593 Waterworks Rd · Fort Thomas, KY 41075

$169,900

2 bd · 1.0 ba · 1,255 sqft · SingleFamily public records · 25 Days on market

Built 1920 0.29 ac lot

---

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 +22.9/30.0
• ARV discount +7.5/15.0
• DSCR +7.4/10.0
• Schools +5.4/10.0
• 1% rule +4.8/10.0
• Livability +4.7/5.0
• Rent growth +4.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Fort Thomas off the beaten path. Johnson school district. Large 1st floor master w/2 double closets. Natural woodwork. Off street parking. Nice front porch. Home needs some updating and TLC.

Key facts

• Expansive lot
• Easy access to 471
• Full basement

Tags

• 1920S RESIDENCE
• FULL BASEMENT
• EXPANSIVE LOT
• AWARD-WINNING SCHOOL DISTRICT
• EASY ACCESS TO 471

Property features AI

Exterior

• Parking: Off-street parking
• Utilities: Public water; Public sewer; Natural gas available
• Home design: Single family residence; One and one-half story
• Construction: Built in 1920; Aluminum siding; Block foundation
• Exterior features: Shingle roof; Double-hung windows with wood frames; Sloped lot; Has view

Interior

• Kitchen: Gas range
• Bedrooms: Primary bedroom (14 x 11); Bedroom 2 (14 x 9)
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air; Has heating
• Interior features: Fireplace with insert; Full basement; Has central air

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $170k.

Deal economics

• At list price, monthly cash flow is $300 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $167k (1.6% below list).
• Recommended offer: $167k (1.6% below list) — sets the bar for 1% rule.
• Cap rate 8.4% vs local median 3.4% in Fort Thomas — 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 93/100 on livability (#7 in KY, #22 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+.
• Fort Thomas Independent (suburban): math 60% / reading 64% proficiency, ranked #2 of 165 in KY (top 1%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 10% free/reduced lunch — higher-income household profile.
• Zoned schools: Johnson Elementary School (math 67% / reading 67%, grade B+, #13 of 676 statewide, top 2%, 425 students, 6% FRL); Highlands Middle School (math 53% / reading 64%, grade B, #4 of 217 statewide, top 2%, 732 students, 11% FRL); Highlands High School (math 62% / reading 57%, grade C+, #4 of 254 statewide, top 1%, 1,015 students, 9% FRL) — zoned schools at 9% FRL track the district average.
• Market conditions: Rents rising fast (+6.5%/yr); 97 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 247 units permitted in Campbell County in 2024 (77 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 $5k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.5% rent growth), your $48k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 11y 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 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $167,250 (1.6% below list)

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
4. 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.
5. 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.
6. 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: 0.98% ✗
• Cap rate: 8.41%
• Cash-on-cash: 7.57%
• DSCR: 1.34
• GRM: 8.5

CMA / ARV

• ARV (on-the-fly): $343,870
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1430 Waterworks Rd	0.34mi	2/2.0	1,207 (-4%)	1mo	$225,000	$186	73
2135 Memorial Pkwy	0.64mi	2/1.0	1,249 (-0%)	0mo	$275,000	$220	69
319 Rossford Ave	0.57mi	3/1.5 (+1)	1,269 (+1%)	2mo	$335,000	$264	63
11 Tower Hill Rd	0.69mi	2/2.0	1,250 (-0%)	2mo	$270,000	$216	61
111 Hartweg Ave	0.67mi	2/1.0	1,160 (-8%)	1mo	$318,850	$275	55
411 Chesapeake Ave	0.31mi	3/2.0 (+1)	1,092 (-13%)	1mo	$329,900	$302	54
304 Newman Ave	0.63mi	3/1.5 (+1)	1,299 (+4%)	7mo	$285,000	$219	52
115 Water Works Rd	0.63mi	2/1.0	1,104 (-12%)	7mo	$260,000	$236	44
343 Rossford Ave	0.60mi	3/2.5 (+1)	1,344 (+7%)	10mo	$368,368	$274	41
402 Rossford Ave	0.59mi	3/2.0 (+1)	1,435 (+14%)	1mo	$405,000	$282	38
67 Rossford Ave	0.67mi	3/2.0 (+1)	1,092 (-13%)	9mo	$299,900	$275	31
29 Wesley Hills Dr	0.72mi	3/3.0 (+1)	1,432 (+14%)	10mo	$482,500	$337	22

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 · 6.5% rent growth · sell at horizon

5-year hold

• IRR: -1.3%
• Equity multiple: 0.95×
• Total profit: $-2,396
• Equity at exit: $25,333

10-year hold

• IRR: 11.5%
• Equity multiple: 2.03×
• Total profit: $49,125
• Equity at exit: $14,690

Cash invested: $47,572 (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 41075

• Rents YoY: 6.5%
• Active inventory: 97
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,672 high
• Mortgage (P&I): −$891
• Tax from tax record: −$60 /mo · $714/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$351
• Net cashflow: $300

