2426 Bank St · Louisville, KY 40212

$85,000

3 bd · 1.0 ba · 2,400 sqft · SingleFamily · 52 Days on market

Built 1905 3,964 sqft lot Est $89k · at est.

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +9.4/15.0
• Livability +3.2/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0

Listing remarks

We invite you to explore this charming two-story residence situated in Portland's historic neighborhood. Upon entering the property, the inviting covered front porch immediately captures attention, offering an ideal spot for relaxation. The interior features a spacious living room, seamlessly transitioning into a large kitchen adjacent to a dining room. The layout includes one bedroom on the main floor and two additional bedrooms upstairs. A section of the backyard is enclosed by a chain-link fence, providing a secure area for pets, and includes a small storage shed located behind the fence. Furthermore, the property offers an extra lot for off-street parking. Arrange a viewing today to exp

Key facts

• Covered front porch
• Extra lot
• Large kitchen

Tags

• COVERED FRONT PORCH
• LARGE KITCHEN
• DINING ROOM
• ENCLOSED BACKYARD
• STORAGE SHED
• EXTRA LOT

Property features AI

Finance

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

Exterior

• Parking: No parking provided
• Utilities: Electricity connected
• Home design: Single-family residence; Shotgun architectural style; 2 stories
• Construction: Built in 1905; Wood frame construction; Shingle roof; Crawl space foundation; Approximately 2,400 sq ft total living area
• Exterior features: Lot roughly 0.09 acres; Lot dimensions approximately 6023 x 704

Interior

• Kitchen: Kitchen included; Dining area adjacent to the kitchen
• Bedrooms: Three bedrooms total; One bedroom on the first floor; Two bedrooms on the second floor
• Bathrooms: One full bathroom; No half bathrooms
• Heating & cooling: Electric heating; Wall/window cooling unit(s)
• Interior features: Living room on the first floor; Dining area on the first floor; Kitchen on the first floor; No basement; First-floor primary bedroom: no; First-floor laundry
• Laundry & utility: First-floor laundry

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 $509 ($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: $82k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.5% 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; 1 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 $1,388/mo this rent would consume 47% of the median local household income ($36k/yr) (locally 1148% 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 $9k of equity ($588 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 52 days — a 3% lower offer ($82k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1905 — 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 $82,450 (3.0% below list)

Questions for the listing agent

1. It's been on market 52 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1905 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.63% ✓
• Cap rate: 13.48%
• Cash-on-cash: 25.67%
• DSCR: 2.14
• GRM: 5.1

CMA / ARV

• ARV (on-the-fly): $88,800
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2319 Portland Ave	0.16mi	3/1.0	2,443 (+2%)	8mo	$40,000	$16	83
2510 Cornwall St	0.32mi	3/1.5	2,176 (-9%)	6mo	$42,000	$19	62
2628 Bank St	0.27mi	4/2.0 (+1)	2,166 (-10%)	2mo	$165,500	$76	61
2222 Portland Ave	0.16mi	4/2.0 (+1)	2,707 (+13%)	4mo	$450,000	$166	59
2013 Bank St	0.33mi	4/2.0 (+1)	2,126 (-11%)	2mo	$36,500	$17	55
2943 Alford Ave	0.66mi	2/2.0 (-1)	2,542 (+6%)	20mo	$95,000	$37	34
2831 Montgomery St	0.54mi	4/2.0 (+1)	2,728 (+14%)	21mo	$202,000	$74	25

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: 42.2%
• Equity multiple: 4.17×
• Total profit: $75,353
• Equity at exit: $76,575

10-year hold

• IRR: 35.5%
• Equity multiple: 8.99×
• Total profit: $190,230
• Equity at exit: $165,136

Cash invested: $23,800 (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: 5.1×

Monthly cashflow live

• Estimated rent: $1,388 medium
• Mortgage (P&I): −$446
• Tax est. 1.5%: −$106 /mo · $1,275/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$292
• Net cashflow: $509

Break-even live

Break-even rent $744

Max offer price $85,000

Occupancy floor 58%

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2319 W Muhammad Ali Blvd Louisville, KY	4.0	1.0	1644	$1,300	$0.79	16d	1	0.91mi

Listing history 16 events

1. 2026-06-18
   days on market $85,000 Active 52 DOM
2. 2026-06-17
   days on market $85,000 Active 51 DOM
3. 2026-06-16
   days on market $85,000 Active 50 DOM
4. 2026-06-15
   days on market $85,000 Active 49 DOM
5. 2026-06-13
   days on market $85,000 Active 47 DOM
6. 2026-06-10
   days on market $85,000 Active 44 DOM
7. 2026-06-09
   days on market $85,000 Active 43 DOM
8. 2026-06-08
   days on market $85,000 Active 42 DOM
9. 2026-06-07
   days on market $85,000 Active 41 DOM
10. 2026-06-03
    days on market $85,000 Active 37 DOM
11. 2026-06-02
    days on market $85,000 Active 36 DOM
12. 2026-06-01
    days on market $85,000 Active 35 DOM
13. 2026-05-31
    days on market $85,000 Active 34 DOM
14. 2026-05-12
    status Active
15. 2026-05-01
    historical Active Under Contract
16. 2026-04-27
    listed $85,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% 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: $16,658
• − Mortgage interest: −$4,761
• − Property taxes: −$1,275
• − Insurance: −$425
• − Repairs & maintenance: −$1,333
• − Management: −$1,333
• − Depreciation: −$2,473
• Taxable income: $5,058
• Est. tax owed @ 24.0%: −$1,214
• After-tax cash flow: $4,897/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

3 events — show timeline

• 2026-05-12 Relisted — Metro Search MLS
• 2026-05-01 Contingent — Metro Search MLS
• 2026-04-27 Listed $85,000 Metro Search MLS