400 N 26th St · Louisville, KY 40212

$89,995

None bd · None ba · — sqft · MultiFamily · 62 Days on market

Built 1905 6,000 sqft lot

---

Why this score? — see what drove the B+ 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 +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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

This duplex-zoned property features 2530 SF and a basement. Currently down to the studs and ready to be transformed into a stunning primary residence or income producing property. The flexible layout offers the potential for spacious living areas and multiple bedrooms to accommodate your lifestyle, while also making it a great candidate for shared housing or group home opportunities. Featuring a new roof with exterior siding work already started, street parking & rear alley access to a private parking area, conveniently located near downtown Louisville, parks and public transportation, this property is great opportunity for investors, homeowners, or builders to bring their vision to l

Key facts

• Private parking area
• Duplex zoned
• Flexible layout

Tags

• DUPLEX ZONED
• INVESTMENT OPPORTUNITY
• FULL RENOVATION PROJECT
• PRIVATE PARKING AREA
• WALKING DISTANCE TO BUS STOPS
• FLEXIBLE LAYOUT

Property features AI

Finance

• Other: Lot dimensions approximately 30 x 200 feet (0.14 acres); Subdivision: Portland; Located in Louisville; directions: From Downtown, take west Mohammed Ali Blvd, turn right onto North 26th St, property is on the left.
• HOA & community: No association fee

Exterior

• Parking: No covered parking
• Utilities: No utilities listed
• Home design: Duplex; Traditional style; Faces not specified; Main structure not in a flood plain
• Construction: Built in 1905; Wood frame construction; Shingle roof
• Exterior features: No exterior features listed; Sidewalk along the lot

Interior

• Bedrooms: No bedrooms reported (0 total)
• Interior features: Basement present; No interior/exterior amenities listed

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/2-bath units multifamily listed at $90k.

Deal economics

• At list price, monthly cash flow is $945 ($11k/yr) — positive. Per door: $472/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Recommended offer: $85k (6.0% below list) — sets the bar for market timing.
• Cap rate 18.9% 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; 40 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).
• At $1,945/mo this rent would consume 65% 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 $10k of equity ($622 loan paydown + $9k 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 $25k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($85k) is reasonable based on typical stale-listing flexibility.

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 $84,595 (6.0% below list)

Questions for the listing agent

1. It's been on market 62 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1905 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 2.16% ✓
• Cap rate: 18.89%
• Cash-on-cash: 44.99%
• DSCR: 3.00
• GRM: 3.9

CMA / ARV

No comps found within radius.

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
358-360 N 27th St	0.09mi	—/—	2,484	19mo	$177,500	$71	67
2821 Rowan St	0.42mi	4/—	2,272	1mo	$190,000	$84	67
2210 Griffiths Ave	0.43mi	4/2.0	2,100	4mo	$100,000	$48	65
631 N 25th St	0.40mi	—/1.5	—	6mo	$45,000	—	64
2901 Slevin St	0.28mi	—/—	2,667	15mo	$65,000	$24	62
2619 W Main St	0.43mi	3/3.0	2,884	8mo	$95,000	$33	61
2803 Northwestern Pkwy	0.54mi	6/4.0	2,076	4mo	$215,000	$104	59
3120 Bank St Unit 1 & 2	0.53mi	—/2.0	1,379	7mo	$85,000	$62	57
2147 Duncan St	0.49mi	3/2.0	1,737	14mo	$120,000	$69	53
1923 Bank St	0.62mi	4/2.0	1,836	11mo	$147,000	$80	49
3119 Portland Ave	0.58mi	4/2.0	2,404	15mo	$65,000	$27	48
3029 Portland Ave	0.52mi	4/2.0	1,590	20mo	$33,333	$21	47

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: 57.6%
• Equity multiple: 5.14×
• Total profit: $104,445
• Equity at exit: $81,075

10-year hold

• IRR: 50.1%
• Equity multiple: 10.98×
• Total profit: $251,573
• Equity at exit: $174,840

Cash invested: $25,199 (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: 7.7×

Monthly cashflow live

• Estimated rent: $1,945 high
• Mortgage (P&I): −$472
• Tax from tax record: −$82 /mo · $988/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$408
• Net cashflow: $945

Break-even live

Break-even rent $749

Max offer price $89,995

Occupancy floor 46%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$1,946
Total (2 units)			$1,945

