326 W 8th St · Covington, KY 41011

$434,900

6 bd · 1.0 ba · 2,604 sqft · MultiFamily public records · 63 Days on market

Built 1889 2,483 sqft lot Est $497k · 13% 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 +25.0/30.0
• ARV discount +13.2/15.0
• DSCR +8.2/10.0
• 1% rule +6.0/10.0
• 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

Multi-family units

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

Listing remarks

Amazing multifamily opportunity in the heart of Historic MainStrasse Village in Covington, KY! This charming property features two well appointed units--Unit 1 offers a spacious 1 bedroom, 1 bath layout, while Unit 2 includes 2 bedrooms and 1 bath. Both units feature beautiful hardwood floors, walk-in closets, in-unit laundry and private decks perfect for relaxing or entertaining. Off-street parking pad adds convenience for Unit 2. Ideally located just steps from the vibrant shops, restaurants and entertainment of MainStrasse Village, making this a fantastic investment in Covington's most walkable and sought after neighborhoods! Achosa warranty included.

Key facts

• Private decks
• Walk-in closets
• In-unit laundry

Tags

• MULTIFAMILY OPPORTUNITY
• HISTORIC MAINSTRASSE VILLAGE
• HARDWOOD FLOORS
• WALK-IN CLOSETS
• IN-UNIT LAUNDRY
• PRIVATE DECKS

Property features AI

Finance

• Financial info: Home warranty included

Exterior

• Parking: Off-street parking; On-street parking
• Utilities: Public water; Public sewer; Natural gas available
• Home design: Duplex; Two levels; Built in 1889
• Construction: Brick construction; Stone foundation; Shingle roof
• Exterior features: Deck; Double-hung, vinyl-clad and wood-frame windows; Has a view

Interior

• Kitchen: Electric range; Dishwasher; Microwave; Refrigerator
• Bathrooms: Two full bathrooms
• Heating & cooling: Central air conditioning; Electric forced-air heating
• Interior features: In-unit laundry; Fireplace (inoperable); Full basement
• Laundry & utility: Stacked washer/dryer (in unit)

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $435k.

Deal economics

• At list price, monthly cash flow is $953 ($11k/yr) — positive. Per door: $477/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $435k).
• Recommended offer: $409k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.9% 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; 2 comparable units currently listed for rent nearby; 699 units permitted in Kenton County in 2024 (287 in 5+ unit buildings).
• At $4,803/mo this rent would consume 82% of the median local household income ($70k/yr) (locally 1488% 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 $3k of loan paydown is wiped out by about $13k 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

• It's been on market 63 days — a 6% lower offer ($409k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 26y ago; this cycle's ask has dropped $23k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $345k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1889 — 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 $408,806 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1889 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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.
8. 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.
9. 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: 8.92%
• Cash-on-cash: 9.39%
• DSCR: 1.42
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $497,364
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
251 W 8th St	0.12mi	5/3.0 (-1)	2,616 (+0%)	12mo	$500,000	$191	71
212 W 5th St	0.28mi	5/4.0 (-1)	2,496 (-4%)	16mo	$722,900	$290	50
1103 W Pike St #4	0.58mi	6/4.0	2,757 (+6%)	6mo	$400,000	$145	46

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: -3.7%
• Equity multiple: 0.86×
• Total profit: $-16,690
• Equity at exit: $64,845

10-year hold

• IRR: 4.3%
• Equity multiple: 1.30×
• Total profit: $36,005
• Equity at exit: $37,602

Cash invested: $121,772 (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: 15.1×

Monthly cashflow live

• Estimated rent: $4,803 high
• Mortgage (P&I): −$2,281
• Tax from tax record: −$379 /mo · $4,550/yr
• Insurance: −$181
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,009
• Net cashflow: $953

Break-even live

Break-even rent $3,596

Max offer price $434,900

Occupancy floor 75%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$4,804
Total (2 units)			$4,803

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: $108,725
• Closing costs: $13,047
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1808 Holman Ave Covington, KY	6.0	2.5	2600	$2,875	$1.11	1d	1	1.02mi
835 York St #1 Newport, KY	5.0	2.0	2700	$2,395	$0.89	43d	1	1.41mi

