327 N 22nd St · Louisville, KY 40212

$99,900

1 bd · 1.0 ba · 949 sqft · SingleFamily · 17 Days on market

Built 1900 6,534 sqft lot

---

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 +18.9/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +6.0/10.0
• 1% rule +4.4/10.0
• Livability +3.2/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0

Listing remarks

Completely rebuilt from the foundation and studs in 2019, this stunning home offers the character of a classic Louisville shotgun with the peace of mind of modern construction. Soaring ceilings, recessed lighting, luxury vinyl plank flooring, and abundant natural light create an open, inviting feel throughout. The spacious living room features an original decorative fireplace and built-in shelving, while the beautifully updated kitchen boasts stainless appliances, butcher block countertops, custom cabinetry, and a stylish tile backsplash. The bathroom offers a large vanity and tiled walk-in shower. Additional features include updated mechanicals, replacement windows, electrical, plumbing, o

Key facts

• Custom cabinetry
• Stainless appliances
• Built-in shelving

Tags

• ORIGINAL DECORATIVE FIREPLACE
• BUILT-IN SHELVING
• STAINLESS APPLIANCES
• BUTCHER BLOCK COUNTERTOPS
• CUSTOM CABINETRY
• TILE BACKSPLASH

Property features AI

Finance

• HOA & community: No association fee

Exterior

• Parking: Directions mention access to a carport (carport access described in directions)
• Utilities: Electricity connected
• Home design: Single-family residence in a shotgun style; One-story home; Built in 1900; Entry and main living spaces on the first floor
• Construction: Wood frame construction; Poured concrete foundation; Shingle roof
• Exterior features: Lot is approximately 0.15 acres

Interior

• Kitchen: Kitchen on the first floor; Dining room adjacent to the kitchen on the first floor
• Bedrooms: One bedroom located on the first floor
• Bathrooms: One full bathroom on the first floor
• Heating & cooling: Electric forced-air heating; Central air conditioning
• Interior features: Four total rooms; Three closets; No basement; First-floor primary bedroom; First-floor full bathroom; First-floor laundry
• Laundry & utility: First-floor laundry

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $103 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $94k (6.0% below list).
• Recommended offer: $94k (6.0% below list) — sets the bar for 1% rule.
• Cap rate 7.5% 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: Byck Elementary (math 2% / reading 12%, grade F, #662 of 676 statewide, top 99%, 287 students, 91% FRL); Westport Middle (math 16% / reading 38%, grade F, #172 of 217 statewide, top 80%, 1,177 students, 55% FRL) — zoned schools average 73% FRL vs 56% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 141 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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).

Forward outlook

• In year one you build about $11k of equity ($691 loan paydown + $10k 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 $28k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($98k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 18y 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 $93,872 (6.0% below list)

Questions for the listing agent

1. Built in 1900 — 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. 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?
4. 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?
5. 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.
6. 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.
7. 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: 0.94% ✗
• Cap rate: 7.53%
• Cash-on-cash: 4.43%
• DSCR: 1.20
• GRM: 8.9

CMA / ARV

• ARV (on-the-fly): $49,348
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
428 N 20th St	0.17mi	2/1.0 (+1)	894 (-6%)	7mo	$46,000	$51	72
331 N 23rd St	0.09mi	2/1.0 (+1)	855 (-10%)	4mo	$105,000	$123	71
1922 Bank St	0.22mi	2/1.0 (+1)	1,020 (+8%)	3mo	$110,950	$109	70
2511 Bank St	0.40mi	2/1.0 (+1)	960 (+1%)	6mo	$10,000	$10	69
1814 Rowan St	0.34mi	2/1.0 (+1)	1,038 (+9%)	1mo	$30,200	$29	62
2230 Congress St	0.42mi	1/1.0	856 (-10%)	2mo	$38,500	$45	62
1707 Baird St	0.46mi	2/1.0 (+1)	896 (-6%)	3mo	$45,000	$50	62
363 N 27th St	0.54mi	2/1.0 (+1)	972 (+2%)	6mo	$36,500	$38	61
2722 Slevin St	0.59mi	2/1.0 (+1)	984 (+4%)	5mo	$65,000	$66	57
216 N 25th St	0.33mi	2/1.0 (+1)	840 (-12%)	6mo	$85,000	$101	56
2214 Cedar St	0.56mi	2/1.0 (+1)	886 (-7%)	4mo	$46,000	$52	54
1729 Portland Ave	0.43mi	2/1.0 (+1)	1,072 (+13%)	2mo	$68,900	$64	52

