1401 E Breckinridge St · Louisville, KY 40204

$515,000

36 bd · 36.0 ba · 5,254 sqft · MultiFamily · 121 Days on market

Built 1915

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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
• DSCR +10.0/10.0
• 1% rule +8.9/10.0
• ARV discount +7.5/15.0
• Rent growth +3.9/5.0
• 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: 6 units. confirmed

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 MLS

Check out this great 5254+/- finish sqft mulit-family home within walking distance to all the bars and restaurants on Bardstown Rd & Baxter Ave. Home features 6 1 bedroom & 1 bath units, spacious front porch, and rear has beautiful courtyard with brick design inlay yard. Owner pays all utilities and cable. Home has an approximately $3,600/mo income ($43,200/yr gross). Annual estimated expenses are $5,740 LGE; $1,300 property insurance; $1135 water & sewage; $1468 cable, high speed internet & phone; and $2,273 property taxes. All units have beautiful hardwood floors and moldings. Several of the units have updated kitchen and baths. Unit 1 would make a great owner's occupied unit! This is a great investment opportunity!

Key facts

• Refinished flooring
• Natural light
• New appliances

Tags

• HIGHLANDS LOCATION
• CORNER LOT
• NATURAL LIGHT
• REMODELED BASEMENT APT
• REFINISHED FLOORING
• NEW APPLIANCES

Property features AI

Finance

• Other: Building area listed as 3,434 (source: Other); Living area listed as 5,254; Lot dimensions approximately 31.5 x 128.7
• Financial info: Owner pays utilities (electric, gas, water, sewer, trash) — typical for rental units
• HOA & community: No association fee

Exterior

• Parking: No covered parking
• Utilities: Electricity connected; Owner pays electric, gas, water, sewer and trash removal; One furnace
• Home design: Apartment property type; Traditional style; Built in 1915
• Construction: Stone construction; Rolled/Hot Mop roof; Built in 1915
• Exterior features: No notable exterior features listed; Sidewalk along the lot

Interior

• Kitchen: Kitchens on 1st level (2); Kitchens on 2nd level (2); Kitchens in basement (2); Ranges present on 1st level, 2nd level and basement; Refrigerators present on 1st level, 2nd level and basement
• Bedrooms: 6 total bedrooms; 2 bedrooms on the 1st level; 2 bedrooms on the 2nd level; 2 bedrooms in the basement
• Bathrooms: 2 full baths on the 1st level; 2 full baths on the 2nd level; 2 full baths in the basement
• Heating & cooling: Radiant heating; Wall/window air conditioning units
• Interior features: Basement present; Traditional architectural style
• Laundry & utility: Laundry in basement; No laundry on 1st level

What this means for you Summary

Snapshot

• This is a 6 × 1-bed/1.0-bath units multifamily listed at $515k.

Deal economics

• At list price, monthly cash flow is $2k ($27k/yr) — positive. Per door: $373/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $515k).
• Recommended offer: $453k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.5% 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) — zoned schools at 58% FRL track the district average.
• Market conditions: Rents rising fast (+5.8%/yr); 100 active listings in the ZIP; 2,836 units permitted in Jefferson County in 2024 (1,558 in 5+ unit buildings).
• At $7,170/mo this rent would consume 121% of the median local household income ($71k/yr) (locally 761% 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 $4k of loan paydown is wiped out by about $15k 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.
• At projected returns (-3.0% appreciation + 5.8% rent growth), your $144k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 121 days — a 12% lower offer ($453k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 18y ago; this cycle's ask has dropped $35k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1915 — 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 $453,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 121 days. Have you received any prior offers? Is the seller open to a 12% 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 1915 — 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: 1.39% ✓
• Cap rate: 11.51%
• Cash-on-cash: 18.64%
• DSCR: 1.83
• GRM: 6.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.76% rent growth · sell at horizon

5-year hold

• IRR: 13.4%
• Equity multiple: 1.55×
• Total profit: $79,684
• Equity at exit: $76,788

10-year hold

• IRR: 24.2%
• Equity multiple: 3.37×
• Total profit: $342,029
• Equity at exit: $44,528

Cash invested: $144,200 (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 40204

• Rents YoY: 5.8%
• Active inventory: 100
• Price-to-rent: 35.9×

Monthly cashflow live

• Estimated rent: $7,170 high
• Mortgage (P&I): −$2,701
• Tax from tax record: −$509 /mo · $6,111/yr
• Insurance: −$215
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,506
• Net cashflow: $2,240

Break-even live

Break-even rent $4,335

Max offer price $515,000

Occupancy floor 64%

Sensitivity live

Price	-10% $2,531	-5% $2,386	+0% $2,240	+5% $2,094	+10% $1,948
Rent	-10% $1,673	-5% $1,957	+0% $2,240	+5% $2,523	+10% $2,806
Rate	-1.0pp $2,499	-0.5pp $2,371	base $2,240	+0.5pp $2,106	+1.0pp $1,971

