2321 Landrum Ave · Louisville/Jefferson County metro government (balance), KY 40216

$95,000

2 bd · 1.0 ba · 981 sqft · SingleFamily · 23 Days on market

Built 1942 0.28 ac lot

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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 +25.4/30.0
• DSCR +8.4/10.0
• ARV discount +7.5/15.0
• 1% rule +5.8/10.0
• Rent growth +2.6/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks

This home is a 2 bedroom 1 bath with detached garage that sits on a nice spacious corner lot. Home has a large living room with lots of windows, nice size kitchen with picture window, two bedrooms, full bath, laundry room and another room that could be used as office. Home is in need of repairs. Subject to court approval with 60-90 day closing. The property will be sold in ''as-is'' ''where-is'' condition.

Key facts

• 0.28 acre lot
• Garage
• Built 1942

Property features AI

Finance

• Other: Subdivision: Briargate
• HOA & community: No association fee

Exterior

• Parking: Detached garage (1 car); Rear entry garage; Driveway parking
• Utilities: Electricity connected; Natural gas available
• Home design: Single-family ranch-style home; One story; Built in 1942
• Construction: Vinyl siding, wood frame, and aluminum siding exterior; Shingle roof; Crawl space foundation
• Exterior features: Corner lot; Wood and chain-link fencing

Interior

• Kitchen: Kitchen located on the first floor
• Bedrooms: Two bedrooms on the first floor
• Bathrooms: One full bathroom on the first floor
• Heating & cooling: Natural gas heating
• Interior features: Six total rooms; Three closets; No basement; One fireplace: none reported
• Laundry & utility: First-floor laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $95k.

Deal economics

• At list price, monthly cash flow is $219 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $95k).
• Recommended offer: $94k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.1% vs local median 4.0% in Louisville/Jefferson County metro government (balance) — 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: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• 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; 204 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 2,836 units permitted in Jefferson County in 2024 (1,558 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $657 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Jefferson County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($94k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1942 — 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 $93,575 (1.5% below list)

Questions for the listing agent

1. Built in 1942 — 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. 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.
4. 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.
5. 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: 1.08% ✓
• Cap rate: 9.06%
• Cash-on-cash: 9.89%
• DSCR: 1.44
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $191,295
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5108 Stewart Dr	0.17mi	2/1.0	920 (-6%)	1mo	$193,000	$210	81
4905 Feys Dr	0.25mi	2/1.0	1,032 (+5%)	3mo	$177,000	$172	77
4929 Hyde Park Dr	0.27mi	3/1.0 (+1)	936 (-5%)	1mo	$190,000	$203	74
4929 Determine Ln	0.24mi	3/1.0 (+1)	1,050 (+7%)	3mo	$170,000	$162	70
4804 Ranchland Dr	0.56mi	2/1.0	941 (-4%)	1mo	$172,500	$183	66
2613 Alva Dr	0.34mi	3/1.0 (+1)	1,050 (+7%)	3mo	$205,000	$195	65
2407 Omaha Ln	0.33mi	3/1.0 (+1)	1,050 (+7%)	4mo	$222,000	$211	65
2515 Briargate Ave	0.35mi	3/1.0 (+1)	1,080 (+10%)	1mo	$206,000	$191	60
2310 Thomas Ave	0.37mi	3/1.0 (+1)	1,075 (+10%)	2mo	$120,000	$112	60
4801 Dyer Ave	0.39mi	3/1.0 (+1)	1,080 (+10%)	1mo	$180,000	$167	59
4729 Graston Ave	0.36mi	3/2.0 (+1)	1,072 (+9%)	7mo	$210,000	$196	53
6704 Marian Dr	0.74mi	2/1.0	925 (-6%)	5mo	$199,500	$216	52

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 0.57% rent growth · sell at horizon

5-year hold

• IRR: -4.0%
• Equity multiple: 0.85×
• Total profit: $-3,897
• Equity at exit: $14,165

10-year hold

• IRR: 2.9%
• Equity multiple: 1.19×
• Total profit: $4,938
• Equity at exit: $8,214

Cash invested: $26,600 (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 40216

• Rents YoY: 0.6%
• Active inventory: 204
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,023 high
• Mortgage (P&I): −$498
• Tax from tax record: −$51 /mo · $616/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$215
• Net cashflow: $219

Break-even live

Break-even rent $746

Max offer price $95,000

Occupancy floor 74%

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: $23,750
• Closing costs: $2,850
• Reserves months: —
• Total cash needed: —

