1706 Eastern Ave · Covington, KY 41014

$225,000

4 bd · 2.0 ba · 1,662 sqft · MultiFamily public records · 10 Days on market

2,350 sqft lot Est $238k · 5% under

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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 +26.6/30.0
• ARV discount +9.9/15.0
• DSCR +9.1/10.0
• 1% rule +6.0/10.0
• Livability +4.3/5.0
• Rent growth +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.5/10.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

Versatile brick duplex in Covington with strong income potential! Featuring two 1-bedroom, 1-bath units with separate heat and electric. Unit 1 has been recently updated with a tenant on a month to month lease paying $1100 as of 5/1. Unit 2 is move in ready with recent updates of paint, carpet & kitchen. Additional features include covered off-street parking, basement access for the lower unit, and exterior paint completed in 2023. Conveniently located near downtown Covington and Cincinnati, this property is ideal for both investors and owner-occupants to either generate income or offset living expenses.

Key facts

• 2,350 sq ft lot
• Parking
• Listed 10 days

What this means for you Summary

Snapshot

• This is a 2 × 1-bed/1.0-bath units multifamily listed at $225k.

Deal economics

• At list price, monthly cash flow is $602 ($7k/yr) — positive. Per door: $301/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $225k).
• Cap rate 9.5% vs local median 5.3% in Covington — 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 86/100 on livability (#40 in KY, #376 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment D+.
• Covington Independent (suburban): math 10% / reading 27% proficiency, ranked #162 of 165 in KY (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 78% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Sixth District Elementary School (math 8% / reading 17%, grade F, #630 of 676 statewide, top 95%, 446 students, 84% FRL); Holmes Middle School (math 8% / reading 26%, grade F, #211 of 217 statewide, top 97%, 656 students, 84% FRL); Holmes High School (math 12% / reading 17%, grade F, #227 of 254 statewide, top 89%, 878 students, 80% FRL) — zoned schools at 83% FRL track the district average.
• Market conditions: Rents rising fast (+5.1%/yr); 59 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 8d on market — plan ~1-2 weeks tenant-placement turnaround); 699 units permitted in Kenton County in 2024 (287 in 5+ unit buildings).
• At $2,478/mo this rent would consume 48% of the median local household income ($61k/yr) (locally 511% 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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Kenton County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 5.1% rent growth), your $63k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 10 sale attempts since 25y 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.
• Current owner paid $37k; list at $225k implies a 508% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $225,000

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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.10% ✓
• Cap rate: 9.51%
• Cash-on-cash: 11.47%
• DSCR: 1.51
• GRM: 7.6

CMA / ARV

• ARV (on-the-fly): $237,666
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10 Widrig St	0.54mi	4/2.5	1,716 (+3%)	3mo	$265,000	$154	65
503 W 13th St	0.57mi	4/2.0	1,577 (-5%)	7mo	$266,000	$169	59
16 Martin St	0.53mi	4/4.0	1,628 (-2%)	8mo	$220,000	$135	57
121 Trevor St	0.58mi	3/2.0 (-1)	1,831 (+10%)	13mo	$170,000	$93	40
202 Levassor Ave	0.72mi	5/3.0 (+1)	1,806 (+9%)	13mo	$258,000	$143	33

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 5.13% rent growth · sell at horizon

5-year hold

• IRR: 2.9%
• Equity multiple: 1.11×
• Total profit: $7,243
• Equity at exit: $33,548

10-year hold

• IRR: 14.2%
• Equity multiple: 2.25×
• Total profit: $78,608
• Equity at exit: $19,454

Cash invested: $63,000 (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 41014

• Rents YoY: 5.1%
• Active inventory: 59
• Price-to-rent: 15.1×

Monthly cashflow live

• Estimated rent: $2,478 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$82 /mo · $979/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$520
• Net cashflow: $602

Break-even live

Break-even rent $1,716

Max offer price $225,000

Occupancy floor 71%

Sensitivity live

Price	-10% $730	-5% $666	+0% $602	+5% $539	+10% $475
Rent	-10% $407	-5% $504	+0% $602	+5% $700	+10% $798
Rate	-1.0pp $716	-0.5pp $660	base $602	+0.5pp $544	+1.0pp $485

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$2,478
Total (2 units)			$2,478

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2030 Mackoy St Covington, KY	3.0	1.5	1598	$1,779	$1.11	5d	1	0.37mi
1927 Scott St Apt 1 Covington, KY	3.0	2.0	1865	$2,100	$1.13	20d	1	0.43mi
1700 Aspen Pines Dr Wilder, KY	1.0–3.0	1.0–2.5	1420	$2,365	$1.67	2d	14	0.95mi
2307 Center St Covington, KY	3.0	1.5	1216	$1,950	$1.60	8d	1	0.98mi
1205 Lee St Unit 3 Covington, KY	3.0	2.5	1850	$3,000	$1.62	24d	1	1.01mi