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

Units	Beds	Baths	Est. rent
▸ 6× units	1	1	$7,170
Total (6 units)			$7,170

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: $128,750
• Closing costs: $15,450
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-21
   days on market $515,000 Active 121 DOM
2. 2026-06-18
   days on market $515,000 Active 118 DOM
3. 2026-06-17
   days on market $515,000 Active 117 DOM
4. 2026-06-16
   days on market $515,000 Active 116 DOM
5. 2026-06-15
   days on market $515,000 Active 115 DOM
6. 2026-06-13
   days on market $515,000 Active 113 DOM
7. 2026-06-10
   pricestatusdays on market $515,000 Active 110 DOM
8. 2026-06-09
   days on market $525,000 Active Under Contract 109 DOM
9. 2026-06-08
   days on market $525,000 Active Under Contract 108 DOM
10. 2026-06-07
    days on market $525,000 Active Under Contract 107 DOM
11. 2026-06-03
    days on market $525,000 Active Under Contract 103 DOM
12. 2026-06-02
    days on market $525,000 Active Under Contract 102 DOM
13. 2026-06-01
    days on market $525,000 Active Under Contract 101 DOM
14. 2026-05-31
    days on market $525,000 Active Under Contract 100 DOM
15. 2026-04-28
    price $525,000
16. 2026-04-03
    price $535,000
17. 2026-02-20
    listed $550,000 Active
18. 2025-06-04
    price $550,000
19. 2025-04-22
    price $575,000
20. 2024-02-16
    historical $895
21. 2024-02-08
    price $895
22. 2023-12-09
    listed $925
23. 2015-09-10
    soldstatus $650,000
24. 2009-04-27
    soldstatus $300,000
25. 2009-02-12
    soldstatus $300,000
26. 2009-02-06
    soldstatus $300,000 743-char remark

    Show marketing remark (743 chars)

    Check out this great 5254+/- finish sqft mulit-family home within walking distance to all the bars and restaurants on Bardstown Rd & Baxter Ave. Home features 6 1 bedroom & 1 bath units, spacious front porch, and rear has beautiful courtyard with brick design inlay yard. Owner pays all utilities and cable. Home has an approximately $3,600/mo income ($43,200/yr gross). Annual estimated expenses are $5,740 LGE; $1,300 property insurance; $1135 water & sewage; $1468 cable, high speed internet & phone; and $2,273 property taxes. All units have beautiful hardwood floors and moldings. Several of the units have updated kitchen and baths. Unit 1 would make a great owner's occupied unit! This is a great investment opportunity!

27. 2008-08-29
    listed $325,000 743-char remark

    Show marketing remark (743 chars)

    Check out this great 5254+/- finish sqft mulit-family home within walking distance to all the bars and restaurants on Bardstown Rd & Baxter Ave. Home features 6 1 bedroom & 1 bath units, spacious front porch, and rear has beautiful courtyard with brick design inlay yard. Owner pays all utilities and cable. Home has an approximately $3,600/mo income ($43,200/yr gross). Annual estimated expenses are $5,740 LGE; $1,300 property insurance; $1135 water & sewage; $1468 cable, high speed internet & phone; and $2,273 property taxes. All units have beautiful hardwood floors and moldings. Several of the units have updated kitchen and baths. Unit 1 would make a great owner's occupied unit! This is a great investment opportunity!

ⓘ 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: $6,111 · $509/mo
• Projected year-2 tax: $6,111 · $509/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: $86,040
• − Mortgage interest: −$28,848
• − Property taxes: −$6,111
• − Insurance: −$2,575
• − Repairs & maintenance: −$6,883
• − Management: −$6,883
• − Depreciation: −$14,982
• Taxable income: $19,758
• Est. tax owed @ 24.0%: −$4,742
• After-tax cash flow: $22,135/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): 14,034
• Household income: $71,116
• Rent vs Own: 50.6% rent · 49.4% own
• Severe rent burden: 761.0

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: Predominantly White (84%)
• Race & ethnicity: White 84% Black 6% Two or more races 5% Hispanic / Latino 4% Asian 2%
• Common ancestry: Slovak 3% Serbian 3% Romanian 3%
• Foreign-born: 4% · Canada, South Korea, China
• Languages at home: 95% English-only · Spanish 2% Korean 1% Chinese 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: ▼ -475.25%
• Current HPI: 246.3191
• Rent YoY: ▲ 5.76%
• 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

+61.5% since first listed

13 events — show timeline

• 2026-04-28 Price Changed $525,000 Metro Search MLS
• 2026-04-03 Price Changed $535,000 Metro Search MLS
• 2026-02-20 Listed $550,000 Metro Search MLS
• 2025-06-04 Price Changed $550,000 Metro Search MLS
• 2025-04-22 Price Changed $575,000 Metro Search MLS
• 2024-02-16 Rental Removed $895 MSMLS
• 2024-02-08 Price Changed $895 MSMLS
• 2023-12-09 Listed for Rent $925 MSMLS
• 2015-09-10 Sold (Public Records) $650,000 Public Records
• 2009-04-27 Sold (Public Records) $300,000 Public Records
• 2009-02-12 Sold (Public Records) $300,000 Public Records
• 2009-02-06 Sold (MLS) $300,000 Metro Search MLS
• 2008-08-29 Listed $325,000 Metro Search MLS

Property tax history

+4.0%/yr

Latest (2025): $6,111 · -1.9% YoY. Source: county tax records.