204 W 34th St · Covington, KY 41015

$210,000

5 bd · 2.0 ba · 2,196 sqft · SingleFamily public records · 30 Days on market

Built 1924 Est $270k · 22% under

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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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.7/10.0
• Livability +4.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.5/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

FOR SALE BY OWNER*SOLD WHEN SUBMITTED* Conveniently located in Latonia, this spacious 4 bedroom is a must see. Beautiful hardwood floors, fresh paint, new kitchen appliances, 1st flr bedroom and bath, fenced in yard with patio

Key facts

• Covered front porch
• Hvac system
• New roof

Tags

• NEW ROOF
• HVAC SYSTEM
• COVERED FRONT PORCH

Property features AI

Exterior

• Home design: Built in 1924
• Construction: Living area approximately 2,196
• Exterior features: Located in the West Latonia subdivision

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath single-family listed at $210k.

Deal economics

• At list price, monthly cash flow is $855 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $210k).
• Recommended offer: $207k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.2% 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: schools C-, 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.
• Market conditions: 161 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 699 units permitted in Kenton County in 2024 (287 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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 + 3.0% rent growth), your $59k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($207k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 26y 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 1924 — 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 $206,850 (1.5% below list)

Questions for the listing agent

1. Built in 1924 — 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. 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.
4. 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.
5. 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: 1.37% ✓
• Cap rate: 11.18%
• Cash-on-cash: 17.45%
• DSCR: 1.78
• GRM: 6.1

CMA / ARV

• ARV (on-the-fly): $270,108
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3213 Decoursey Ave	0.22mi	4/2.0 (-1)	2,256 (+3%)	11mo	$165,000	$73	71
3141 Beech Ave	0.14mi	4/2.0 (-1)	2,078 (-5%)	11mo	$287,000	$138	70
2807 Indiana Ave	0.25mi	5/2.5	2,110 (-4%)	18mo	$260,000	$123	65
3911 Church St	0.42mi	4/1.5 (-1)	2,000 (-9%)	10mo	$278,000	$139	50
319 E 42nd St	0.72mi	4/1.5 (-1)	1,900 (-14%)	1mo	$143,000	$75	37

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 8.8%
• Equity multiple: 1.35×
• Total profit: $20,437
• Equity at exit: $31,312

10-year hold

• IRR: 18.0%
• Equity multiple: 2.50×
• Total profit: $87,992
• Equity at exit: $18,157

Cash invested: $58,800 (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 41015

• Active inventory: 161
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $2,875 medium
• Mortgage (P&I): −$1,101
• Tax from tax record: −$228 /mo · $2,732/yr
• Insurance: −$88
• HOA: −$0
• Vacancy / Maint / Mgmt: −$604
• Net cashflow: $855

Break-even live

Break-even rent $1,793

Max offer price $210,000

Occupancy floor 65%

Sensitivity live

Price	-10% $974	-5% $914	+0% $855	+5% $795	+10% $736
Rent	-10% $628	-5% $741	+0% $855	+5% $968	+10% $1,082
Rate	-1.0pp $961	-0.5pp $908	base $855	+0.5pp $800	+1.0pp $745

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: $52,500
• Closing costs: $6,300
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1808 Holman Ave Covington, KY	6.0	2.5	2600	$2,875	$1.11	3d	1	1.34mi

Listing history 40 events

1. 2026-06-21
   days on market $210,000 Active 30 DOM
2. 2026-06-18
   days on market $210,000 Active 27 DOM
3. 2026-06-17
   days on market $210,000 Active 26 DOM
4. 2026-06-16
   days on market $210,000 Active 25 DOM
5. 2026-06-15
   days on market $210,000 Active 24 DOM
6. 2026-06-09
   days on market $210,000 Active 18 DOM
7. 2026-06-08
   days on market $210,000 Active 17 DOM
8. 2026-06-07
   days on market $210,000 Active 16 DOM
9. 2026-06-03
   days on market $210,000 Active 12 DOM
10. 2026-06-02
    days on market $210,000 Active 11 DOM
11. 2026-06-01
    days on market $210,000 Active 10 DOM
12. 2026-05-31
    days on market $210,000 Active 9 DOM
13. 2026-05-23
    listed $210,000 Active
14. 2023-07-20
    soldstatus $205,000 226-char remark

    Show marketing remark (385 chars)

    Run, don't walk! This absolute must see is a 4 bed, 2 bath newly renovated, spacious home. This home includes a new roof, interior/exterior paint, and HVAC system. This remodel is sure to impress with new granite countertops, appliances, tile work and flooring. It includes a charming covered front porch perfect for relaxing. Don't let this one slip by, call about this listing today!

15. 2023-07-20
    soldstatus $205,000 Closed 385-char remark

    Show marketing remark (385 chars)

    Run, don't walk! This absolute must see is a 4 bed, 2 bath newly renovated, spacious home. This home includes a new roof, interior/exterior paint, and HVAC system. This remodel is sure to impress with new granite countertops, appliances, tile work and flooring. It includes a charming covered front porch perfect for relaxing. Don't let this one slip by, call about this listing today!