Listing history 28 events

1. 2026-04-20
   status Pending
2. 2026-04-10
   listed $225,000 Active
3. 2025-07-28
   status Pending
4. 2025-07-26
   historical
5. 2025-07-15
   price $180,000
6. 2025-07-11
   price $185,000
7. 2025-06-13
   price $190,000
8. 2025-05-27
   listed $200,000 Active
9. 2024-12-19
   historical
10. 2024-10-28
    listed $179,900 Active
11. 2024-10-28
    historical
12. 2024-08-12
    listed $212,000 Active
13. 2017-04-07
    soldstatus $37,000
14. 2016-03-22
    listed $44,000
15. 2016-03-04
    historical
16. 2015-11-30
    listed $84,900
17. 2012-11-30
    historical
18. 2012-03-27
    listed $50,000
19. 2004-07-15
    soldstatus $63,500
20. 2002-04-09
    soldstatus $61,500
21. 2002-04-02
    soldstatus $61,500
22. 2002-01-21
    listed $66,500
23. 2001-11-24
    historical
24. 2001-08-24
    listed $69,900
25. 2001-06-30
    historical
26. 2001-01-10
    listed $74,900
27. 1992-12-30
    soldstatus $45,000
28. 1987-12-11
    soldstatus $39,000

ⓘ 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: $979 · $82/mo
• Projected year-2 tax: $1,935 · $161/mo
• Expected delta: +$956/yr (+$80/mo · 97.7%)

ⓘ 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 ≥103°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 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,736
• − Mortgage interest: −$12,603
• − Property taxes: −$979
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,379
• − Management: −$2,379
• − Depreciation: −$6,545
• Taxable income: $3,725
• Est. tax owed @ 24.0%: −$894
• After-tax cash flow: $6,334/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: Covington Independent
• NCES district ID: 2101350
• Math proficiency: 10% ▼ -20.00%
• Reading proficiency: 27% ▼ -14.00%
• Median HH income: $33,681
• Composite: 15.04/100
• National rank: #9353
• State rank: #162 of 165 in KY

Livability — Covington

• Score: 86/100
• State rank: #40
• US rank: #376

Category grades

Amenities A+ Commute A+ Cost of living A+ Crime C+ Employment D+ Housing A+ Health & safety B+ User ratings B

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Covington, KY
• County: Kenton County · 142,881 people
• City population: 34,373
• Metro: Cincinnati, OH-KY-IN
• Population (ZIP): 7,392
• Household income: $61,382
• Rent vs Own: 48.0% rent · 52.0% own
• Severe rent burden: 511.0

Population outlook (Kenton County) Hauer SSP2

• Today (2025): 174,205 people
• By 2030: 177,897 · +2.1%
• By 2040: 182,671 · +4.9%
• By 2050: 183,543 · +5.4%
• By 2075: 178,977 · +2.7%
• By 2100: 159,920 · -8.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Two or more races 11% Hispanic / Latino 10% Black 8% Asian 2%
• Hispanic origin (detail): Mexican 1%
• Common ancestry: Romanian 2% Lithuanian 1% Italian 1%
• Foreign-born: 6% · Canada, China
• Languages at home: 91% English-only · Spanish 8%

Political lean MEDSL · Kenton

• 2024 margin: Strong R (+21.7) · D 38.2% · R 59.9% · Other 1.9%
• 2008→2024 swing: -0.9pp no change · 2008: -20.9pp · 2024: -21.7pp
• All cycles: 2024: R+21.7 2020: R+19.3 2016: R+26.1 2012: R+24.3 2008: R+20.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -172.77%
• Current HPI: 233.8216
• Rent YoY: ▲ 5.13%
• Metro: Cincinnati, OH-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

+476.9% since first listed

28 events — show timeline

• 2026-04-20 Pending — NKMLS
• 2026-04-10 Listed $225,000 NKMLS
• 2025-07-28 Pending — NKMLS
• 2025-07-26 Listing Removed — NKMLS
• 2025-07-15 Price Changed $180,000 NKMLS
• 2025-07-11 Price Changed $185,000 NKMLS
• 2025-06-13 Price Changed $190,000 NKMLS
• 2025-05-27 Listed $200,000 NKMLS
• 2024-12-19 Listing Removed — NKMLS
• 2024-10-28 Listing Removed — NKMLS
• 2024-10-28 Listed $179,900 NKMLS
• 2024-08-12 Listed $212,000 NKMLS
• 2017-04-07 Sold (MLS) $37,000 NKMLS
• 2016-03-22 Listed $44,000 NKMLS
• 2016-03-04 Listing Removed — NKMLS
• 2015-11-30 Listed $84,900 NKMLS
• 2012-11-30 Listing Removed — NKMLS
• 2012-03-27 Listed $50,000 NKMLS
• 2004-07-15 Sold (Public Records) $63,500 Public Records
• 2002-04-09 Sold (Public Records) $61,500 Public Records
• 2002-04-02 Sold (MLS) $61,500 NKMLS
• 2002-01-21 Listed $66,500 NKMLS
• 2001-11-24 Listing Removed — NKMLS
• 2001-08-24 Listed $69,900 NKMLS
• 2001-06-30 Listing Removed — NKMLS
• 2001-01-10 Listed $74,900 NKMLS
• 1992-12-30 Sold (Public Records) $45,000 Public Records
• 1987-12-11 Sold (Public Records) $39,000 Public Records

Property tax history

-1.5%/yr

Latest (2025): $979 · +0.7% YoY. Source: county tax records.