2315 Portland Ave · Louisville, KY 40212

$279,900

5 bd · 4.0 ba · 3,338 sqft · MultiFamily · 46 Days on market

Built 1900

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Why this score? — see what drove the D- 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).

• Appreciation +10.0/10.0
• Cash flow +8.0/30.0
• ARV discount +7.5/15.0
• Livability +3.2/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• DSCR +2.1/10.0
• 1% rule +1.3/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. 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

This rare four-unit investment opportunity consists of two separate parcels sold together, featuring three large units on Portland Avenue and a spacious two-bedroom single-family home with private access and a garage at 2316 Tyler Avenue. The combined properties generate an impressive 12-month NOI of $39,220 (12.8% CAP) under self-management and have undergone extensive renovations inside and out. The Portland Avenue building includes three fully updated units, each with laundry connections and individual floor heaters in every room for efficient and consistent heating. Units 2 has long-term tenants of over two years who plan to stay, and Unit 1 was newly leased in October 2025. Updates to

Key facts

• Garage
• Built 1900
• Listed 46 days

Property features AI

Finance

• Other: Property located in the Portland subdivision; Directions: I-64 to 22nd St., right on Portland Ave to property on right
• Financial info: Owner pays gas, water and sewer; tenants pay electric; Reported rents: 1st-level total rent $2,875; 2nd-level rent $835
• HOA & community: No association fee

Exterior

• Parking: 1 parking space; No covered parking
• Utilities: Electricity connected; Natural gas available; Owner pays water and sewer; tenant pays electric
• Home design: Traditional-style building; Multi-unit property with a total of 4 units (3 units on the 1st level, 1 unit on the 2nd level)
• Construction: Built in 1900; Vinyl siding, aluminum siding and wood frame construction; Asphalt shingle roof; Total building area approximately 3,338
• Exterior features: No special exterior features listed; Sidewalk along the lot

Interior

• Kitchen: Kitchen(s) on both levels; Ranges and refrigerators included on both levels
• Bedrooms: Total of 5 bedrooms (4 on the 1st level, 1 on the 2nd level)
• Bathrooms: 4 full baths (3 on the 1st level, 1 on the 2nd level)
• Heating & cooling: 4 furnaces; Heating: Electric and Natural Gas; Cooling: Wall/Window unit(s)
• Interior features: Basement present; Separate meters for units
• Laundry & utility: Laundry facilities on both levels

What this means for you Summary

Snapshot

• This is a 5-bed/4.0-bath multifamily listed at $280k.

Deal economics

• At list price, monthly cash flow is $-282 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $230k (17.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $176k (37.2% below list).
• Recommended offer: $176k (37.2% below list) — sets the bar for 1% rule.

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; 141 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 $1,758/mo this rent would consume 59% 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 $30k of equity ($2k loan paydown + $28k appreciation (10.0% local appreciation)).
• Jefferson County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 2, paydown + projected appreciation supports a ~$48k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 46 days — a 3% lower offer ($272k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 5y ago; this cycle's ask has dropped $15k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $82k; list at $280k implies a 240% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate 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 $175,763 (37.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 46 days. Have you received any prior offers? Is the seller open to a 37% concession, seller financing, or rate buy-down credit?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 0.63% ✗
• Cap rate: 5.08%
• Cash-on-cash: -4.33%
• DSCR: 0.81
• GRM: 13.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 0.51% rent growth · sell at horizon

5-year hold

• IRR: 20.6%
• Equity multiple: 2.66×
• Total profit: $130,018
• Equity at exit: $252,156

10-year hold

• IRR: 18.3%
• Equity multiple: 5.96×
• Total profit: $388,899
• Equity at exit: $543,784

Cash invested: $78,372 (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: 141
• Price-to-rent: 13.3×

Monthly cashflow live

• Estimated rent: $1,758 medium
• Mortgage (P&I): −$1,468
• Tax from tax record: −$87 /mo · $1,039/yr
• Insurance: −$117
• HOA: −$0
• Vacancy / Maint / Mgmt: −$369
• Net cashflow: $-282

Break-even live

Break-even rent $2,115

Max offer price $230,000

Occupancy floor —

Sensitivity live

Price	-10% $-124	-5% $-203	+0% $-282	+5% $-362	+10% $-441
Rent	-10% $-421	-5% $-352	+0% $-282	+5% $-213	+10% $-144
Rate	-1.0pp $-142	-0.5pp $-211	base $-282	+0.5pp $-355	+1.0pp $-429

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: $69,975
• Closing costs: $8,397
• Reserves months: —
• Total cash needed: —

