328 W Martin Luther King Jr Blvd · Covington, KY 41011

$90,000

2 bd · 1.0 ba · 708 sqft · SingleFamily public records · 57 Days on market

1,200 sqft lot Est $141k · 36% under ↓ 33% since listing

---

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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.3/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Schools +1.5/10.0
• Appreciation +0.0/10.0

Listing remarks

Conveniently located next to I-71/75 and just minutes from Downtown Cincinnati . This 2 bedroom and 1 bathroom home is the one to see. Recently renovated with new siding. Enjoy the private yard and take advantage of the convenience stores and restaurants just a few steps away! SOLD AS IS. Inspections welcome.

Key facts

• New siding
• Private yard
• Convenience stores

Tags

• PRIVATE YARD
• NEW SIDING
• CONVENIENCE STORES
• RESTAURANTS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $544 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Recommended offer: $87k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.5% 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: 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); 214 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals leasing fast (median 7d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $622 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 + 1.6% rent growth), your $25k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($87k) is reasonable based on typical stale-listing flexibility.

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 $87,300 (3.0% below list)

Questions for the listing agent

1. It's been on market 57 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
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: 1.58% ✓
• Cap rate: 13.54%
• Cash-on-cash: 25.88%
• DSCR: 2.15
• GRM: 5.3

CMA / ARV

• ARV (on-the-fly): $140,892
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
328 W Martin Luther King Jr Blvd	0.00mi	2/1.0	708 (0%)	1mo	$79,000	$112	100
1310 Russell St	0.21mi	2/1.0	765 (+8%)	0mo	$179,000	$234	77
1614 Euclid Ave	0.49mi	2/1.0	680 (-4%)	0mo	$177,500	$261	70
1502 Morton Ave	0.28mi	1/1.0 (-1)	753 (+6%)	2mo	$153,400	$204	70
629 W 11th St	0.35mi	2/1.0	768 (+8%)	2mo	$99,200	$129	68
1629 Russell St	0.52mi	1/1.0 (-1)	736 (+4%)	2mo	$164,000	$223	62
956 Western Ave	0.47mi	2/1.0	765 (+8%)	4mo	$151,000	$197	61
418 W 16th St	0.42mi	1/1.0 (-1)	660 (-7%)	5mo	$118,000	$179	60
428 W 16th St	0.44mi	2/1.0	789 (+11%)	8mo	$200,000	$253	54
1823 Euclid Ave	0.68mi	1/1.0 (-1)	728 (+3%)	7mo	$145,000	$199	53
950 Western Ave	0.48mi	1/1.0 (-1)	765 (+8%)	11mo	$56,000	$73	50
1705 Euclid Ave	0.55mi	1/1.0 (-1)	800 (+13%)	8mo	$115,000	$144	41

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 · 1.55% rent growth · sell at horizon

5-year hold

• IRR: 18.0%
• Equity multiple: 1.71×
• Total profit: $17,989
• Equity at exit: $13,419

10-year hold

• IRR: 25.4%
• Equity multiple: 3.07×
• Total profit: $52,083
• Equity at exit: $7,782

Cash invested: $25,200 (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: 214
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $1,420 high
• Mortgage (P&I): −$472
• Tax from tax record: −$69 /mo · $823/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$298
• Net cashflow: $544

Break-even live

Break-even rent $732

Max offer price $90,000

Occupancy floor 57%

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1205 Lee St Unit 1 Covington, KY	1.0	1.0	675	$1,350	$2.00	23d	1	0.05mi
305 W Pike St Unit 305-103 Covington, KY	1.0	1.0	500	$875	$1.75	16d	1	0.22mi
328 Bush St Unit 2 Covington, KY	1.0	1.0	400	$1,500	$3.75	17d	1	0.68mi
521 Garrard St Apt 2 Covington, KY	1.0	1.0	725	$1,595	$2.20	17d	1	0.77mi
521 Garrard St Apt 4 Covington, KY	1.0	1.0	725	$1,695	$2.34	17d	1	0.77mi
1431 Dixie Hwy Park Hills, KY	1.0–2.0	1.0–2.0	920	$2,553	$2.77	1d	10	0.78mi
1002 Parkvale Ct Unit 1002 3 Park Hills, KY	1.0	1.0	750	$925	$1.23	7d	1	0.79mi
320 Greenup St Apt 2 Covington, KY	1.0	1.0	511	$1,080	$2.11	4d	1	0.87mi
303 Greenup St Covington, KY	1.0	1.0	678	$1,445	$2.13	23d	1	0.87mi
1914 Eastern Ave Apt 1 Covington, KY	2.0	1.0	750	$1,200	$1.60	23d	1	1.06mi
512 Wallace Ave Unit 512/08 Covington, KY	1.0	1.0	550	$899	$1.63	17d	1	1.21mi
512 Wallace Ave Unit 512/09 Covington, KY	1.0	1.0	550	$899	$1.63	7d	1	1.21mi
512 Wallace Ave Unit 512/16 Covington, KY	1.0	1.0	550	$939	$1.71	7d	1	1.21mi
918 Highland Ave Fort Wright, KY	1.0	1.0	525	$995	$1.90	21d	1	1.23mi
920 Highland Ave Fort Wright, KY	1.0	1.0	525	$1,045	$1.99	14d	1	1.24mi
210 W 5th St Newport, KY	1.0–2.0	1.0–2.0	845	$1,800	$2.13	2d	15	1.25mi
22 Swain Ct Covington, KY	1.0–3.0	1.0–2.0	951	$1,895	$1.99	1d	3	1.37mi
44 W Freedom Way Cincinnati, OH	2.0	1.0–2.0	943	$2,859	$3.03	1d	28	1.38mi
121 E Freedom Way Cincinnati, OH	2.0	1.0–2.0	988	$2,999	$3.03	1d	27	1.41mi
1261 Parkway Ave Covington, KY	1.0–2.0	1.0	850	$1,375	$1.62	4d	3	1.45mi
2220 Cityscape Dr Covington, KY	1.0–2.0	1.0–2.0	932	$1,985	$2.13	1d	9	1.49mi

Listing history 5 events

1. 2026-04-08
   status Pending
2. 2026-04-06
   price $90,000
3. 2026-03-28
   price $105,000
4. 2026-02-26
   price $115,000
5. 2026-02-09
   listed $134,900 Active

ⓘ 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: $823 · $69/mo
• Projected year-2 tax: $823 · $69/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 ≥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: $17,037
• − Mortgage interest: −$5,041
• − Property taxes: −$823
• − Insurance: −$450
• − Repairs & maintenance: −$1,363
• − Management: −$1,363
• − Depreciation: −$2,618
• Taxable income: $5,379
• Est. tax owed @ 24.0%: −$1,291
• After-tax cash flow: $5,232/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

-33.3% since first listed

5 events — show timeline

• 2026-04-08 Pending — NKMLS
• 2026-04-06 Price Changed $90,000 NKMLS
• 2026-03-28 Price Changed $105,000 NKMLS
• 2026-02-26 Price Changed $115,000 NKMLS
• 2026-02-09 Listed $134,900 NKMLS

Property tax history

+5.9%/yr

Latest (2025): $823 · +0.7% YoY. Source: county tax records.