318 E 42nd St · Covington, KY 41015

$204,900

6 bd · 4.0 ba · 1,368 sqft · MultiFamily · 22 Days on market

Built 1924 Fair condition 3,750 sqft lot

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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 +25.1/30.0
• DSCR +8.2/10.0
• ARV discount +7.5/15.0
• 1% rule +6.6/10.0
• Livability +4.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• 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 MLS

Walking distance to historic Rittie's Corner! This duplex boasts 2-1 bedroom/1 bathroom units with many updates! White kitchen cabinets with butcher block countertops present in both with luxury vinyl plank flooring! Bathrooms feature subway tile tub/shower enclosures. One car garage + one car driveway parking. Nice backyard with fire pit! Both units are currently leased on a month to month basis. Room for rent to increase in both units. Unit one available to show with 24 hour notice. Unit 2 available to show with accepted contract only. Schedule your private showing today!

Key facts

• Barn doors
• Updated bath
• Front porch

Tags

• TWO FAMILY HOME
• INDEPENDENT UTILITIES
• UPDATED BATH
• VINYL PLANK FLOORING
• BARN DOORS
• FRONT PORCH

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $205k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $455 ($5k/yr) — positive. Per door: $227/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $205k).
• Recommended offer: $202k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.0% 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: Latonia Elementary School (math 12% / reading 32%, grade F, #525 of 676 statewide, top 82%, 285 students, 87% 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).
• Market conditions: 161 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 $1k of loan paydown is wiped out by about $6k 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 22 days — a 2% lower offer ($202k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 22y 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.

Risks & watch-outs

• Watch-outs: built in 1924 — 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 $201,826 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. 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: 1.16% ✓
• Cap rate: 8.96%
• Cash-on-cash: 9.51%
• DSCR: 1.42
• GRM: 7.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -1.9%
• Equity multiple: 0.93×
• Total profit: $-4,207
• Equity at exit: $30,551

10-year hold

• IRR: 7.8%
• Equity multiple: 1.59×
• Total profit: $33,773
• Equity at exit: $17,716

Cash invested: $57,372 (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 41015

• Active inventory: 161
• Price-to-rent: 14.4×

Monthly cashflow live

• Estimated rent: $2,368 medium
• Mortgage (P&I): −$1,075
• Tax est. 1.5%: −$256 /mo · $3,074/yr
• Insurance: −$85
• HOA: −$0
• Vacancy / Maint / Mgmt: −$497
• Net cashflow: $455

Break-even live

Break-even rent $1,792

Max offer price $204,900

Occupancy floor 76%

Sensitivity live

Price	-10% $596	-5% $526	+0% $455	+5% $384	+10% $313
Rent	-10% $268	-5% $361	+0% $455	+5% $548	+10% $642
Rate	-1.0pp $558	-0.5pp $507	base $455	+0.5pp $402	+1.0pp $348

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$2,368
Total (2 units)			$2,368

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: $51,225
• Closing costs: $6,147
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-04-17
   status Pending
2. 2026-04-13
   price $204,900
3. 2026-04-06
   price $209,900
4. 2026-03-26
   listed $214,900 Active
5. 2023-07-05
   soldstatus $180,000 Sold 580-char remark

   Show marketing remark (580 chars)

   Walking distance to historic Rittie's Corner! This duplex boasts 2-1 bedroom/1 bathroom units with many updates! White kitchen cabinets with butcher block countertops present in both with luxury vinyl plank flooring! Bathrooms feature subway tile tub/shower enclosures. One car garage + one car driveway parking. Nice backyard with fire pit! Both units are currently leased on a month to month basis. Room for rent to increase in both units. Unit one available to show with 24 hour notice. Unit 2 available to show with accepted contract only. Schedule your private showing today!

6. 2023-06-02
   status Pending 580-char remark

   Show marketing remark (580 chars)

   Walking distance to historic Rittie's Corner! This duplex boasts 2-1 bedroom/1 bathroom units with many updates! White kitchen cabinets with butcher block countertops present in both with luxury vinyl plank flooring! Bathrooms feature subway tile tub/shower enclosures. One car garage + one car driveway parking. Nice backyard with fire pit! Both units are currently leased on a month to month basis. Room for rent to increase in both units. Unit one available to show with 24 hour notice. Unit 2 available to show with accepted contract only. Schedule your private showing today!

7. 2023-05-25
   listed $165,000 Active 580-char remark

   Show marketing remark (580 chars)

   Walking distance to historic Rittie's Corner! This duplex boasts 2-1 bedroom/1 bathroom units with many updates! White kitchen cabinets with butcher block countertops present in both with luxury vinyl plank flooring! Bathrooms feature subway tile tub/shower enclosures. One car garage + one car driveway parking. Nice backyard with fire pit! Both units are currently leased on a month to month basis. Room for rent to increase in both units. Unit one available to show with 24 hour notice. Unit 2 available to show with accepted contract only. Schedule your private showing today!

8. 2021-01-22
   soldstatus $75,900 Closed 331-char remark

   Show marketing remark (331 chars)

   Fully occupied duplex under 100k! Perfect Opportunity to Start Your Rental Empire, or Simply Add Some More Cashflow to Your Existing Portfolio! 2 Bed/1 Bath unit and 1 Bed/1 Bath unit. Both Leases Are Month to Month. Rents Currently Under Market Value. Cash Flow From Day 1, or House-Hack by Living in 1 Unit and Renting the Other.