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: 26.6%
• Equity multiple: 3.10×
• Total profit: $58,675
• Equity at exit: $89,998

10-year hold

• IRR: 22.7%
• Equity multiple: 6.84×
• Total profit: $163,379
• Equity at exit: $194,084

Cash invested: $27,972 (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: 8.9×

Monthly cashflow live

• Estimated rent: $939 high
• Mortgage (P&I): −$524
• Tax from tax record: −$73 /mo · $873/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$197
• Net cashflow: $103

Break-even live

Break-even rent $808

Max offer price $99,900

Occupancy floor 84%

Sensitivity live

Price	-10% $160	-5% $132	+0% $103	+5% $75	+10% $47
Rent	-10% $29	-5% $66	+0% $103	+5% $140	+10% $177
Rate	-1.0pp $154	-0.5pp $129	base $103	+0.5pp $77	+1.0pp $51

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
331 N 23rd St Louisville, KY	2.0	1.0	855	$1,150	$1.35	18d	1	0.10mi
2132 Rowan St Louisville, KY	1.0–2.0	1.0–2.0	875	$820	$0.94	4d	4	0.22mi
322 N 24th St Louisville, KY	2.0	1.0	950	$1,100	$1.16	17d	1	0.22mi
519 N 20th St Louisville, KY	1.0	1.0	550	$795	$1.45	25d	1	0.24mi
451 N 25th St Unit Mk Louisville, KY	2.0	1.0	988	$875	$0.89	4d	1	0.32mi
200 N 18th St Unit 200-4 Louisville, KY	2.0	1.0	740	$775	$1.05	21d	1	0.37mi
112 N 18th St Louisville, KY	2.0	1.0	944	$1,050	$1.11	25d	1	0.41mi
500 N 17th St Apt 309 Louisville, KY	2.0	1.0	775	$1,200	$1.55	25d	1	0.41mi
500 N 17th St Unit 305 Louisville, KY	1.0	1.0	825	$1,100	$1.33	25d	1	0.41mi
500 N 17th St Unit 301 Louisville, KY	2.0	1.0	775	$1,200	$1.55	17d	1	0.41mi
2539 Bank St Unit 1 Louisville, KY	1.0	1.0	900	$750	$0.83	25d	1	0.43mi
214 N 17th St Unit 2 Louisville, KY	1.0	1.0	800	$750	$0.94	16d	1	0.44mi
220 Doctor W. J. Hodge St Unit 1 Louisville, KY	1.0	1.0	570	$700	$1.23	18d	1	0.45mi
2510 Portland Ave Unit 206 Louisville, KY	2.0	1.0	615	$950	$1.54	25d	1	0.52mi
2510 Portland Ave Unit 203 Louisville, KY	2.0	1.0	625	$995	$1.59	4d	1	0.52mi
353 N 27th St Louisville, KY	2.0	1.0	1100	$1,100	$1.00	25d	1	0.53mi
2717 Slevin St Louisville, KY	1.0	1.0	620	$725	$1.17	17d	1	0.58mi
1622 W Market St Apt 104 Louisville, KY	1.0	1.5	771	$965	$1.25	25d	1	0.61mi
1612 W Market St Unit 2 Louisville, KY	2.0	2.0	900	$1,000	$1.11	25d	1	0.63mi
2614 W Jefferson St Unit 2614-4 Louisville, KY	2.0	1.0	740	$795	$1.07	25d	1	0.68mi
2614 W Jefferson St Louisville, KY	1.0	1.0	633	$695	$1.10	21d	1	0.68mi
515 S 20th St Louisville, KY	2.0	1.0	1000	$995	$0.99	17d	1	0.73mi
2718 W Jefferson St Unit 2718-3 Louisville, KY	1.0	1.0	633	$699	$1.10	25d	1	0.73mi
2718 W Jefferson St Louisville, KY	1.0	1.0	633	$699	$1.10	22d	1	0.73mi
2221 W Madison St Louisville, KY	2.0	1.0	1000	$1,350	$1.35	22d	1	0.74mi
2300 W Madison St Louisville, KY	2.0	1.0	900	$850	$0.94	25d	1	0.77mi
2925 Slevin St Louisville, KY	2.0	1.0	896	$775	$0.86	4d	1	0.78mi
2922 Bank St Unit 2 Louisville, KY	—	1.0	800	$900	$1.12	25d	1	0.80mi
2631 W Madison St Unit 2 Louisville, KY	2.0	1.0	928	$850	$0.92	18d	1	0.88mi
2631 W Madison St Unit 2 Louisville, KY	2.0	1.0	928	$850	$0.92	25d	1	0.88mi
509 N 31st St Louisville, KY	2.0	1.0	800	$795	$0.99	25d	1	0.94mi
509 N 31st St Louisville, KY	2.0	1.0	800	$725	$0.91	17d	1	0.94mi
3120 Bank St Unit B Louisville, KY	2.0	1.0	750	$795	$1.06	25d	1	0.99mi
2411 Elliott Ave Louisville, KY	2.0	1.0	892	$895	$1.00	25d	1	1.00mi
1700 Magazine St Unit 3 Louisville, KY	2.0	1.0	900	$1,150	$1.28	18d	1	1.02mi
521 N 33rd St Louisville, KY	1.0	1.0	650	$795	$1.22	25d	1	1.07mi
2310 W Broadway Unit 1 Louisville, KY	1.0	1.0	1100	$975	$0.89	4d	1	1.08mi
2733 Chase Ct Louisville, KY	2.0	1.0	900	$900	$1.00	17d	1	1.16mi
3124 Vermont Ave Louisville, KY	1.0	1.0	650	$699	$1.08	25d	1	1.20mi
3124 Vermont Ave Unit 3124-1 Louisville, KY	1.0	1.0	650	$695	$1.07	25d	1	1.20mi

