628 E Oak St · Louisville, KY 40203

$409,000

28 bd · 16.0 ba · 3,202 sqft · MultiFamily · 6 Days on market

Built 1900

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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 +23.5/30.0
• DSCR +7.6/10.0
• ARV discount +7.5/15.0
• 1% rule +5.9/10.0
• Rent growth +3.4/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

628 E Oak St is the kind of deal that makes a portfolio look smarter. Steps from Shelby Park in one of Louisville's most consistently rented neighborhoods, this fully renovated 4-unit property is built to perform. Unit mix: one studio, two 2-bed/1-bath, one 3-bed/1-bath — broad enough to keep vacancy low. Every unit refreshed within 5 years: new siding, flooring, appliances, cabinets, countertops, and bathrooms. Brand-new roof means the only thing over your head is upside. Private rear deck overlooks the park — tenant appeal you can't manufacture. Four units. Zero excuses. Welcome to the park. Unit #3A can be viewed prior to going under contract. Other units can be viewed during

Key facts

• Fully renovated
• New siding
• New flooring

Tags

• FULLY RENOVATED
• NEW SIDING
• NEW FLOORING
• NEW APPLIANCES
• NEW CABINETS
• NEW COUNTERTOPS

Property features AI

Finance

• Other: Building area reported as 3202 (source: Other)
• HOA & community: No association fee

Exterior

• Parking: 3 parking spaces (not covered)
• Utilities: Electricity connected; Tenant pays cable, electric and gas; Owner pays water, sewer and trash
• Home design: Multi-level building with units on basement, 1st, 2nd and 3rd levels; Architectural style: Other; Located in the Butchertown subdivision
• Construction: Built in 1900; Vinyl siding, wood frame and brick construction; Shingle roof
• Exterior features: No notable exterior features listed

Interior

• Kitchen: Kitchen on 1st level; Kitchen on 2nd level; Kitchen on 3rd level; Kitchen in basement; Refrigerator on 1st, 2nd, 3rd levels and basement; Range on 1st, 2nd, 3rd levels and basement; Dishwasher on 1st, 2nd, 3rd levels and basement
• Bedrooms: 7 total bedrooms; Basement includes 3 bedrooms; 3rd level includes 2 bedrooms; 2nd level includes 2 bedrooms
• Bathrooms: Full bathrooms on 1st, 2nd, 3rd and basement levels (at least one full bath per level)
• Heating & cooling: Two furnaces; Electric heating; Natural gas heating; Central air conditioning; Wall/window air conditioning units
• Interior features: Basement present
• Laundry & utility: Laundry area on 1st, 2nd, 3rd levels and basement

What this means for you Summary

Snapshot

• This is a 1×1bd/1ba + 2×2bd/1ba + 1×3bd/1ba units multifamily listed at $409k.

Deal economics

• At list price, monthly cash flow is $763 ($9k/yr) — positive. Per door: $191/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $409k).
• Cap rate 8.5% 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+, 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: Shelby Academy (math 8% / reading 17%, grade F, #630 of 676 statewide, top 95%, 449 students, 75% FRL); Meyzeek Middle (math 50% / reading 61%, grade B-, #7 of 217 statewide, top 3%, 930 students, 42% FRL); Atherton High (math 52% / reading 47%, grade D, #13 of 254 statewide, top 5%, 1,461 students, 39% FRL) — zoned schools at 52% FRL track the district average.
• Zoned-school proficiency averages 39% at this address vs 27% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Jefferson County average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+3.7%/yr); 115 active listings in the ZIP; lower-income renter base — watch delinquency; 2,836 units permitted in Jefferson County in 2024 (1,558 in 5+ unit buildings).
• At $4,461/mo this rent would consume 174% of the median local household income ($31k/yr) (locally 1603% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k 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

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 13 sale attempts since 23y 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.

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 $409,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.09% ✓
• Cap rate: 8.53%
• Cash-on-cash: 7.99%
• DSCR: 1.36
• GRM: 7.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.73% rent growth · sell at horizon

5-year hold

• IRR: -3.3%
• Equity multiple: 0.87×
• Total profit: $-14,372
• Equity at exit: $60,983

10-year hold

• IRR: 7.2%
• Equity multiple: 1.56×
• Total profit: $63,890
• Equity at exit: $35,363

Cash invested: $114,520 (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 40203

• Home prices YoY: -13.8%
• Rents YoY: 3.7%
• Active inventory: 115
• Price-to-rent: 32.4×

Monthly cashflow live

• Estimated rent: $4,461 high
• Mortgage (P&I): −$2,145
• Tax from tax record: −$446 /mo · $5,355/yr
• Insurance: −$170
• HOA: −$0
• Vacancy / Maint / Mgmt: −$937
• Net cashflow: $763

Break-even live

Break-even rent $3,496

Max offer price $409,000

Occupancy floor 78%

Sensitivity live

Price	-10% $994	-5% $878	+0% $763	+5% $647	+10% $531
Rent	-10% $410	-5% $586	+0% $763	+5% $939	+10% $1,115
Rate	-1.0pp $969	-0.5pp $867	base $763	+0.5pp $657	+1.0pp $549

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
1× unit	1	1	$1,052
▸ 2× units	2	1	$2,174
1× unit	3	1	$1,234
Total (4 units)			$4,461

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: $102,250
• Closing costs: $12,270
• Reserves months: —
• Total cash needed: —