Listing history 37 events

1. 2026-06-18
   days on market $434,900 Active 63 DOM
2. 2026-06-17
   days on market $434,900 Active 62 DOM
3. 2026-06-16
   days on market $434,900 Active 61 DOM
4. 2026-06-15
   pricedays on market $434,900 Active 60 DOM
5. 2026-06-09
   days on market $445,000 Active 54 DOM
6. 2026-06-08
   days on market $445,000 Active 53 DOM
7. 2026-06-07
   days on market $445,000 Active 52 DOM
8. 2026-06-03
   days on market $445,000 Active 48 DOM
9. 2026-06-02
   days on market $445,000 Active 47 DOM
10. 2026-06-01
    days on market $445,000 Active 46 DOM
11. 2026-05-31
    days on market $445,000 Active 45 DOM
12. 2026-05-01
    price $445,000
13. 2026-04-16
    listed $458,000 Active
14. 2026-04-16
    historical
15. 2026-04-01
    price $475,000
16. 2026-03-13
    listed $485,000 Active
17. 2021-02-25
    historical
18. 2021-02-23
    soldstatus $345,000
19. 2021-02-16
    soldstatus $345,000 Closed
20. 2021-01-12
    status Pending
21. 2021-01-12
    status Pending
22. 2020-12-28
    listed $349,900 Active
23. 2020-12-28
    listed $349,900 Active
24. 2020-12-11
    historical
25. 2020-12-11
    historical
26. 2020-12-09
    price $349,900
27. 2020-12-09
    price $349,900
28. 2020-11-02
    listed $359,900 Active
29. 2020-11-02
    listed $359,900 Active
30. 2016-08-15
    soldstatus $255,000
31. 2016-06-27
    listed $265,000
32. 2001-02-16
    soldstatus $27,000
33. 2001-02-02
    soldstatus $27,000
34. 2001-01-09
    soldstatus $29,000
35. 2000-12-15
    historical
36. 2000-11-29
    listed $45,000
37. 2000-06-15
    listed $65,000

ⓘ 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: $4,550 · $379/mo
• Projected year-2 tax: $4,550 · $379/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: $57,636
• − Mortgage interest: −$24,361
• − Property taxes: −$4,550
• − Insurance: −$2,174
• − Repairs & maintenance: −$4,611
• − Management: −$4,611
• − Depreciation: −$12,652
• Taxable income: $4,677
• Est. tax owed @ 24.0%: −$1,123
• After-tax cash flow: $10,318/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

+584.6% since first listed

26 events — show timeline

• 2026-05-01 Price Changed $445,000 NKMLS
• 2026-04-16 Listing Removed — NKMLS
• 2026-04-16 Listed $458,000 NKMLS
• 2026-04-01 Price Changed $475,000 NKMLS
• 2026-03-13 Listed $485,000 NKMLS
• 2021-02-25 Listing Removed — NKMLS
• 2021-02-23 Sold (Public Records) $345,000 Public Records
• 2021-02-16 Sold (MLS) $345,000 NKMLS
• 2021-01-12 Pending — NKMLS
• 2021-01-12 Pending — NKMLS
• 2020-12-28 Listed $349,900 NKMLS
• 2020-12-28 Listed $349,900 NKMLS
• 2020-12-11 Listing Removed — NKMLS
• 2020-12-11 Listing Removed — NKMLS
• 2020-12-09 Price Changed $349,900 NKMLS
• 2020-12-09 Price Changed $349,900 NKMLS
• 2020-11-02 Listed $359,900 NKMLS
• 2020-11-02 Listed $359,900 NKMLS
• 2016-08-15 Sold (MLS) $255,000 NKMLS
• 2016-06-27 Listed $265,000 NKMLS
• 2001-02-16 Sold (Public Records) $27,000 Public Records
• 2001-02-02 Sold (MLS) $27,000 NKMLS
• 2001-01-09 Sold (Public Records) $29,000 Public Records
• 2000-12-15 Listing Removed — NKMLS
• 2000-11-29 Listed $45,000 NKMLS
• 2000-06-15 Listed $65,000 NKMLS

Property tax history

+9.8%/yr

Latest (2025): $4,550 · +0.7% YoY. Source: county tax records.