1039 Lee St · Covington, KY 41011

$699,900

16 bd · 20.0 ba · 3,438 sqft · MultiFamily · 83 Days on market

3,395 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
• DSCR +10.0/10.0
• 1% rule +9.6/10.0
• ARV discount +7.5/15.0
• 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 (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Prestigious corner building fully renovated into 4 high quality rental units. Each unit is fully equipped w/appliances, current design finishes, restored hardwood floors and separate utilities. Every square inch of this building has been reworked so you have nothing to do but start interviewing tenants. Any of these would be great for owner occupied. Be a part of all the energy happening in the Westside Neighborhood.

Key facts

• Updated finishes
• Fenced courtyard
• In-unit laundry

Tags

• CORNER LOT
• UPDATED FINISHES
• IN-UNIT LAUNDRY
• FENCED COURTYARD
• OFF-STREET PARKING
• WALKABLE AREA

Property features AI

Finance

• Other:
• Financial info:
• HOA & community:

Exterior

• Parking: Driveway; Off-street parking
• Security: Fire sprinkler system
• Utilities: Public water; Public sewer; Cable available
• Home design: Multi-family property (quadruplex); Three or more levels; Existing structure
• Construction: Brick construction; Stone foundation; Asphalt shingle roof; Built as a quadruplex
• Exterior features: Patio; Privacy wood fencing; Aluminum-clad double-hung windows; Has view

Interior

• Kitchen: Electric range; Dishwasher; Microwave; Refrigerator; Kitchen island; Granite counters; Eat-in kitchen
• Bedrooms:
• Flooring:
• Bathrooms: 4 full bathrooms; 2 half bathrooms
• Heating & cooling: Forced air heating; Central air conditioning; Multiple cooling units
• Interior features: Open floor plan; Kitchen island; Granite counters; Entrance foyer; Eat-in kitchen; High speed internet; Storage; Inoperable fireplace; Full basement
• Laundry & utility: In-unit laundry; Washer; Dryer; Washer/Dryer stacked

What this means for you Summary

Snapshot

• This is a 4 × 4-bed/5.0-bath units multifamily listed at $700k.

Deal economics

• At list price, monthly cash flow is $3k ($41k/yr) — positive. Per door: $854/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $700k).
• Recommended offer: $658k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.2% 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; 699 units permitted in Kenton County in 2024 (287 in 5+ unit buildings).
• At $10,233/mo this rent would consume 175% 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 $5k of loan paydown is wiped out by about $21k 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 $196k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 83 days — a 6% lower offer ($658k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 20y 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

• Climate carrying-cost: major flood risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $657,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 83 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.46% ✓
• Cap rate: 12.15%
• Cash-on-cash: 20.92%
• DSCR: 1.93
• GRM: 5.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.55% rent growth · sell at horizon

5-year hold

• IRR: 11.7%
• Equity multiple: 1.46×
• Total profit: $89,552
• Equity at exit: $104,357

10-year hold

• IRR: 19.5%
• Equity multiple: 2.53×
• Total profit: $299,766
• Equity at exit: $60,515

Cash invested: $195,972 (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: 22.8×

Monthly cashflow live

• Estimated rent: $10,233 medium
• Mortgage (P&I): −$3,670
• Tax from tax record: −$705 /mo · $8,461/yr
• Insurance: −$292
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,149
• Net cashflow: $3,417