Listing history 42 events

1. 2026-06-21
   days on market $409,000 Active 6 DOM
2. 2026-06-18
   days on market $409,000 Active 3 DOM
3. 2026-06-17
   days on market $409,000 Active 2 DOM
4. 2026-06-16
   pricedays on marketlisting id $409,000 Active 1 DOM
5. 2026-06-13
   days on market $419,999 Active 32 DOM
6. 2026-06-10
   days on market $419,999 Active 29 DOM
7. 2026-06-09
   days on market $419,999 Active 28 DOM
8. 2026-06-08
   days on market $419,999 Active 27 DOM
9. 2026-06-07
   days on market $419,999 Active 26 DOM
10. 2026-06-03
    days on market $419,999 Active 22 DOM
11. 2026-06-02
    days on market $419,999 Active 21 DOM
12. 2026-06-01
    days on market $419,999 Active 20 DOM
13. 2026-05-31
    days on market $419,999 Active 19 DOM
14. 2026-05-12
    listed $419,999 Active
15. 2026-01-02
    historical
16. 2025-12-10
    listed $429,999 Active
17. 2025-11-01
    historical
18. 2025-09-17
    listed $429,999 Active
19. 2025-06-30
    historical
20. 2025-04-28
    listed $444,999 Active
21. 2022-03-01
    soldstatus $425,000 Closed
22. 2022-01-02
    historical Active Under Contract
23. 2022-01-01
    listed $425,000 Active
24. 2018-09-12
    soldstatus $125,000
25. 2016-10-06
    historical
26. 2016-07-25
    listed $169,900 Active
27. 2016-07-20
    status Active
28. 2016-07-20
    price $169,900
29. 2016-07-20
    historical
30. 2015-09-14
    historical
31. 2015-09-02
    listed $149,900 Active
32. 2015-01-12
    historical
33. 2014-06-12
    listed $179,000
34. 2011-09-01
    soldstatus $65,000
35. 2011-08-31
    soldstatus $65,000
36. 2011-08-31
    soldstatus $65,000
37. 2011-04-28
    listed $79,900
38. 2011-04-28
    listed $79,900
39. 2010-12-31
    historical
40. 2010-06-02
    listed $92,000
41. 2003-12-23
    soldstatus $88,000
42. 2003-11-04
    listed $85,000

ⓘ 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: $5,355 · $446/mo
• Projected year-2 tax: $5,355 · $446/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥104°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $53,532
• − Mortgage interest: −$22,910
• − Property taxes: −$5,355
• − Insurance: −$2,045
• − Repairs & maintenance: −$4,283
• − Management: −$4,283
• − Depreciation: −$11,898
• Taxable income: $2,758
• Est. tax owed @ 24.0%: −$662
• After-tax cash flow: $8,490/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): 17,742
• Household income: $30,794
• Rent vs Own: 75.1% rent · 24.9% own
• Severe rent burden: 1603.0

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 0.56)
• Race & ethnicity: Black 49% White 44% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Slovak 2% Lithuanian 2% Romanian 1%
• Foreign-born: 3% · Canada
• Languages at home: 97% English-only · Spanish 2%

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: ▼ -64.74%
• Current HPI: 405.1872
• Rent YoY: ▲ 3.73%
• 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

+381.2% since first listed

29 events — show timeline

• 2026-06-15 Listed $409,000 Metro Search MLS
• 2026-01-02 Listing Removed — Metro Search MLS
• 2025-12-10 Listed $429,999 Metro Search MLS
• 2025-11-01 Listing Removed — Metro Search MLS
• 2025-09-17 Listed $429,999 Metro Search MLS
• 2025-06-30 Listing Removed — Metro Search MLS
• 2025-04-28 Listed $444,999 Metro Search MLS
• 2022-03-01 Sold (MLS) $425,000 Metro Search MLS
• 2022-01-02 Contingent — Metro Search MLS
• 2022-01-01 Listed $425,000 Metro Search MLS
• 2018-09-12 Sold (Public Records) $125,000 Public Records
• 2016-10-06 Listing Removed — Metro Search MLS
• 2016-07-25 Listed $169,900 Metro Search MLS
• 2016-07-20 Relisted — Metro Search MLS
• 2016-07-20 Price Changed $169,900 Metro Search MLS
• 2016-07-20 Listing Removed — Metro Search MLS
• 2015-09-14 Listing Removed — Metro Search MLS
• 2015-09-02 Listed $149,900 Metro Search MLS
• 2015-01-12 Listing Removed — Metro Search MLS
• 2014-06-12 Listed $179,000 Metro Search MLS
• 2011-09-01 Sold (Public Records) $65,000 Public Records
• 2011-08-31 Sold (MLS) $65,000 Metro Search MLS
• 2011-08-31 Sold (MLS) $65,000 Metro Search MLS
• 2011-04-28 Listed $79,900 Metro Search MLS
• 2011-04-28 Listed $79,900 Metro Search MLS
• 2010-12-31 Listing Removed — Metro Search MLS
• 2010-06-02 Listed $92,000 Metro Search MLS
• 2003-12-23 Sold (MLS) $88,000 Metro Search MLS
• 2003-11-04 Listed $85,000 Metro Search MLS

Property tax history

+18.1%/yr

Latest (2025): $5,355 · -1.9% YoY. Source: county tax records.