349 N 23rd St · Louisville, KY 40212

$84,900

3 bd · 1.0 ba · 1,696 sqft · SingleFamily · 15 Days on market

Built 1900 2,500 sqft lot Est $93k · 9% under

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Why this score? — see what drove the A- 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 +30.0/30.0
• ARV discount +11.5/15.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +9.9/10.0
• Livability +3.2/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0

Listing remarks

Fantastic investor opportunity or affordale starter home in Louisville, KY! This 3 Bedroom one bathroom property is priced to sell and packed with potential. Whether you are looking to flip, rent or build sweat equity as an owner occupant, this is your chance to get in at the right price. Seller is offering $4,000 in closing costs/ Repairs with a full price offer. Don't miss your opportinty to own this one, call today for your private showing.

Key facts

• 2,500 sq ft lot
• Built 1900
• Listed 15 days

Property features AI

Finance

• Other: Located in the Portland subdivision
• HOA & community: No association fee

Exterior

• Parking: No designated parking
• Utilities: Electricity connected; Other utilities
• Home design: Single-family residence; Two stories; Other architectural style
• Construction: Built in 1900; Vinyl siding and wood frame construction; Shingle roof; Crawl space foundation
• Exterior features: Cleared lot; Chain link fencing

Interior

• Kitchen: Kitchen on the first floor
• Bedrooms: Three bedrooms on the second floor
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Six total rooms; First-floor laundry; No basement; No fireplaces
• Laundry & utility: Laundry on the first floor

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $85k.

Deal economics

• At list price, monthly cash flow is $479 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Recommended offer: $84k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.1% 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 flat; 140 active listings in the ZIP; 20 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 42% 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 $9k of equity ($587 loan paydown + $8k 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 + 0.5% rent growth), your $24k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 23y ago; this cycle's ask has dropped $25k (23%) from the opening price — seller is motivated, your offer sets the floor, not the list.

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 $83,626 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.49% ✓
• Cap rate: 13.06%
• Cash-on-cash: 24.15%
• DSCR: 2.07
• GRM: 5.6

CMA / ARV

• ARV (on-the-fly): $93,280
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2429 Griffiths Ave	0.18mi	3/2.0	1,645 (-3%)	4mo	$90,000	$55	80
2333 Duncan St	0.16mi	3/1.0	1,480 (-13%)	5mo	$83,750	$57	67
2010 St Xavier St	0.20mi	4/1.5 (+1)	1,780 (+5%)	11mo	$75,000	$42	66
2024 Portland Ave	0.34mi	3/1.0	1,518 (-10%)	5mo	$83,750	$55	62
315 N 27th St	0.43mi	3/1.0	1,540 (-9%)	3mo	$100,000	$65	62
320 N 18th St	0.41mi	3/2.0	1,508 (-11%)	1mo	$147,900	$98	57
2523 Saint Xavier St	0.31mi	4/1.0 (+1)	1,894 (+12%)	9mo	$30,000	$16	54
207 N 19th St	0.39mi	3/1.0	1,464 (-14%)	7mo	$60,000	$41	54
2715 W Market St	0.58mi	4/2.0 (+1)	1,735 (+2%)	8mo	$139,000	$80	53
218 S 25th St	0.50mi	3/2.0	1,523 (-10%)	10mo	$130,000	$85	47
2529 W Jefferson St	0.56mi	3/2.0	1,496 (-12%)	11mo	$28,500	$19	41
2219 W Madison St	0.75mi	3/2.0	1,922 (+13%)	3mo	$22,000	$11	36

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: 41.1%
• Equity multiple: 4.10×
• Total profit: $73,604
• Equity at exit: $76,485

10-year hold

• IRR: 34.6%
• Equity multiple: 8.87×
• Total profit: $187,092
• Equity at exit: $164,942

Cash invested: $23,772 (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: 5.6×

Monthly cashflow live

• Estimated rent: $1,263 high
• Mortgage (P&I): −$445
• Tax from tax record: −$39 /mo · $466/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$265
• Net cashflow: $479

