716 Lewis St · Covington, KY 41011

$490,000

None bd · None ba · 5,060 sqft · Townhouse public records · 9 Days on market

8,250 sqft lot

---

Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Livability +4.3/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Cash flow +2.4/30.0
• Schools +1.5/10.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Large 6 unit building with off street parking for tenants and guests! Located 1000 ft off of Interstate 75, this 6 family property is rented and ready for the next investor. Some of the units have been updated. Immediate cash flow. Currently operating at about an 8.8 percent Cap Rate.

Key facts

• Updated units
• Off street parking
• 6 family property

Tags

• OFF STREET PARKING
• UPDATED UNITS
• 6 FAMILY PROPERTY

Property features AI

Finance

• Financial info: Six total units

Exterior

• Parking: Parking lot; Driveway; Off-street parking; On-street parking
• Utilities: Public water; Public sewer; Natural gas available; Water service available
• Home design: Multifamily apartment; Three or more stories; Existing structure
• Construction: Stone foundation; Brick exterior; Asphalt shingle roof; Built with wood-framed windows
• Exterior features: Asphalt shingle roof; Brick construction; Irregular lot; Lot approximately 0.19 acres

Interior

• Heating & cooling: Electric heating; Forced air heating; Heat pump; Central air conditioning; Ductless cooling
• Interior features: Full basement; Wood window frames; Has view

What this means for you Summary

Snapshot

• This is a townhouse listed at $490k.

Deal economics

• At list price, monthly cash flow is $-2k ($-21k/yr) — negative.
• To cash-flow at today's rent, offer at most $176k (64.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $154k (68.6% below list).
• Recommended offer: $154k (68.6% below list) — sets the bar for 1% rule.
• Cap rate 2.1% vs local median 5.3% in Covington — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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: John G Carlisle Elementary (math 2% / reading 27%, grade F, #620 of 676 statewide, top 93%, 304 students, 81% 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 82% FRL track the district average.
• Market conditions: Rents rising (+1.6%/yr); 217 active listings in the ZIP; 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 $3k of loan paydown is wiped out by about $15k 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.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $40k; list at $490k implies a 1141% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: major flood risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $153,746 (68.6% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.31% ✗
• Cap rate: 2.10%
• Cash-on-cash: -14.98%
• DSCR: 0.33
• GRM: 26.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.55% rent growth · sell at horizon

5-year hold

• IRR: -47.6%
• Equity multiple: -0.42×
• Total profit: $-195,125
• Equity at exit: $73,061

10-year hold

• IRR: -98.9%
• Equity multiple: -1.37×
• Total profit: $-325,496
• Equity at exit: $42,366

Cash invested: $137,200 (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 41011

• Rents YoY: 1.6%
• Active inventory: 217
• Price-to-rent: 26.6×

Monthly cashflow live

• Estimated rent: $1,537 medium
• Mortgage (P&I): −$2,570
• Tax from tax record: −$153 /mo · $1,838/yr
• Insurance: −$204
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$323
• Net cashflow: $-1,779

Break-even live

Break-even rent $3,789

Max offer price $175,762

Occupancy floor —

Sensitivity live

Price	-10% $-1,501	-5% $-1,640	+0% $-1,779	+5% $-1,918	+10% $-2,056
Rent	-10% $-1,900	-5% $-1,840	+0% $-1,779	+5% $-1,718	+10% $-1,657
Rate	-1.0pp $-1,532	-0.5pp $-1,654	base $-1,779	+0.5pp $-1,906	+1.0pp $-2,035

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: $122,500
• Closing costs: $14,700
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-18
   status $490,000 Pending 9 DOM
2. 2026-06-18
   days on market $490,000 Active 9 DOM
3. 2026-06-17
   days on market $490,000 Active 8 DOM
4. 2026-06-16
   days on market $490,000 Active 7 DOM
5. 2026-06-15
   days on market $490,000 Active 6 DOM
6. 2026-06-10
   remarks 285-char remark
7. 2026-06-10
   listed $490,000 Active 1 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: $1,838 · $153/mo
• Projected year-2 tax: $4,214 · $351/mo
• Expected delta: +$2,376/yr (+$198/mo · 129.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 76% 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: $18,450
• − Mortgage interest: −$27,448
• − Property taxes: −$1,838
• − Insurance: −$3,248
• − Repairs & maintenance: −$1,476
• − Management: −$1,476
• − Depreciation: −$14,255
• Taxable loss: −$31,290
• Est. tax savings @ 24.0%: +$7,510
• After-tax cash flow: $-13,836/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): 26,981
• Household income: $69,970
• Rent vs Own: 53.9% rent · 46.1% own
• Severe rent burden: 1488.0

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 (72%)
• Race & ethnicity: White 72% Hispanic / Latino 12% Black 10% Two or more races 7% Asian 1%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 2% Italian 1% Slovak 1%
• Foreign-born: 7% · Canada
• Languages at home: 90% English-only · Spanish 6% Other Indo-European 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: ▼ -215.20%
• Current HPI: 237.0869
• Rent YoY: ▲ 1.55%
• 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

+1140.5% since first listed

2 events — show timeline

• 2026-06-09 Listed $490,000 NKMLS
• 1992-03-17 Sold (Public Records) $39,500 Public Records

Property tax history

+1.4%/yr

Latest (2025): $1,838 · +0.6% YoY. Source: county tax records.