Listing history 11 events

1. 2026-06-21
   days on market $99,900 Active 17 DOM
2. 2026-06-18
   days on market $99,900 Active 14 DOM
3. 2026-06-17
   days on market $99,900 Active 13 DOM
4. 2026-06-16
   days on market $99,900 Active 12 DOM
5. 2026-06-15
   days on market $99,900 Active 11 DOM
6. 2026-06-13
   days on market $99,900 Active 9 DOM
7. 2026-06-10
   days on market $99,900 Active 6 DOM
8. 2026-06-09
   days on market $99,900 Active 5 DOM
9. 2026-06-08
   days on market $99,900 Active 4 DOM
10. 2026-06-07
    remarks 699-char remark
11. 2026-06-07
    listed $99,900 Active 3 DOM

ⓘ 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: $873 · $73/mo
• Projected year-2 tax: $873 · $73/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 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: $11,265
• − Mortgage interest: −$5,596
• − Property taxes: −$873
• − Insurance: −$500
• − Repairs & maintenance: −$901
• − Management: −$901
• − Depreciation: −$2,906
• Taxable loss: −$413
• Est. tax savings @ 24.0%: +$99
• 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

+299.6% since first listed

5 events — show timeline

• 2026-06-04 Listed $99,900 Metro Search MLS
• 2020-12-26 Listing Removed — Metro Search MLS
• 2020-11-09 Listed $109,900 Metro Search MLS
• 2009-04-24 Listing Removed — Metro Search MLS
• 2008-10-24 Listed $25,000 Metro Search MLS

Property tax history

+5.5%/yr

Latest (2025): $873 · -1.9% YoY. Source: county tax records.