Break-even live

Break-even rent $658

Max offer price $84,900

Occupancy floor 57%

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: $21,225
• Closing costs: $2,547
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
212 N 25th St Louisville, KY	3.0	1.0	1104	$895	$0.81	23d	1	0.25mi
409 N 20th St Louisville, KY	3.0	1.0	1200	$1,050	$0.88	3d	1	0.27mi
120 N 20th St Louisville, KY	3.0	1.5	1300	$1,400	$1.08	23d	1	0.32mi
2508 W Main St Louisville, KY	3.0	1.0	1327	$1,500	$1.13	23d	1	0.37mi
2529 W Main St #2 Louisville, KY	3.0	1.0	1404	$1,200	$0.85	23d	1	0.37mi
1919 Baird St Louisville, KY	3.0	1.0	1500	$1,100	$0.73	16d	1	0.39mi
353 N 27th St Louisville, KY	2.0	1.0	1100	$1,100	$1.00	23d	1	0.44mi
2506 Montgomery St Louisville, KY	3.0	2.0	1081	$1,295	$1.20	3d	4	0.56mi
430 S 24th St Louisville, KY	3.0	1.5	1288	$1,400	$1.09	23d	1	0.62mi
2319 W Muhammad Ali Blvd Louisville, KY	4.0	1.0	1644	$1,300	$0.79	16d	1	0.64mi
2906 Montgomery St Unit B Louisville, KY	3.0	1.0	1152	$1,060	$0.92	23d	1	0.81mi
652 N 29th St Louisville, KY	3.0	1.0	1127	$1,350	$1.20	17d	1	0.84mi
1810 Magazine St Louisville, KY	3.0	1.5	1248	$1,450	$1.16	10d	1	1.00mi
848 S 23rd St Louisville, KY	3.0	1.5	1050	$1,450	$1.38	23d	1	1.31mi
980 W Liberty St Louisville, KY	1.0–3.0	1.0–1.5	1026	$1,535	$1.50	23d	133	1.32mi
2416 Garland Ave Louisville, KY	3.0	2.0	1172	$1,600	$1.37	23d	1	1.41mi
3901 Jewell Ave Louisville, KY	3.0	1.0	1069	$1,140	$1.07	20d	1	1.44mi
2634 Garland Ave Unit A Louisville, KY	3.0	1.0	1152	$940	$0.82	23d	1	1.45mi
2634 Garland Ave Unit B Louisville, KY	3.0	1.0	1152	$895	$0.78	20d	1	1.45mi
127 N 40th St Louisville, KY	3.0	2.0	1500	$1,570	$1.05	3d	1	1.49mi

Listing history 30 events

1. 2026-06-18
   days on market $84,900 Active 15 DOM
2. 2026-06-17
   days on market $84,900 Active 14 DOM
3. 2026-06-16
   days on market $84,900 Active 13 DOM
4. 2026-06-15
   days on market $84,900 Active 12 DOM
5. 2026-06-13
   days on market $84,900 Active 10 DOM
6. 2026-06-10
   days on market $84,900 Active 7 DOM
7. 2026-06-09
   days on market $84,900 Active 6 DOM
8. 2026-06-08
   days on market $84,900 Active 5 DOM
9. 2026-06-07
   pricedays on marketlisting id $84,900 Active 4 DOM
10. 2026-06-02
    days on market $85,000 Active 60 DOM
11. 2026-06-02
    remarks 448-char remark
12. 2026-06-01
    days on market $85,000 Active 59 DOM
13. 2026-05-31
    days on market $85,000 Active 58 DOM
14. 2026-05-19
    price $85,000
15. 2026-04-23
    price $99,900
16. 2026-04-03
    listed $110,000 Active
17. 2023-07-31
    historical $1,000
18. 2023-07-13
    listed $1,000
19. 2023-05-15
    historical
20. 2022-12-17
    price $80,000
21. 2022-12-17
    price $70,000
22. 2022-12-15
    listed $89,900 Active
23. 2018-08-07
    historical
24. 2017-08-16
    listed $44,900 Active
25. 2007-01-26
    historical
26. 2007-01-24
    listed $14,900
27. 2006-12-13
    historical
28. 2006-12-11
    listed $14,900
29. 2006-11-09
    listed $19,900
30. 2003-05-22
    listed $14,343

ⓘ 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: $466 · $39/mo
• Projected year-2 tax: $730 · $61/mo
• Expected delta: +$264/yr (+$22/mo · 56.6%)

ⓘ 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,159
• − Mortgage interest: −$4,756
• − Property taxes: −$466
• − Insurance: −$424
• − Repairs & maintenance: −$1,213
• − Management: −$1,213
• − Depreciation: −$2,470
• Taxable income: $4,617
• Est. tax owed @ 24.0%: −$1,108
• After-tax cash flow: $4,634/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

+492.6% since first listed

17 events — show timeline

• 2026-05-19 Price Changed $85,000 Metro Search MLS
• 2026-04-23 Price Changed $99,900 Metro Search MLS
• 2026-04-03 Listed $110,000 Metro Search MLS
• 2023-07-31 Rental Removed $1,000 TURBOTENANT
• 2023-07-13 Listed for Rent $1,000 TURBOTENANT
• 2023-05-15 Listing Removed — Metro Search MLS
• 2022-12-17 Price Changed $70,000 Metro Search MLS
• 2022-12-17 Price Changed $80,000 Metro Search MLS
• 2022-12-15 Listed $89,900 Metro Search MLS
• 2018-08-07 Listing Removed — Metro Search MLS
• 2017-08-16 Listed $44,900 Metro Search MLS
• 2007-01-26 Listing Removed — Metro Search MLS
• 2007-01-24 Listed $14,900 Metro Search MLS
• 2006-12-13 Listing Removed — Metro Search MLS
• 2006-12-11 Listed $14,900 Metro Search MLS
• 2006-11-09 Listed $19,900 Metro Search MLS
• 2003-05-22 Listed $14,343 Metro Search MLS

Property tax history

+0.5%/yr

Latest (2025): $466 · -1.9% YoY. Source: county tax records.