Break-even live

Break-even rent $1,293

Max offer price $169,900

Occupancy floor 77%

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
35 Gettysburg Square Rd Fort Thomas, KY	1.0–2.0	1.0	800	$1,630	$2.04	2d	29	0.50mi
40 Edwards Ct Fort Thomas, KY	2.0	1.0	1013	$2,100	$2.07	1d	1	0.95mi
327 Covert Run Pike Unit 1 Bellevue, KY	2.0	2.0	1580	$1,850	$1.17	23d	1	1.03mi
239 Grandview Ave Bellevue, KY	2.0	2.0	1093	$1,645	$1.50	4d	2	1.19mi
929 Boone St Newport, KY	2.0	2.0	1458	$1,495	$1.03	43d	1	1.27mi
1044 Washington Ave #2 Newport, KY	2.0	2.0	1250	$1,800	$1.44	43d	1	1.29mi
3949 Vision CIR Southgate, KY	1.0–2.0	1.0–2.0	1132	$2,515	$2.22	1d	10	1.37mi
814 Washington Ave Unit 2 Newport, KY	2.0	2.0	1450	$1,500	$1.03	23d	1	1.43mi

Listing history 13 events

1. 2026-06-18
   status $169,900 Active 25 DOM
2. 2026-05-05
   status Pending
3. 2026-04-10
   listed $169,900 Active
4. 2025-12-04
   status Pending
5. 2025-12-04
   historical
6. 2025-10-21
   price $174,900
7. 2025-09-09
   listed $184,900 Active
8. 2018-01-17
   soldstatus $399,400
9. 2018-01-17
   soldstatus $86,100
10. 2018-01-17
    soldstatus $399,400
11. 2015-09-22
    soldstatus $59,600
12. 2015-09-17
    soldstatus $59,600 190-char remark

    Show marketing remark (190 chars)

    Fort Thomas off the beaten path. Johnson school district. Large 1st floor master w/2 double closets. Natural woodwork. Off street parking. Nice front porch. Home needs some updating and TLC.

13. 2015-03-26
    listed $69,900 190-char remark

    Show marketing remark (190 chars)

    Fort Thomas off the beaten path. Johnson school district. Large 1st floor master w/2 double closets. Natural woodwork. Off street parking. Nice front porch. Home needs some updating and TLC.

ⓘ 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: $714 · $60/mo
• Projected year-2 tax: $1,461 · $122/mo
• Expected delta: +$747/yr (+$62/mo · 104.6%)

ⓘ 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 2/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥103°F today · 19 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: $20,070
• − Mortgage interest: −$9,517
• − Property taxes: −$714
• − Insurance: −$850
• − Repairs & maintenance: −$1,606
• − Management: −$1,606
• − Depreciation: −$4,943
• Taxable income: $836
• Est. tax owed @ 24.0%: −$201
• After-tax cash flow: $3,400/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: Fort Thomas Independent
• NCES district ID: 2102040
• Math proficiency: 60% ▼ -10.00%
• Reading proficiency: 64% ▼ -13.00%
• Median HH income: $64,528
• Composite: 54.11/100
• National rank: #1385
• State rank: #2 of 165 in KY

Livability — Fort Thomas

• Score: 93/100
• State rank: #7
• US rank: #22

Category grades

Amenities B+ Commute A+ Cost of living A+ Crime A+ Employment A+ Housing A+ Health & safety B+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fort Thomas, KY
• County: Campbell County · 84,793 people
• City population: 17,240
• Metro: Cincinnati, OH-KY-IN
• Population (ZIP): 17,240
• Household income: $104,875
• Rent vs Own: 28.9% rent · 71.1% own
• Severe rent burden: 462.0

Population outlook (Campbell County) Hauer SSP2

• Today (2025): 95,668 people
• By 2030: 96,886 · +1.3%
• By 2040: 97,734 · +2.2%
• By 2050: 96,413 · +0.8%
• By 2075: 90,211 · -5.7%
• By 2100: 79,434 · -17.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 5% Hispanic / Latino 3% Black 2%
• Common ancestry: Slovak 3% Lithuanian 3% Serbian 2%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 2% French/Haitian/Cajun 1%

Political lean MEDSL · Campbell

• 2024 margin: R (+19.7) · D 39.2% · R 58.9% · Other 1.9%
• 2008→2024 swing: +1.2pp toward D · 2008: -20.9pp · 2024: -19.7pp
• All cycles: 2024: R+19.7 2020: R+18.6 2016: R+24.5 2012: R+22.8 2008: R+20.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -277.18%
• Current HPI: 209.5929
• Rent YoY: ▲ 6.50%
• 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

+143.1% since first listed

12 events — show timeline

• 2026-05-05 Pending — NKMLS
• 2026-04-10 Listed $169,900 NKMLS
• 2025-12-04 Pending — NKMLS
• 2025-12-04 Listing Removed — NKMLS
• 2025-10-21 Price Changed $174,900 NKMLS
• 2025-09-09 Listed $184,900 NKMLS
• 2018-01-17 Sold (Public Records) $399,400 Public Records
• 2018-01-17 Sold (Public Records) $86,100 Public Records
• 2018-01-17 Sold (Public Records) $399,400 Public Records
• 2015-09-22 Sold (Public Records) $59,600 Public Records
• 2015-09-17 Sold (MLS) $59,600 NKMLS
• 2015-03-26 Listed $69,900 NKMLS

Property tax history

+5.7%/yr

Latest (2025): $714 · -3.8% YoY. Source: county tax records.