16. 2023-07-06
    status Pending 385-char remark

    Show marketing remark (385 chars)

    Run, don't walk! This absolute must see is a 4 bed, 2 bath newly renovated, spacious home. This home includes a new roof, interior/exterior paint, and HVAC system. This remodel is sure to impress with new granite countertops, appliances, tile work and flooring. It includes a charming covered front porch perfect for relaxing. Don't let this one slip by, call about this listing today!

17. 2023-06-01
    historical Contingent 385-char remark

    Show marketing remark (385 chars)

    Run, don't walk! This absolute must see is a 4 bed, 2 bath newly renovated, spacious home. This home includes a new roof, interior/exterior paint, and HVAC system. This remodel is sure to impress with new granite countertops, appliances, tile work and flooring. It includes a charming covered front porch perfect for relaxing. Don't let this one slip by, call about this listing today!

18. 2023-05-31
    listed $205,000 226-char remark

    Show marketing remark (226 chars)

    FOR SALE BY OWNER*SOLD WHEN SUBMITTED* Conveniently located in Latonia, this spacious 4 bedroom is a must see. Beautiful hardwood floors, fresh paint, new kitchen appliances, 1st flr bedroom and bath, fenced in yard with patio

19. 2023-05-28
    listed $200,000 Active 385-char remark

    Show marketing remark (385 chars)

    Run, don't walk! This absolute must see is a 4 bed, 2 bath newly renovated, spacious home. This home includes a new roof, interior/exterior paint, and HVAC system. This remodel is sure to impress with new granite countertops, appliances, tile work and flooring. It includes a charming covered front porch perfect for relaxing. Don't let this one slip by, call about this listing today!

20. 2018-08-02
    soldstatus $97,500
21. 2018-07-31
    soldstatus $97,500
22. 2018-04-09
    listed $109,900
23. 2017-11-03
    historical
24. 2017-07-18
    listed $94,900
25. 2015-08-18
    historical
26. 2015-04-07
    listed $95,000
27. 2014-12-30
    soldstatus $52,500
28. 2007-01-05
    soldstatus $71,600
29. 2006-06-30
    historical
30. 2006-01-06
    listed $81,500
31. 2005-12-11
    historical
32. 2005-05-11
    listed $82,500
33. 2004-08-02
    historical
34. 2004-04-09
    listed $89,900
35. 2003-09-06
    historical
36. 2002-11-08
    listed $89,900
37. 2000-09-11
    soldstatus $33,650
38. 2000-09-07
    soldstatus $33,650
39. 2000-07-24
    listed
40. 1993-09-03
    soldstatus $50,000

ⓘ 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: $2,732 · $228/mo
• Projected year-2 tax: $2,732 · $228/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 ≥102°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: $34,500
• − Mortgage interest: −$11,763
• − Property taxes: −$2,732
• − Insurance: −$1,050
• − Repairs & maintenance: −$2,760
• − Management: −$2,760
• − Depreciation: −$6,109
• Taxable income: $7,326
• Est. tax owed @ 24.0%: −$1,758
• After-tax cash flow: $8,500/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
• City population: 34,373
• Population (ZIP): 20,396

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 (90%)
• Race & ethnicity: White 90% Two or more races 6% Black 3% Hispanic / Latino 2%
• Common ancestry: Lithuanian 2% Romanian 2% Slovak 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Arabic 1% French/Haitian/Cajun 1%

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: ▼ -110.37%
• Current HPI: 203.7263
• Rent YoY: —
• Metro: —
• 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

+320.0% since first listed

28 events — show timeline

• 2026-05-23 Listed $210,000 FSBO.com
• 2023-07-20 Sold (MLS) $205,000 ImagineMLS
• 2023-07-20 Sold (MLS) $205,000 NKMLS
• 2023-07-06 Pending — ImagineMLS
• 2023-06-01 Contingent — ImagineMLS
• 2023-05-31 Listed $205,000 NKMLS
• 2023-05-28 Listed $200,000 ImagineMLS
• 2018-08-02 Sold (Public Records) $97,500 Public Records
• 2018-07-31 Sold (MLS) $97,500 NKMLS
• 2018-04-09 Listed $109,900 NKMLS
• 2017-11-03 Listing Removed — NKMLS
• 2017-07-18 Listed $94,900 NKMLS
• 2015-08-18 Listing Removed — NKMLS
• 2015-04-07 Listed $95,000 NKMLS
• 2014-12-30 Sold (Public Records) $52,500 Public Records
• 2007-01-05 Sold (Public Records) $71,600 Public Records
• 2006-06-30 Listing Removed — NKMLS
• 2006-01-06 Listed $81,500 NKMLS
• 2005-12-11 Listing Removed — NKMLS
• 2005-05-11 Listed $82,500 NKMLS
• 2004-08-02 Listing Removed — NKMLS
• 2004-04-09 Listed $89,900 NKMLS
• 2003-09-06 Listing Removed — NKMLS
• 2002-11-08 Listed $89,900 NKMLS
• 2000-09-11 Sold (Public Records) $33,650 Public Records
• 2000-09-07 Sold (MLS) $33,650 NKMLS
• 2000-07-24 Listed — NKMLS
• 1993-09-03 Sold (Public Records) $50,000 Public Records

Property tax history

+7.9%/yr

Latest (2025): $2,732 · +0.7% YoY. Source: county tax records.