326 E 16th St · Covington, KY 41014

$104,500

3 bd · 1.0 ba · 1,424 sqft · SingleFamily public records · 155 Days on market

3,696 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

Listing remarks

2-story home in Covington with 3 bedrooms and 1 full bath, offering large rooms and a traditional layout. This property needs work throughout, making it a strong opportunity for renovation or investment at a great price. Convenient location near parks, schools, and downtown Covington and Cincinnati. Being sold as-is. Inspections to be completed prior to submitting offer.

Key facts

• 2 story home
• 3,696 sq ft lot
• Parking

Tags

• 2 STORY HOME
• CONVENIENT LOCATION NEAR PARKS

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $104k.

Deal economics

• At list price, monthly cash flow is $852 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $104k).
• Recommended offer: $92k (12.0% below list) — sets the bar for market timing.
• Cap rate 16.1% 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: Glenn O Swing Elementary (math 29% / reading 50%, grade F, #208 of 676 statewide, top 34%, 407 students, 78% 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 81% FRL track the district average.
• Market conditions: Rents rising fast (+5.1%/yr); 59 active listings in the ZIP; 22 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).
• This rent runs 37% of the median local income ($61k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $722 of loan paydown is wiped out by about $3k 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 $29k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 155 days — a 12% lower offer ($92k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 27y ago; this cycle's ask has dropped $20k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $24k; list at $104k implies a 327% 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 $91,960 (12.0% below list)

Questions for the listing agent

1. It's been on market 155 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 1.82% ✓
• Cap rate: 16.08%
• Cash-on-cash: 34.96%
• DSCR: 2.56
• GRM: 4.6

CMA / ARV

• ARV (on-the-fly): $212,176
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
329 E 16th St	0.02mi	2/2.0 (-1)	1,454 (+2%)	2mo	$90,000	$62	85
1942 Eastern Ave	0.35mi	3/1.5	1,418 (-0%)	0mo	$200,000	$141	81
113 Trevor St	0.43mi	3/2.0	1,425 (+0%)	3mo	$205,000	$144	73
218 Pleasant St	0.34mi	2/2.0 (-1)	1,476 (+4%)	1mo	$80,000	$54	69
516 W 12th St	0.59mi	3/2.0	1,434 (+1%)	2mo	$260,000	$181	65
316 W 21st St	0.70mi	2/1.0 (-1)	1,376 (-3%)	1mo	$205,000	$149	56
2018 Pearl St	0.45mi	2/2.0 (-1)	1,312 (-8%)	4mo	$70,000	$53	54
1735 Woodburn Ave	0.67mi	3/1.5	1,255 (-12%)	1mo	$259,900	$207	46
533 Lindsey St	0.73mi	3/2.0	1,586 (+11%)	1mo	$252,000	$159	42
218 W 21st St	0.67mi	3/2.0	1,240 (-13%)	3mo	$246,500	$199	41
2009 Russell St	0.62mi	2/1.5 (-1)	1,602 (+12%)	3mo	$145,000	$91	40
427 Thornton St	0.68mi	2/1.5 (-1)	1,600 (+12%)	4mo	$275,000	$172	38

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: 32.8%
• Equity multiple: 2.42×
• Total profit: $41,493
• Equity at exit: $15,581

10-year hold

• IRR: 40.9%
• Equity multiple: 5.23×
• Total profit: $123,763
• Equity at exit: $9,035

Cash invested: $29,260 (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: 4.6×

Monthly cashflow live

• Estimated rent: $1,897 high
• Mortgage (P&I): −$548
• Tax from tax record: −$55 /mo · $654/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$398
• Net cashflow: $852

