513 E 16th St · Covington, KY 41014

$99,000

None bd · 2.5 ba · 1,792 sqft · Townhouse public records · 13 Days on market

2,310 sqft lot

---

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

Up for Auction! This income-producing duplex presents an excellent opportunity for both owner-occupants and investors alike. Conveniently located near downtown Covington's restaurants, entertainment, shopping, and commuter routes, this property offers flexibility and strong potential. The first-floor unit is currently vacant and newly rehabbed, featuring 2 bedrooms, updated finishes, a spacious kitchen, and a dedicated laundry room with washer/dryer hookups. A new furnace has also been installed, making the unit move-in or rent-ready immediately. The second-floor unit is occupied by a month-to-month tenant paying $930/month, providing immediate rental income. This 1-bedroom unit includes ce

Key facts

• New furnace
• Conveniently located
• Newly rehabbed

Tags

• INCOME PRODUCING DUPLEX
• CONVENIENTLY LOCATED
• NEWLY REHABBED
• DEDICATED LAUNDRY ROOM
• NEW FURNACE
• CENTRAL AIR CONDITIONING

Property features AI

Finance

• Financial info: Two total units

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer
• Home design: Duplex apartment; Two stories; Existing structure
• Construction: Stone foundation
• Exterior features: Vinyl window frames; Asphalt shingle roof; Aluminum siding

Interior

• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: Partial basement

What this means for you Summary

Snapshot

• This is a ?-bed/2.5-bath townhouse listed at $99k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $99k).
• Cap rate 19.4% 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: Sixth District Elementary School (math 8% / reading 17%, grade F, #630 of 676 statewide, top 95%, 446 students, 84% 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 83% FRL track the district average.
• Market conditions: Rents rising fast (+5.1%/yr); 59 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 699 units permitted in Kenton County in 2024 (287 in 5+ unit buildings).
• This rent runs 42% 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 $684 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 $28k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 sale attempts since 29y 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.
• Current owner paid $44k; list at $99k implies a 125% 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 $99,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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.
3. 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.
4. 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: 2.16% ✓
• Cap rate: 19.41%
• Cash-on-cash: 46.85%
• DSCR: 3.08
• GRM: 3.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.13% rent growth · sell at horizon

5-year hold

• IRR: 46.5%
• Equity multiple: 3.08×
• Total profit: $57,539
• Equity at exit: $14,761

10-year hold

• IRR: 53.1%
• Equity multiple: 6.73×
• Total profit: $158,814
• Equity at exit: $8,560

Cash invested: $27,720 (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: 3.9×

Monthly cashflow live

• Estimated rent: $2,135 high
• Mortgage (P&I): −$519
• Tax from tax record: −$44 /mo · $524/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$448
• Net cashflow: $1,082

Break-even live

Break-even rent $765

Max offer price $99,000

Occupancy floor 44%

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2030 Mackoy St Covington, KY	3.0	1.5	1598	$1,779	$1.11	4d	1	0.43mi
1927 Scott St Apt 1 Covington, KY	3.0	2.0	1865	$2,100	$1.13	20d	1	0.48mi
140 W 13th St Newport, KY	3.0	3.5	2505	$4,200	$1.68	12d	1	0.77mi
1205 Lee St Unit 3 Covington, KY	3.0	2.5	1850	$3,000	$1.62	23d	1	0.98mi
809 Isabella St Newport, KY	2.0	2.0	1519	$2,200	$1.45	43d	1	0.99mi
1700 Aspen Pines Dr Wilder, KY	1.0–3.0	1.0–2.5	1420	$1,895	$1.33	1d	14	0.99mi
203 W 8th St Newport, KY	2.0	1.5	1456	$2,300	$1.58	21d	1	1.05mi
1044 Washington Ave #2 Newport, KY	2.0	2.0	1250	$1,800	$1.44	43d	1	1.24mi
103 E 3rd St Covington, KY	2.0	2.5	1291	$3,250	$2.52	1d	1	1.28mi
3949 Vision CIR Southgate, KY	1.0–2.0	1.0–2.0	1132	$2,515	$2.22	1d	10	1.36mi
814 Washington Ave Unit 2 Newport, KY	2.0	2.0	1450	$1,500	$1.03	23d	1	1.36mi
929 Boone St Newport, KY	2.0	2.0	1458	$1,495	$1.03	43d	1	1.40mi
50 W Rivercenter Blvd Covington, KY	1.0–2.0	1.0–2.5	1273	$3,640	$2.86	1d	9	1.46mi

Listing history 23 events

1. 2026-06-07
   statusdays on market $99,000 Pending 13 DOM
2. 2026-06-03
   days on market $99,000 Active 12 DOM
3. 2026-06-02
   days on market $99,000 Active 11 DOM
4. 2026-06-01
   days on market $99,000 Active 10 DOM
5. 2026-05-31
   days on market $99,000 Active 9 DOM
6. 2026-05-22
   listed $99,000 Active
7. 2024-08-09
   status Active
8. 2024-08-09
   historical
9. 2024-03-29
   historical
10. 2024-03-20
    listed $84,900 Active
11. 2016-07-29
    historical
12. 2015-12-04
    listed $34,000
13. 2009-05-11
    historical
14. 2007-11-11
    listed $30,000
15. 2007-02-10
    historical
16. 2006-02-10
    listed $56,250
17. 2004-12-01
    soldstatus $44,000
18. 2004-11-19
    soldstatus $44,000
19. 2003-12-13
    listed $43,000
20. 1998-05-11
    soldstatus $32,500
21. 1998-05-08
    soldstatus $32,500
22. 1997-09-24
    listed $35,000
23. 1991-01-17
    soldstatus $20,000

ⓘ 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: $524 · $44/mo
• Projected year-2 tax: $851 · $71/mo
• Expected delta: +$327/yr (+$27/mo · 62.3%)

ⓘ 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: $25,615
• − Mortgage interest: −$5,546
• − Property taxes: −$524
• − Insurance: −$495
• − Repairs & maintenance: −$2,049
• − Management: −$2,049
• − Depreciation: −$2,880
• Taxable income: $12,072
• Est. tax owed @ 24.0%: −$2,897
• After-tax cash flow: $10,089/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

+395.0% since first listed

18 events — show timeline

• 2026-05-22 Listed $99,000 NKMLS
• 2024-08-09 Relisted — NKMLS
• 2024-08-09 Listing Removed — NKMLS
• 2024-03-29 Listing Removed — NKMLS
• 2024-03-20 Listed $84,900 NKMLS
• 2016-07-29 Listing Removed — NKMLS
• 2015-12-04 Listed $34,000 NKMLS
• 2009-05-11 Listing Removed — NKMLS
• 2007-11-11 Listed $30,000 NKMLS
• 2007-02-10 Listing Removed — NKMLS
• 2006-02-10 Listed $56,250 NKMLS
• 2004-12-01 Sold (Public Records) $44,000 Public Records
• 2004-11-19 Sold (MLS) $44,000 NKMLS
• 2003-12-13 Listed $43,000 NKMLS
• 1998-05-11 Sold (Public Records) $32,500 Public Records
• 1998-05-08 Sold (MLS) $32,500 NKMLS
• 1997-09-24 Listed $35,000 NKMLS
• 1991-01-17 Sold (Public Records) $20,000 Public Records

Property tax history

-5.0%/yr

Latest (2025): $524 · +0.7% YoY. Source: county tax records.