin St Louisville, KY	2.0	1.0	896	$775	$0.86	3d	1	0.65mi
112 N 18th St Louisville, KY	2.0	1.0	944	$1,050	$1.11	23d	1	0.69mi
509 N 31st St Louisville, KY	2.0	1.0	800	$725	$0.91	16d	1	0.70mi
509 N 31st St Louisville, KY	2.0	1.0	800	$795	$0.99	23d	1	0.70mi
1704 Rowan St Unit 1704-2 Louisville, KY	3.0	1.0	740	$850	$1.15	23d	1	0.72mi
3120 Bank St Unit B Louisville, KY	2.0	1.0	750	$795	$1.06	23d	1	0.76mi
2927 Rowan St Louisville, KY	3.0	1.0	1008	$1,205	$1.20	11d	1	0.79mi
2614 W Jefferson St Unit 2614-4 Louisville, KY	2.0	1.0	740	$795	$1.07	23d	1	0.82mi
2623 Cedar St Louisville, KY	3.0	1.0	1000	$1,000	$1.00	23d	1	0.88mi
430 S 24th St Louisville, KY	3.0	1.5	1288	$1,400	$1.09	23d	1	0.88mi
1612 W Market St Unit 2 Louisville, KY	2.0	2.0	900	$1,000	$1.11	23d	1	0.91mi
2221 W Madison St Louisville, KY	2.0	1.0	1000	$1,350	$1.35	21d	1	0.99mi
2221 W Madison St Louisville, KY	3.0	1.0	1000	$1,350	$1.35	23d	1	0.99mi
515 S 20th St Louisville, KY	2.0	1.0	1000	$995	$0.99	16d	1	1.01mi
2300 W Madison St Louisville, KY	2.0	1.0	900	$850	$0.94	23d	1	1.02mi
2631 W Madison St Unit 2 Louisville, KY	2.0	1.0	928	$850	$0.92	17d	1	1.05mi
2631 W Madison St Unit 1 Louisville, KY	3.0	1.0	928	$950	$1.02	23d	1	1.05mi
2631 W Madison St Unit 2 Louisville, KY	2.0	1.0	928	$850	$0.92	23d	1	1.05mi
320 N 36th St Louisville, KY	3.0	1.0	830	$1,225	$1.48	16d	1	1.22mi
2411 Elliott Ave Louisville, KY	2.0	1.0	892	$895	$1.00	23d	1	1.23mi

Listing history 16 events

1. 2026-06-18
   days on market $158,400 Active 78 DOM
2. 2026-06-17
   days on market $158,400 Active 77 DOM
3. 2026-06-16
   days on market $158,400 Active 76 DOM
4. 2026-06-15
   days on market $158,400 Active 75 DOM
5. 2026-06-13
   days on market $158,400 Active 73 DOM
6. 2026-06-10
   days on market $158,400 Active 70 DOM
7. 2026-06-09
   days on market $158,400 Active 69 DOM
8. 2026-06-08
   days on market $158,400 Active 68 DOM
9. 2026-06-07
   days on market $158,400 Active 67 DOM
10. 2026-06-03
    days on market $158,400 Active 63 DOM
11. 2026-06-02
    days on market $158,400 Active 62 DOM
12. 2026-06-01
    days on market $158,400 Active 61 DOM
13. 2026-05-31
    days on market $158,400 Active 60 DOM
14. 2026-05-11
    price $158,400
15. 2026-04-19
    price $158,900
16. 2026-04-01
    listed $159,900 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: $469 · $39/mo
• Projected year-2 tax: $1,362 · $114/mo
• Expected delta: +$894/yr (+$74/mo · 190.6%)

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 99% 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,399
• − Mortgage interest: −$8,873
• − Property taxes: −$469
• − Insurance: −$1,589
• − Repairs & maintenance: −$1,072
• − Management: −$1,072
• − Depreciation: −$4,608
• Taxable loss: −$4,284
• Est. tax savings @ 24.0%: +$1,028
• After-tax cash flow: $-413/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): 14,661
• Household income: $35,753
• Rent vs Own: 51.3% rent · 48.7% own
• Severe rent burden: 1148.0

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: Majority Black (60%)
• Race & ethnicity: Black 60% White 37% Two or more races 2% Hispanic / Latino 1%
• Common ancestry: Slovak 1% Lithuanian 1% Iranian 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: ▲ 29.02%
• Current HPI: 293.2624
• Rent YoY: ▲ 0.51%
• 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

-0.9% since first listed

3 events — show timeline

• 2026-05-11 Price Changed $158,400 Metro Search MLS
• 2026-04-19 Price Changed $158,900 Metro Search MLS
• 2026-04-01 Listed $159,900 Metro Search MLS

Property tax history

+7.9%/yr

Latest (2025): $469 · +7.9% YoY. Source: county tax records.