Rent comps 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5302 Milner Rd Unit 9 Louisville, KY	1.0	1.0	525	$685	$1.30	23d	1	0.45mi
5302 Milner Rd Unit 1 Louisville, KY	1.0	1.0	525	$685	$1.30	17d	1	0.45mi
5301 Milner Rd Louisville, KY	1.0	1.0	600	$650	$1.08	23d	1	0.47mi
5112 Valiant Dr Unit 2 Louisville, KY	1.0	1.0	750	$750	$1.00	17d	1	0.55mi
4133 Flintlock Dr Louisville, KY	1.0	1.0	700	$875	$1.25	23d	1	0.57mi
1721 Tempest Way Unit 1 Louisville, KY	1.0	1.0	700	$725	$1.04	23d	1	0.59mi
2001 Rockford Ln Unit RKFD-07 Louisville, KY	2.0	1.0	800	$1,050	$1.31	3d	1	0.69mi
1625 Brick Kiln Ln Apt 2 Louisville, KY	2.0	1.0	750	$900	$1.20	17d	1	0.71mi
1623 Brick Kiln Ln Unit 1 Louisville, KY	2.0	1.0	860	$900	$1.05	23d	1	0.73mi
1602 Clover St Louisville, KY	2.0	1.5	867	$1,060	$1.22	2d	5	0.77mi
4700 Walnut Grove Ave Unit 1 Louisville, KY	2.0	1.0	900	$799	$0.89	23d	1	0.90mi
5700 Bruns Dr Louisville, KY	2.0–3.0	2.0	1118	$1,153	$1.03	11d	1	0.90mi
4902 Saddlebrook Ln Unit 3 Louisville, KY	2.0	1.0	800	$899	$1.12	23d	1	0.98mi
4904 Saddlebrook Ln Unit 4 Louisville, KY	2.0	1.0	725	$765	$1.06	23d	1	0.99mi
1710 Gagel Ave Louisville, KY	1.0	1.0	568	$850	$1.50	3d	1	1.01mi
4911 Saddlebrook Ln Apt 3 Louisville, KY	2.0	1.0	800	$949	$1.19	23d	1	1.03mi
5629 Fox Horn Cir Louisville, KY	1.0–2.0	1.0–2.0	1092	$1,145	$1.05	2d	8	1.10mi
1840 Kendall Ln Apt 25 Louisville, KY	2.0	1.0	952	$1,250	$1.31	23d	1	1.11mi
1836 Kendall Ln Louisville, KY	2.0	1.0	870	$1,150	$1.32	23d	1	1.12mi
1836 Kendall Ln Louisville, KY	2.0	1.0	870	$1,150	$1.32	3d	1	1.12mi
6701 Crawford Crossing Pl Unit 104 Louisville, KY	2.0	2.0	900	$1,025	$1.14	23d	1	1.16mi
4414 Tara Gale Ct Louisville, KY	3.0	1.5	1000	$1,450	$1.45	3d	1	1.18mi
1603 Gagel Ave Unit 8 Louisville, KY	1.0	1.0	800	$749	$0.94	23d	1	1.24mi
4810 Guy Dr Louisville, KY	3.0	1.0	925	$1,800	$1.95	23d	1	1.25mi
3107 Melody Acres Ln Unit 4 Louisville, KY	2.0	1.0	750	$825	$1.10	17d	1	1.28mi
6983 Dixie Hwy Unit 202 Louisville, KY	2.0	1.0	800	$1,050	$1.31	23d	1	1.37mi
3204 Melody Acres Ln Unit 3202-3 Louisville, KY	2.0	1.0	750	$950	$1.27	23d	1	1.39mi
3219 Wilkie Rd Louisville, KY	2.0	1.0	725	$1,350	$1.86	10d	1	1.40mi
3311 Renwood Blvd Louisville, KY	1.0–2.0	1.0–2.0	850	$1,349	$1.59	2d	20	1.41mi
6817 Brooklawn Dr Louisville, KY	1.0–3.0	1.0–1.5	902	$1,207	$1.34	23d	1	1.43mi
4203 Searcy Dr Louisville, KY	3.0	2.0	980	$1,550	$1.58	16d	1	1.49mi

Listing history 4 events

1. 2026-05-16
   status Pending
2. 2026-04-29
   historical Active Under Contract
3. 2026-04-29
   price $95,000
4. 2026-04-23
   listed $89,900 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: $616 · $51/mo
• Projected year-2 tax: $817 · $68/mo
• Expected delta: +$201/yr (+$17/mo · 32.6%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (shaded) · 72% 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 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,279
• − Mortgage interest: −$5,321
• − Property taxes: −$616
• − Insurance: −$475
• − Repairs & maintenance: −$982
• − Management: −$982
• − Depreciation: −$2,764
• Taxable income: $1,139
• Est. tax owed @ 24.0%: −$273
• After-tax cash flow: $2,358/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/Jefferson County metro government (balance)

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Louisville/Jefferson County metro government (balance), KY
• County: Jefferson County · 790,184 people
• City population: 419,741
• Metro: Louisville/Jefferson County, KY-IN
• Population (ZIP): 44,047
• Household income: $56,441
• Rent vs Own: 33.9% rent · 66.1% own
• Severe rent burden: 1434.0

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: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: Black 45% White 43% Hispanic / Latino 6% Two or more races 6% Asian 1%
• Hispanic origin (detail): Mexican 2% Cuban 3%
• Common ancestry: Lithuanian 1% Italian 1% Slovak 1%
• Foreign-born: 8% · Canada, Vietnam
• Languages at home: 89% English-only · Spanish 7% French/Haitian/Cajun 1% Arabic 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: ▼ -234.72%
• Current HPI: 269.5447
• Rent YoY: ▲ 0.57%
• 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

+5.7% since first listed

4 events — show timeline

• 2026-05-16 Pending — Metro Search MLS
• 2026-04-29 Contingent — Metro Search MLS
• 2026-04-29 Price Changed $95,000 Metro Search MLS
• 2026-04-23 Listed $89,900 Metro Search MLS

Property tax history

+10.6%/yr

Latest (2025): $616 · -6.8% YoY. Source: county tax records.