Break-even live

Break-even rent $818

Max offer price $104,500

Occupancy floor 50%

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: $26,125
• Closing costs: $3,135
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1927 Scott St Apt 1 Covington, KY	3.0	2.0	1865	$2,100	$1.13	20d	1	0.37mi
2030 Mackoy St Covington, KY	3.0	1.5	1598	$1,779	$1.11	4d	1	0.38mi
344 E 13th St Unit 1 Covington, KY	2.0	1.0	1000	$1,275	$1.27	23d	1	0.40mi
512 Wallace Ave Unit 512/18 Covington, KY	2.0	2.0	900	$1,299	$1.44	7d	1	0.47mi
1025 Scott St Unit 2 Covington, KY	2.0	2.0	1100	$1,800	$1.64	3d	1	0.67mi
1205 Lee St Unit 3 Covington, KY	3.0	2.5	1850	$3,000	$1.62	23d	1	0.83mi
2307 Center St Covington, KY	3.0	1.5	1216	$1,950	$1.60	7d	1	0.93mi
809 Isabella St Newport, KY	2.0	2.0	1519	$2,200	$1.45	43d	1	1.01mi
508 Greenup St Unit 508-02 Covington, KY	2.0	1.0	1220	$1,800	$1.48	2d	1	1.03mi
128 W 9th St Newport, KY	2.0	1.0	1012	$1,650	$1.63	2d	1	1.05mi
203 W 8th St Newport, KY	2.0	1.5	1456	$2,300	$1.58	21d	1	1.08mi
1700 Aspen Pines Dr Wilder, KY	1.0–3.0	1.0–2.5	1420	$2,365	$1.67	1d	14	1.12mi
911 Putnam St #2 Newport, KY	2.0	1.0	1000	$1,600	$1.60	21d	1	1.13mi
103 E 3rd St Covington, KY	2.0	2.5	1291	$3,250	$2.52	1d	1	1.21mi
210 W 5th St Newport, KY	1.0–2.0	1.0–2.0	845	$1,800	$2.13	3d	15	1.23mi
515 Main St Covington, KY	1.0–2.0	1.0–2.0	934	$2,215	$2.37	1d	8	1.28mi
1044 Washington Ave #2 Newport, KY	2.0	2.0	1250	$1,800	$1.44	43d	1	1.33mi
50 W Rivercenter Blvd Covington, KY	1.0–2.0	1.0–2.5	1273	$3,640	$2.86	1d	9	1.38mi
1431 Dixie Hwy Park Hills, KY	1.0–2.0	1.0–2.0	920	$2,553	$2.77	1d	10	1.39mi
120 Vista Point Dr Wilder, KY	1.0–2.0	1.0–2.0	854	$1,184	$1.39	2d	2	1.41mi
814 Washington Ave Unit 2 Newport, KY	2.0	2.0	1450	$1,500	$1.03	23d	1	1.43mi
929 Boone St Newport, KY	2.0	2.0	1458	$1,495	$1.03	43d	1	1.48mi

Listing history 15 events

1. 2026-04-20
   status Pending
2. 2026-04-13
   price $104,500
3. 2026-03-20
   price $105,000
4. 2026-03-06
   status Active
5. 2026-03-06
   price $108,900
6. 2026-02-28
   historical
7. 2026-01-07
   price $109,900
8. 2025-12-03
   price $114,900
9. 2025-11-20
   price $119,900
10. 2025-11-09
    listed $124,900 Active
11. 2000-05-10
    historical
12. 1999-11-10
    listed $32,500
13. 1993-10-20
    soldstatus $24,500
14. 1989-07-14
    soldstatus $44,000
15. 1986-12-08
    soldstatus $42,000

ⓘ 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: $654 · $55/mo
• Projected year-2 tax: $899 · $75/mo
• Expected delta: +$244/yr (+$20/mo · 37.3%)

ⓘ 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: $22,762
• − Mortgage interest: −$5,854
• − Property taxes: −$654
• − Insurance: −$522
• − Repairs & maintenance: −$1,821
• − Management: −$1,821
• − Depreciation: −$3,040
• Taxable income: $9,050
• Est. tax owed @ 24.0%: −$2,172
• After-tax cash flow: $8,057/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

+148.8% since first listed

15 events — show timeline

• 2026-04-20 Pending — NKMLS
• 2026-04-13 Price Changed $104,500 NKMLS
• 2026-03-20 Price Changed $105,000 NKMLS
• 2026-03-06 Relisted — NKMLS
• 2026-03-06 Price Changed $108,900 NKMLS
• 2026-02-28 Listing Removed — NKMLS
• 2026-01-07 Price Changed $109,900 NKMLS
• 2025-12-03 Price Changed $114,900 NKMLS
• 2025-11-20 Price Changed $119,900 NKMLS
• 2025-11-09 Listed $124,900 NKMLS
• 2000-05-10 Listing Removed — NKMLS
• 1999-11-10 Listed $32,500 NKMLS
• 1993-10-20 Sold (Public Records) $24,500 Public Records
• 1989-07-14 Sold (Public Records) $44,000 Public Records
• 1986-12-08 Sold (Public Records) $42,000 Public Records

Property tax history

+3.7%/yr

Latest (2025): $654 · +0.7% YoY. Source: county tax records.