2733 Dumesnil St

Louisville, KY 40211

$115,000B+

6 bd · 4.0 ba · 2,219 sqft · Built 1900 · MultiFamily · Active · 32 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,426/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$153
• HOA: −$0
• Vac / Maint / Mgmt: −$509
• Net cashflow: $1,161/mo
• Annual: $13,927/yr
• Cap rate: 18.40%
• Cash-on-cash: 43.25%
• DSCR: 2.92
• 1% rule: 2.11%
• Cash to close: $32,200

Investor read

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $115k.
• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $580/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• It's been on market 32 days — a 3% lower offer ($112k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $112k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $795 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• 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+, crime F.
• 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.
• Zoned schools: Maupin Elementary (math 2% / reading 2%, grade F, #676 of 676 statewide, top 100%, 298 students, 86% FRL); Ramsey Middle (math 11% / reading 34%, grade F, #200 of 217 statewide, top 93%, 1,008 students, 62% FRL); Seneca High (math 8% / reading 17%, grade F, #228 of 254 statewide, top 91%, 1,309 students, 64% FRL).
• Zoned-school proficiency averages 12% at this address vs 27% district-wide (-15 pts) — the specific schools serving this property underperform the Jefferson County average; the district grade overstates school quality for this exact location.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+4.9%/yr); 144 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 18d 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).
• Jefferson County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 9 sale attempts since 19y 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 $100k; 15% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 4.9% rent growth), your $32k cash investment doubles in ~3 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 32 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.