Break-even live

Break-even rent $5,908

Max offer price $699,900

Occupancy floor 62%

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

Units	Beds	Baths	Est. rent
▸ 4× units	4	5	$10,232
Total (4 units)			$10,233

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: $174,975
• Closing costs: $20,997
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-18
   days on market $699,900 Active 83 DOM
2. 2026-06-17
   days on market $699,900 Active 82 DOM
3. 2026-06-16
   days on market $699,900 Active 81 DOM
4. 2026-06-15
   days on market $699,900 Active 80 DOM
5. 2026-06-09
   days on market $699,900 Active 74 DOM
6. 2026-06-08
   days on market $699,900 Active 73 DOM
7. 2026-06-07
   days on market $699,900 Active 72 DOM
8. 2026-06-03
   days on market $699,900 Active 68 DOM
9. 2026-06-02
   days on market $699,900 Active 67 DOM
10. 2026-06-01
    days on market $699,900 Active 66 DOM
11. 2026-05-31
    days on market $699,900 Active 65 DOM
12. 2026-03-27
    listed $699,900 Active
13. 2024-10-23
    historical
14. 2024-07-02
    listed $725,000 Active
15. 2023-12-08
    historical $1,500
16. 2023-11-15
    listed $1,500
17. 2021-09-03
    soldstatus $630,000
18. 2021-08-04
    soldstatus $630,000 Closed 420-char remark

    Show marketing remark (420 chars)

    Prestigious corner building fully renovated into 4 high quality rental units. Each unit is fully equipped w/appliances, current design finishes, restored hardwood floors and separate utilities. Every square inch of this building has been reworked so you have nothing to do but start interviewing tenants. Any of these would be great for owner occupied. Be a part of all the energy happening in the Westside Neighborhood.

19. 2021-07-20
    status Pending 420-char remark

    Show marketing remark (420 chars)

    Prestigious corner building fully renovated into 4 high quality rental units. Each unit is fully equipped w/appliances, current design finishes, restored hardwood floors and separate utilities. Every square inch of this building has been reworked so you have nothing to do but start interviewing tenants. Any of these would be great for owner occupied. Be a part of all the energy happening in the Westside Neighborhood.

20. 2021-07-14
    price $649,900 420-char remark

    Show marketing remark (420 chars)

    Prestigious corner building fully renovated into 4 high quality rental units. Each unit is fully equipped w/appliances, current design finishes, restored hardwood floors and separate utilities. Every square inch of this building has been reworked so you have nothing to do but start interviewing tenants. Any of these would be great for owner occupied. Be a part of all the energy happening in the Westside Neighborhood.

21. 2021-06-24
    listed $679,000 Active 420-char remark

    Show marketing remark (420 chars)

    Prestigious corner building fully renovated into 4 high quality rental units. Each unit is fully equipped w/appliances, current design finishes, restored hardwood floors and separate utilities. Every square inch of this building has been reworked so you have nothing to do but start interviewing tenants. Any of these would be great for owner occupied. Be a part of all the energy happening in the Westside Neighborhood.

22. 2017-03-30
    historical
23. 2015-03-25
    listed $60,000
24. 2006-07-05
    soldstatus $91,000
25. 2006-05-02
    listed $89,900

ⓘ 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: $8,461 · $705/mo
• Projected year-2 tax: $8,461 · $705/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 6/10 Major FEMA zone X (unshaded) · 74% 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: $122,796
• − Mortgage interest: −$39,205
• − Property taxes: −$8,461
• − Insurance: −$3,500
• − Repairs & maintenance: −$9,824
• − Management: −$9,824
• − Depreciation: −$20,361
• Taxable income: $31,623
• Est. tax owed @ 24.0%: −$7,589
• After-tax cash flow: $33,415/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

+678.5% since first listed

14 events — show timeline

• 2026-03-27 Listed $699,900 NKMLS
• 2024-10-23 Listing Removed — NKMLS
• 2024-07-02 Listed $725,000 NKMLS
• 2023-12-08 Rental Removed $1,500 APPFOLIO
• 2023-11-15 Listed for Rent $1,500 APPFOLIO
• 2021-09-03 Sold (Public Records) $630,000 Public Records
• 2021-08-04 Sold (MLS) $630,000 NKMLS
• 2021-07-20 Pending — NKMLS
• 2021-07-14 Price Changed $649,900 NKMLS
• 2021-06-24 Listed $679,000 NKMLS
• 2017-03-30 Listing Removed — NKMLS
• 2015-03-25 Listed $60,000 NKMLS
• 2006-07-05 Sold (MLS) $91,000 NKMLS
• 2006-05-02 Listed $89,900 NKMLS

Property tax history

+17.1%/yr

Latest (2025): $8,461 · +0.7% YoY. Source: county tax records.