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: $22,499
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
353 N 27th St Louisville, KY	2.0	1.0	1100	$1,100	$1.00	24d	1	0.06mi
2549 Slevin St Louisville, KY	2.0	1.5	—	$800	—	24d	1	0.09mi
2717 Slevin St Louisville, KY	1.0	1.0	620	$725	$1.17	16d	1	0.13mi
2509 Saint Xavier St Louisville, KY	3.0	1.0	—	$900	—	24d	1	0.19mi
2433 Slevin St Unit 2433-2 Louisville, KY	3.0	1.0	800	$875	$1.09	3d	1	0.22mi
2539 Bank St Unit 1 Louisville, KY	1.0	1.0	900	$750	$0.83	24d	1	0.23mi
451 N 25th St Unit Mk Louisville, KY	2.0	1.0	988	$875	$0.89	3d	1	0.24mi
322 N 24th St Louisville, KY	2.0	1.0	950	$1,100	$1.16	16d	1	0.30mi
2510 Portland Ave Unit 206 Louisville, KY	2.0	1.0	615	$950	$1.54	24d	1	0.31mi
2510 Portland Ave Unit 203 Louisville, KY	2.0	1.0	625	$995	$1.59	3d	1	0.32mi
2925 Slevin St Louisville, KY	2.0	1.0	896	$775	$0.86	3d	1	0.32mi
212 N 25th St Louisville, KY	3.0	1.0	1104	$895	$0.81	24d	1	0.34mi
2722 Portland Ave Unit 1 Louisville, KY	1.0	1.0	500	$950	$1.90	24d	1	0.35mi
522 N 29th St Louisville, KY	3.0	1.0	1031	$1,300	$1.26	3d	1	0.35mi
524 N 29th St Louisville, KY	3.0	2.0	—	$800	—	24d	1	0.36mi
214 N 24th St Louisville, KY	3.0	1.5	1012	$915	$0.90	24d	1	0.38mi
2506 Montgomery St Louisville, KY	3.0	2.0	1081	$1,295	$1.20	3d	4	0.39mi
331 N 23rd St Louisville, KY	2.0	1.0	855	$1,150	$1.35	17d	1	0.40mi
2529 W Main St #2 Louisville, KY	3.0	1.0	1404	$1,200	$0.85	24d	1	0.42mi
2145 Bank St Louisville, KY	3.0	1.5	—	$950	—	24d	1	0.42mi
117 N 29th St Louisville, KY	1.0	1.0	—	$845	—	3d	1	0.45mi
316 N 22nd St Louisville, KY	1.0	1.0	—	$795	—	16d	1	0.46mi
2508 W Main St Louisville, KY	3.0	1.0	1327	$1,500	$1.13	24d	1	0.47mi
2927 Rowan St Louisville, KY	3.0	1.0	1008	$1,205	$1.20	12d	1	0.47mi
509 N 31st St Louisville, KY	2.0	1.0	800	$795	$0.99	24d	1	0.49mi
509 N 31st St Louisville, KY	2.0	1.0	800	$725	$0.91	16d	1	0.49mi
2906 Montgomery St Unit B Louisville, KY	3.0	1.0	1152	$1,060	$0.92	24d	1	0.50mi
3120 Bank St Unit B Louisville, KY	2.0	1.0	750	$795	$1.06	24d	1	0.53mi
652 N 29th St Louisville, KY	3.0	1.0	1127	$1,350	$1.20	17d	1	0.55mi
2132 Rowan St Louisville, KY	1.0–2.0	1.0–2.0	875	$928	$1.06	3d	4	0.57mi
2015 Bank St Unit 1f Louisville, KY	1.0	1.0	—	$1,100	—	24d	1	0.58mi
3119 Portland Ave Louisville, KY	3.0	1.0	—	$1,150	—	24d	1	0.58mi
521 N 33rd St Louisville, KY	1.0	1.0	650	$795	$1.22	24d	1	0.61mi
409 N 20th St Louisville, KY	3.0	1.0	1200	$1,050	$0.88	3d	1	0.64mi
2614 W Jefferson St Louisville, KY	1.0	1.0	633	$695	$1.10	20d	1	0.64mi
2614 W Jefferson St Unit 2614-4 Louisville, KY	2.0	1.0	740	$795	$1.07	24d	1	0.64mi
519 N 20th St Louisville, KY	1.0	1.0	550	$795	$1.45	24d	1	0.64mi
2718 W Jefferson St Louisville, KY	1.0	1.0	633	$699	$1.10	21d	1	0.65mi
2718 W Jefferson St Unit 2718-3 Louisville, KY	1.0	1.0	633	$699	$1.10	24d	1	0.65mi
2022 Rowan St Louisville, KY	2.0	1.0	—	$1,000	—	24d	1	0.65mi

Listing history 17 events

1. 2026-06-18
   days on market $89,995 Active 62 DOM
2. 2026-06-17
   days on market $89,995 Active 61 DOM
3. 2026-06-16
   days on market $89,995 Active 60 DOM
4. 2026-06-15
   days on market $89,995 Active 59 DOM
5. 2026-06-13
   days on market $89,995 Active 57 DOM
6. 2026-06-10
   days on market $89,995 Active 54 DOM
7. 2026-06-09
   days on market $89,995 Active 53 DOM
8. 2026-06-08
   days on market $89,995 Active 52 DOM
9. 2026-06-07
   days on market $89,995 Active 51 DOM
10. 2026-06-03
    days on market $89,995 Active 47 DOM
11. 2026-06-02
    days on market $89,995 Active 46 DOM
12. 2026-06-01
    days on market $89,995 Active 45 DOM
13. 2026-05-31
    days on market $89,995 Active 44 DOM
14. 2026-04-17
    listed $89,995 Active
15. 2023-04-03
    soldstatus $640,000
16. 2019-03-21
    soldstatus $35,000
17. 2007-11-29
    soldstatus $32,000

ⓘ 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: $988 · $82/mo
• Projected year-2 tax: $988 · $82/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 ≥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: $23,340
• − Mortgage interest: −$5,041
• − Property taxes: −$988
• − Insurance: −$450
• − Repairs & maintenance: −$1,867
• − Management: −$1,867
• − Depreciation: −$2,618
• Taxable income: $10,509
• Est. tax owed @ 24.0%: −$2,522
• After-tax cash flow: $8,816/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

+181.2% since first listed

4 events — show timeline

• 2026-04-17 Listed $89,995 Metro Search MLS
• 2023-04-03 Sold (Public Records) $640,000 Public Records
• 2019-03-21 Sold (Public Records) $35,000 Public Records
• 2007-11-29 Sold (Public Records) $32,000 Public Records

Property tax history

+3.5%/yr

Latest (2025): $988 · -1.9% YoY. Source: county tax records.