Listing history 44 events

1. 2026-06-21
   days on market $279,900 Active 46 DOM
2. 2026-06-19
   price $279,900 Active 43 DOM
3. 2026-06-18
   days on market $284,900 Active 43 DOM
4. 2026-06-17
   days on market $284,900 Active 42 DOM
5. 2026-06-16
   days on market $284,900 Active 41 DOM
6. 2026-06-15
   days on market $284,900 Active 40 DOM
7. 2026-06-13
   days on market $284,900 Active 38 DOM
8. 2026-06-10
   days on market $284,900 Active 35 DOM
9. 2026-06-09
   days on market $284,900 Active 34 DOM
10. 2026-06-08
    pricedays on market $284,900 Active 33 DOM
11. 2026-06-07
    days on market $289,900 Active 32 DOM
12. 2026-06-03
    days on market $289,900 Active 28 DOM
13. 2026-06-02
    days on market $289,900 Active 27 DOM
14. 2026-06-01
    days on market $289,900 Active 26 DOM
15. 2026-05-31
    days on market $289,900 Active 25 DOM
16. 2026-05-22
    price $289,900
17. 2026-05-05
    listed $294,900 Active
18. 2026-04-22
    price $304,900
19. 2026-04-01
    price $309,900
20. 2026-03-11
    price $314,900
21. 2026-02-27
    price $319,900
22. 2026-02-27
    price $317,400
23. 2025-12-04
    price $319,900
24. 2025-11-24
    price $324,900
25. 2024-01-02
    historical
26. 2023-11-30
    status Active
27. 2023-11-17
    historical Active Under Contract
28. 2023-10-18
    listed $175,000 Active
29. 2023-09-25
    historical
30. 2023-06-20
    historical
31. 2023-06-20
    price $180,000
32. 2023-06-20
    listed $190,000 Active
33. 2023-05-12
    listed $200,000 Active
34. 2022-12-06
    historical
35. 2022-10-19
    price $289,500
36. 2022-10-19
    price $275,000
37. 2022-10-18
    listed $299,500 Active
38. 2021-03-25
    soldstatus $82,425 Closed
39. 2021-02-09
    status Pending
40. 2021-02-02
    historical Active Under Contract
41. 2021-01-29
    status Active
42. 2021-01-19
    status Pending
43. 2021-01-14
    listed $109,900 Active
44. 2009-12-28
    soldstatus $17,000

ⓘ 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: $1,039 · $87/mo
• Projected year-2 tax: $2,407 · $201/mo
• Expected delta: +$1,369/yr (+$114/mo · 131.8%)

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 67% 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: $21,092
• − Mortgage interest: −$15,679
• − Property taxes: −$1,039
• − Insurance: −$1,400
• − Repairs & maintenance: −$1,687
• − Management: −$1,687
• − Depreciation: −$8,143
• Taxable loss: −$8,542
• Est. tax savings @ 24.0%: +$2,050
• After-tax cash flow: $-1,339/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

+1605.3% since first listed

29 events — show timeline

• 2026-05-22 Price Changed $289,900 Metro Search MLS
• 2026-05-05 Listed $294,900 Metro Search MLS
• 2026-04-22 Price Changed $304,900 Metro Search MLS
• 2026-04-01 Price Changed $309,900 Metro Search MLS
• 2026-03-11 Price Changed $314,900 Metro Search MLS
• 2026-02-27 Price Changed $319,900 Metro Search MLS
• 2026-02-27 Price Changed $317,400 Metro Search MLS
• 2025-12-04 Price Changed $319,900 Metro Search MLS
• 2025-11-24 Price Changed $324,900 Metro Search MLS
• 2024-01-02 Listing Removed — Metro Search MLS
• 2023-11-30 Relisted — Metro Search MLS
• 2023-11-17 Contingent — Metro Search MLS
• 2023-10-18 Listed $175,000 Metro Search MLS
• 2023-09-25 Listing Removed — Metro Search MLS
• 2023-06-20 Listed $190,000 Metro Search MLS
• 2023-06-20 Price Changed $180,000 Metro Search MLS
• 2023-06-20 Listing Removed — Metro Search MLS
• 2023-05-12 Listed $200,000 Metro Search MLS
• 2022-12-06 Listing Removed — Metro Search MLS
• 2022-10-19 Price Changed $275,000 Metro Search MLS
• 2022-10-19 Price Changed $289,500 Metro Search MLS
• 2022-10-18 Listed $299,500 Metro Search MLS
• 2021-03-25 Sold (MLS) $82,425 Metro Search MLS
• 2021-02-09 Pending — Metro Search MLS
• 2021-02-02 Contingent — Metro Search MLS
• 2021-01-29 Relisted — Metro Search MLS
• 2021-01-19 Pending — Metro Search MLS
• 2021-01-14 Listed $109,900 Metro Search MLS
• 2009-12-28 Sold (Public Records) $17,000 Public Records

Property tax history

+13.3%/yr

Latest (2025): $1,039 · -1.9% YoY. Source: county tax records.