9. 2021-01-04
   status Pending 331-char remark

   Show marketing remark (331 chars)

   Fully occupied duplex under 100k! Perfect Opportunity to Start Your Rental Empire, or Simply Add Some More Cashflow to Your Existing Portfolio! 2 Bed/1 Bath unit and 1 Bed/1 Bath unit. Both Leases Are Month to Month. Rents Currently Under Market Value. Cash Flow From Day 1, or House-Hack by Living in 1 Unit and Renting the Other.

10. 2020-12-18
    price $79,800 331-char remark

    Show marketing remark (331 chars)

    Fully occupied duplex under 100k! Perfect Opportunity to Start Your Rental Empire, or Simply Add Some More Cashflow to Your Existing Portfolio! 2 Bed/1 Bath unit and 1 Bed/1 Bath unit. Both Leases Are Month to Month. Rents Currently Under Market Value. Cash Flow From Day 1, or House-Hack by Living in 1 Unit and Renting the Other.

11. 2020-12-05
    listed $87,800 Active 331-char remark

    Show marketing remark (331 chars)

    Fully occupied duplex under 100k! Perfect Opportunity to Start Your Rental Empire, or Simply Add Some More Cashflow to Your Existing Portfolio! 2 Bed/1 Bath unit and 1 Bed/1 Bath unit. Both Leases Are Month to Month. Rents Currently Under Market Value. Cash Flow From Day 1, or House-Hack by Living in 1 Unit and Renting the Other.

12. 2006-03-15
    soldstatus $60,850
13. 2005-08-17
    listed $73,900
14. 2005-05-29
    historical
15. 2005-04-29
    listed $76,900
16. 2005-03-31
    historical
17. 2004-08-31
    listed $76,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥102°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: $28,416
• − Mortgage interest: −$11,478
• − Property taxes: −$3,074
• − Insurance: −$1,024
• − Repairs & maintenance: −$2,273
• − Management: −$2,273
• − Depreciation: −$5,961
• Taxable income: $2,333
• Est. tax owed @ 24.0%: −$560
• After-tax cash flow: $4,896/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.

Condition & rehab AI · 14 photos

Fair 45/100 Moderate rehab

The property is in fair condition with some minor repairs and maintenance needed. Painting, floor refinishing, and landscaping improvements can significantly enhance its value for both resale and rental.

Repairs flagged

• Minor Kitchen flooring — The flooring appears worn and could benefit from replacement or refinishing.
• Minor Bathroom flooring — The flooring appears worn and could benefit from replacement or refinishing.
• Minor Exterior siding — The siding shows some discoloration and wear, which could be addressed with painting or minor repairs.
• Minor Interior walls — The walls and paint show signs of wear and discoloration, which could be addressed with painting.
• Minor Landscaping — The landscaping is overgrown and could be improved with trimming and planting.

Value-add opportunities

• Both Painting the exterior and interior walls — Painting can improve the curb appeal and interior aesthetics, making the property more attractive to potential buyers and renters.
• Both Floor refinishing — Refinishing the kitchen and bathroom flooring can improve the appearance and functionality of these spaces, making the property more attractive to potential buyers and renters.
• Both Landscaping — A well-maintained and aesthetically pleasing landscape can improve the curb appeal and overall value of the property.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen flooring · The flooring appears worn and could benefit from replacement or refinishing.	Minor	$500–3,000
Bathroom flooring · The flooring appears worn and could benefit from replacement or refinishing.	Minor	$500–3,000
Exterior siding · The siding shows some discoloration and wear, which could be addressed with painting or minor repairs.	Minor	$500–3,000
Interior walls · The walls and paint show signs of wear and discoloration, which could be addressed with painting.	Minor	$500–3,000
Landscaping · The landscaping is overgrown and could be improved with trimming and planting.	Minor	$500–3,000
Total estimated repair cost · 5 items		$2,500–15,000

Value-add ROI direction

• Both Painting the exterior and interior walls — Painting can improve the curb appeal and interior aesthetics, making the property more attractive to potential buyers and renters. ↑
• Both Floor refinishing — Refinishing the kitchen and bathroom flooring can improve the appearance and functionality of these spaces, making the property more attractive to potential buyers and renters. ↑
• Both Landscaping — A well-maintained and aesthetically pleasing landscape can improve the curb appeal and overall value of the property. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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
• City population: 34,373
• Population (ZIP): 20,396

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 (90%)
• Race & ethnicity: White 90% Two or more races 6% Black 3% Hispanic / Latino 2%
• Common ancestry: Lithuanian 2% Romanian 2% Slovak 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Arabic 1% French/Haitian/Cajun 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: ▼ -110.37%
• Current HPI: 203.7263
• Rent YoY: —
• Metro: —
• 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

+166.4% since first listed

17 events — show timeline

• 2026-04-17 Pending — NKMLS
• 2026-04-13 Price Changed $204,900 NKMLS
• 2026-04-06 Price Changed $209,900 NKMLS
• 2026-03-26 Listed $214,900 NKMLS
• 2023-07-05 Sold (MLS) $180,000 NKMLS
• 2023-06-02 Pending — NKMLS
• 2023-05-25 Listed $165,000 NKMLS
• 2021-01-22 Sold (MLS) $75,900 NKMLS
• 2021-01-04 Pending — NKMLS
• 2020-12-18 Price Changed $79,800 NKMLS
• 2020-12-05 Listed $87,800 NKMLS
• 2006-03-15 Sold (MLS) $60,850 NKMLS
• 2005-08-17 Listed $73,900 NKMLS
• 2005-05-29 Listing Removed — NKMLS
• 2005-04-29 Listed $76,900 NKMLS
• 2005-03-31 Listing Removed — NKMLS
• 2004-08-31 Listed $76,900 NKMLS