122 W 32nd St W · Covington, KY 41015

$149,900

6 bd · 1.0 ba · 1,219 sqft · SingleFamily public records · 56 Days on market

3,332 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 +25.4/30.0
• DSCR +8.4/10.0
• ARV discount +7.5/15.0
• 1% rule +6.4/10.0
• Livability +4.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.5/10.0
• Appreciation +0.0/10.0

Listing remarks

Great Investment Opportunity - Duplex with Strong Rental Income! Don't miss your chance to grow your investment portfolio with this income-producing property! This duplex features two separate units that generates a combined monthly income of $2095. Each unit offers functional living space and reliable rental history, making it ideal for both seasoned investors and those just starting out. Please note: photos were taken prior to tenants move-in. Buyer/Buyer's Agent to verify all information

Key facts

• Two separate units
• Duplex
• Strong rental income

Tags

• DUPLEX
• STRONG RENTAL INCOME
• TWO SEPARATE UNITS
• FUNCTIONAL LIVING SPACE
• RELIABLE RENTAL HISTORY

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Private sewer; Cable available
• Home design: Multi Family property; Two levels
• Construction: Block and concrete construction; Block foundation; Built as multi-unit (2 total units)
• Exterior features: Shingle roof; Existing structure

Interior

• Kitchen: Electric range
• Bathrooms: Three full bathrooms
• Heating & cooling: Forced air heating; Central air; Wall unit(s)
• Interior features: Electric range; Central air and wall unit(s) for cooling; Forced air heating

What this means for you Summary

Snapshot

• This is a 6-bed/1.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $346 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $145k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.1% 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: Ninth District Elementary (math 2% / reading 17%, grade F, #648 of 676 statewide, top 98%, 341 students, 87% FRL); Holmes Middle School (math 8% / reading 26%, grade F, #211 of 217 statewide, top 97%, 656 students, 84% FRL); Covington Adult High School (10 students, 80% FRL).
• Market conditions: 158 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 $4k 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 56 days — a 3% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 10y 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: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $145,403 (3.0% below list)

Questions for the listing agent

1. It's been on market 56 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.14% ✓
• Cap rate: 9.06%
• Cash-on-cash: 9.88%
• DSCR: 1.44
• GRM: 7.3

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: -1.4%
• Equity multiple: 0.95×
• Total profit: $-2,271
• Equity at exit: $22,351

10-year hold

• IRR: 8.3%
• Equity multiple: 1.63×
• Total profit: $26,390
• Equity at exit: $12,961

Cash invested: $41,972 (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 41015

• Active inventory: 158
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $1,706 medium
• Mortgage (P&I): −$786
• Tax from tax record: −$153 /mo · $1,839/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$358
• Net cashflow: $346

Break-even live

Break-even rent $1,268

Max offer price $149,900

Occupancy floor 75%

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-05-15
   status Pending
2. 2026-03-16
   listed $149,900 Active
3. 2026-01-01
   historical
4. 2025-05-25
   price $159,900
5. 2025-02-25
   price $169,900
6. 2025-02-10
   price $173,900
7. 2025-01-01
   listed $174,900 Active
8. 2024-12-28
   historical
9. 2024-11-07
   price $179,900
10. 2024-10-10
    price $183,000
11. 2024-09-25
    listed $187,900 Active
12. 2024-02-01
    soldstatus $136,200
13. 2024-01-31
    soldstatus $136,200 Sold
14. 2024-01-30
    status Pending
15. 2023-12-08
    listed $150,000 Active
16. 2022-06-04
    status Active
17. 2022-05-29
    status Pending
18. 2022-05-29
    historical
19. 2022-05-27
    price $110,000
20. 2022-05-10
    listed $120,000 Active
21. 2017-01-04
    soldstatus $18,000
22. 2016-10-31
    listed $18,000
23. 2001-05-14
    soldstatus $37,000

ⓘ 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: $1,839 · $153/mo
• Projected year-2 tax: $1,839 · $153/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 3/10 Moderate
• 🌡 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: $20,467
• − Mortgage interest: −$8,397
• − Property taxes: −$1,839
• − Insurance: −$750
• − Repairs & maintenance: −$1,637
• − Management: −$1,637
• − Depreciation: −$4,361
• Taxable income: $1,847
• Est. tax owed @ 24.0%: −$443
• After-tax cash flow: $3,705/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
• 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

+305.1% since first listed

23 events — show timeline

• 2026-05-15 Pending — NKMLS
• 2026-03-16 Listed $149,900 NKMLS
• 2026-01-01 Listing Removed — NKMLS
• 2025-05-25 Price Changed $159,900 NKMLS
• 2025-02-25 Price Changed $169,900 NKMLS
• 2025-02-10 Price Changed $173,900 NKMLS
• 2025-01-01 Listed $174,900 NKMLS
• 2024-12-28 Listing Removed — NKMLS
• 2024-11-07 Price Changed $179,900 NKMLS
• 2024-10-10 Price Changed $183,000 NKMLS
• 2024-09-25 Listed $187,900 NKMLS
• 2024-02-01 Sold (Public Records) $136,200 Public Records
• 2024-01-31 Sold (MLS) $136,200 NKMLS
• 2024-01-30 Pending — NKMLS
• 2023-12-08 Listed $150,000 NKMLS
• 2022-06-04 Relisted — NKMLS
• 2022-05-29 Pending — NKMLS
• 2022-05-29 Listing Removed — NKMLS
• 2022-05-27 Price Changed $110,000 NKMLS
• 2022-05-10 Listed $120,000 NKMLS
• 2017-01-04 Sold (MLS) $18,000 NKMLS
• 2016-10-31 Listed $18,000 NKMLS
• 2001-05-14 Sold (Public Records) $37,000 Public Records

Property tax history

+4.9%/yr

Latest (2025): $1,839 · +6.8% YoY. Source: county tax records.